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Another simple system

  • #1
  • First Post: Edited Nov 11, 2011 8:27pm Jun 5, 2010 10:24am | Edited Nov 11, 2011 8:27pm
I have been working on another simple system, using just basically 2 indicators. Before I go any further, I found these indicators in Forex Factory(one of the best FX Forum) and credit completely goes to the person who created these indicators.

I am also looking someone here to help create an EA for this system.

Now for the system itself:

Open a chart of any currency pair (preferably GBPUSD since I seem to have had very good success with this pair), either 1hr or 4 hr chart.

Then put following Indicators. I have also attached the template.
Attached File(s)
File Type: ex4 Bears.ex4   2 KB | 2,016 downloads
File Type: ex4 Bulls.ex4   2 KB | 1,852 downloads
  • #2
  • Jun 5, 2010 10:36am Jun 5, 2010 10:36am
Then look for Information on the Data window For bulls and Bears Numbers.
When Bull number is above the Bear Number BUY and Vice versa
Attached Image (click to enlarge)
Click to Enlarge Name: bullbear numbers.gif Size: 43 KB
  • #3
  • Jun 5, 2010 10:43am Jun 5, 2010 10:43am
Here is the chart showing the indicator column on the data window I concentrate on
Attached Image (click to enlarge)
Click to Enlarge Name: bullbear numbers.gif Size: 43 KB
  • #4
  • Jun 5, 2010 10:49am Jun 5, 2010 10:49am
Don,t worry about minus sign before the "Bear number"
Just concentrate on total Absolute number. In other words if The number in bear column is above the Bull number sell and vice versa

I have been trying this system for almost two months and so far I had about 90% success. In my opinion it seems to work great on one hr chart. Hence I am looking someone to create an EA

As far as the profit target goes I have been taking 20 pips on 1 hr chart and 50 pips on 4 hr chart.
  • #5
  • Jun 5, 2010 10:50am Jun 5, 2010 10:50am
Here is the template
Attached File(s)
File Type: tpl bull bear power.tpl   4 KB | 2,056 downloads
  • #6
  • Jun 5, 2010 10:52am Jun 5, 2010 10:52am
ES Trader thanks for introducing new system its like your other system with ccfp indicator,Could you share exact entries?Can we check the bull/bear values in every candle?

Thank you
Best Regards
  • #7
  • Jun 5, 2010 10:56am Jun 5, 2010 10:56am
Yes You can check on every Bar. In fact the system works by looking at the Total Number ( bear or Bull) at the CLOSE of that bar and initiate trade accordingly
  • #8
  • Jun 5, 2010 11:00am Jun 5, 2010 11:00am
Quoting ES Trader
Don,t worry about minus sign before the "Bear number"
Just concentrate on total Absolute number. In other words if The number in bear column is above the Bull number sell and vice versa

I have been trying this system for almost two months and so far I had about 90% success. In my opinion it seems to work great on one hr chart. Hence I am looking someone to create an EA

As far as the profit target goes I have been taking 20 pips on 1 hr chart and 50 pips on 4 hr chart.
What about the SL? Thanks.
  • #9
  • Jun 5, 2010 11:05am Jun 5, 2010 11:05am
Open 4 hr chart and one can see How nicely this system works.

Look at the 12:00 bar .The Bear number 814 and Bull number 821. Next Bar 16:00 bar the baer number changed to 882 and bull number to 376. I initiated Sell at 1.4614 and see where th Gbp usd is 1.4471
  • #10
  • Jun 5, 2010 11:08am Jun 5, 2010 11:08am
Desi,
I have been basically using high/low of the bar that initiated the trade.
But that is something hopefully with the help of some of the great traders here we can work out all those kinks.
  • #11
  • Jun 5, 2010 11:11am Jun 5, 2010 11:11am
what about other pairs?is this indicator more efficient than ccfp ?I wonder can we use this for basket trade?

Thank You
Kindest Regards
  • #12
  • Jun 5, 2010 11:15am Jun 5, 2010 11:15am
judger,
I am sure this system probably would work with other currencies as well. But I have been trading only Gbpusd.
I did not understand your question about using this on basket trade system. Can you explain further?
Thanks
  • #13
  • Jun 5, 2010 11:18am Jun 5, 2010 11:18am
I mean multiple trades with correlated pairs,Do you still use your system with ccfp indicator?

Thank You
Kindest Regards
  • #14
  • Jun 5, 2010 11:23am Jun 5, 2010 11:23am
judger, yes, but this one seems to be even simpler than CCfp
  • #15
  • Jun 5, 2010 11:33am Jun 5, 2010 11:33am
I will try it via simulator than share ideas

Thank You
Kindest Regards
  • #16
  • Jun 5, 2010 11:34am Jun 5, 2010 11:34am
Thanks Judger
  • #17
  • Jun 5, 2010 12:28pm Jun 5, 2010 12:28pm
Hi ES
Simple most def, just one question whats the difference in numbers between bulls and bears before you take a trade. On the charts I +_ 500, is that you criteria if I may be so bold. If this system kick ass with GBP a lot of people will be wildly impress cause this pair has been kickin butt since its inception.
  • #18
  • Jun 5, 2010 12:43pm Jun 5, 2010 12:43pm
shaanex,
the difference does not have to be + or - 500. Even if there is small difference it is ok.
I have traded when the difference was just 5 or 10. If you have doubt you can wait for he next bar to close and then take trade.
  • #19
  • Jun 5, 2010 12:53pm Jun 5, 2010 12:53pm
Quoting ES Trader
shaanex,
the difference does not have to be + or - 500. Even if there is small difference it is ok.
I have traded when the difference was just 5 or 10. If you have doubt you can wait for he next bar to close and then take trade.
hi, i briefly looked at the 1 hour eurusd. i looked at where its ranging and there seems to be so many false signals.
  • #20
  • Jun 5, 2010 2:16pm Jun 5, 2010 2:16pm
I have created an indy that just adds the Bull and Bear numbers and plots the value. Also I am attaching the source code for the originals. Thanks.
Attached File(s)
File Type: mq4 Bull_Bears1.mq4   2 KB | 1,209 downloads
File Type: mq4 Bulls.mq4   2 KB | 836 downloads
File Type: mq4 Bears.mq4   2 KB | 796 downloads
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