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Tony's Two Candle trading system

  • #281
  • Jun 7, 2010 4:35pm Jun 7, 2010 4:35pm
Hi Kraven,

Please explain your setup .
Could you also show a pic ?

As from what i have seen today it works for me !!.
But if you have reason to differ can you explain further.

Has anyone easy got any commets after testing my alternative ?

Please note i cannot view forum every day due to work commitments but please upgrade Tonys system plus my alternative as we are all here to learn .

thanks
Nightpipper
  • #282
  • Jun 7, 2010 4:51pm Jun 7, 2010 4:51pm
nightpiper
thanks for ur update could u explain a bit more in your picture?

thanks a lot
  • #283
  • Jun 7, 2010 5:24pm Jun 7, 2010 5:24pm
Hello nightpipper,

I've took it off my chart from before as it was often showing a down arrow on an up bar (if that makes sense). However I've just reloaded it and it seem's to be working as you suggested, so may try it the next time.

I've been trading this way on a 15min chart for a week or so now (waiting for a bar to close in a different direction then going with that direction for the next bar) and it's worked well. My SL has been a max of 15 or a near resistance/support area or the size of previous bar (under 15pips). I target 17pips (incl. spread). For 3hrs today (12-15:00 GMT) using EURUSD only I made 5 trades, 1 loss - 4 wins for a total of 53 pips. A lot of these trades could have ran further.
  • #284
  • Jun 7, 2010 8:05pm Jun 7, 2010 8:05pm
Quoting nightpipper
Hi all,

I am about to test live the following which is very similar to tonys system with a few changes, take a look...
Thanks NightPiper.... You make this strategy even more promising... Will try it very soon....
  • #285
  • Jun 7, 2010 11:04pm Jun 7, 2010 11:04pm
Hi just subscribing
Our AWESOME IMAGINATION is the true holy grail!
  • #286
  • Jun 7, 2010 11:30pm Jun 7, 2010 11:30pm
Quoting hoichoi
nightpiper
thanks for ur update could u explain a bit more in your picture?

thanks a lot
Picture explained.

Note i am only viewing from this picture so exact figures are not shown + ATR is not available. ( will explain later how to look back in history )

Here goes, starting from left hand side.

Trade 1 - up arrow-green signal candle- on close of this bar enter your buy trade - your SL=low of the signal bar-enter your TP=ATR - await the close of bar - If Tp & SL have not been touched close trade. In this case without ATR it looks as if the trade broke even.

Trade 2 - up-without ATR made a loss
Trade 3 - up " " profit
Trade 4 - up " " profit
Trade 5 - down" " Profit
Trade 6 - up " " Loss
Trade 7 - down " " Profit
Trade 8 - up " " Profit
Trade 9 - down " " Profit
Trade 10 -up " " Profit

I hope this helps !!!

Nightpipper
  • #287
  • Jun 7, 2010 11:34pm Jun 7, 2010 11:34pm
Quoting kraven
Hello nightpipper,

I've took it off my chart from before as it was often showing a down arrow on an up bar (if that makes sense). However I've just reloaded it and it seem's to be working as you suggested, so may try it the next time.

I've been trading this way on a 15min chart for a week or so now (waiting for a bar to close in a different direction then going with that direction for the next bar) and it's worked well. My SL has been a max of 15 or a near resistance/support area or the size of previous bar (under 15pips). I target 17pips...
Hi Kraven,
I hope the crossover helps even more - keep us updated.

Thanks
Nightpipper
  • #288
  • Jun 7, 2010 11:44pm Jun 7, 2010 11:44pm
Hi all,

The thing i like about this system is that instead of waiting all day on a trend system for good signal to make 70 pips, you can more than match that in a matter of a couple of hours.
Im sure i am not the only one who has tried the many trend systems out there, but as they say the market travel sideways most of the time , so this is the ideal situation for us .
I have breifly looked at ofter time frames and they all seem to work pretty well up to the 1hr time frame after that it seems to get a bit ramdom. but if anyone can test these and others TFs please let us know how you progress.

All the best

Nightpipper
  • #289
  • Jun 8, 2010 12:03am Jun 8, 2010 12:03am
Hi all,

Visual testing for a demo/live chart .

1/ I personally install 2x ATRs 1 set at 5 bars back other set at 20 bars back.

Install the first ATR into its own window as normal - go into its parameters and set 'style' to none this will then turn of the line graph and you will only have the reading of the ATR on the top of the page.
The for your next ATR drag it from the navigator listing onto the first ATR panel you installed and again turn of the graph as above .
There you have you existing ATR readings.
But not these are only showing the existing readings not the historical.

2/ Historical readings of ATR.
Simply click on Data window icon at top of page - give it time to load - you will then be able to see the 2 x ATR reading you have just installed at the bottom of the listings.
As you move your curser on screen you can now seethe historical readings of the ATR for each candle.

Sorry if i am tell some of you how to suck eggs ,but it took me some time to find these simple methods so i hope it helps someone out there, in visually back testing.

All the best

Nightpipper.
  • #290
  • Jun 8, 2010 12:46am Jun 8, 2010 12:46am
Quoting nightpipper
Hi all,

Visual testing for a demo/live chart .

1/ I personally install 2x ATRs...
Hi Nightpipper,

Could you upload a template?
Especially with settings for the alert as I'm gettings arrows on nearly every bar.

thanks
  • #291
  • Jun 8, 2010 1:25am Jun 8, 2010 1:25am
Hi All

Will try to upload template , Im no computer wizz .

Hope it works.

nightpipper
Attached File(s)
File Type: tpl nightpipper.tpl   11 KB | 567 downloads
  • #292
  • Jun 8, 2010 4:47am Jun 8, 2010 4:47am
Quoting nightpipper
Hi All

Will try to upload template , Im no computer wizz .

Hope it works.

nightpipper
Thanks Nighttipper,

But you did not have the macross alert loaded when you made the template.
Are u still using it?

thanks
  • #293
  • Jun 8, 2010 8:09am Jun 8, 2010 8:09am
the arrows aren't on the template mate.

Nightpipper how are you using adx now as a filter?
  • #294
  • Jun 8, 2010 8:49am Jun 8, 2010 8:49am
Quoting terminex
Thanks Nighttipper,

But you did not have the macross alert loaded when you made the template.
Are u still using it?

thanks
Hi terminex

What are these Macro alerts ?

NP
  • #295
  • Jun 8, 2010 8:52am Jun 8, 2010 8:52am
Quoting kraven
the arrows aren't on the template mate.

Nightpipper how are you using adx now as a filter?

Hi Kraven,

They seem ok on my old screen ?

Try enlarging them by going into settup and width sections.

Hope this works.

NP
  • #296
  • Jun 8, 2010 9:41am Jun 8, 2010 9:41am
It's ok mate I just inserted them myself.

Really need a good filter for this system

How are you using ADX, if it's above 20 then trade is ok? If it is i've tried both with and without ADX - like normal - some are good, some bad.
  • #297
  • Edited 2:13pm Jun 8, 2010 2:06pm | Edited 2:13pm
Quoting kraven
It's ok mate I just inserted them myself.

Really need a good filter for this system

How are you using ADX, if it's above 20 then trade is ok? If it is i've tried both with and without ADX - like normal - some are good, some bad.
Hi Kraven,
I totally agree,
Hi Kraven,
i agree totally,
I guess its what one is used to using and trusts the most . personally my favourites are:
1/ Bollinger bandwidth Indi. (The original squeeze indi before it went up market ) i will try to post a simple picture )
2/ Then the Stochastics in that order. Used singlely or together. Every one knows about this indi.
Thanks Nightpipper.
What about this partnership below ???? (picture )

Blue area = rising momentum (direction unknown until viewing stochs direction probably trend area )

Green area = falling momentum ( congestion area - sideways channel likely )

Can we work with this ???
Attached Image (click to enlarge)
Click to Enlarge Name: nightpipperv1.gif Size: 18 KB
  • #298
  • Edited 6:55pm Jun 8, 2010 3:02pm | Edited 6:55pm
Trading with the slope of the 20 SMA (BB center line), the steeper the better, might offer 2 advantages:

1. Higher probability of winning trades

2. These trades have the potential of going for alot more pips than 1xATR. You would have the option of opening 2 positions. The first one 1xATR, second position 2xATR or let it run trailing stop loss.

With the BB, you could also look for reversal patterns (engulfing, long wicks etc.) at outer bands.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 63 KB
  • #299
  • Jun 8, 2010 6:45pm Jun 8, 2010 6:45pm
If you trade against the slope (trend), you can put probabality in your favor with divergence. I'm usually not a fan of MA crossovers, but I'm liking this simple strategy. I hope I haven't complicated it too much.

In addition to the counter slope trades, look at the nice runs trading with the steep slope.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 56 KB
  • #300
  • Jun 8, 2010 7:47pm Jun 8, 2010 7:47pm
Quoting nightpipper
Hi terminex

What are these Macro alerts ?

NP
I meant to say , moving average cross alerts.
The settings are not working for me.
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