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  • #1,061
  • Jul 7, 2010 6:48am Jul 7, 2010 6:48am
Quoting desander
Here you go...Brian.

!xMeter v 1.3.mq4 = EA
RenkoLiveChart v3.2.ex4 = EA (Brick Size= 4)


Gilbert.
desander,
I'm glad you've gotten into using the strength meters with your renko setup.
Is the congestion breakout alarms working for you or anyone else?
I have mine turned on but haven't seen any alerts from it yet.
  • #1,062
  • Jul 7, 2010 8:21am Jul 7, 2010 8:21am
Quoting 45Fxguy
desander,
I'm glad you've gotten into using the strength meters with your renko setup.
Is the congestion breakout alarms working for you or anyone else?
I have mine turned on but haven't seen any alerts from it yet.
To date I have still neglected them. I rarely use alarms.
  • #1,063
  • Edited 7:33pm Jul 7, 2010 1:49pm | Edited 7:33pm
Just want to talk a little about headfakes or bottomfakes using the template I posted above, and some strategy.

I checked 14 currency pairs today-only 1 out of 14 went below pivot and below cloud and didn't make it to at least MS1 or MR1, first stop past pivot. So using this template your chances of getting that far without hitting your SL are better than (or around) 90%.

Many pairs will reverse at MS1 and MR1, and many won't.

So once you hit MS1 or MR1 I suggest take half off, and set other half to BE + 2. Let other half go to S1 or R1 and TP.

If position reverses at MS1 or MR1 and go back to pivot and your stopped out at +2. Wait for price to break above or below pivot and cloud in opposite direction. Once it does you can re-enter in the trade going in the other direction.

Usually a position that reverses at MS1 or MR1 and breaks back through pivot going the other way becomes more powerful than the original move.
You can apply same rules of TP on countermove or you can go for more. Up to you but taking half at MS1/MR1 and setting half to BE+2 is always safest.

Also whipsaws. No system is perfect. Once in a while Price will spike below pivot/cloud and trigger you to buy/sell, then whip back above pivot and stop you out. If that happens my advice is to not jump into trade again right away going in the other direction. Step back and let the pair sort itself out. Its likely to stop at MR1/MS1 and reverse back in original direction. So if you enter opposite right away you could get stopped out twice in a row-no fun. If it comes back in original direction and you have a clear signal then re-enter trade and get your dollars back. Or you might just decide to move on to another pair.

Hope that helps.

Also adding one more thing. Attachment below automatically draws the truest channel it can find on the TF you have the chart set to. Using in combination with Pivots can help you locate likely points of reversal at S/R.
Install to experts>indicators. Note: its application to my system is meant to help find points of exit-NOT entry. Only enter near DP.
Attached File(s)
File Type: mq4 SHI_Channel_true.mq4   8 KB | 475 downloads
File Type: ex4 SHI_Channel_true.ex4   6 KB | 393 downloads
  • #1,064
  • Jul 8, 2010 11:17am Jul 8, 2010 11:17am
Quoting desander
See screenshots...

Gilbert.
Yes ! The strenghtmeter works but not newsprofiteer for me ... I forgot to put "false" for the EA.

Thanks !

I have just read the Mihailo method ... I have the impression that he has a sixth sens when i see his conditions of trades
  • #1,065
  • Jul 9, 2010 7:29am Jul 9, 2010 7:29am
Hi Stevefx,
What pairs do you trade this system mostly and have you tried on smaller TF like M5? Also, whic session do you find most trade setups?if you don't mind, can you post the complete template?

Thanks,
P07

Quoting stevefx
First just wanted to thank Mihailo and others for great contributions in this thread, I've been following with a lot of interest. Thanks to Petar for starting it.

I know someone mentioned before about being frustrated with headfakes using the regular Renko template and so was I. Honestly I'm not that great of a trader to be able to filter on my own.

But the currency meter gave me an important piece and then the next important piece was a really excellent set of Pivots I had laying around.

No Renko for this, not needed, just regular price with...
  • #1,066
  • Jul 9, 2010 9:11am Jul 9, 2010 9:11am
Here's a pretty good adjustable alert for renko charts etc.
Attached File(s)
File Type: mq4 5-8openEMA_Cross_Arrow_with_Alerts.mq4   4 KB | 545 downloads
  • #1,067
  • Jul 9, 2010 10:27am Jul 9, 2010 10:27am
Quoting Pipster007
Hi Stevefx,
What pairs do you trade this system mostly and have you tried on smaller TF like M5? Also, whic session do you find most trade setups?if you don't mind, can you post the complete template?

Thanks,
P07
Hi Pipster. The complete template is posted but you might not be getting all the pieces because some come from Mihailos work.

No problem, I've simplified the template into just the parts that you really need to work this system, which I will post below. I myself don't use anything else but what I'll attach below, no matter what is shown on my charts.

I trade off the 30 min chart, or the hourly. There is no point in trading off a smaller chart because trades are triggered by price crossing the pivot.

To let you know, the Channel indicator that I posted earlier has become an important part of this system. I'm using it to further filter my trades. And my success rate has gone up a lot since I started doing that. I will reattach it here.

Explanation: If the channel on the 30 min chart is sloping against your trade, you may decide not to take it.

Example: Price breaks up through Daily Pivot from below, but channel indicator shows channel sloping down steeply, like Eur/Cad looks right now.

If its so steep that top of channel is eclipsing my first profit target, MR1, then I'm going to pass. If price is at bottom of channel and there is plenty of room overhead for profit, then maybe I'll take it even if slope is against me.

Best setup is: price comes up through Daily Pivot from below, channel slopes up-Buy. Or price comes down through DP from above, channel slopes down, sell. That kind of setup is like money in the bank.

I keep 18 pairs open on MT4. GU, GJ, GC, EU, EJ, ECHF, ECAD, USDCAD, UCHF, UJ, AJ, AU, ACAD, ACHF, ANZD, CHFJPY, NZDJPY, USDJPY.

Lately Asian session has been unexpectly active and many have been already past DP by Euro Session. Unusual, but still finding two or three good setups during these (Euro) hours. So maybe now I'll start checking at start of Asian.

I just flip through all pairs on 30 min chart. Any pair not trading close to Daily Pivot I disregard. Pairs that are trading close to Daily Pivot (labeled PPV on chart) I watch and wait for break. That simple.

Ok so here's template with all attachments you need. Good Trading!

Everything goes in your broker>experts>indicators

except tpl file goes in your broker>templates

and strengthmeter goes in your broker>experts
Attached Image (click to enlarge)
Click to Enlarge Name: bestsellex.png Size: 353 KB
Attached File(s)
File Type: tpl simplepivotswithimchi.tpl   28 KB | 463 downloads
File Type: ex4 3 M.ex4   3 KB | 520 downloads
File Type: ex4 13 aim.ex4   6 KB | 525 downloads
File Type: mq4 SHI_Channel_true.mq4   8 KB | 527 downloads
File Type: ex4 LC-Pivots.ex4   27 KB | 465 downloads
File Type: mq4 strengthmeter.mq4   18 KB | 619 downloads
  • #1,068
  • Edited Jul 10, 2010 1:18am Jul 9, 2010 12:42pm | Edited Jul 10, 2010 1:18am
Quoting stevefx
Hi Pipster. The complete template is posted but you might not be getting all the pieces because some come from Mihailos work.

No problem, I've simplified the template into just the parts that you really need to work this system, which I will post below. I myself don't use anything else but what I'll attach below, no matter what is shown on my charts.

I trade off the 30 min chart, or the hourly. There is no point in trading off a smaller chart because trades are triggered by price crossing the pivot.

To let you know, the Channel indicator...
Very nice looking setup stevefx, thanks for posting.

Found a new trade simulator for MT4 which could help folks test it out over the weekend.
http://www.ForexMT4.com/BacktestTrader/

Here's a copy of the "BackTest Trader.doc", read the instructions carefully to learn how to install and use it.
-------------------------
BackTest Trader
Ron Thompson
May 17, 2009

This system may be found at http://www.ForexMT4.com/BacktestTrader/

It allows you to trade manually using the Visual Back Tester built into MetaTrader.

There are several reasons you might want to use this.

 The brokers are closed on weekends and you still want to trade manually
 You want to test in something faster than real time
 You don’t want to write an EA, but you do want to test an indicator


Installation & Startup

1. Place the VB40032.DLL file in your WindowsSystem32 directory
2. Place the .MQ4 file in your experts directory, and restart your MT4 platform
3. Place the BuySell.exe file on your desktop, and double click it to start.
4. Click in the Folder Path box and browse your way to the testerfiles folder in the directory where MT4 is installed, usually Crogram Filessomething
5. In MT4 open the Strategy Tester (VIEW/Strategy Tester), and click the Visual Mode checkbox.
6. In the Expert Advisor: box, select the BackTestTrader expert
7. Click on START

You may now pause the test (using the || button) and apply indicators as needed. Once your set up is complete, press the >> button to resume the tester, and adjust the Visual mode slider to speed up or slow down the chart speed.

Click the BUY, SELL or CLOSEALL buttons on the BuySell program to place orders or close all orders. The Comment area on the chart will track your equity and drawdown.

Future improvements:
Ability to close orders individually
User interface improvements

Ron Thompson(www.Forexmt4.com)
  • #1,069
  • Jul 10, 2010 9:41am Jul 10, 2010 9:41am
HI STEVEFX

interesting system u have... simple easy to understand..

2 points
1 how long u been trading this system and how many pairs per day

2 EA for this system ?

3 yes 3 point... any indicator that can sound alarm when certain pairs near the daily pivot line....

jay
  • #1,070
  • Jul 10, 2010 10:54am Jul 10, 2010 10:54am
Quoting 45Fxguy
Very nice looking setup stevefx, thanks for posting.

Found a new trade simulator for MT4 which could help folks test it out over the weekend.
http://www.ForexMT4.com/BacktestTrader/

Here's a copy of the "BackTest Trader.doc", read the instructions carefully to learn how to install and use it.
-------------------------
BackTest Trader
Ron Thompson
May 17, 2009

This system may be found at http://www.ForexMT4.com/BacktestTrader/

It allows you to trade manually using the Visual Back Tester built into MetaTrader.

There are...
Can one backtest Renko with this system?
  • #1,071
  • Edited 12:04pm Jul 10, 2010 11:40am | Edited 12:04pm
Quoting desander
Can one backtest Renko with this system?
I think so if you have a good script to make the renko charts from, I haven't been able to do so myself for a while now. Every-time I open a trade the back tester stops, but don't have a problem when using candle sticks with the sim.
Think I like this simulator even more so than the V-hands, even though it doesn't have a trailing stop loss option, but it is much easier to enter and close trades with any lot size and stop-loss & take profit that you want to enter in.
  • #1,072
  • Jul 10, 2010 1:15pm Jul 10, 2010 1:15pm
Quoting jaydc
HI STEVEFX

interesting system u have... simple easy to understand..

2 points
1 how long u been trading this system and how many pairs per day

2 EA for this system ?

3 yes 3 point... any indicator that can sound alarm when certain pairs near the daily pivot line....

jay
Hey jay, this system is newly developed. It grew from Mahailos system as a means to try and better filter trades. Each day I check pairs listed on post above. No EA exists for this as yet though I imagine it would be very simple to write.

Lastly, I truly wish there was an alarm that could be attached to MS1 MR1, but there is none in the LC Pivots Indy. That would be really helpful and I've thought of that myself, but I'm not a coder so...

My suggestion just take it, practice demo, see if it works for you...Thanks for the interest.
  • #1,073
  • Edited 5:03pm Jul 10, 2010 1:29pm | Edited 5:03pm
[quote=45Fxguy;3863403]Very nice looking setup stevefx, thanks for posting.

Found a new trade simulator for MT4 which could help folks test it out over the weekend.
http://www.ForexMT4.com/BacktestTrader/

quote]

Sure thing Fxguy, happy to share always with fellow traders here on FF. Profitability for all depends on people's willingness to share their work and ideas. This is a great thread, good to see renewed activity. Thanks for the simulator-I'll check it out.
  • #1,074
  • Edited 9:44am Jul 11, 2010 1:36am | Edited 9:44am
Quoting stevefx
Hey jay, this system is newly developed....
There were one or two s/r alarms posted for the Pandora's box method some time ago.

I've been back-testing Steve Hopwood's fibo retracement ea with some success on daily charts for some pair/crosses for certain times of the calendar year.
So kinda getting more interested in this trading concept these days, but don't always know where to begin & end the fibo lines, but you kinda gave me an idea stevefx, for drawing the fibo lines manually using the channel.
If from opening move to current was a down trend start the fibo line top of channel to bottom of channel and vise versa if it from opening was an uptrend.
Think Petar has been a fib level fan for a couple of years now.
Though I don't know what criteria he uses to draw his lines.
Any comments Petar?

Attached screen shot is of manual fibo setup with the new back-test simulator. Only 98 more trades to go.... Help!
Seems we may only get one or two trades per pair/cross per NY opening with this setup right, right Stevefx?
This is probably why you'd need to to trade it on so many pairs to find the best entries.
So if I'm testing the setup in a simulator and my brokers NY opening time is 12, maybe the best time for me to find the good signals?
Getting mixed results on 15 min charts so moving on to 30 min, was using a tp 33 sl 30 but may bump that up as well.
PS:
2nd screen shot added to show that the 3m & 13 aim indis may lag behind on some good fibo sell entires on 30min gbpusd.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ! # simplepivotswithimchi manual fibo sr targets.gif Size: 36 KB
Click to Enlarge Name: ! # simplepivotswithimchi manual fibo sr targets 3m and 13 aim sometimes lag behind.gif Size: 59 KB
Attached File(s)
File Type: mq4 #SR_AlertSystem.mq4   4 KB | 549 downloads
File Type: tpl ! # simplepivotswithimchi manual fibo sr targets.tpl   10 KB | 430 downloads
  • #1,075
  • Edited 6:00pm Jul 11, 2010 5:00pm | Edited 6:00pm
Quoting 45Fxguy
There were one or two s/r alarms posted for the Pandora's box method some time ago.

I've been back-testing Steve Hopwood's fibo retracement ea with some success on daily charts for some pair/crosses for certain times of the calendar year.
So kinda getting more interested in this trading concept these days, but don't always know where to begin & end the fibo lines, but you kinda gave me an idea stevefx, for drawing the fibo lines manually using the channel.
If from opening move to current was a down trend start the fibo line top of channel to bottom...
Hi Fx Guy,

First thanks for the alarms. Looks good as long as you don't flip time frames on the chart, otherwise will revert to its auto settings which is to place alarms around current bar high/low. Definitely good for setting and going to sleep.

I think using the Channel to set your fib levels is a great idea, since your trying to find the most meaningful context for those levels. Also you can also look at 4hr chart as it usually has a different channel for 4hr level.

You have to be careful when going on 15 min using pivots, because there may also be a different channel if you move down to that low TF. Its good for getting a closer view of whats happening around the pivot, but just keep in mind to trade off the 30 min or 60 min channel, which are almost always the same channel. 30/60 is the most important for intraday trading.

Also look at 4hr channel in any case. EJ for ex. right now shows steep uptrend on 1hr, but its at the very peek of it 4hr. So, to me thats a tough buy, maybe it will work, but always good to check bigger picture.

One or two trades per cross may be right per day, but I doubt so many just at NY opening. NY is late in the trading day. Pivots get redrawn starting at 8PM EST, Asian opening. It takes 1/2 hour for 30 min to get updated, so 8:30 EST, 1hr for 60 min to get updated, so 9PM EST.

Highest probability will always be when channel direction is in your favor, then your getting above 80% as far as I can tell and your profit targets can be bigger. But this cuts your trade opp # in half. This week I'm going to try only trade with channel in my favor, and putting stops at S1/R1, and see how it goes. That maybe offers 40-50 opps per week between all pairs-at who knows what time-thats why those alarms are really really helpful.

Thanks Again.

One other thing I'm noticing is that you rarely get best price on the first 30 min bar that penetrates DP. Usually you get a bounce between 3 and 12 pips. If you wait one 30 min bar after first penetration, you can watch to see if the next bar closes under/over the pivot or really bounces and takes it in the other dir. You'll probably cut down on loosers that way, but also possibly loose and opp here and there...If channel slope is against you I think its probably a good idea though...
  • #1,076
  • Jul 11, 2010 5:47pm Jul 11, 2010 5:47pm
One more thing, I've been testing that S/R alarm and it seems even if you move the bars around manually the alarm triggers at high/low of current bar.

But I found this indy which allows you to place a horizontal line anywhere on your chart and then input how many pips from the line you want the alert to sound. It will only go off once. You have to reset the line for it to go off agian.

1)drag Alerter indy onto chart.
2)Place horizontal line on chart.
3)Right click line, select line properties.
4)In description write Alert_#(of pips from line you want alarm to sound)
IE, Alert_3
5)Alert is case sensitive, start with caps
6)click OK, you're done.
Attached File(s)
File Type: mq4 Alerter.mq4   3 KB | 436 downloads
  • #1,077
  • Jul 11, 2010 6:45pm Jul 11, 2010 6:45pm
G/Jpy right now coming up below pivot, has good channel pos, also morning star on H4.
  • #1,078
  • Edited 10:05pm Jul 11, 2010 7:15pm | Edited 10:05pm
Thank you Stevefx, for a lot of good info on the setup.
I did a little google search to see if anyone has thought to combine the shi channel indi with fibo lines yet, and found a very similar setup someone posted way back in 2006, with the only indicator used besides the channel & fibo lines was a step rsi indi.
http://www.forex-tsd.com/analytics/8...el-trades.html
Here's a step rsi indi if anyone wishes to forward or back test it.
Attached File(s)
File Type: mq4 StepRSI_v5.2.mq4   4 KB | 502 downloads
  • #1,079
  • Edited 7:06am Jul 12, 2010 5:04am | Edited 7:06am
Maybe not enough difference between the manually draw fibo s/r lines and the one you posted the 1st time stevefx, since they may only differ by 5 to 10 pips.
Anyway, here is a template to compare the two for whom wishes to decide from themselves if one is any better than the other.
Also with the step RSI indi....for comparison to the two bar indis at the bottom.

Still wish someone could combine the SHI channel with MT4 fibo lines though.
I've been learning a little about mql4 the last couple of weeks but probably a long way from being able to do that myself yet.
Any coder volunteers? Or maybe an easier way to do this is to just use the most recent zigzag high & low?

PS: Forex Peace army is going to start sending using Henry Liu's free news trading signals too.
He's the one that made & offered the free windows version of the strength meter you've seen in the screen shots in this thread recently.
PSS: You may want to make sure your FF time matches up with your PC's time to see the correct time of news releases etc on forexfactory's main homepage.
10:00am est USDFed Chairman Bernanke Speaks, less than two hours from now.
Attached Image (click to enlarge)
Click to Enlarge Name: ! # simplepivotswithimchi.gif Size: 68 KB
Attached File(s)
File Type: tpl ! # simplepivotswithimchi.tpl   21 KB | 398 downloads
  • #1,080
  • Jul 12, 2010 8:49am Jul 12, 2010 8:49am
Hi stevefx,
Thank you very much for the template and nice explanation. Really appreciate it.

Regards,
P07

[quote=stevefx;3863158]Hi Pipster. The complete template is posted but you might not be getting all the pieces because some come from Mihailos work.
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