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Part 2 EURUSD Trend magic System

  • #241
  • Nov 21, 2010 2:07am Nov 21, 2010 2:07am
Quoting antonioforex
I tested this indicator and it repaints even when the bars close. It shows a much better picture in the backtests than in live trading. Also try to trade for a while and then turn off your MT4 and turn it back on and you will see what I'm talking about.
I do not know about the indicator that some people call TrendMagic - if it repaints or not. What I know is that the indicator's other and best known name is Supertrend and it does not repaint. I have posted it many, many times in FF, and people still use wrong versions with bugs...
I am a heavy user of Supertrend. All systems that I use, include it as one of the main elements.
What I can say in connection with Paulus' system is that:
1) it is one of the best that I have found in FF;
2) if a trader has little understanding about the market then it may demand at least some other filter(s);
3) if a trader has absolutely no understanding about the market then it is better for him to find another hobby;
4) the system works best for EU and EY, especially EU.
Attached File(s)
File Type: mq4 SuperTrend nrp mtf.mq4   7 KB | 2,512 downloads
  • #242
  • Nov 21, 2010 3:39am Nov 21, 2010 3:39am
Quoting Evaluator
No whipsaw? Well let us take a look at Friday on a 5min chart. You will see whipsaw. If you had traded you would have lost money.
You can't trade yet you wish to create an EA. I don't understand you. Learning to trade successfully is a very difficult task and some never learn it. Creating an EA that works just the way you would want it to is an equally difficult task even from just the programming point of view. I think you are getting way ahead of yourself. You should learn to trade first and then start talking about an EA. In any case, singling out last Friday as a bad day for trading just goes to prove show that you can't trade thus making your suggestions for a possible EA quite useless, really. You will find a chart with possibles entries attached. But let's step back for a minute - even if Friday were a losing day, it would not matter as the system has proven itself over and over again. If you want to use it to its fullest potential, you first have to learn it. If everyone else has put in the time and effort to learn how to trade and learn how to use this system, why do you expect a fast road to riches with a 'simple' EA?

Quoting Evaluator
I do have issues with the system.

1. repaints.

2. whipsaws.

3. currency pairs.

4. timespan.
I didn't think I'd ever be saying this, but OH MY GOD! These are topics that have been discussed in length in this and the previous thread. Go back and start reading.


Quoting Evaluator
Lastly, "bug" dear responder, please let us work together and not be so negative. I am trying to look at this in an objective positive manner. Are you?
Nope. I'm going to keep at my negative tone as regards to the EA. Why? It's very simple, really. EA = no work. Trading = a lot of work. Those of us that have used this system have had to learn how to trade. We've been through the emotional rollercoaster and it has taken quite a lot of time (maybe there is a wunderkind among us, but usually it takes a lot of time). By requesting an EA you are essentially sending us a signal that you don't really want to put in the hours and the effort. I don't like it.

BOTTOM LINE
I'm here for you if you want to learn how to trade. Post a chart with your entries and I will show you what you could've done better. Mr and Mrs V may just be able to help as well (depends on whether they still frequent this thread). Paulus is away but you can still read his old posts and look at his charts for clues. But I'm not going to help you if you're going to be clinging to your couch potato mentality.

I will shut up now for the sake of the thread.
Attached Image (click to enlarge)
Click to Enlarge Name: simple2.gif Size: 18 KB
If you don't risk, you don't ever have to lose.
  • #243
  • Nov 21, 2010 3:51am Nov 21, 2010 3:51am
EURUSD with divergence. Simple. No 'expert' adviser.
Attached Image (click to enlarge)
Click to Enlarge Name: divergence.gif Size: 19 KB
If you don't risk, you don't ever have to lose.
  • #244
  • Nov 21, 2010 4:11am Nov 21, 2010 4:11am
Quoting bug
You can't trade yet you wish to create an EA. I don't understand you. Learning to trade successfully is a very difficult task and some never learn it. Creating an EA that works just the way you would want it to is an equally difficult task even from just the programming point of view. I think you are getting way ahead of yourself. You should learn to trade first and then start talking about an EA. In any case, singling out last Friday as a bad day for trading just goes to prove show that you can't trade thus making your suggestions for a possible...
I just used Friday's 5min chart as a reoccuring example. I posted this one as an example because there are 7 others that occured with this one on the same day. The entire week looks like that with whipsaw action on the 5 and 15min charts using this indicator. Also, Trend Majic DOES repaint!

Additionally, I am a successful forex trader but I use Elliott Waves and trendlines mostly. I have been trading and living off my own trading profits for 3 years now. I work for myself so I am not a noobie.


Quote
I didn't think I'd ever be saying this, but OH MY GOD! These are topics that have been discussed in length in this and the previous thread. Go back and start reading.
And there still is no clear resolution to these problems. If you want to be helpful as you state, please post what the latest version of the indicators are and what you think the answers to these questions may be.


Quote
Nope. I'm going to keep at my negative tone as regards to the EA. Why? It's very simple, really. EA = no work. Trading = a lot of work. Those of us that have used this system have had to learn how to trade. We've been through the emotional rollercoaster and it has taken quite a lot of time (maybe there is a wunderkind among us, but usually it takes a lot of time). By requesting an EA you are essentially sending us a signal that you don't really want to put in the hours and the effort. I don't like it.
Then I am sorry for you. However, I am always on the look out for a better mousetrap. Especially when I see a potential where it could be refined and made better. EA's just simplify the system and then the fine tuning can sometimes result in making a potential system better. Just bnecause it is an EA does not say that this is the answer to trading. All systems in all instances fail. EAs prove this. Also, it is easier to back test and possibly find better settings to optimize a trading system. If you cannot see that then I am sorry for you.

Quote
BOTTOM LINE
I'm here for you if you want to learn how to trade. Post a chart with your entries and I will show you what you could've done better. Mr and Mrs V may just be able to help as well (depends on whether they still frequent this thread). Paulus is away but you can still read his old posts and look at his charts for clues. But I'm not going to help you if you're going to be clinging to your couch potato mentality.

I will shut up now for the sake of the thread.
Great and glad to hear it! I respectfully ask you to answer my questions and provide the latest indicators and state what the setting should be that work.

P.S. you might want to use the attached indicator (3 Level ZZ Semafor) as it may help you better identify tops and bottoms. I find it most useful when seeking channel bottoms and tops of Ellliot Waves. Only use trade the one of category 2 and 3 as they are the strongest indicators of completion of a wave. Category 1s just identify entry points in the direction of a wave.
Attached File(s)
File Type: mq4 3_Level_ZZ_Semafor.mq4   8 KB | 832 downloads
  • #245
  • Nov 21, 2010 4:26am Nov 21, 2010 4:26am
Discovered this system yesterday, very simple to execute, clean signals (as I believe strategies should be;-)), It is a refreshing change to many of the systems out there that tend to confuse rather than simplify trading.

I have been using s/r for a while now, trading the bounce of those levels but am definately going to give this strategy a go.

What I have found interesting is the additional clarity that the Supertrend brings to my s/r levels when trading the bounce.

All good stuff.
  • #246
  • Nov 21, 2010 4:41am Nov 21, 2010 4:41am
Hi Evaluator, have never come accross your indicator before can you tell me how you trade it as I am not too familiar with the elliott waves or the numbers displayed by your indicator.

Cheers
  • #247
  • Nov 21, 2010 5:30am Nov 21, 2010 5:30am
Quoting Evaluator
I just used Friday's 5min chart as a reoccuring example. I posted this one as an example because there are 7 others that occured with this one on the same day. The entire week looks like that with whipsaw action on the 5 and 15min charts using this indicator. Also, Trend Majic DOES repaint!
Well, this just goes to show that you have a lot of learning to do when it comes to trading. I'm not belittling you, we've all been there. The trick to using this system is to figure out what entries not to take. I provided you with 2 charts that should give you an example of what entries to take. TM repaint? Then use the Supertrend (another name for TM) indicator that Indrek has posted.

Quoting Evaluator
Additionally, I am a successful forex trader but I use Elliott Waves and trendlines mostly. I have been trading and living off my own trading profits for 3 years now. I work for myself so I am not a noobie.
Well good for you. But it looks to me like you've been trading higher TFs and need some time to get used to M5. Either that or your EW and trendline approach is clouding your mind. Whatever the case, it seems to me that you need some additional screen time. Again, I'm not belittling you, I'm just pointing out the direction that you should be heading in order to improve your trading results with this pariticular system.

Quote
And there still is no clear resolution to these problems. If you want to be helpful as you state, please post what the latest version of the indicators are and what you think the answers to these questions may be.
Please see the supertrend indicator.

Quote
Great and glad to hear it! I respectfully ask you to answer my questions and provide the latest indicators and state what the setting should be that work.
I use default settings.

Quote
P.S. you might want to use the attached indicator (3 Level ZZ Semafor) as it may help you better identify tops and bottoms. I find it most useful when seeking channel bottoms and tops of Ellliot Waves. Only use trade the one of category 2 and 3 as they are the strongest indicators of completion of a wave. Category 1s just identify entry points in the direction of a wave.
I'm all done with adding new indicators. I also don't understand Elliott Wave, in my mind it is way too subjective. I'm sure there are people who find it applicable and I congratulate them for figuring out something that I couldn't. I would also like to remind you that Paulus specifically asked people not to post any new indicators (too many indicators was the reason the last thread died):

Quoting Paulus

PLEASE KEEP THE THREAD CLEAR OF ALL OTHER INDICATORS ATM
If you don't risk, you don't ever have to lose.
  • #248
  • Nov 21, 2010 10:04am Nov 21, 2010 10:04am
Thanks for the updated version...must have missed it some how before...
Appreciate your time and input here on FF...
Cliff

Quoting Indrek
I do not know about the indicator that some people call TrendMagic - if it repaints or not. What I know is that the indicator's other and best known name is Supertrend and it does not repaint. I have posted it many, many times in FF, and people still use wrong versions with bugs...
I am a heavy user of Supertrend. All systems that I use, include it as one of the main elements.
What I can say in connection with Paulus' system is that:
1) it is one of the best that I have found in FF;
2) if a trader has little understanding about the market then...
I get exercise just pushing my luck
  • #249
  • Nov 21, 2010 10:16am Nov 21, 2010 10:16am
I see what you are talking about there...I guess one could call it whipsaw, but...

I view this phase, I think more appropiately, as an indication of the market moving from Trending to Consolidating and from Consolidating to Trending, etc.
As to losing money, well, that would depend on your expectations of Take Profit. After all, it is only a 5m TF.

I think I am going to run the Super Trend from Indrek's post with the BB-MACD to see if it will produce the set up for a trade that you are looking for.
Should prove interesting.

Cliff


Quoting Evaluator
No whipsaw? Well let us take a look at Friday on a 5min chart. You will see whipsaw. If you had traded you would have lost money.
I get exercise just pushing my luck
  • #250
  • Nov 21, 2010 10:35am Nov 21, 2010 10:35am
Sorry about mistake above re money management.

I meant to write .1% to .2% per pip
  • #251
  • Nov 21, 2010 11:54am Nov 21, 2010 11:54am
Evaluator,
This looks interesting...Loaded it on to chart with the
Trendmagic/Supertrend indies...seems to be acurate on all TF's...
I put the color to None for the #1 and left the others unchanged...attached is 15m trade I have on the USD/CAD showing the layout...

Do you have a preference as to a TF that you like using it for most?
Thanks much...
Cliff

P.S. you might want to use the attached indicator (3 Level ZZ Semafor) as it may help you better identify tops and bottoms. I find it most useful when seeking channel bottoms and tops of Ellliot Waves. Only use trade the one of category 2 and 3 as they are the strongest indicators of completion of a wave. Category 1s just identify entry points in the direction of a wave.
Attached Image (click to enlarge)
Click to Enlarge Name: 3Level.gif Size: 77 KB
I get exercise just pushing my luck
  • #252
  • Nov 21, 2010 11:54am Nov 21, 2010 11:54am
Quoting cce
I see what you are talking about there...I guess one could call it whipsaw, but...
Whipsaw? What whipsaw? The 5 minute chart presented ample opportunity to profit from the movement of price. I thought I posted two charts illustrating that...I must be going senile or something.

Whatever guys. You seem to be more interested in defining whipsaws according to your personal P/L statement and requesting some magical programmer to write code for you than learning how to trade and/or use this system.

I'm singing off on this thread. Goodbye.

Oh and good luck creating that EA and driving it to the ground.
If you don't risk, you don't ever have to lose.
  • #253
  • Nov 21, 2010 12:05pm Nov 21, 2010 12:05pm
Bug,
I completely agree with you on the subject of an EA for this method...Must be some misunderstanding there...
I was pointing out that the BB-MACD does help with defining the transition from Trend to Consolidation and Consolidation to Trend...
Of course, also adding the candle formations of a Hi/Lo, 123 patterns, Pin Bars, etc., as this transition occurs helps with the entry...
Hope you decide not to "bug" outa here after all...
Appreciate your input...
Cliff

Quoting bug
Whipsaw? What whipsaw? The 5 minute chart presented ample opportunity to profit from the movement of price. I thought I posted two charts illustrating that...I must be going senile or something.

Whatever guys. You seem to be more interested in defining whipsaws according to your personal P/L statement and requesting some magical programmer to write code for you than learning how to trade and/or use this system.

I'm singing off on this thread. Goodbye.

Oh and good luck creating that EA and driving it to the ground.
I get exercise just pushing my luck
  • #254
  • Nov 21, 2010 12:52pm Nov 21, 2010 12:52pm
Quoting Evaluator
No whipsaw? Well let us take a look at Friday on a 5min chart. You will see whipsaw. If you had traded you would have lost money.
not surprised you lost money--i only see the bbmacd in the lower panel and not trend magic on the chart. (reference to post 239)
  • #255
  • Nov 21, 2010 1:43pm Nov 21, 2010 1:43pm
Bug,

why did you mark some of the trendmagic lines with the Xs? That's where the indicator 'broke'. It started to give a signal and then it corrected itself, but of course if you followed it you'd enter it. If you were trading it live those would be losses, right?



Quoting bug
You can't trade yet you wish to create an EA. I don't understand you. Learning to trade successfully is a very difficult task and some never learn it. Creating an EA that works just the way you would want it to is an equally difficult task even from just the programming point of view. I think you are getting way ahead of yourself. You should learn to trade first and then start talking about an EA. In any case, singling out last Friday as a bad day for trading just goes to prove show that you can't trade thus making your suggestions for a possible...
Attached Image
{Promotion Removed}
  • #256
  • Nov 21, 2010 2:20pm Nov 21, 2010 2:20pm
bug, dont waste your time.

i closed my eyes and said over and over "i think i can, i think i can"--and you know what?
the arrows marking your real entries magically appeared.
  • #257
  • Nov 21, 2010 2:27pm Nov 21, 2010 2:27pm
This is one of the easiest systems to trade. If you focus on trading when the trend is changing and not try to trade every time price crosses TM, it is profitable. And you can trade the cross of TM in the direction of the prevailing trend with a little price action. With good money management, you should be able to handle the losing trades. I don't see what there is to bicker about on a simple system like this.

Friday EURUSD
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-11-21_1610.png Size: 80 KB



Cheers
CanuckCT
  • #258
  • Edited 3:13pm Nov 21, 2010 2:52pm | Edited 3:13pm
CanuckCT,

Which indicator were you actually following for your entries? It is kind of confusing from this screenshot. From what I'm seeing on your screnshot, you were pretty much following the middle indicator only. Also, which indicators are the ones displayed below the chart? Thank you.


Quoting CanuckCT
This is one of the easiest systems to trade. If you focus on trading when the trend is changing and not try to trade every time price crosses TM, it is profitable. And you can trade the cross of TM in the direction of the prevailing trend with a little price action. With good money management, you should be able to handle the losing trades. I don't see what there is to bicker about on a simple system like this.

Friday EURUSD
Attachment


Cheers
CanuckCT
Attached Image
{Promotion Removed}
  • #259
  • Nov 21, 2010 3:20pm Nov 21, 2010 3:20pm
Quoting antonioforex
CanuckCT,

Which indicator were you actually following for your entries? It is kind of confusing from this screenshot. From what I'm seeing on your screnshot, you were pretty much following the middle indicator only. Also, which indicators are the ones displayed below the chart? Thank you.
start reading from post 1 and stop asking stupid questions that were answered from the start of the thread.
http://www.forexfactory.com/showthread.php?t=252157
  • #260
  • Nov 21, 2010 3:23pm Nov 21, 2010 3:23pm
Lol - that is as direct a reply as you'll get and appropriately so. Hey, on the bright side it's a little over a couple hundred posts as opposed to some threads with a couple hundred thousand!
"As Kids we believe Anything is Possible; the Trick is to never forget it!"
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