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Two Reversal Bar Entry System

  • #261
  • Jan 21, 2011 2:03am Jan 21, 2011 2:03am
retail figures for GBP today. long signal but would wait for news.....
want to enter in such a way that 20 pips can be reached fairly quickly so stops can be moved above break even.
Attached Image (click to enlarge)
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  • #262
  • Edited 3:56am Jan 21, 2011 2:13am | Edited 3:56am
saw the high volume on breakout of consolidation
3 positions in place
we want to get to 20 pips as soon as possible.

I was going to wait for news, but I jumped for the bait, the false breakout..
Now I have been stuck in consolidation again for the last 1/2 hour and have to cast my fate to the wind when the news comes out.

Lesson. Wait for then news release..

(Only thing is, it's the pound and this thing is volatile, could snap back and we are still hanging on to positions).
Oh, how I miss you, EURUSD)!!

http://www.vectorstock.com/composite...ies-vector.jpg
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  • #263
  • Jan 21, 2011 3:08am Jan 21, 2011 3:08am
Quoting jiva34
I see.
Can you program?
I believe it would be possible to automate according to trading times with some measure of success.
Yes I can program
  • #264
  • Jan 21, 2011 3:37am Jan 21, 2011 3:37am
Sometimes bad figures act like good news.
That is, if the figures aren't as bad as was expected.

It's not like there is panic selling, probably just a slow drift lower..
I hate the pound,
lesson just stay with the EURUSD..

If the the trade comes out ok it is sheer luck.
  • #265
  • Jan 21, 2011 3:42am Jan 21, 2011 3:42am
Quoting Saidar
Yes I can program
So that is why you are looking at the different strategies. To see if they can be automated nicely.
This would not be too difficult to program i would think. Since there are not a zillion indicators.
Just the 2 bar reverse.
And time of day.

Perhaps you would consider just a one order with simple stop.
And time of day option.
The 2 bar reverse indi.

as a test to see if there is any edge on the market with this in it's simplest form.

Just an idea.
  • #266
  • Jan 21, 2011 4:20am Jan 21, 2011 4:20am
Quoting jiva34
So that is why you are looking at the different strategies. To see if they can be automated nicely.
This would not be too difficult to program i would think. Since there are not a zillion indicators.
Just the 2 bar reverse.
And time of day.

Perhaps you would consider just a one order with simple stop.
And time of day option.
The 2 bar reverse indi.

as a test to see if there is any edge on the market with this in it's simplest form.

Just an idea.
I have already written a strategy in java for the rules you gave, it's not working. The only way this will work (mechanically) is for a larger stop loss and takeprofit.

In your opinion what is the best time of day to trade? Open of the London session ?
  • #267
  • Jan 21, 2011 4:25am Jan 21, 2011 4:25am
Quoting Saidar
I have already written a strategy in java for the rules you gave, it's not working. The only way this will work (mechanically) is for a larger stop loss and takeprofit.

In your opinion what is the best time of day to trade? Open of the London session ?
yes, London open, not just my opinion,opinion of the world I think..............
not to complicate things unnecessarily, , the signal should be traded on breakout of consolidation,
prices higher than previous 20 bars for instance, and on high volume higher than previous bar.... "volume teacher" indi calculates this nicely.
  • #268
  • Jan 21, 2011 4:27am Jan 21, 2011 4:27am
Quoting Saidar
I have already written a strategy in java for the rules you gave, it's not working. The only way this will work (mechanically) is for a larger stop loss and takeprofit.

In your opinion what is the best time of day to trade? Open of the London session ?
If you have a minute and care to tinker,
would you be so kind as to add a sound alert (optional t/f) and pop up to the indi?
  • #269
  • Jan 21, 2011 4:40am Jan 21, 2011 4:40am
GBPUSD
may be recuperating....
http://t0.gstatic.com/images?q=tbn:A...6nOgGpVaulB2Mg
I still miss EURUSD,
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  • #270
  • Jan 21, 2011 4:48am Jan 21, 2011 4:48am
Quoting jiva34
yes, London open, not just my opinion,opinion of the world I think..............
not to complicate things unnecessarily, , the signal should be traded on breakout of consolidation,
prices higher than previous 20 bars for instance, and on high volume higher than previous bar.... "volume teacher" indi calculates this nicely.
Mmm.... Ok will see what I can do.
  • #271
  • Jan 21, 2011 4:57am Jan 21, 2011 4:57am
Quoting jiva34
If you have a minute and care to tinker,
would you be so kind as to add a sound alert (optional t/f) and pop up to the indi?
Sure will post asap
  • #272
  • Jan 21, 2011 5:43am Jan 21, 2011 5:43am
Quoting Saidar
Sure will post asap
  • #273
  • Jan 21, 2011 5:58am Jan 21, 2011 5:58am
Quoting jiva34
Something weird happened to me, my alert dialog box is missing cannot find it! Read that it happens when you move multiple monitors around. Will first have to fix this issue before I can test the indi.
  • #274
  • Jan 21, 2011 6:30am Jan 21, 2011 6:30am
See attached for the indi. My alert window is still missing so I cannot see if the displayed message is correct. Please let me know if something is wrong.

The indi checks three bars, so three alerts will go off for one arrow on three consecutive bars.
Attached File(s)
File Type: mq4 2RevBarsEntry_arr0Bar_mtf_alerts.mq4   5 KB | 351 downloads
  • #275
  • Jan 21, 2011 6:50am Jan 21, 2011 6:50am
Quoting jiva34
So using that line of reasoning:
If
EURGBP up
GBPJPY up

if signal long EURJPY, trade?
if Signal Long ...

But this is no rule ... Used for confirmation and definitions of the more.
We you said, the strategy is and remains 2 Reversal Bar.

Currency Crosses present you with more opportunities.

Major pairs:
Can not decide whether to buy EUR/USD or sell USD/CHF ... Look EUR/CHF
... buy USD/CHF or USD/JPY ... Look CHF/JPY
... buy EUR/USD or sell USD/JPY ... Look EUR/JPY
... buy GBP/USD or sell USD/CHF ... Look GBP/CHF
... buy GBP/USD or sell USD/JPY ... Look GBP/JPY
...

Examples of Currency Correlations:

Typical same direction moving
EUR/USD & GBP/USD
EUR/USD & AUD/USD
EUR/USD & NZD/USD
USD/CHF & USD/JPY
AUD/USD & NZD/USD

Typical inversely moving
EUR/USD & USD/CHF
GBP/USD & USD/JPY
USD/CAD & AUD/USD
USD/JPY & AUD/USD
GBP/USD & USD/CHF

PS.:
You were not there, I've posted the signals ... I hope this is OK and has helped someone.
  • #276
  • Jan 21, 2011 6:59am Jan 21, 2011 6:59am
Thank you, powers that be..
Dumb trade but we survived...
Timing all wrong..
Before major data release.... duh...
http://t3.gstatic.com/images?q=tbn:A...w437bQdjOCtNZg
Attached Image (click to enlarge)
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  • #277
  • Jan 21, 2011 7:01am Jan 21, 2011 7:01am
Quoting Wandler
if Signal Long ...

But this is no rule ... Used for confirmation and definitions of the more.
We you said, the strategy is and remains 2 Reversal Bar.

Currency Crosses present you with more opportunities.

Major pairs:
Can not decide whether to buy EUR/USD or sell USD/CHF ... Look EUR/CHF
... buy USD/CHF or USD/JPY ... Look CHF/JPY
... buy EUR/USD or sell USD/JPY ... Look EUR/JPY
... buy GBP/USD or sell USD/CHF ... Look GBP/CHF
... buy GBP/USD or sell USD/JPY ... Look GBP/JPY
...

Examples of Currency Correlations:

Typical...
It is helping me.
I will study this more.
thank you very much.
The more we can understand what is going on in the market place the better our decisions for trading will be.
  • #278
  • Jan 21, 2011 7:07am Jan 21, 2011 7:07am
Quoting Saidar
See attached for the indi. My alert window is still missing so I cannot see if the displayed message is correct. Please let me know if something is wrong.

The indi checks three bars, so three alerts will go off for one arrow on three consecutive bars.
Thank you. It seems to be working quite well.
That was good thinking to make it sound for 3 bars.
So many booby traps and obstacles.
We hope you find the box without too much waste of time..
  • #279
  • Edited 7:36am Jan 21, 2011 7:26am | Edited 7:36am
Quoting jiva34
retail figures for GBP today. long signal but would wait for news.....
want to enter in such a way that 20 pips can be reached fairly quickly so stops can be moved above break even.
...
Quoting jiva34
saw the high volume on breakout of consolidation
3 positions in place
we want to get to 20 pips as soon as possible.

I was going to wait for news, but I jumped for the bait, the false breakout..
Now I have been stuck in consolidation again for the last 1/2 hour and have to cast my fate to the wind when the news comes out.

Lesson. Wait for then news release..
can not understand why you have made this trade so late.

can you explain it to me ... Many thanks in advance.

PS.:
My Trade to day (EU Sassion):
EURUSD long
NZDUSD long
USDCAD short
  • #280
  • Jan 21, 2011 8:16am Jan 21, 2011 8:16am
Quoting Wandler
...


can not understand why you have made this trade so late.

can you explain it to me ... Many thanks in advance.

PS.:
My Trade to day (EU Sassion):
EURUSD long
NZDUSD long
USDCAD short
I was going to wait for news, but I jumped for the bait, the false breakout..
new high out of consolidation on volume,
but it was a false move the news had bnot been released yet.

You are doing quite well today. I will be interested to study and understand more about your analysis.
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