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The Small Hours Simplified!

  • #61
  • Feb 12, 2011 11:47am Feb 12, 2011 11:47am
Absolutely right. It is a simple breakout method. However let's let the readers find that out for themselves as they learn the method.

Using ATR actually helps you judge price range. There are times that the parameters and candles are such that a simple look at the charts could be mis-leading causing you to miss a valid signal.

How about we don't drop any of the established rules?

Following rules in a method is a learned "Discipline" that one should always stick to, failure to follow established rules only leads to failure in this market!

Quoting lillelise
you can just drop the ATR...its just a simple breakout method..
using a range of around 50-60 pips range..
  • #62
  • Feb 12, 2011 11:50am Feb 12, 2011 11:50am
Quoting billbss
Otherwise I am done here.
FINALLY!
  • #63
  • Feb 12, 2011 11:50am Feb 12, 2011 11:50am
Quoting Colostarr
Absolutely right. It is a simple breakout method. However let's let the readers find that out for themselves as they learn the method.

Using ATR actually helps you judge price range. There are times that the parameters and candles are such that a simple look at the charts could be mis-leading causing you to miss a valid signal.

How about we don't drop any of the established rules?

Following rules in a method is a learned "Discipline" that one should always stick to, failure to follow established rules only leads to failure in this market!...
it wasent meant as an attack.. and nothing wrong with your method..
StopLoss is for none belivers... Trust the Gurus..
  • #64
  • Feb 12, 2011 12:06pm Feb 12, 2011 12:06pm
a great simple system
will practice on it next week

by the way why is it called the small hours
  • #65
  • Feb 12, 2011 12:13pm Feb 12, 2011 12:13pm
Roger that! It wasn't taken as an attack. I actually appreciate your contribution! I am trying to keep the rules in place.

This is important to me because in the past, I would read about a solid method in this forum and then someone would recommend something different.

It always caused me to doubt a system that I originally believed in and to sway away from the rules that got me interested to start with!

Nothing on you, thank you for taking time to read and respond!

I do try to proof read all of my responses as to not come across as gruff...apologies for that!


Quoting lillelise
it wasent meant as an attack.. and nothing wrong with your method..
  • #66
  • Feb 12, 2011 12:23pm Feb 12, 2011 12:23pm
Thank you! But I have to admit that this method is not mine! I changed the name of it as to not infringe!

I wanted to share it because of how powerful it is, and I wanted to contribute something back to this community.

Seemed simple enough to me!

I dubbed it the small hours because of a song by the band "Metallica" but it seemed to fit as this method zeros in on the quiet hours (small hourly candles...small hours!) of the market!

The simpler methods usually have the most profound impact!

Quoting jacko4
a great simple system
will practice on it next week

by the way why is it called the small hours
  • #67
  • Feb 12, 2011 12:40pm Feb 12, 2011 12:40pm
Monday is coming! I am out of here for the night! I'll post up any new charts as signals pop up with explanations this coming week....entry price, stops and most importantly TP levels! Have a great weekend everyone!
  • #68
  • Feb 12, 2011 4:54pm Feb 12, 2011 4:54pm
Thank you for sharing your knowledge. This system is very useful when market is ranging (which it does 70% of time).http://www.forexfactory.com/images/icons/icon7.gif
  • #69
  • Feb 12, 2011 7:03pm Feb 12, 2011 7:03pm
Hi

Your Strategy is simple and should be easily programmed in to an EA.
I'm attaching Donchian Channel indicator, which draws HHx and LLx lines.
For your strategy x is 5 on H4.

I'm interested in knowing:
1. If anyone has back tested this
2. Sessions times - when this stategy is effective (or to avoid)
3. Effectiveness in ranging markets

Thanks,
Tibmas
Attached File(s)
File Type: mq4 Donchian.mq4   2 KB | 295 downloads
  • #70
  • Feb 12, 2011 7:13pm Feb 12, 2011 7:13pm
Just a quick update on the EA: looking good so far, still have to squash some ordersend bugs, so hope to get to that tomorrow or monday.
First backtest for what i have now on 2010 on EURUSD:

Attached Image (click to enlarge)
Click to Enlarge Name: Schermafbeelding 2011-02-13 om 02.10.09.png Size: 84 KB


Gonna get some sleep now first
  • #71
  • Feb 12, 2011 11:24pm Feb 12, 2011 11:24pm
And generally when it does range it is outside the news release hours, so price can actually react to moving averages, pivots and trends. Which makes this system very powerful! Thank you for contributing!


Quoting KingOfForex
Thank you for sharing your knowledge. This system is very useful when market is ranging (which it does 70% of time).http://www.forexfactory.com/images/icons/icon7.gif
  • #72
  • Feb 12, 2011 11:30pm Feb 12, 2011 11:30pm
I'll answer your questions to the best of my knowledge. Keep in mind I am not a programmer for EA's. Someone from this thread is programming and EA and so far it looks effective!


1. If anyone has back tested this: Yes! Check this thread for the results!

2. Sessions times - when this stategy is effective (or to avoid): 4H is the most effective times. It can also be applied to hourly or daily charts. I don't recommend anything less than 1 H charts.

Try to avoid any news releases concerning the pair you are trading! I've had 2 promising trades reverse and stop out on me because of news releases (although both trades had already hit TP1, my stops were hit on BE)

Quoting Tibmas
Hi

Your Strategy is simple and should be easily programmed in to an EA.
I'm attaching Donchian Channel indicator, which draws HHx and LLx lines.
For your strategy x is 5 on H4.

I'm interested in knowing:
1. If anyone has back tested this
2. Sessions times - when this stategy is effective (or to avoid)
3. Effectiveness in ranging markets

Thanks,
Tibmas
  • #73
  • Feb 12, 2011 11:33pm Feb 12, 2011 11:33pm
The results look very promising. But that comes as no surprise to me, so far every limit or stop order that triggered has at least hit TP1. Great job on this EA ido370! I can't wait until it's done!

Hope you got some good rest!

Quoting ido370
Just a quick update on the EA: looking good so far, still have to squash some ordersend bugs, so hope to get to that tomorrow or monday.
First backtest for what i have now on 2010 on EURUSD:

Attachment

Gonna get some sleep now first
  • #74
  • Feb 12, 2011 11:37pm Feb 12, 2011 11:37pm
My apologies Tibmas I totally missed that you attached an indicator! That is AWESOME!

Thank you a ton for your contribution! Maybe you and ido370 can work together. Did you see the back test results he posted? Pretty amazing stuff! I am truly not worthy!

Quoting Tibmas
Hi

Your Strategy is simple and should be easily programmed in to an EA.
I'm attaching Donchian Channel indicator, which draws HHx and LLx lines.
For your strategy x is 5 on H4.

I'm interested in knowing:
1. If anyone has back tested this
2. Sessions times - when this stategy is effective (or to avoid)
3. Effectiveness in ranging markets

Thanks,
Tibmas
  • #75
  • Feb 13, 2011 12:05am Feb 13, 2011 12:05am
I too will contribute a tool that everyone can use. I created a money Management spread sheet, with a calculator that once you put your account balance it tells you how much you should risk per trade, and how many lots you should use (based on 5% of your account balance, less aggressive traders can change the formula to 2%).

Money management is the MOST important part of ANY system!

If a system puts more than 5% of your account balance at risk, do me a favor...walk away from it!

Your goal is to control your losses FIRST, take your profits second!

If an EA is developed for this method, it is CRUCIAL that you manage your trades once they are triggered. When your first TP is hit, MOVE THE STOP OF YOUR REMAINING order to BE even if your first TP is only 15 pips away! You preserve the profit of your first order, while enjoying a free ride on the remaining order.

Please DO NOT make the same mistake I used to make when I read money management criteria by thinking "That doesn't apply to me, my trades will NEVER lose" only to watch my account balance shrink and shrink and shrink.

Rule #1: Never chase price. With an effective system price WILL come to you.

Rule #2: Manage your risk FIRST and profits SECOND!

Rule #3: NEVER RISK MORE THAN 5% OF YOUR ACCOUNT BALANCE ON ANY 1 TRADE. FOR THE LESS AGGRESSIVE TRADER I RECOMMEND 2%

I am putting the finishing touches on my spread sheet today and hope to be able to post it monday morning!

One last thing: If you are promised the world from a $97.00 EA that promises gigantic returns, ask yourself this: For $97.00 and such a good EA, why aren't the people that are selling it, using it to rake in the profits that they claim? Instead they prey on you, the 95% that will never make it in the forex market, all the while they are reaping profits not from their EA but from their PREY that believe their hype!
  • #76
  • Feb 13, 2011 12:34am Feb 13, 2011 12:34am
it seems to be a five bar breakout system with the atr if im correct

i have an indicater that will draw the 2 hh ll auto so as i understand your method it is a fractal 3 pip plus the spread of the fractal

also the ema 20 and or 40
so ive produced a chart if my reading of you basic explanation is correct i can post the5 bar hh ll indicater for you , the yellow lines here on the screen snap shot

super explanation simple but sounds excellent

from Brian
Attached Image (click to enlarge)
Click to Enlarge Name: 5bar breakout.jpg Size: 77 KB
  • #77
  • Feb 13, 2011 12:49am Feb 13, 2011 12:49am
Brian,
This is good stuff. Keep in mind that ATR is used to determine market volatility.

If your total pips moved in the previous 5 candles exceeds your ATR value as of the setup candle (most recently closed candle), then rule#1 is not met. Does your indicator take this into account as well??

Very nicely done...thank you!


Quoting brijon
it seems to be a five bar breakout system with the atr if im correct

i have an indicater that will draw the 2 hh ll auto so as i understand your method it is a fractal 3 pip plus the spread of the fractal

also the ema 20 and or 40
so ive produced a chart if my reading of you basic explanation is correct i can post the5 bar hh ll indicater for you , the yellow lines here on the screen snap shot

super explanation simple but sounds excellent

from Brian
  • #78
  • Feb 13, 2011 1:23am Feb 13, 2011 1:23am
Quoting ido370
Just a quick update on the EA: looking good so far, still have to squash some ordersend bugs, so hope to get to that tomorrow or monday.
First backtest for what i have now on 2010 on EURUSD:

Attachment

Gonna get some sleep now first

Love to see the expert or even make an indicator from it

looks interesting
  • #79
  • Feb 13, 2011 1:26am Feb 13, 2011 1:26am
ive just converted a standard 3 bar breakout indicater to a five bar

im sure one could do a simple ea later for the formula and plot an arrow if the conditions were met

a fractal say fractal sand would be able to give you your enytys over the 5 bar plus a calc done on range of hh ll and current atr x 1.5
gives a buy or sell arrow or an alarm

could be done later by some coders very easy in my opinion

here is the 3 bar just change input to 5 later on i will look into atr posibilities of a coding by friends for you if you want

great work mate from brian





Quoting Colostarr
Brian

,
This is good stuff. Keep in mind that ATR is used to determine market volatility.

If your total pips moved in the previous 5 candles exceeds your ATR value as of the setup candle (most recently closed candle), then rule#1 is not met. Does your indicator take this into account as well??

Very nicely done...thank you!
Attached File(s)
File Type: ex4 3bar.ex4   5 KB | 346 downloads
  • #80
  • Feb 13, 2011 1:45am Feb 13, 2011 1:45am
Hey brother, I am open to any possibility you can dream up, as long as the rules are met! Again Brian thank you very much!

Quoting brijon
ive just converted a standard 3 bar breakout indicater to a five bar

im sure one could do a simple ea later for the formula and plot an arrow if the conditions were met

a fractal say fractal sand would be able to give you your enytys over the 5 bar plus a calc done on range of hh ll and current atr x 1.5
gives a buy or sell arrow or an alarm

could be done later by some coders very easy in my opinion

here is the 3 bar just change input to 5 later on i will look into atr posibilities of a coding by friends for you if you want

great...
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