Trend Follower 5 Minute System

Hi pilatus, I got other questions regarding the volume trading: 1. the volume shown involves the volume for both buy and sell for each particular horizontal level, does it matter if the no of buys is more than the no of sells and vice versa? We just need to know whether there is high volume right? 2. When we have downloaded it, it just reflects the previous day, it's not real-time, so how do we trade according to it? 3. What does the different color means ? blue, deep blue, green , red... thank you...

Find and read something abut market profile theory (auction market theory), it is not easy to explain in few sentences. But, basic is that high volume is good reference point for price to bounce from it. if every day high level or POC(point of control) is higher that means that trend is up, wait for price to rebound from that level once after retrace, if that rebound is on high level and on same time you have tf5minsystem signal that is good level which will hold and you can enter a trade. I DO NOT ENTER A TRADE with this system if I do not see that price match same level high level and tf5min system signal.
So high level is my filter to enter a trade on tf5minsystem.

Price is the consensus of the market. The power of market is funds, not people. IMHO,the high volume level means predominate bull funds and bear funds arrive a consensus, so it is critical point at which the price is much easier to go north or go south.

Hello Pilatus...tried to download broco meta trading platform.but can't get thru....
Could you please recommend other brokers that is similar to broco in their trading options?

thanks


I am trying out this sysytem

Hmmm..........I olso use thinkorswim platform for futures, really do not know why broco doesn't work.

Hi there ppl

I am hoping to find some suggestions from you. I am still a beginner regarding EAs and how they work. I have found the Trend Follower System and I really wished to have the opportunity to test it.

Surprisingly you folks have created an EA for the system! I really thank you for sharing this with all the members

But I am having problems. I tested Trend Follower Wicker v1.1.0 using the Strategy Tester and in the attachment you can see the graph results.

They are negative .. from an account of 500 it went down to almost 428. The dates for testing where from 2011.01.01 to 2011.03.28 using the 5TF. I left all options to default.

Am I doing something wrong? Can you please suggest me what I can do to improve this? Or is this EA under improvement?

Thank you!
Hope to hear some replies soon I'm eager to check this out even deeper. Congratz for your work
[IMG]file:///C:/Program%20Files/MetaTrader%204/TesterGraph.gif[/IMG][IMG]file:///C:/Program%20Files/MetaTrader%204/TesterGraph.gif[/IMG]

Hi all, it seem the trader who visit this thread not interested in Wicker's rule anymore. Maybe many of traders still looking for the best trading strategy as they fail to follow the wicker rule. Actually, wicker rule can be improved by applying a few trend lines and S&R. Try for yourselves.

Now, I migrate my trading strategy from 5 minutes strategy to 1hr and above. I feel relax using mid to long term strategy.

The EA trades correctly according the original strategy.

Dear asasa,

Thanks so much for your effort in building the EA !!!! I have the following comments if you can build more trader behaviour into the EA:

1. include a filter to limit the rainbow width, expanded rainbow has much less potential than compressed rainbow

2. exit half at the price action level, when the price hit any pivot level in multi-timeframe and rebounce, exit half of the positions, let the another half profit run until the slope direction line change color, if the candle can go through the pivot without any reaction, then there is no price action
pilatus has suggested us to detect price action base on volume, I can suggest a real-time indicator to track volume: http://codebase.mql4.com/ru/source/16274 if you think detecting price action by volume is easier

3. have an option to switch off the MACD and Laguarre, I have loaded the template and backtest visually, I found that they are not very important, the good setup only include the clear rainbow, the compressed rainbow, and ema crossover.

4. ideally, after the backtest is run, when I click "open chart", we can really see the rainbow colors but not only red color, as it is very hard to analyse what's going wrong.. I now need to open 2 broker MT4 in order to compare..one loaded with template, another one is the backtest one.

5. multiple timeframe confirmation, based on http://www.forexfactory.com/attachme...6&d=1291475643 or any simple multiple TF indicator, trade only when 2 or above TF is in the same direction, please have an option to switch it off as well..

6. ideally, make it into a template, scan multiple pairs and only alert those with potential for manual trading

7. I may have found a bug in 1.1.0, for example, for EURUSD buy at 2011-03-30-22:15, why it closes at 2305? Is it because the reversed ema crossoever appear or the slope direction line is red? actually, I think we only consider ema crossover for entry only, and for slope direction line, we only consider it when we are taking profit, also, I set avoidmultiplepos=true, however, I saw that in the same position, it opened the same trade twice...

Thanks in advance!

Metroharbour,

you made a large list of requests. Some people are living from charging such programming.

First, I doubt, if it's possible to write this strategy down in an EA to get a reliable profit. Often the heart of good strategies is an individual approach of looking at a chart, value some additional facts and making a decision.

Not attacking asasa, you may build an EA following absolute correctly all strategy's rules, but often would-be traders think, this it is. Running EA and asking, why the results are poor, same time individual traders have good results. Mostly, may be never you should start an EA and let him alone.

Second, volume in cash market doesn't exist for a retail trader. You get the volume of your broker, may be it's an ECN, but this always is only the part of this ECN, because fx has no centralized exchange. You may use the price for itself, check and chart a price-histogram. This is more reliable because prices of ECNs are really very close together. As I saw on eVOLution, they are publishing only future contracts and no cash market.

If you are going a lot back in the thread, you'll see, there are some traders, who are trading successful Wicker's TF only, nothing else. Most of their work is filtering out trade opportunities by individual point of view (and experience). This may explain, why xikky (post #3726) had bad results by running the EA 'only' and with 'default' options.

Third, think a minute about computerized help. This market is an electronical market! There are companies like GS, who are very successful by creating HFT models (stocks and index futures) AND they have the advantage of near hardware-connects to the exchange(s). Last year they had no negative month on those tradingdesks.

Nonetheless you will hear nothing equal to the fx-markets. Why? Because this market is too large to corner. If there would be reliable methods to get an always valid edge by programming 'a few lines of evil-code', those companies would use them, because they have the manpower and the money to realize it.

So what with those EAs?

Part of them is part of marketing to sell systems (anyone heard of the 99 USD EA getting rich quick and easy guaranteed with no loss?). Part of the support by brokers and platforms like MT4 may lead to small but regular losses. You broker will love you. The slower your acc is going down, the more he's making profits by your paid fees.

Impossible to make an edge?

No, of course not. But don't try to get it by throwing EAs on your charts. Despite the markets are electronic by nature, they are driven by fundamentals. The currencies are reflecting things like economies, rates (and the money following the highest) and very 'simple' things. Inside those fundamental changes is enough place to see and use technical patterns like FIBs or other stuff. So you may try to make an edge by use technical sight.

And - to support your strategy, you may use EAs, of course. But building them should be last step in a method, which was proven good before. And not in other order.

Back to Wicker's TF. If you read again the original rules, you will see, that there are some points, which need completion by a trader. This you can't delegate to an EA.

josch

Metroharbour, I'm sorry but I stopped the development of this EA, right now I'm involved in other projects. Regarding the supposed bug, give a look at the log file and you will understand why it exited the position.

Josch, good strategies can be automated. My trading is completely automated.

asasa,

I'm accepting your statement of course. Good luck.

josch

hello everyone,
this is great system till i have read.pls can someone direct me to the link where i can get the latest EA& all the indicators in one post.
thanks

Hi Everyone,

I'm trying to backtest Trend Follower Wicker v1.1.0 on the EURUSD, but for some reason I'm getting error code 4107 (Invalid price). In the trade journal it shows "lots 0.3, price 1.3637, sl 1.3621, tp 1.3662 (bid 1.3635, ask 1.3637). So, it seems that the EA is using 4 digit prices.

The issue seems to be in the OrderSend function itself where the entry says "Invalid price of 1.36366000 for OrderSend function". Looks like something isn't rounding properly, but I can't find where in the code. Also, I haven't noticed anyone else with the same issue.

I looked at my history data and all the prices are 4 digit prices. Also, the symbol properties say 4 digit. So, I'm kind of frustrated with this one. Does anyone have any ideas about what might be causing this error message?

This seems to be the most recent version in this post. You can also download the template from Wicker's blog. Interesting site, to say the least.

http://www.forexfactory.com/showthre...39#post4000539
http://www.bustathief.com/earn-money...rend-follower/

Is there a group site - I am very new to all this - have been useing the trend follower in a demo account and can see the systems power.

Is there a group site?

Zeep.

Symbol properties say 4 digit but you get 5-digit ticks in your backtest.
There must be something wrong with your MT4 installation / historical data.
Addition: Can you please send me the entire log file? (Please zip it)

Hi

I'm a newbie and i want to check if anybody has tested trend follower on 1 m chart. I am testing it now and am wondering anybody has tried it and what should the reasonable SL and TP be? I understand that theoretically, it suppose to work as well as the 5m. Thanks.

Hi everybody,

this is my first post.

I would like to ask the question if anybody is still using the system?

It would be very interesting if there is anybody who uses it for more than just 2 or 3 months. Most interesting would be to know if there is somebody using it for years?
If there is anybody it would be cool if he is willing to share his experience!
How profitable was it? Not just in term of pips but in terms of risk/reward, drawdown & average opportunities per day/per pair.

Maybe it will work out to reactivate this thread with more than one post per month.
Like I said I am a newbie to trading and still searching for a system that suits me and this Trendfollowing System sounds really good.
So please let me know if it is worth following this idea!

Thank you all in advance!

P.S. For other tips and advices I have always a sympathetic ear!

Nobody is writing on this thread, for a long time ...What a pity !

"The wicker" is great ! and his trend following is one of the most realiable and simple system i have ever seen, for short term !