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Price Action Trading with Indicators! The Freebie System

  • #5,041
  • Sep 5, 2011 9:17am Sep 5, 2011 9:17am
Quoting Whistlepips
Really good question. Been thinking the same thing. One way of seeing it is RR 1:1 + appropriate money management (eg. Dredds version). Maybe also pivots, adr, important SR levels, round numbers, FA, etc should be considered. I think this is the experience part of the system. Maybe just requires chart time. Atleast I havent found ways to simplify these.
I agree, that has a highly discretionary character; therefor I would not recommend that for newbies, its only for traders who already formed their "trading minds" and are able to make decisions on open postions wizhout the influence of emotions.
  • #5,042
  • Sep 5, 2011 10:17am Sep 5, 2011 10:17am
STAGE 1: Coding the EA (FINISHED)
STAGE 2: Documentation (Work in progress...)

As promised, I've just finished the EA inspired on this strategy.
WitSensing is the name I chose for this work.

Finished EA has given rise to highly elaborate and customizable system, which I hope it can extend further this strategy and its capabilities. It might be interesting to evaluate each alternative with the powerful "rules system" coded into this EA (offer a very wide variety of evaluations and signal combinations).

Here are some features of the WitSensing EA:

 

  1. Two operational modes:
    1) "Signals" (don't make orders);
    2) "AutoTrading" (evaluate signals and make ordres)
  2. Full graphics panel showing real-time all the signals and status of the EA (colors configurables)
  3. Integration of the following indicators (also visibles on the panel):

    1. Heiken Ashi candles - Signals: 1) New formations, 2) Confirmed formations, 3) Candle colors (Old formations)
    2. Usual candles (Japanese bars) - Signals: 1) Current color (bull/bear)
    3. Pivots Fail/Breakout (all daily pivots are internally managed) - Signals: 1) New occurrences, 2) Confirmed occurrences
    4. Average Daily Range - Signals: 1) Five distance levels from/to daily min and max
    5. 3LZZ Semafor - Signals: 1) Type 1,2,3, and direction
    6. Stochastic - Signals: 1) New formations, 2) Confirmed formations
    7. Price Action - Signals: 1) Price trend on 8 time intervals (from 1h to 5d), with 4 bull/bear strength levels

  4. All indicators are configurable, including the overall form of signal detection
  5. Multi-Timeframe signal tracking fro all indicators (M5, M15, M30, H1, H4, D1, W1)
  6. A total of 47 signals on 92 different types of status
  7. Decision making based on "Rules System", a pseudo language for evaluating STRONG Buy/Sell and REGULAR Buy/Sell:

    1. Using a string parameter of the EA, encoded in proper way, you can define a complex set of conditions that WitSensing will use to evaluate signals and trigger the main signal of BUY/SELL
    2. eg1: pStrongRules = "!HA=m15:1;3LZ=m15:1", symple rules using only the Heiken Ashi and 3LZ Semafor, both estimated only for M15 new formations, with Heiken Ashi as the driving signal.
    3. eg2: pStrongRules = "!HA=m15:1;PIVF=m15:1,m30:-2_PIVB=m15:1,m30:-2;3LZ=m15:1,m30:1;!STO=m15:1;TRE=1d:-4;ADR=d1:3", little more complex string that reflect the Dredding strategy (with a few minor variations ...) by WitSensing point of view
    4. Already predefined rules strictly for Dredding base strategy: pStrongRules = "DEFAULT", pRegularRules = "NULL"

  8. Unbalanced operation: you can work on a timeframe, defining signals riding on a different timeframe
  9. Configuration of trading hours (you can enable/disable hours, one-by-one)
  10. Configuration of prefered market session (broker midnight, GMT0, midnight EST, 5pm EST)
  11. Limit of Stops Levels definable (SL and TP automatically calculated)
  12. Money Management fully configurable
  13. Day Journal (full log of all activities and possibles bugs)


Of course, WitSensing is completely FREE.
You can see the small screenshot attached, during a debug session in backtesting.

As written earlier, this is an anticipation. The EA is willing, but would make no sense to post before I wrote a complete manual on it. There are many parameters and operations not easily understandable, as well as the various signs/informations on the graphic panel.
In the meantime, I'd like that this anticipation may be useful to collect your first impressions and any other features that I have forgotten, or that you'd like to find in the EA. I will do my best to satisfy all.

Sorry if you don't get quickly my responses (or don't get at all... ), I will be definitively involved in the documentation. However, I certainly read and follow costantly any comment.

Thank you and good trading to all.

J.

Attached Image (click to enlarge)
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  • #5,043
  • Sep 5, 2011 12:21pm Sep 5, 2011 12:21pm
Took another short, EURUSD M15 this time, ST 28 pips, TP ~50.
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  • #5,044
  • Sep 5, 2011 3:54pm Sep 5, 2011 3:54pm
Well I've managed to read through all 337 pages. Quite a task but
well worth it. I've been a member here for many years but not a prolific
post writer. Prefer to stay in the shadows.
I must say I have enjoyed the thread and have great respect for Dred for
sharing this seemingly foolproof system. I just wish I had found it sooner.
I have traded forex live for about 6 years with no success. I have a feeling
this is about to change.
I am looking forward to posting my trades, win or lose, and hope I can
replicate the performance of the great traders on this thread.

GL,GT
Good Luck,Good Trading

Kneepad.
  • #5,045
  • Sep 5, 2011 9:49pm Sep 5, 2011 9:49pm
Quoting Jomadev
STAGE 1: Coding the EA (FINISHED)
STAGE 2: Documentation (Work in progress...)

As promised, I've just finished the EA inspired on this strategy.
WitSensing is the name I chose for this work.

Finished EA has given rise to highly elaborate and customizable system, which I hope it can extend further this strategy and its capabilities. It might be interesting to evaluate each alternative with the powerful "rules system" coded into this EA (offer a very wide variety of evaluations and signal combinations).


Thank you and good trading...
Eagerly waiting for the final product.

TF
  • #5,046
  • Sep 6, 2011 1:18am Sep 6, 2011 1:18am
Quoting Jomadev
STAGE 1: Coding the EA (FINISHED)
STAGE 2: Documentation (Work in progress...)

As promised, I've just finished the EA inspired on this strategy.
WitSensing is the name I chose for this work.

Finished EA has given rise to highly elaborate and customizable system, which I hope it can extend further this strategy and its capabilities. It might be interesting to evaluate each alternative with the powerful "rules system" coded into this EA (offer a very wide variety of evaluations and signal combinations).

Here are some features of the...
Looks pretty and all but i have been told people would make an EA like 20 times now so wont get my hopes up...oh and by the way there was NO fail at a pivot in the picture of that trade you showed lol....unless there is a pivot that is not showing up in the picture.
  • #5,047
  • Sep 6, 2011 1:59am Sep 6, 2011 1:59am
Good morning let's see if we can get the green pips flowing today

Udine
Sleep less, live fast, as it aint gonna last
  • #5,048
  • Sep 6, 2011 2:01am Sep 6, 2011 2:01am
My EA is loving some usdchf this morning! Green pips are already here for me! lol
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  • #5,049
  • Sep 6, 2011 2:44am Sep 6, 2011 2:44am
Quoting Dredding82
My EA is loving some usdchf this morning! Green pips are already here for me! lol

Nice, very nice


Looks like the EA is working

If I open up too many charts on my laptop it slows down and I decided to remove the USD/CHF

Well you cant have everything when you are at work, and try to do something usefull also.

Let's see what the rest of the day brings !!

Udine
Sleep less, live fast, as it aint gonna last
  • #5,050
  • Sep 6, 2011 2:51am Sep 6, 2011 2:51am
Quoting Udine
Nice, very nice


Looks like the EA is working

If I open up too many charts on my laptop it slows down and I decided to remove the USD/CHF

Well you cant have everything when you are at work, and try to do something usefull also.

Let's see what the rest of the day brings !!

Udine
Yea alot of people try and use a home computer for trading but do not understand that it was not made to and most of the times can not handle running a trading platform with all the indicators,charts etc...
Just keep making your gains and compound them! When you do you can get a killer PC like one of these : http://falcontradingsystems.com/ or you can just go to Dell,HP..etc which ever computer company you like and order a custom PC like i do, but it costs a bit more because of the brand name lol
  • #5,051
  • Edited 3:14am Sep 6, 2011 3:04am | Edited 3:14am
Anyone else loving UsdChf now? LMAO!

A 500+ pip move is always a good way to start a trading week!

**EDIT** Make that 700+ PIPS!
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  • #5,052
  • Sep 6, 2011 3:10am Sep 6, 2011 3:10am
The SNB want to peg their exchange rate @1.2 to the EUR so they are buying shitloads of the majors according to Bloomberg
Your Attitude Determines Your Altitude
  • #5,053
  • Sep 6, 2011 3:11am Sep 6, 2011 3:11am
Quoting forexnutter
The SNB want to peg their exchange rate @1.2 to the EUR so they are buying shitloads of the majors according to Bloomberg
lol
  • #5,054
  • Sep 6, 2011 3:20am Sep 6, 2011 3:20am
How would you handle such a candle?

two voices are in my head:
#1) says: do not overthink, stick to the rules,all requirements are met.
#2) says: what goes up, comes down; price is near upper daily range, sl too far away.

One of the moments I was glad I am just pepertrading.
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  • #5,055
  • Sep 6, 2011 3:26am Sep 6, 2011 3:26am
Quoting willauch
How would you handle such a candle?

two voices are in my head:
#1) says: do not overthink, stick to the rules,all requirements are met.
#2) says: what goes up, comes down; price is near upper daily range, sl too far away.

One of the moments I was glad I am just pepertrading.
#1) If you want to trade it then do so if the rules are met! There is no such thing as a SL too far way! ADJUST YOUR LOT SIZE!

#2) Which is the smart move...wait for it to RETRACE, Then enter the trade........lol
  • #5,056
  • Sep 6, 2011 3:34am Sep 6, 2011 3:34am
Quoting Dredding82
Yea alot of people try and use a home computer for trading but do not understand that it was not made to and most of the times can not handle running a trading platform with all the indicators,charts etc...
Just keep making your gains and compound them! When you do you can get a killer PC like one of these : http://falcontradingsystems.com/ or you can just go to Dell,HP..etc which ever computer company you like and order a custom PC like i do, but it costs a bit more because of the brand name lol

I have been looking at those, and also this one: http://www.digitaltigers.com/

As I am at work I have to use what I got there.

But i'll go for the compounding for sure

Green pips

Udine
Sleep less, live fast, as it aint gonna last
  • #5,057
  • Sep 6, 2011 3:52am Sep 6, 2011 3:52am
Quoting Dredding82
#1) If you want to trade it then do so if the rules are met! There is no such thing as a SL too far way! ADJUST YOUR LOT SIZE!

#2) Which is the smart move...wait for it to RETRACE, Then enter the trade........lol
#1) yeah, lotsize would be decreased - but wouldn´t the upper daily range most likely prevent a R:R of at least 1:1? The TP would be in the skies...

#2) So waiting for a retrace is not overthinking, godd to know lol... What if the stoch (or another indicator) goes downwards because of the retrace. Does this make the signal irrelevant? Or would you still enter?
  • #5,058
  • Sep 6, 2011 3:57am Sep 6, 2011 3:57am
LOL what sort of R:R is a 30 pip stop loss and 800 pip take profit
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  • #5,059
  • Sep 6, 2011 4:04am Sep 6, 2011 4:04am
Quoting ohammond
LOL what sort of R:R is a 30 pip stop loss and 800 pip take profit
Please tell me that was live.
Found a way to detect where the market will turn.
  • #5,060
  • Sep 6, 2011 4:05am Sep 6, 2011 4:05am
Quoting jpdwilson
Please tell me that was live.
It sure was, came off demo a long time ago
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