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Symphonie Trader System

  • #14,681
  • Jul 16, 2012 5:08am Jul 16, 2012 5:08am
Quoting Hugh Briss
I see this to the left though.

Tell me also does your broker have a Sunday bar? I had to stop using an auto pivot indicator because I switched to a broker with a Sunday bar which messes everything up. Also my new broker is GMT and my previous broker was GMT+1 which means I was looking at different levels on different brokers, it put me off them a bit.
Hi Briss,
I know exactly what you mean with Sunday data messing things up. From experience, you have 2 solutions:
1) do your charting with a broker that is a least GMT+2 like AlpariUK (you don't have to trade with them just use the charts). They have specifically setup their servers to GMT+2 so that when the markets re-open for trading on Sunday at 22.00 UK time it is already 00.00 (Monday) so there is no Sunday data (this also helps with your MAs: for those who don't know and are wondering why their Daily MAs are not at the 'right' level it is because of Sunday data creating an extra day every week - if you have Sunday data on your charts (ie. you have 6 days of data per week and not just 5 (Monday to Friday), then your 100MA should be a 120MA - 20% more, because 6 is 20% more than 5) and so on ... 200MA = 240MA.
2) I know that there are at least a couple of Pivot Indicators available that have the option in the Input Tab to ..."Use Sunday Data - True/False"; set it to false and for Monday it will take the data from Friday (not Sunday) and your pivots will be at the right place.

Oli
  • #14,682
  • Jul 16, 2012 5:32am Jul 16, 2012 5:32am
Quoting olivierforex
Hi Briss,
I know exactly what you mean with Sunday data messing things up. From experience, you have 2 solutions:
1) do your charting with a broker that is a least GMT+2 like AlpariUK (you don't have to trade with them just use the charts). They have specifically setup their servers to GMT+2 so that when the markets re-open for trading on Sunday at 22.00 UK time it is already 00.00 (Monday) so there is no Sunday data (this also helps with your MAs: for those who don't know and are wondering why their Daily MAs are not at the 'right' level it is...

Oli,

I think you will find that the 60 sma line is also a excellent tool for trend guage of 60 min and 5 min trend.... I have found through experience that one taking Symphonie Signals that agree with the 60 sma tend to have stronger movements (below is sell above is buy).

Yes on a daily chart the 200 line is also a very important line that is the levels that most large hedge funds and investment companies use to guage bull or bear markts. But for short term forex trading I find 60 moving average an extremely valuable tool to have in ones trading toolbox.

Evaluator.:nerd:
  • #14,683
  • Jul 16, 2012 5:33am Jul 16, 2012 5:33am
Quoting olivierforex
Hi Briss,
I know exactly what you mean with Sunday data messing things up. From experience, you have 2 solutions:
1) do your charting with a broker that is a least GMT+2 like AlpariUK (you don't have to trade with them just use the charts). They have specifically setup their servers to GMT+2 so that when the markets re-open for trading on Sunday at 22.00 UK time it is already 00.00 (Monday) so there is no Sunday data (this also helps with your MAs: for those who don't know and are wondering why their Daily MAs are not at the 'right' level it is...
These seem like good solutions, thanks.
  • #14,684
  • Edited 6:43am Jul 16, 2012 5:35am | Edited 6:43am
TP1 reached , closed +30pip, TP2 target 1.2150 SL 2217

Edit:
Closed all +20
  • #14,685
  • Jul 16, 2012 5:35am Jul 16, 2012 5:35am
Quoting xenilno
TP1 reached , closed +30pip, TP2 target 1.2150

Congratulations!!

Evaluator.:nerd:
  • #14,686
  • Jul 16, 2012 5:51am Jul 16, 2012 5:51am
Quoting Evaluator
Oli,

I think you will find that the 60 sma line is also a excellent tool for trend guage of 60 min and 5 min trend.... I have found through experience that one taking Symphonie Signals that agree with the 60 sma tend to have stronger movements (below is sell above is buy).

Yes on a daily chart the 200 line is also a very important line that is the levels that most large hedge funds and investment companies use to guage bull or bear markts. But for short term forex trading I find 60 moving average an extremely valuable tool to have in ones trading...
Evaluator,
My reply had nothing to do with Symphonie trading as such: I was just giving an example using easy numbers to understand (100/200) as to why MAs can be at the 'wrong' level for people using brokers with 6 days of data per week.
Oli
  • #14,687
  • Jul 16, 2012 6:05am Jul 16, 2012 6:05am
Possible Bear Flag formation.

If that is the case I am look for a drop soon to 1.21275 and exhaustion drops to the 1.21200 target level.

Symphonie Sell signal is posslble to appear soon. For now I watch for trendline breaks.

Evaluator.:nerd:
Attached Image (click to enlarge)
Click to Enlarge Name: Symphonie Screenshot 337.jpg Size: 132 KB
  • #14,688
  • Jul 16, 2012 6:08am Jul 16, 2012 6:08am
Quoting genaja
Hi Evaluator,

the question was, delivers your broker sunday prices like FXCM. If they do so, a autopivot like LhDT brings at monday wrong Daily Pivot lines.

The indicator attached is a combination of Pivot and Fibonacci. Test this one.

The PivotD_v5 will work with sunday prices too.

I use FXPRO and Trading Point. I have not had the problem you speak about.
Therefore, the LhDT indikator functions with no problem for me.

Evaluator.:nerd:
  • #14,689
  • Jul 16, 2012 6:11am Jul 16, 2012 6:11am
He Eval,

The 60 MA has what parameters?

Timeframe:
Shift:
Method:
Applied to:

Thank you,
DK
  • #14,690
  • Jul 16, 2012 6:14am Jul 16, 2012 6:14am
Quoting dakuki
He Eval,

The 60 MA has what parameters?

Timeframe:
Shift:
Method:
Applied to:

Thank you,
DK

Here are my 60 MA settings.

Evaluator.:nerd:
Attached Image
  • #14,691
  • Jul 16, 2012 6:20am Jul 16, 2012 6:20am
Quoting Hugh Briss
Oh well welcome to the party, I'm 50 pips up already, maybe time for me to close out
Hi Hugh

Congrats on your trade. I was in at the start of that trade but closed early when the daily pivot was reached. You must have sat through an hour of watching your profit turn to loss before heading back to profit.

When I get to that stage I think that the market is about to drift sideways rather than start a trend and exit with what I have.

What is it that convinces you to hold on in these types of situations?
  • #14,692
  • Jul 16, 2012 6:35am Jul 16, 2012 6:35am
Quoting Hugh Briss
I see this to the left though.

Tell me also does your broker have a Sunday bar? I had to stop using an auto pivot indicator because I switched to a broker with a Sunday bar which messes everything up. Also my new broker is GMT and my previous broker was GMT+1 which means I was looking at different levels on different brokers, it put me off them a bit.
HB,

I have the same issue and I solved it with this indi ... you can set up your GMT time

ciao

wiz
Attached File(s)
File Type: mq4 SDX-TzPivots_v5.mq4   45 KB | 438 downloads
You control how you trade; the market controls how and when you'll get paid
  • #14,693
  • Jul 16, 2012 6:39am Jul 16, 2012 6:39am
Quoting Evaluator
Here are my 60 MA settings.

Evaluator.:nerd:
Hi eval,

often I see many traders shift forward 2 or more bars the MA whichever are the other settings.

Why do you do this?

ciao

wiz
You control how you trade; the market controls how and when you'll get paid
  • #14,694
  • Edited 7:03am Jul 16, 2012 6:40am | Edited 7:03am
Here is an interesting group discussion point.....

What Type of Forex Trader are you????

According to investapedia there are several types...which type do you find yourself most folloiwng?

''Common Trader Time frames
In the grander scheme of things, there are plenty of names and designations that traders go by. But when taking time into consideration, traders and strategies tend to fall into three broader and more common categories: day trader, swing trader and position trader.

1. The Day Trader
Let's begin with what seems to be the most appealing of the three designations, the day trader. A day trader will, for a lack of a better definition, trade for the day. These are market participants that will usually avoid holding anything after the session close and will trade in a high-volume fashion.

On a typical day, this short-term trader will generally aim for a quick turnover rate on one or more trades, anywhere from 10- to 100-times the normal transaction size. This is in order to capture more profit from a rather small swing. As a result, traders who work in proprietary shops in this fashion will tend to use shorter time-frame charts, using one-, five-, or 15-minute periods. In addition, day traders tend to rely more on technical trading patterns and volatile pairs to make their profits. Although a long-term fundamental bias can be helpful, these professionals are looking for opportunities in the short term. (For background reading, see Would You Profit As A Day Trader? and Day Trading Strategies For Beginners.)


2. Swing Trader
Taking advantage of a longer time frame, the swing trader will sometimes hold positions for a couple of hours - maybe even days or longer - in order to call a turn in the market. Unlike a day trader, the swing trader is looking to profit from an entry into the market, hoping the change in direction will help his or her position. In this respect, timing is more important in a swing trader's strategy compared to a day trader. However, both traders share the same preference for technical over fundamental analysis. A savvy swing trade will likely take place in a more liquid currency pair like the British pound/U.S. dollar. In the example below (Figure 2), notice how a swing trader would be able to capitalize on the double bottom that followed a precipitous drop in the GBP/USD currency pair. The entry would be placed on a test of support, helping the swing trader to capitalize on a shift in directional trend, netting a two-day profit of 1,400 pips. (To learn more, read The Daily Routine Of A Swing Trader and Introduction To Types Of Trading: Swing Traders.)


3. The Position Trader
Usually the longest time frame of the three, the position trader differs mainly in his or her perspective of the market. Instead of monitoring short-term market movements like the day and swing style, these traders tend to look at a longer term plan. Position strategies span days, weeks, months or even years. As a result, traders will look at technical formations but will more than likely adhere strictly to longer term fundamental models and opportunities. These FX portfolio managers will analyze and consider economic models, governmental decisions and interest rates to make trading decisions. The wide array of considerations will place the position trade in any of the major currencies that are considered liquid. This includes many of the G7 currencies as well as the emerging market favorites.''




I find that I am more of a Swing Trader than a day trader because I have positions that usually run the entire week before closing.

Tells us about you?

Now why would I ask this type question? Simple...it will help you decide what Timeframe you should be using and taking Symphonie Signals to make your trades..


Evaluator.:nerd:
  • #14,695
  • Jul 16, 2012 6:42am Jul 16, 2012 6:42am
Quoting wiz3003
Hi eval,

often I see many traders shift forward 2 or more bars the MA whichever are the other settings.

Why do you do this?

ciao

wiz

Better response time in the 60 MA line. MA lines tend to slower than the price action.

Evaluator.:nerd:
  • #14,696
  • Jul 16, 2012 6:43am Jul 16, 2012 6:43am
Quoting Bushman
Hi Hugh

Congrats on your trade. I was in at the start of that trade but closed early when the daily pivot was reached. You must have sat through an hour of watching your profit turn to loss before heading back to profit.

When I get to that stage I think that the market is about to drift sideways rather than start a trend and exit with what I have.

What is it that convinces you to hold on in these types of situations?
Well I sold it at about 3am GMT so might have been in a bit earlier. I saw some resistance and knew the trend was down overall. What convinced me was that a 30 pip stop would be enough to find out if I was right or wrong.

In terms of holding trades it's easy. I place the trade, set the stop, and then go and do something else! I let the trade do whatever it's going to do and then see what's happened when I come back later. My time horizon for this trade is a few days to a week. I never have a set target but I'm thinking to close out around 1.1950. Zoom out a weekly chart to see why.
  • #14,697
  • Jul 16, 2012 6:43am Jul 16, 2012 6:43am
Quoting wiz3003
HB,

I have the same issue and I solved it with this indi ... you can set up your GMT time

ciao

wiz
Good one, thanks.
  • #14,698
  • Jul 16, 2012 7:24am Jul 16, 2012 7:24am
Quoting Evaluator
Better response time in the 60 MA line. MA lines tend to slower than the price action.

Evaluator.:nerd:
Thank you
You control how you trade; the market controls how and when you'll get paid
  • #14,699
  • Edited 9:06am Jul 16, 2012 7:48am | Edited 9:06am
Quoting Evaluator
OK....As the 61.8 fib gives way and with very strong Symphonie signals I am take small sell position on EURUSD as I think (MY OPINION) the price action should drop now.

I know I said hourly close but sometimes you have to obey your feelings as well as what you see and now that 61.8 have broken I feel comforatable taking a calulated risk play. Remember, I hate corective waves!

My target it 1.21198.....However, I will be practice Account Protection Rule as per post#1 at 30 pips I protect my orders at +3 pip profit.

Evaluator.:nerd:

This is the exact reason that I hate corrective waves...They are always whipsawing and jumping a around...

Yes, the 61.8 fib gave way and with a Strong Symphonie Sell signal so, I sold at 1.22057 but the price action stopped at the 78.6 fib level. As I said in my post #14683; I was feeling uncomfortable about the stalling at the S1 and moved my stoploss early to protect my order...well...the markt turned quickly and BOOM....takes out my stoploss at +3 pip profit.

So take notice...I was wrong on my 1.21200 guess at the 1.382 fib because price action reversed at the 78.6 fib. (look RealJumper I admited I was wrong) I am but an average trader.....

Oh well...that puts me back on track for the ending of this total corrective wave and I look forward to selling the EURUSD at a higher price anyway.

For those who trade in the 5 min and took a buy at the 5 min Symphonie Signal...Congratulations you are in a good winning trade right now!! Woohoo!

Remember, you may not like them but Stoplosses are your best friend.

Evaluator.:nerd:
Attached Image (click to enlarge)
Click to Enlarge Name: Symphonie Screenshot 339.jpg Size: 147 KB
  • #14,700
  • Jul 16, 2012 7:53am Jul 16, 2012 7:53am
Quoting Evaluator
This is the exact reason that I hate corrective waves...They are always whipsawing and jumping a around...

Yes, the 61.8 fib gave way and with a Strong Symphonie Sell signal so, I sold at 1.22057 but the price action stopped at the 78.6 fib level. As I said in my post #14683; I was feeling uncomfortable about the stalling at the S1 and moved my stoploss early to protect my order...well...the markt turned quickly and BOOM....takes out my stoploss at +3 pip...
I enter short 30min before the news, I guess it was too late, SL been hit. I did take the trade because my R:R was 3:1 but it was a risky trade. No have paid the consequence (ENTERLY MY FAULT, off course). Well now it's decide I won't be trading a hour before a big piece of news, this is definitly not for me.

:/ I learned it the hard way

Regards,

Fable
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