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Follow the prior Heiken Ashi candle for profits

  • #41
  • Mar 30, 2015 4:37pm Mar 30, 2015 4:37pm
Quoting piprac
marshallmax - question: the 3d picture doesn't seem to reflect the 1st two. Is it a different TF than W. or D., maybe 4H? I like idea of confirmation. edit: I looked at it on a different screen, seems to be the monthly
No it is the Daily (same as 2nd pic) but without the HA so you can find your initial SL and therefore your TP and then manage that SL each day.
Winners add to winning trades!
  • #42
  • Mar 30, 2015 5:15pm Mar 30, 2015 5:15pm
Thank you, marshallmax
  • #43
  • Mar 31, 2015 8:14am Mar 31, 2015 8:14am
Quoting marshalmax
{quote} No it is the Daily (same as 2nd pic) but without the HA so you can find your initial SL and therefore your TP and then manage that SL each day.
The only trouble with this system is that you have to "manage things" on a "daily basis". The whole idea for me to is to try to make my trading as easy as possible. Set it and forget it each week. But your system could be a really good way to time entries for weekly chart trading. Most definitely.
I am NOT an expert. I post to learn from others.
  • #44
  • Mar 31, 2015 8:30am Mar 31, 2015 8:30am
I think mm has the best idea. Using regular candlesticks on the D. for picking swing highs and lows, support and resistance, all TP & SL areas, makes a lot of sense. My usd/cad win almost recovered all of the four losses (within one dollar) using 30/30 TP & SL. I am still in the aud/nzd for a still small profit. I will look for more entries of other pairs at 16:00, O. rollover time. Good trading all, p.
  • #45
  • Mar 31, 2015 4:34pm Mar 31, 2015 4:34pm
Quoting Phantom-X
{quote} The only trouble with this system is that you have to "manage things" on a "daily basis". The whole idea for me to is to try to make my trading as easy as possible. Set it and forget it each week. But your system could be a really good way to time entries for weekly chart trading. Most definitely.
Thats easy mate just dont adjust the SL daily. I do that to reduce the risk as the trades move in my favour. Its a choice.
Winners add to winning trades!
  • #46
  • Apr 1, 2015 1:33pm Apr 1, 2015 1:33pm
Hey Phantom - how have your entries panned out? Does volume compensate for tight SL & TP? I am using the D. to confirm the W. trend but 3 stop orders last night never got triggered so I am not in the market right now, perhaps at the 16:00 rollover (I hope.) p.
  • #47
  • Apr 1, 2015 7:21pm Apr 1, 2015 7:21pm
Quoting piprac
Hey Phantom - how have your entries panned out? Does volume compensate for tight SL & TP? I am using the D. to confirm the W. trend but 3 stop orders last night never got triggered so I am not in the market right now, perhaps at the 16:00 rollover (I hope.) p.
Hi friend,

Results were:

WIN: 7
LOSS: 5
PIPS: +61 pips

Honestly, not a terribly great week. I am omitting 1 loss because I placed the trade and then instantly lost due to a technical error.

So basically we're at around 50% win rate.

Not sure what to make of the system thus far. One thing I'll state is that there were lots of exotic currencies in the last week. Perhaps we can try again with more mainstream currencies.
I am NOT an expert. I post to learn from others.
  • #48
  • Apr 1, 2015 7:25pm Apr 1, 2015 7:25pm
Hello all,

I would just like to announce that I am also experimenting with this on the monthly charts. Since today was the start of a new month, I opened some trades to follow the last month candle (similar to another thread here on FF).

Anyways I'll see how that all pans out. I probably will not try the "weekly version" this week until the monthly version is done.

I realize that there could be a lot of benefits to going with the monthly charts:

1) Less stress
2) Even less time commitment
3) Possibility for bigger gains

Anyways my biggest thing is to make trading simple and stress free. Is that even possible?! I hope to find out!
I am NOT an expert. I post to learn from others.
  • #49
  • Apr 1, 2015 7:53pm Apr 1, 2015 7:53pm
Quoting Phantom-X
Hello all, I would just like to announce that I am also experimenting with this on the monthly charts. Since today was the start of a new month, I opened some trades to follow the last month candle (similar to another thread here on FF). Anyways I'll see how that all pans out. I probably will not try the "weekly version" this week until the monthly version is done. I realize that there could be a lot of benefits to going with the monthly charts: 1) Less stress 2) Even less time commitment 3) Possibility for bigger gains Anyways my biggest thing...
Hello Phantom-x are you using the same 60 pip tp and 100 pip sl that Robinho used on his Monthly candle system?
  • #50
  • Apr 1, 2015 8:24pm Apr 1, 2015 8:24pm
Quoting Checkz
{quote} Hello Phantom-x are you using the same 60 pip tp and 100 pip sl that Robinho used on his Monthly candle system?
Yes except I'm not using fixed SL. I will monitor trades as they progress and close manually if need be.
I am NOT an expert. I post to learn from others.
  • #51
  • Apr 1, 2015 8:44pm Apr 1, 2015 8:44pm
Quoting Phantom-X
{quote} Yes except I'm not using fixed SL. I will monitor trades as they progress and close manually if need be.
Ok thanks
  • #52
  • Apr 10, 2015 9:41am Apr 10, 2015 9:41am
Hi all,

I must admit that I have not been trading this system exclusively, but still think this system could be of value.

I think HA bars are informative, but I feel that regular price action with SR zones might be a better strategy for the long-term.

I may return to this strategy in the future, but for now I'm gonna put it on hold.

If someone else wants to test it out, please feel free and post results here.
I am NOT an expert. I post to learn from others.
  • #53
  • Apr 10, 2015 12:10pm Apr 10, 2015 12:10pm
Quoting Phantom-X
Hi all, I must admit that I have not been trading this system exclusively, but still think this system could be of value. I think HA bars are informative, but I feel that regular price action with SR zones might be a better strategy for the long-term. I may return to this strategy in the future, but for now I'm gonna put it on hold. If someone else wants to test it out, please feel free and post results here.
Hi Phantom, I will try to make EA with my MQL friend to test the idea more quickly. But, some system/filter for entries will be important. I see auto EA maybe like this:

1. Check weekly HA candle
2. Check daily HA candle, if not same - wait for same color
3. H1 timeframe or M30 for entries. Wait if Stoch or another oscilator is above/bellow 20/80 and make entry. 30 pips SL is enough for this timeframe i think.

For future there could be some filter from price action like pin bar, engulfing etc. for entries. Or simple cross MA on lower TF at begining.

I didn't understand well your system of entries. I understand checking HA on W and D but not which TF do you use for entry position and what system for this entry.

But idea of small TP is good because there are many pullbacks during days.
  • #54
  • Apr 10, 2015 4:02pm Apr 10, 2015 4:02pm
Quoting dafa
{quote} Hi Phantom, I will try to make EA with my MQL friend to test the idea more quickly. But, some system/filter for entries will be important. I see auto EA maybe like this: 1. Check weekly HA candle 2. Check daily HA candle, if not same - wait for same color 3. H1 timeframe or M30 for entries. Wait if Stoch or another oscilator is above/bellow 20/80 and make entry. 30 pips SL is enough for this timeframe i think. For future there could be some filter from price action like pin bar, engulfing etc. for entries. Or simple cross MA on lower TF...
That would be cool. I have an HA alert that I found that alerts you when the HA changes colors on any chart (for instance, I can have it alert me via email when a change occurs on Daily, Weekly or Monthly charts).

Only trouble is you get lots of emails and its tough to monitor it all unless you trade just a few pairs.

My entries were just at the start of the week -- follow last HA candle. I had around 50% success rate with this method, but only tried it 1 week in full honesty.

In another thread, I had tested out a system of just following the previous weekly candle (not using HA) with 20 pips TP and 80 pip SL or no SL. Was a good system honestly, I had around 100% win rate until I had a big drawdown because I used too much leverage with no SL. But I think with maybe 60 or 80 SL it would be potentially good.

Anyways, an EA with timed entries and filters could be excellent.

Can I suggest a filter?

Relative Strength Index!! I love that indicator now.
Apply to median price (HL/2).
Period = 10
Cross > 50 = BUY
Cross < 50 = SELL

We could use HA to determine our direction (e.g., only look for BUYS or SELLS), and then use RSI filter to enter our trades (e.g., use 1 hour chart or maybe even 15M chart and take scalps throughout the day).

I have a lot of faith in the RSI as a good filter. Let's work together on this and create a kick ass EA!!
I am NOT an expert. I post to learn from others.
  • #55
  • May 30, 2015 12:44am May 30, 2015 12:44am
Hi Phantom,

First and foremost, thank-you for sharing your system with us.

Secondly, I am a newbie and learning still but enjoying every minute of it, the excitement, the currency trading is for me, i love it.

However, I prefer to trade on shorter times frame, would your system work on say an hour or 4H time frames I wonder!

What I have learned so far in a short few months is "always follow the Trend", buy in an up trend & sell in a down Trend (follow the Smart Money) and never try to go against these rules.
Also, did you know that the Pre-London & London opening is fundamental time to trade because usually, Frankfurt Trading opens at 7am followed by London at 8am and London tends to go the opposite way to Frankfurt in most cases.

Your thoughts would be much appreciated, thank-you.

Kind regards,
Vincenzo.
  • #56
  • May 31, 2015 4:18am May 31, 2015 4:18am
Quoting Phantom-X
Hello friends, My purpose in this thread: 1) Test out a simple system using Heiken Ashi candles 2) Post my trades and results when I have the time 3) Hopefully help others in their trading Disclaimers: 1) I'm NOT an expert trader. Any systems or advice offered here are for educational purposes only. Trade at your own risk. 2) I have no idea how profitable this system will be, as I've only just started testing it. 3) This system is based upon other systems here at FF. 4) I have NO commercial interests, but commercial members are welcome as long as...

Hi PH,

Thanks for sharing the Method which I will test in the coming weeks.

One question to you and thread if I may:

What does one do if the Previous Week's Trend is Up but the Previous Day's Trend is Down Please, which do we follow?
Thanks.
Regards,
Vincenzo.
  • #57
  • Jun 1, 2015 3:05am Jun 1, 2015 3:05am
Quoting vincenzo123
{quote} Hi PH, Thanks for sharing the Method which I will test in the coming weeks. One question to you and thread if I may: What does one do if the Previous Week's Trend is Up but the Previous Day's Trend is Down Please, which do we follow? Thanks. Regards, Vincenzo.

Hi,

I Trade on London Hours, can I adapt your method on London Hours?
Also, can I start the week any day of the week or does it have to be Sunday night only?

I would appreciate feedback please.
Thanks.
Regards,
Vincenzo.
  • #58
  • Edited 1:33pm Mar 26, 2016 1:02pm | Edited 1:33pm
Hi All,

Here is an indicator I quickly whipped up this morning to give you your accuracy % of next bar prediction by following the Heiken Ashi indicator:

Displays the Accuracy % at the top left of the chart window.

Red Histogram is total count.
White Histogram is total wins.

test method logic is simple..

if Previous Heiken was a down bar and following Close was < than following Open then a win. Same logic for up bars.

You can specify how many bars to back test.

Net result is not promising as a stand alone indicator for predicting next bar. On higher Time frames you can get a little better than a 50% accuracy.

don't forget to make sure you have the Heiken Ashi indicator because my indicator calls it as an iCustom funtion. I'll attach both files for you to download as .mql4 and .ex4 . Good luck.
Attached File(s)
File Type: ex4 Heiken Accuracy.ex4   9 KB | 685 downloads
File Type: mq4 Heiken Accuracy.mq4   3 KB | 810 downloads
File Type: ex4 Heiken Ashi.ex4   11 KB | 573 downloads
File Type: mq4 Heiken Ashi.mq4   5 KB | 692 downloads
  • #59
  • Jan 1, 2017 2:15pm Jan 1, 2017 2:15pm
Hello
Are you still trade with this system. Did you fiend this system work long run. Lest us know.
MA provides the market's current direction and strength.
  • #60
  • Mar 22, 2018 5:48pm Mar 22, 2018 5:48pm
Quoting Phantom-X
{quote} Cool idea. Seems like a nice daily = week alignment. I may experiment with it in the future.
Hi pbantomxHello sir...kindly help me with the robot that u use with this strategy...

And Wats the difference between an EA and a robot??
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