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M&W Pattern Indicator

  • #21
  • May 27, 2015 2:43am May 27, 2015 2:43am
Most important as always will be trade management. Implementing a plan of action along with the more rigid TP and SL settings goes without saying. Myself, I don't care for profit targets much. So trailing , jumping, timed stops may be a good addition...you know, all the usual bells and whistles. Now with a basket strategy I'm more prone to the rigid SL TP but that's me...

Any way to limit the history to just a few days. Seems a data hog and to spread this across many pairs would be fantastic for a basket style of approaching this. Even a dashboard of pairs that only shows the triggers will be interesting...

Just thinking out loud.

Visually looking back the signals look great. Do they show at the close of the candle after hitting S/R or at the line?

Solutions ONLY!!!
  • #22
  • May 27, 2015 3:01am May 27, 2015 3:01am
Quoting BillYon
Most important as always will be trade management. Implementing a plan of action along with the more rigid TP and SL settings goes without saying. Myself, I don't care for profit targets much. So trailing , jumping, timed stops may be a good addition...you know, all the usual bells and whistles. Now with a basket strategy I'm more prone to the rigid SL TP but that's me... Any way to limit the history to just a few days.
Also try not to move SL... All patterns won't work, I will Explain Center Point theory soon which is the new concept of this old fashionned M&W Patterns

Quoting BillYon
Seems a data hog and to spread this across many pairs would be fantastic for a basket style of approaching this.
That's the way...

Quoting BillYon
Even a dashboard of pairs that only shows the triggers will be interesting... Just thinking out loud.
Very good idea!

Quoting BillYon
Visually looking back the signals look great. Do they show at the close of the candle after hitting S/R or at the line?
Alert is given as soon as price entered into the rectangle (tolerance area given by external parameter "rectangle_height")
  • #23
  • May 27, 2015 3:04am May 27, 2015 3:04am
OK great. Looking forward to how this progresses
Solutions ONLY!!!
  • #24
  • May 27, 2015 3:06am May 27, 2015 3:06am
I gotta try this fresh signal on EURNZD M30:
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 14 KB
  • #25
  • May 27, 2015 4:49am May 27, 2015 4:49am
Have a look to this:
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 28 KB


Right now, we have W H1 on GBPJPY... which is a retest:
Attached Image (click to enlarge)
Click to Enlarge Name: Image2.png Size: 26 KB

=>I was up to 200 pips... and now market is retesting. (no scalping, no trailling)... because when the pattern works, it produces ton of pips!


As @BillYon said:
A daily close above 190.00 could open the door for breakout and push the pair to new high...

Ps: To play the breakout on JPY (still so weak since years), I would suggest to focus USDJPY as USD is stronger than GBP
  • #26
  • May 27, 2015 6:07am May 27, 2015 6:07am
Hello PipsFestival, I am following your W&M system closely, interesting, checked on different time frame and seams close to *a festival*
Since I don't have much time to watch trade this will be a good system on daily or weekly time frame.
Thank you.
E.
Blessed are they who maintain justice, who constantly do what is right.
  • #27
  • May 27, 2015 6:26am May 27, 2015 6:26am
Quoting evasz
Hello PipsFestival, I am following your W&M system closely, interesting, checked on different time frame and seams close to *a festival* Since I don't have much time to watch trade this will be a good system on daily or weekly time frame. Thank you. E.
Hi evasz,
Thank you for your interest
It looks like festival indeed, because I have noticed that incorrect patterns disapear from charts... and this probably can be fixed on following version.
You are right to focus high timeframe as patterns are more relevant, but obviously they don't happen often.
Also Indi is missing some patterns as market sometimes drives a bit crazy and so Indi can't detect some legs as I wish but I'm also working on that point.

Cheers
  • #28
  • May 27, 2015 6:55am May 27, 2015 6:55am
Hello PipsFestival, ok here is a picture usd/jpy daily chart, why is the 30 min. 1 hour show up on the chart, is this a bug or it should be there and if yes what is the purpose of it. Also there are swing points where the indi not indicate the changes.
Thanks.
E.
Blessed are they who maintain justice, who constantly do what is right.
  • #29
  • May 27, 2015 6:57am May 27, 2015 6:57am
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily.png Size: 27 KB

oops here it is
Blessed are they who maintain justice, who constantly do what is right.
  • #30
  • May 27, 2015 7:09am May 27, 2015 7:09am
Quoting evasz
Hello PipsFestival, ok here is a picture usd/jpy daily chart, why is the 30 min. 1 hour show up on the chart, is this a bug or it should be there and if yes what is the purpose of it. Also there are swing points where the indi not indicate the changes. Thanks. E.
So, it isn't a bug... whatever the timeframe selected from chart, Indi will displays previous patterns.
The purpose is that on high tf like daily chart, we have a nice view on what signals were triggered.

Quoting evasz
Also there are swing points where the indi not indicate the changes. Thanks. E.
I don't get this point : (
If you mean, Indi is missing patterns, then yes unfortunately, this is the hardest part of the coding, I'm working on it.
  • #31
  • May 27, 2015 7:12am May 27, 2015 7:12am
Thank you, that explains, sorry I know it is a new baby just like to learn how what etc. appreciate your help to understand the concept.
E.
Blessed are they who maintain justice, who constantly do what is right.
  • #32
  • May 27, 2015 7:26am May 27, 2015 7:26am
Quoting evasz
Thank you, that explains, sorry I know it is a new baby just like to learn how what etc. appreciate your help to understand the concept. E.
Your welcome
  • #33
  • May 27, 2015 7:28am May 27, 2015 7:28am
Quoting PipsFestival
I gotta try this fresh signal on EURNZD M30: {image}
So GBPJPY lost 15 pips and EURNZD, I'm ready to lose another 15 pips : )

I quote myself as educational chart example:
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 25 KB


PS:
If you have eyes eagle, you have probably noticed that if market reaches tp, then a M would occur : )
  • #34
  • May 27, 2015 7:51am May 27, 2015 7:51am
PipsFestival, there is any entry rules or you just enter soon as the signal present it self.
Thank you.
E.
Blessed are they who maintain justice, who constantly do what is right.
  • #35
  • May 27, 2015 7:55am May 27, 2015 7:55am
Quoting PipsFestival
{quote} So GBPJPY lost 15 pips and EURNZD, I'm ready to lose another 15 pips : ) I quote myself as educational chart example: {image} PS: If you have eyes eagle, you have probably noticed that if market reaches tp, then a M would occur : )


H1 UJ breaking north made pips from GJ signal...

Any plan for re-entry short on GJ?
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH1.png Size: 47 KB
Solutions ONLY!!!
  • #36
  • May 27, 2015 8:24am May 27, 2015 8:24am
Quoting BillYon
{quote} H1 UJ breaking north made pips from GJ signal...
For sure you will make pips by following me : )

Quoting BillYon
Any plan for re-entry short on GJ? {image}
I see market was mean with my trade... it cleared all the shorts (my SL was probably too close) and now market is going back down... probably a daily Pin bar reversal. If so, a short could be triggered below 189.00 but this isn't a perfect entry regarding W Pattern. But it could work....

I prefer to focus on EURNZD for now untill new fresh signal.
  • #37
  • May 27, 2015 12:21pm May 27, 2015 12:21pm
PipsFestival

Thank you for developing this M&W Pattern Indicator...it was just what I was looking for as I'm now just trading using Harmonic Patterns and Volume.

I think the idea of a Dashboard approach that has already been suggested would be a great idea, and also from a purely cosmetic point of view the ability to change colours of the text etc, but its not essential..

Anyway I look forward to testing the indi and future updates :-)

JP
  • #38
  • May 27, 2015 12:40pm May 27, 2015 12:40pm
Quoting theforexedge
PipsFestival Thank you for developing this M&W Pattern Indicator...it was just what I was looking for as I'm now just trading using Harmonic Patterns and Volume. I think the idea of a Dashboard approach that has already been suggested would be a great idea, and also from a purely cosmetic point of view the ability to change colours of the text etc, but its not essential.. Anyway I look forward to testing the indi and future updates :-) JP
Hi Theforexedge,

Glad to see it's usefull : )
Yes, the idea of the dashboard got my attention. ^^

Cheers
  • #39
  • May 27, 2015 1:22pm May 27, 2015 1:22pm
Quoting PipsFestival
{quote} So GBPJPY lost 15 pips and EURNZD, I'm ready to lose another 15 pips : ) I quote myself as educational chart example: {image} PS: If you have eyes eagle, you have probably noticed that if market reaches tp, then a M would occur : )
Update on EURNZD:
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 32 KB
  • #40
  • May 27, 2015 3:03pm May 27, 2015 3:03pm
"Before" is the current version and "after" is the next version... It will also display the failed patterns
Attached Image
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