Daily green/red candle | Page 46 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

need simple indicator for Daily green/red candle 2 replies

MT4 candle-by-candle manual backtesting 9 replies

How to make EA that send Open Price of Candle for every new candle 5 replies

Day's first H4 candle correlation to daily candle 14 replies

Correlation between first 4 hour candle and daily candle 1 reply

Attachments: Daily green/red candle
Exit Attachments

Daily green/red candle

  • #901
  • Edited 12:59am Jun 1, 2015 12:49am | Edited 12:59am
Quoting AbhijetPandi
{quote} Yes, I think for testing strategy, the code needs to be written in some different function OnTest() somthing. I will provide another EA which should support testing also. Right now, i am also unable to test as no trades are generated in the MT4 testing.

Hi AbhijetPandi;

Thank you for your reply.

I will only be using the EA for back testing.

Will the EA be able to Hedge positions as I have stated in my previous post?
  • #902
  • Jun 1, 2015 1:03am Jun 1, 2015 1:03am
Quoting AbhijetPandi
EA with some of the fixes: 1. Per day only single order is processed on each pair 2. SellStop and BuyStop is expired at end of that day, if not yet triggered 3. TP level can be changed 100,150,200,300 Currently, trailing is implemented but could not test as there are no such trades right now in my account. So if getting issues then simply disable the trailing option to avoid any error. I will be testing these features from today. {file}
hi abhi
thank you very much for your offer

i will try it in demo and i will tell you my results
  • #903
  • Jun 1, 2015 1:05am Jun 1, 2015 1:05am
Quoting Dildubai
Hello Dimdel. Really impressive system. Have a question. Althogh I have not actually entered a trade and it is theoretical question only. In the AUDCAD daily chart we see a sell signal (Red) and enter as per the strategy a Short sell order which gets activated the next day. But next day candle closes green. Our sell order still active. Do we close it manually or wait for S/L to be triggered? DD {image}
hi dild

if a order activate, forget it, let the forex do the rest job
  • #904
  • Jun 1, 2015 1:31am Jun 1, 2015 1:31am
Quoting panamamike
Here is an example of the setups I am trying to avoid and how I am attempting to accomplish that. This is just an example from today's daily color change list. AUDCAD right ow says to set a pending buy. I will pass on setting it. Why? The main INDI I look at is the Gadi_Currencies V 3.0 DIFF. You can plot all the currencies which I do on a separate screen, but on these charts I just show the current pair and the the thick line is the differential. The differential line is pointing down, and the Gadi_OBV is flat. I will NEVER take a trade if these...

hi panamamike
there are no common elements your chart with this startegy
you try to combine the daily green red with the trend
the daily momentum ( with these TP/SL) is irrelevant with the trend or with price action
( for this reason we cant get the big movement )
but if you can do it , please say it to us
  • #905
  • Jun 1, 2015 1:39am Jun 1, 2015 1:39am
Quoting stevepatt
{quote} Hi Dildubai; As, I understand dimdel's rules you would keep the Short Trade Open and also Hedge with a Long Trade. If I'm mistaken I'm sure dim del will correct me.

yes steve, the hedging is coincidence rather than intention
  • #906
  • Jun 1, 2015 1:45am Jun 1, 2015 1:45am
Quoting dimdel
{quote} hi panamamike there are no common elements your chart with this startegy you try to combine the daily green red with the trend the daily momentum ( with these TP/SL) is irrelevant with the trend or with price action ( for this reason we cant get the big movement ) but if you can do it , please say it to us
Everything is exactly the same as far as entry, exit, SL....everything. I am only filtering the signals by using relative currency strength within the pair, and volume.
as I have no pending orders today, I will show any setups I do have tomorrow.
  • #907
  • Jun 1, 2015 1:46am Jun 1, 2015 1:46am
Quoting panamamike
{quote} Everything is exactly the same as far as entry, exit, SL....everything. I am only filtering the signals by using relative currency strength within the pair, and volume. as I have no pending orders today, I will show any setups I do have tomorrow.
thanks
  • #908
  • Jun 1, 2015 1:50am Jun 1, 2015 1:50am
Quoting dimdel
{quote} hi dild if a order activate, forget it, let the forex do the rest job
Thank you dimdel. Theoretically it is open. As I said it was a theoretical question just to understand what to do in such situation.


Appreciate the reply.

Thanks again
  • #909
  • Jun 1, 2015 1:51am Jun 1, 2015 1:51am
Quoting stevepatt
{quote} Hi Dildubai; As, I understand dimdel's rules you would keep the Short Trade Open and also Hedge with a Long Trade. If I'm mistaken I'm sure dim del will correct me.
Thanks Steve. I understand and appreciate. It is a great strategy if we follow the rules to the T.

Regards

DD
  • #910
  • Jun 1, 2015 1:59am Jun 1, 2015 1:59am
the only one of today's signals that I considered setting was the GA short signal. It is coming off a 2X top at weekly Resistance. However, with AUD rate meeting tomorrow, strength meter is dead flat, i don't see an edge.
  • #911
  • Jun 1, 2015 2:03am Jun 1, 2015 2:03am
my opinion

Most important is to try with hand backtest ( because we havent other way , i mean EA)
we will have answer to :
what pairs?
how many pairs?
how many Lots;
what CORRELATION we have; ( because is better to enter in gbpusd if is stronger from eurusd , and no to both )
the volatility affect?
etc....

and if we have all these , then no need any filter,
the false signals are in the game, we cant avoid in any system

the weekly posotive result is the target , and no if i will lose few orders
Dim
  • #912
  • Jun 1, 2015 2:15am Jun 1, 2015 2:15am
Quoting Dildubai
{quote} Thanks Steve. I understand and appreciate. It is a great strategy if we follow the rules to the T. Regards DD

Hi Dildubai;

Once the EA is up and running we should have a better idea of what we can expect from the method.

There are going to be periods of consolidation, on all pairs, where we can expect DD but I think overall it should come out on top.

Like, I have said I always Trade with the worse case scenario in mind and not the best, this is the only way to survive Forex long term.
  • #913
  • Jun 1, 2015 2:31am Jun 1, 2015 2:31am
Attachment Attachment
Quoting dimdel
my opinion Most important is to try with hand backtest ( because we havent other way , i mean EA) we will have answer to : what pairs? how many pairs? how many Lots; what CORRELATION we have; ( because is better to enter in gbpusd if is stronger from eurusd , and no to both ) the volatility affect? etc.... and if we have all these , then no need any filter, the false signals are in the game, we cant avoid in any system the weekly posotive result is the target , and no if i will lose few orders Dim
I will show over the course of the week that I am trying to answer all of those questions that u state.

This strength meter shows me which pairs to focus on. The angles are what is important. When moving at same angles....they are currently correlated. I use the top two for my 1 hour system and have no bearing on these trades, BUT the bottom one is the daily strength, which will guide the pairs I will focus on with your system.

Then, on the other chart I previously posted, which is your template with an individual strength meter for the pair, volume and the bottom indi shows if the signal is merely a pull back in a trend or in line with the trend; that is what will govern trade size. smaller trade size (2-3 %) for pullbacks and 5% with the trend.

Anyway, if you orefer I do not post these charts, I will gladly cease
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-06-01 02_35_01-EURJPY,H1 strength1.png Size: 135 KB
  • #914
  • Jun 1, 2015 2:37am Jun 1, 2015 2:37am
Quoting panamamike
{image}{image}{quote} I will show over the course of the week that I am trying to answer all of those questions that u state. This strength meter shows me which pairs to focus on. The angles are what is important. When moving at same angles....they are currently correlated. I use the top two for my 1 hour system and have no bearing on these trades, BUT the bottom one is the daily strength, which will guide the pairs I will focus on with your system. Then, on the other chart I previously posted, which is your template with an individual strength...

go on
  • #915
  • Jun 1, 2015 2:45am Jun 1, 2015 2:45am
I will hope to make this clear tomorrow when I get some pending orders as per your system and my filters. I have no orders today. Good trading to all here, I will see you tomorrow when the daily bars close.
  • #916
  • Jun 1, 2015 3:02am Jun 1, 2015 3:02am
Hi All of you,

And congratulations (especially to Dimdel) for all your fruitfull contributions to this nice trading system which seems to work and looks like the one I have developped. I am quite amazed by the level of seniority of some of you in the field of trading.

I would like to modestly contribute also myself to your "club" with a few tips and learnings that I have learned while trading the Forex since many years now.

A few words about me: I am French, 61, living in Paris, Aerospace Engineer, with a long industrial management experience in fields completely different from Trading, but I got the Trading virus during my MBA when one of my professors told us (it was in 1983) that people were living from trading just by looking at charts, ignoring completely the news.
I had not much time to dedicate to trading (my job was very busy, traveling the whole world), but I am now close to retirement (for December 2015) and will have more time.
So I am not a "Pro" at all. I developped a lot of different systems (I am a rather creative guy), but had no time to really test them on a long term.
I anyway managed to earn some money on the markets.
I read a lot trading books, from successfull traders (Larry Williams, Joseph Stowell, Perry Kaufman, Alexander Elder, Lars Kestner, Thomas Stridsman, Matk Fisher, Ryan Jones - fabulous book on Money Management, etc.) and tried to learn from them.

My conclusions after all that are:
- All systems (based on whatever indicator) work!!! We just need a bit of work to adjust the appropriate set-up conditions, entry, exit target, stop loss and money management.
- I have never developped EAs. I have coded some indicators but I am not a fan of automated systems (while I recognize they may work). I like to see the charts and to "feel" the markets.
- I agree with somebody in this thread who said that indicators are useless, the best and faster indicator is the price itself. So I use as less indicators as possible (just Moving Linear Regressions to get the trend direction, pivots and resistance/support indications to watch where market may reverse, volatility indicator to use it as filter for the entry breakout).
- All the figures I use in my trading are dictated by the market, nothing is set in advance. For instance, I never set a filter to enter a trade on a breakout at High+3pips, or Low-3pips. The number of pips is given by the Market volatility: the Market decides, not me.
- A good system must work on any market (Stock Exchange, Forex, Commodities), and any Time Frame, I always test that.
- I disagree with somebody who said in this thread: don't trade in the pivot, at a resistance or support level, etc. This levels, as the bars Highs and Lows, are always crossed (otherwise the markets would be flat!). Of course, we need to be carreful at these level at we need to watch closely what happens. But it does not prevent us from trading these levels.
- After a losing trade, I always reverse my position immediateley to recover the loss (or at least part of it). This is so magic that some times I ask myself if the right trading system would not be to trade only false signals!!! I applied this reversing methodology since I read in a book a guy saying: if the market is not going your direction, it's for good reasons, so follow the market in the reverse direction. Take care: this reversal system is not 100% fail safe!!!
- I like veru much the Fibo approach with levels set at 150%, 175% and 200%, stop and reverse on the 0 line. This levels are given by the market. I exit the trade at 175% if we are the same day, 150% if we are the next day. I use the 200% level when the Fibo range (line 0 to line 100) is small.
- I have created 3 Time Zones on my charts: 8.00am - 7.59am next day - Paris time (corresponding roughly to the European Markets), 2.00pm - 1.59pm next day - Paris time (corresponding roughly to American Markets), 0.00am - 23.59pm - Paris time (corresponding roughly to Asian Markets), which provides me multiple entries on a day.
- Discipline and trust in our system is really a must in trading.

Have a good day and see you soon.
From sunny Paris this morning, my room overlooking the whole Paris city with the Eiffel Tower right in the middle.
Xavier
  • #917
  • Jun 1, 2015 3:40am Jun 1, 2015 3:40am
Quoting xavierparisf
hi all of you, and congratulations (especially to dimdel) for all your fruitfull contributions to this nice trading system which seems to work and looks like the one i have developped. I am quite amazed by the level of seniority of some of you in the field of trading. I would like to modestly contribute also myself to your "club" with a few tips and learnings that i have learned while trading the forex since many years now. A few words about me: I am french, 61, living in paris, aerospace engineer, with a long industrial management experience in...

welcome xavier from beautiful paris
  • #918
  • Jun 1, 2015 4:38am Jun 1, 2015 4:38am
Quoting dimdel
{quote} welcome xavier from beautiful paris
Hi Dimdel and thanks for your welcome.
Here is an example of my trading system, quite close to the one of this thread.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 261 KB

The way it works is the following:
- the chart is in hourly bars since as I told I like to feel the market and stay close to my computer
- the colored rectangles are the 3 time-zone daily candles
- bold colored rectangles are Nake Closed Up or Naked Closed Down (I watch these specific candles since they have very interesting properties when they are engulfed the following day)
- I follow the daily pivot, resistance and support levels just to get a flavour of what the market does on these levels,
- now the Fibo part of the system: I trigger a trade on the breakout of either a High or Low of the previous day (any day, not necessarily a one following the opposite color), quite similar to the Green/Red system,
- I trigger the trade with a filter indicator (called Leeway in the bottom window of the chart) which computes the filter value based on one week volatility, (this filter is very important from my own experience, to avoid false breakouts),
- the Fibo levels are: High (resp Low) of the previous day, current day Low (resp High),
- exit on 175% level if today exit, 150% level if tomorrow or later exit,
- stop loss and reverse on the Fibo 0 line, with target recovery at 150, 175 or 200%.
On the attached chart you can see that I have entered a trade short on "cable" (GBPUSD). You don't see the taget TP since they are lower that the screen.
Any comment welcome.
  • #919
  • Jun 1, 2015 10:28am Jun 1, 2015 10:28am
Today got only 1 trade USDCAD since i have used ultrafxtrend to consider daily above for buy...
now almost 30+ pips...

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADDaily.png Size: 45 KB
  • #920
  • Jun 1, 2015 10:29am Jun 1, 2015 10:29am
Follow-up of my morning post: result of my trade short on cable:
I have exited the trade on 175% Fibo level with a 52 pips gain.
To be noted a difference of my system compared to the Daily Gree Red: I don't use the Breakeven (BE) notion (if I had done that today, I would have been stopped).
Instead of BE approach, I use the Maximum Adverse Excursion (MAE) notion (the virtual max drawdown during the trade).
Have a good day.
(Still sunny in Paris this afternoon)
Cheers
Xavier
Attached Image (click to enlarge)
Click to Enlarge Name: Image2.png Size: 272 KB
2 traders viewing now