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Price Action Trading with Indicators! The Freebie System

  • #7,861
  • Edited Mar 10, 2016 11:44am Mar 9, 2016 7:37pm | Edited Mar 10, 2016 11:44am
Quoting pp22
{quote} Hers an interesting thread for S/R Its fairly short and I believe they are referring to dreadding at some points in the thread, as the system the OP is using is similar to what were doing Support and Resistance Method - Pharley http://www.forexfactory.com/showthread.php?t=551541
pp22:
That is an awesome find. I briefly read the 1st page and the approach is simple and true. It is a no stress approach... I noticed he said he missed some of the re-entries. An EA could easily be built to do that ... hec we already have the patterns he calls out and to get the levels, hec we already do that, so creating an EA for the H4 would be eazy peazy...

Anyhow that is another project for the near future LOL.

Ok so once I have these supp/resistance level do we treat them just as the average daily range levels??

The EA when it used the average daily range will do this.
1. calculate the upper and lower average daily range for the day.
2. determine how close the signal candle close is to either level
3. only allow a trade if there is at the least a 1to1 ratio from the signal candle close to any of the levels (it depends on which what the trade is too).


So how is this for an attempt to use the higher level Support/Resistance levels.
1. EA goes to higher TimeFrame and looks to see if price has hit a level and bounced. (we can use HA candles/Candle patterns right at the levels)
a. EA then remembers where the bounce happened (say it's a bearish bounce).
2. EA goes down to the entry time frame and looks to see of price has hit another supp/resis level from a lower level say H4.
3. If 1. and 2. are bearish then the EA considers the trend down and takes short trades at the entry level (Say 15min).
4. If the new trade found in 3 is less than 1to1 from a support from the H4 level then no trade.

You see I am combining two things.. trend determination and trade control using supp/resis from next lower TF from higher TF.


comments/ideas?? Does it suck! LOL ??

Right now if u use the average daily range the EA will look to see how close it is to either upper or lower average daily range. The EA makes sure that you have at the least a 1to1 distance to any of these levels. Would the EA do something similar to these support levels?
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  • #7,862
  • Mar 10, 2016 8:10am Mar 10, 2016 8:10am
Hi, I have been running the ea on Tuesday..(FXCM-live) on two pairs as you see..1h ft...20sma..patterns no stocks..1%...here are the results so far...

Tues-8th - 0900 - G/U - Sell - open - 1.4322 ---BE = +1pip
" " - 14.00 - E/U - Buy - open - 1.10338---BE = +1pip
" " - 17.06 - E/U - Buy - open - 1.10320---Hit-SL = -54pip
Tues-8th - 19.00 - G/U - Sell - open - 1.42002---Hit-Tp = +44pip
Weds-9th - 12.27 - E/U - Sell - open - 1.10971---BE = +1pip
  • #7,863
  • Mar 10, 2016 8:19am Mar 10, 2016 8:19am
Sorry forgot...settings are attached, peace!
Attached Image (click to enlarge)
Click to Enlarge Name: ea-settings.jpg Size: 74 KB
  • #7,864
  • Mar 10, 2016 12:20pm Mar 10, 2016 12:20pm
Quoting Pazharris
Hi, I have been running the ea on Tuesday..(FXCM-live) on two pairs as you see..1h ft...20sma..patterns no stocks..1%...here are the results so far... Tues-8th - 0900 - G/U - Sell - open - 1.4322 ---BE = +1pip " " - 14.00 - E/U - Buy - open - 1.10338---BE = +1pip " " - 17.06 - E/U - Buy - open - 1.10320---Hit-SL = -54pip Tues-8th - 19.00 - G/U - Sell - open - 1.42002---Hit-Tp = +44pip Weds-9th - 12.27 - E/U - Sell - open - 1.10971---BE = +1pip
Pazharris: Thnx for the update and info. In one of the demos I am using the same input setup and running it on 4 pairs. My results are very similar.
so far what I have seen when using the Patterns is that you get alot less trades, seems that the condition happens a lot less often than when using HA candles.

Anyway, that's it for now. We'll see what the end of the week brings.
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  • #7,865
  • Mar 10, 2016 4:19pm Mar 10, 2016 4:19pm
EA v13.9

simple fix. only download if u r having zero divide problems.
Otherwise u can download it next week.
Attached File(s)
File Type: ex4 xm7_Freebie_EAv13.9.ex4   125 KB | 173 downloads
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  • #7,866
  • Mar 10, 2016 5:29pm Mar 10, 2016 5:29pm
Folks:
Just want to give u a brief so you can see where this is headed. I just eyeballed the accounts so I don't have the exact numbers. So here are a couple of the major ones:

On my live account, I am only down about 3% or less.

Of the demo accounts :
Tallinex is the one with the most loss, 4% I think
The interesting one is tradeKing. It has 3 runners and it is at about -1.5%

tradeKing is set up like this:
-Ignore opposite3sema dot
-Do not take half profit
-Set BE when price is 50% of target.
-AutoTrend=_3sema
PercentRisk=3%
The rest is default.
-On 4 pairs, H1 TF
-The 3 runners are at about +120, +160, and +65

I have the other demos on different settings and TFs. Again the other interesting one is the Oanda demo. that's only set to 1 pair. As I get the chance I will show you why I did this. This is based on what I observed with how the EA works when u are dealing with only one pair.

Hang in there....
Checkz how are yer stacks coming along?
Our AWESOME IMAGINATION is the true holy grail!
  • #7,867
  • Mar 11, 2016 12:10pm Mar 11, 2016 12:10pm
Quoting xmess7
Folks: Just want to give u a brief so you can see where this is headed. I just eyeballed the accounts so I don't have the exact numbers. So here are a couple of the major ones: On my live account, I am only down about 3% or less. Of the demo accounts : Tallinex is the one with the most loss, 4% I think The interesting one is tradeKing. It has 3 runners and it is at about -1.5% tradeKing is set up like this: -Ignore opposite3sema dot -Do not take half profit -Set BE when price is 50% of target. -AutoTrend=_3sema PercentRisk=3% The rest is default....
Only got one trade open at the moment kinda got a little busy with work. Also I have decided to start taking profit at the Average daily range instead trying to get runners because I noticed that once price reaches the average daily range tp It will not open any more trades.
  • #7,868
  • Mar 11, 2016 9:50pm Mar 11, 2016 9:50pm
Folks:
Keysharp brought up a good points. On pg1 Dredding includes as one of the indicators the zig zag. The EA is not using that indicator...
In the rules he states this:
For Short:
1) ZZ Semafor On TOP(Within 1-3 Candles)
For Long:
1) ZZ Semafor On BOTTOM(Within 1-3 Candles)

I missed something... seems that Dredding was saying ZigZag and Semafor...
So as you guessed it.. I am going to add this to the core conditions.

Another thing that was brought up and I totally agree with it. The EA is complex. The core conditions are in the EA what makes it complex are
all the MM, BE, stack, Take half, etc etc. stuff that is placed on the inputs. The intent of the options was so folks could choose and pick.
I am going to restructure the inputs so that it is simpler that what it is now.

=== As for Weekly Results ====
My results where as I expected them.
I didn't have any winning profit but I had small loses.
On average there was 3% loss for the week. Which is better than -20 to -40%.
SO there are a couple of observations I am seeing:
1. HA candles deliver better entries than Candle PAtterns.
2. H1 tends to deliver a better protection (smaller loss) even if the opposite 3sema dot is ignored
3. IF u have patience, use the EA on 1 pair with all the regular settings.

Anyhow, stay tuned...
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  • #7,869
  • Mar 12, 2016 12:19am Mar 12, 2016 12:19am
HOLY COW CHECK THIS OUT!!!
On the left...Freebie indicator v11 on the right .Freebie indicator v12( v12 includes the ZigZag condition!)
Remember the indicator does not look for the opposite 3sema dot so it just plots what it thinks is an entry..
Do u see what I see?? 3 FULL STOP Loser GONE.

Let me tweak something on the upper TF..... I"ll be right back...
Attached Image (click to enlarge)
Click to Enlarge Name: Freebe_v12_withZigZag_vs_v11.jpg Size: 374 KB
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  • #7,870
  • Mar 12, 2016 12:40am Mar 12, 2016 12:40am
Well Well....

This time I added the ZigZag to the Upper TF and set AutoTrend=_3sema on both versions.
Looking good....

So... I must APOLOGIZE... MY BAD, I COMPLETELY missed what Dredding meant by ZZ 3sema on top.
So maybe this is the missing ingredient?????
I am going to try this on other pairs..... Yes yes I will add it to the EA.

EDIT: BTW this addition makes for the creation of the BOLOSO EA... so stay tuned. I will have that ready this weekend. YES I PROMISE IT WILL BE KEPT EASY LOL.
Attached Image (click to enlarge)
Click to Enlarge Name: Freebe_indi v12_Zig_vs_v11noZig_3semaUPTrend.jpg Size: 370 KB
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  • #7,871
  • Edited 1:18am Mar 12, 2016 12:59am | Edited 1:18am
OK did on my other 3 pairs. AUDUSD, EURAUD, and GBPUSD.

And of course... the Indicator is available for download. Use it... test it on other pairs. Let me know.
I will have the EA tomorrow, for now I am going to nite nite ..
EDIT: Leave the inputs at default. Just set AutoTrend=_3sema and nPeriods=10 (that will give u 10 periods)
No guarantees but LOOKS PROMISING
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Freebie Indicator v12_AUDUSD.jpg Size: 332 KB
Click to Enlarge Name: Freebie Indicator v12_EURAUD.jpg Size: 341 KB
Click to Enlarge Name: Freebie Indicator v12_GBPUSD.jpg Size: 346 KB
Attached File(s)
File Type: ex4 xm7_Freebie_Indicator_v12.ex4   130 KB | 212 downloads
Our AWESOME IMAGINATION is the true holy grail!
  • #7,872
  • Mar 12, 2016 1:23am Mar 12, 2016 1:23am
Oh boy.... this is with AutoTrend=_3sema, nPeriods=50, CAndles=PatternsNoStochs

This is perfect... only a couple of trades per week but look where they happen...
Attached Image (click to enlarge)
Click to Enlarge Name: Freebe_indi v12_PatternsNoStoch.jpg Size: 413 KB
Our AWESOME IMAGINATION is the true holy grail!
  • #7,873
  • Mar 12, 2016 4:28am Mar 12, 2016 4:28am
YES! I played around with the settings further and changed the Autotrend to "None" and kept the PatternsNoStochs input...

More trading oppos!

https://www.mql5.com/en/charts/4787656/eurusd-m15-forex-capital-markets
  • #7,874
  • Mar 13, 2016 12:27pm Mar 13, 2016 12:27pm
Jess, I have downloaded the new Indicator from Friday. It shows the arrows at pretty much where I set up a trade. In the chart just to the right of the red down arrow I put in a down arrow where I took my down trade and ran it to where the green dot and the ZZ indicator merged. That is where I closed the trade. Then I decided since price was going up I would pick up a few by placing a buy. Well gold took a short run south and now I will have to wait for price to come back. Normally I would have waited for a red dot before entering a short trade. Thought this might help explain what I am doing.
Attached Image
  • #7,875
  • Edited 1:46pm Mar 13, 2016 12:57pm | Edited 1:46pm
Thnx for the update KeySharp.

I am running tests on the strategy tester for the EA. Unfortunately the ZigZag many times also follows the 3sema dot as the 3sema dot repaints.
If on the next 3sema dot the HA candle was green. More than likely the ZigZag would of followed the 3sema and the EA would of taken a long like u did.
Anyhow see example below. This is just an example cause I don't know if the HA candles were red or green on your chart at where I am pointing

In a bit I am going to upload the EA. My plan is to run the EA using patterns, cause the Patterns don't happen that often as do the HA candles..

EDIT: on the picture I mean to say that ZigZag and 3sema meet one candle before the candle that I am pointing to.

EDIT 2: Above I indicate I will use patterns, nevermind. I just realized that it takes an HA combined with the ZZ and sema.. so there is a chance that repaint may not be an issue.
Attached Image
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  • #7,876
  • Mar 13, 2016 1:02pm Mar 13, 2016 1:02pm
Jess, I would not have normally taken the buy trade since price movement is going down to the next yellow dot. After I closed the trade when the green dot took I would have waited for the price to retrace and when the red dot appeared then I would enter a short and I would keep doing that until the lower yellow dot appeared.

1264.97 was where the trade was closed and that was where I saw that the ZZ and Sema met.
  • #7,877
  • Mar 13, 2016 1:43pm Mar 13, 2016 1:43pm
Quoting keysharp
Jess, I would not have normally taken the buy trade since price movement is going down to the next yellow dot. After I closed the trade when the green dot took I would have waited for the price to retrace and when the red dot appeared then I would enter a short and I would keep doing that until the lower yellow dot appeared. 1264.97 was where the trade was closed and that was where I saw that the ZZ and Sema met.
Hey are u around?? Can u skype so we can chat about some of this stuff??
my skype ID is xmess777
Our AWESOME IMAGINATION is the true holy grail!
  • #7,878
  • Mar 13, 2016 1:52pm Mar 13, 2016 1:52pm
Quoting keysharp
Jess, I would not have normally taken the buy trade since price movement is going down to the next yellow dot. After I closed the trade when the green dot took I would have waited for the price to retrace and when the red dot appeared then I would enter a short and I would keep doing that until the lower yellow dot appeared. 1264.97 was where the trade was closed and that was where I saw that the ZZ and Sema met.

Check your email
Our AWESOME IMAGINATION is the true holy grail!
  • #7,879
  • Mar 13, 2016 1:57pm Mar 13, 2016 1:57pm
I need to set up my skype. but let me warn you I am no whiz at this stuff. I will try to get it going this afternoon.
  • #7,880
  • Mar 13, 2016 1:58pm Mar 13, 2016 1:58pm
Quoting keysharp
I need to set up my skype. but let me warn you I am no whiz at this stuff. I will try to get it going this afternoon.
LOL no problem

Or just call me I can guide you thru the process ...

Or I can call you...

J
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