Price Action Trading with Indicators! The Freebie System

One more thing... I am going to add an option to use or not use the mid level pivot points. Those are extra levels that fall within the actual pivots or fibs.
I will also add the camarilo pivots too. The reason for this is that if you notice that if we had less levels... then we would knock down the attempts that become losers.

I am also contemplating using HIGHER levels such as the WEEK for the anything below the Day TF. And for the H4 the Month and for the Day TF the Year LOL.
I will do a brief test of this stuff during the weekend.

I have returned! LOL.
Let me take a look at the EA, some are having problems with Short orders.
Plus I am going to attempt to make the indicator leaner (less cpu usage).

I'll be right back with an update...

Alright folks:
The 3C indicator is not operating alot faster. The EA has been corrected and can now handle sell trades. Superpmf was getting error 129 (invalid price). Found out that I was not including the pivot failure for the Sell conditions.

I am still running some tests but I will have it posted before the end of this week.

Oh and now both EA and Indicator are operating as I expected them to operate. When I saw that the indicator was showing entry arrows when you would select Candles=HA candles. I was confused cause according to the code it was only to look for the 3 conditions (failed pivot, 3sema, zigzag). All conditions were to be looked for on the same candle. Usually the HA candle will change color a couple of candles after the 3sema appears. So I was like, "how is the indicator doing this??" That would mean that all 4 conditions had to happen on the same candle. I discovered that in the findsema() function I still had the EA/indicator looking for a 3sema in the last 3 candles. So aside from looking for 3 conditions a 4th condition was also added. Basically once it found a 3sema dot that became a new true condition. This new condition was added to the other 3 conditions.

Now, if we want to filter the trades using the HA candles in this 3C approach, well then we are basically going back to the rules of page 1. I have an idea that I am incorporating. If it is positive I'll go ahead and post the 3C indicator/EA. Otherwise we need to have a another way to determine when the EA/Indicator places an entry attempt when the 3Cs are met. Right now if you select Candles=HA on either the Indicator or EA, nothing will happen.

Hi Jess, nothing much to report this week. The Fed Minutes really messed things up. I am down on my live account $121 and that was after a gradual recovery on Friday. If I had been paying attention to the change in or lack of change of color of the candles, I would have been alright. So the newbie systems is a good working system. I am just waiting for prices to come down, as they already are but slowly.

You were correct about the Stoch. In the Newbie system when the set up occurs and the trigger candle shows up, the Stoch does open to the sell or buy direction. So I have been corrected on that matter. So when you come up with the idea for perfecting the Newbie system I am looking forward to trying it.

John:

The Oanda demo did about 9% this last week using the latest 14.1 EA. That is good but.. the only reason it is up was cause it caught the EURUSD long right at the beginning and that has made up for some of the losers. Without the EURUSD long runner the account would stand a at a -22% loss.

The biggest challenge is determining the trend correctly. In the end I think that this EA will probably have to be monitored by us.
This is not a bad thing cause the EA will be good to give us a presence for many hours than we would be willing sit in front of a monitor at the lower level TFs.
I am going to add some more special sauce to the upperTF trend. Its another simple idea. My main goal is to have the EA recognize those moments when that trend it thinks it sees is not good anymore. I'll try to have the update ready for next week.


As for the 3C Approach.. I have been requested to include the HA candle and stoch to the 3 conditions, so it can be tried out. The biggest difference from the original approach is as follows:
1. The HA candle color change can appear several bars after the 3sema dot (vs 1-3 bars)
2. The pivot failure is only allowed at the candle that holds the 3sema dot and ZigZag.

Now I know supposedly the current files you have allow for the HA candle selection, but the results are not really valid. I found the mistakes but once I corrected them the HA candles became void, picking them did nothing to the results cause the EA now only looks for the 3 conditions and nothing else.
So as I said I am going to go ahead and add the HA candle color change and stoch crossing so they are also counted as part of the conditions. So the new EA and Indi will be called Freebie 5C. In my opinion we will still have alot of trades that will fail, as we have seen already. This is mainly do to the 3 sema repaint that happens alot.

Oh, I will also provide the option to ignore the MID pivot levels. This levels are not part of the calculated pivots nor fibonacci levels. They are just levels that fall between each pivot. So with less pivot lines, less trades, and the close we may get to the REAL trade. Again, the user will have the option to use them or not.

Now, Let me unveil another approach I been working on. I have the Freebie BOLOSO EA and indicator up and running. So far the results seem to be very good. Nothing earth shattering but none the less promising. You can see the results of the strategy tests I have run on this initial EA version at:
http://www.forexfactory.com/showthre...72#post8811172
I've only released the indicator at the moment.
I will keep you guys posted on the progress.

Updated 3C Ea and Indicator.

I was going to rename it to 5C but decided to leave it as iz and just update the version number.

The indicator is alot faster and the EA has been corrected so that it can take the sell trades without having to deal with the error 129.

The inputs now has a a new input called UsePivotMidLevels. You can control if you want the EA/Indicator to use the Mid Level pivots. Remember no Mid levels less pivot lines... less trades.

Ok I ran a couple of tests to make sure that the EA was taking correct orders. As usual I see alot of repainting going on.
This of course was due to the 3sema repaining (ZigZag as well) alot.

This is what version 1 can do:
1. With Candles=NoCandles, the program will only setup entries for when 3sema, zigzag, and a failed pivot happen at the same time.
2. With Candles=Ha Candles the program will detect the 3Cs as in #1 and after that will look for the 1st HA candle that matches the 3Cs conditions to generate an entry.

U can use AutoTrend or no Trend and Patterns. I didn't try Patterns so I don't know what it will do with that.


Good luck:

Now I am off to look at 14.2 which will have the new "simple sauce" to work on the trend detection.

The Boloso EA will follow after that.... if anyone is interested in trying the prototype let me know and I will post it.

See Next Post for updates...

More Updates

Folks after some discussion decided to go back to some basics. Especially concerning failed pivots.
The following EAs and Indicators have been modified to have pivot failures ONLY when a wick crosses a pivot line.
I blocked out the condition where the high or the low are like 1-2 pips away from a pivot line.

This means that there will be less trades. If you really want less trades set the UsePivotMidLevels=No, that gets rid of half of the pivot levels.

Oh and I forgot, you will now need xm7_pivots_v3 instead of xm7_pivots_v2

EDIT: Minor corrections where made to xm7_pivots_v3 and xm7_Freebie3C_EA_v1:
Added alerts section on xm7_Freebie3C_EA_v1
and corrected Sunday pivots on xm7_pivots_v3

Sorry Jess, im a little lost here. Whats the difference between the 3C and the 14 EA`s?

Is anyone getting better results with one over the other?

p22:
How to explain it. .... Major difference in my view is that 3C is more restrictive in how it picks the conditions before a trade.

For example under the 14 a pivot failure can happen on any candle that is between the signal candle (HA) and where the 3sema dot(plus ZigZag) was detected.
With the 3C you must have 3 Conditions (3Cs) on one candle before detecting a possible trade. The 3 conditions are 3sema dot, failed pivot, and ZigZag.

With 3C if u select Candles=NoCandles all trades will essentially be generated only when the 3 Conditions appear on one candle. This is an attempt to get into a trade earlier than having to wait for a red or green HA candle that happens AFTER the 3 Conditions.

Two things have been modified in each of the EAs/Indicators.
1. Failed pivots points are now only going to be detected if and only if the wick of a candle goes thru a pivot level.
2. Now with the new Input (UsePivotMidLevels), if u set UsePivotMidLevels=No the Indicator/EA will use less pivot levels.

With these two additions we will see less trades. However, the repaint issue (3sema and ZigZag) can and will still cause havoc when going in the wrong direction. So the idea here is that if we bring down the number of trades perhaps we can control more those moments when trades are just being blistered into losses.

This week I plan to intervene.
If I see profit, I will close all trades and let the EA do its thing until I see profit again.
If I reach my goal for the week (10%) I will STOP the EA for the week
If I see a trade or trades where price is just going in the total opposite direction, I will close all those trades.
If I see a runner that shows up and it is over 100 pips, I will leave it alone.
if I see my overall profit is at about -6% I will close the EA for the week.

Simple WYSIWUG

EDIT:
Please re-download xm7_pivots_v3 and xm7_Freebie3C_EA_v1 from post:
http://www.forexfactory.com/showthre...99#post8826199
See post, Minor corrections where made.

OK cool sounds good jess, im going to give it a try on H1 and H4 today. Since ill be away from my pc all day I set it at 3sema, no candles, no midpivots, sl50, tp100, and BE at %50


Lets see how she plays out

Phil

Update to 3C EA

Nothing major. Just added some inputs that folks may want to consider later on. (Time of trades, dailyAverageRange, MaxCandleSize before trade etc)
It does not affect the
You can download it now or next week.

Just a reminder to all. You may not see alot of trade activity cause the latest EAs are more strict that then previous EAs.

The rules are still followed on EA 14.2, however the failed pivots are now very specific.
As for EA_3C, that one is structured to only take trades when 3 conditions are met (3sema, failed pivot, ZigZag) on same candle, that makes it more strict. Even when you pick Candles=HA, it is still very strict

So be patient.

I recommend just use the default settings with say 1% risk and 50% BE.
What we are after now is to see if we can knock down the losers. As many of you have experienced many times you would see like a string of losers that would knock down profit. So down that not even the runners would make for it.

So be patient... Set the EA and go about your life. Whenever you have an opportunity take a peak and if U see PROFIT TAKE it LOL. Or if u see a small loss and it's been HOURS since price has moved, CLOSE IT.

That's another thing we want to experiment with, intervention. Lets see if our EYES can help the EAs to become profitable.

Into the third day things look good. So far up 6.12%. would been more except the news from Brussels this morning moved gold up unexpectedly and closed a SL for about 2.8%. The only heavy activity is on gold and USDJPY. The trades are going with price (candle color} so that is good. So far out of seven trades none were in the wrong direction.
On gold after the initial trade as per the ea, after I closed the trade in profit 4 times this pair has reentered a trade. I guess it will keep going until the candle color changes.

keysharp, which EA are you using?

Im using the 3C, 3sema, no candles, 50sl 100tp be %50
Had 1 full loss but closed 2 winners out for roughly the same dollar amount as the loser. up 0.5%

using 3C with 3sema, candles no TP. Fibonacci, SL at 500 probably too high but I have a phobia against SL. Haven't established a TP and so overnight lost two trades from closing because I WAS ASLEEP. I'm leaning to somewhere around 250 pips.

How much have you had to intervene, keysharp?

I still need to do more debugging of the code logic, this morning I got 2 long trades on GBPUSD. The first trade was according to rules. The second long trade was not supposed to happen cause the low didn't even touch the lower pivot point. Now that I also see what happened to Keysharp, I am thinking that the EA is probably not forgetting when it first captures the 3C conditions.

So intervention is a must. I closed out both GBPUSD trades for small losses.

You probably mean that you lost two trades from closing as winners, right? Otherwise the statement sounds like you both trade to the tune of -1000 pips hehehee

That is correct.