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Simple, proven and profitable S/R system

  • #201
  • Apr 24, 2016 2:46am Apr 24, 2016 2:46am
Quoting FX-Flux
I use CCI to confirm the direction and ATR to devise the TP and SL levels. I know you said to aim for the closest support/resistance but it would take too much effort this weekend (as the girlfriend shouts at me if she sees me coding)
Hehe, it's similar sometimes if my girlfriend sees me trading Did you use any money management in the backtesting?
  • #202
  • Apr 24, 2016 4:25am Apr 24, 2016 4:25am
Excellent HCooper, The SR zone indicator is nice. but believe me Majority SR indicators are faulty. Within a single EURUSD chart, i can spot too many miss calculations of that indicator. Eyes are the most accurate SR indicators.

While trading based on S/R levels, I consider three important things and till now the results has not disappointed me. And mostly my entry,SL and TP are right on spot.

(i) The higher you go on Timeframe, The higher the S/R zones strength and the higher chances of success. Personally I trade H4 with S/R zones of daily Placed on.
(ii) You can perfect your entry by referring to the left of chart, Using Random numbers in combination with highs and lows of H4 you can exactly pin point S/R values and most importantly consolidation areas helps you to gauge % retrace level.
(iii) Almost all reversal, swings starts when Daily Candle breaking/reversing from an S/R zone. And Days next, the movement will be followed. When a daily candle reversing from an S/R zone, I call it "Respecting" the level. When a daily candle breaking and S/R zone, I call it "Disrespecting" the level. Whenever a respect/disrespect happening on Daily , Then i shift my gears (charts) to H4 with H4 and daily S/R placed on the chart. I love the Disrespect case too much because it present a very clear entry with clear SL and TP. The respect case depends upon how Price behaves on next sub S/R zone.
(iv) Consolidations and where to Enter are the key to success in this technique.

(v) Do refer to Previous day Close. Just see where and how they closes. This where and How of daily can totally change the meanings of Support/Resistance next day or this week. If daily respecting/disrespecting a support/resistance and closing accordingly then next day or days ahead, Be ready for the blow of your support and resistance on lower TFs.

As i said previously, All swing/reversals starting when previous day doing respect/disrespect, without a reference to previous daily(how and where it closes), just using the support/resistance on Lower TP is a suicide. There is a sayings in our local sayings that the "Tail of the cow is not without reason". Similarly swings/Reversals on lower TFs can't come without respect/disrespect on daily. Price don't move without reason. I believe that each and every movement is a calculated one.

I hope , I have shared my two cents. Below two images, Explaining a EURUSD LONG example. In the same chart, you can Spot too many other Long and Specially Short entries using the same strategy over naked charts.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: daily.png Size: 59 KB
Click to Enlarge Name: H4Entry.png Size: 63 KB
Forex; the game of movements not the game of candles.
  • #203
  • Apr 24, 2016 4:30am Apr 24, 2016 4:30am
Quoting HCooper
{quote} Hehe, it's similar sometimes if my girlfriend sees me trading Did you use any money management in the backtesting?
For all of my EAs I use a simple money management rule. For every 100 of available balance i trade 0.01 lots.


Quoting HCooper
{quote} Yep, correct, but still there were mismatched charts errors, which should be 0 - that's weird
I have no idea! I'm not using real ticks, just the simulated ticks from 1M bars. i know there is a way to get 99.99% modelling quality, i saw a tutorial on the BabyPips forum by some guy called billy. its probably best practice to go for 99.99 but i can't be bothered. I have been trying to move over to cTrader because it allows you to test your strategies with real tick data from their servers. However, not many people use it and there aren't as many indicators available out there.

Someone asked if i will share the EA. I will do once I've tested it some more, i don't think anyone should use it just yet as it might be crap!
So many in the Commercial section want to make me rich! :o
  • #204
  • Apr 24, 2016 4:33am Apr 24, 2016 4:33am
Quoting sajidkust
"Tail of the cow is not without reason". Similarly swings/Reversals on lower TFs can't come without respect/disrespect on daily. Price don't move without reason.
Most people will believe that this strategy a little difficult but it just requires to see daily charts at NY Close. Short list pairs which respected/disrespected SR zones, Shift to H4, Spot your entries. Set your entries via pending orders. And forget about it. Normally an analysis on Sunday will work for whole week. You will find trades again and again with perfect very very low DD and High Income.
Forex; the game of movements not the game of candles.
  • #205
  • Apr 24, 2016 4:36am Apr 24, 2016 4:36am
As you can see i'm trying to dint he perfect balance between taking every possible entry (Buy/Sell - hedging) or one order at a time
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2016-04-24 at 10.34.49.png Size: 138 KB
So many in the Commercial section want to make me rich! :o
  • #206
  • Apr 24, 2016 5:02am Apr 24, 2016 5:02am
Quoting HCooper
{quote} Thanks men its little bit harder to trade turncoat S/R zones. I would firstly recommend you to stick to the simplest trades as I wrote in the first post and improve little by little.
The Turncoat support and resistance are the best to trade if you having an eye on Previous consolidation and Inform of daily move.
Forex; the game of movements not the game of candles.
  • #207
  • Apr 24, 2016 6:58am Apr 24, 2016 6:58am
nice and simple strategy so far.
i think i will try it on my test account the next days
thx for sharing
  • #208
  • Apr 24, 2016 7:06am Apr 24, 2016 7:06am
Quoting sajidkust
{quote} The Turncoat support and resistance are the best to trade if you having an eye on Previous consolidation and Inform of daily move.
Please explain what you mean by previous consolidation.
  • #209
  • Apr 24, 2016 11:09am Apr 24, 2016 11:09am
Quoting FX-Flux
I use CCI to confirm the direction and ATR to devise the TP and SL levels. I know you said to aim for the closest support/resistance but it would take too much effort this weekend (as the girlfriend shouts at me if she sees me coding)
Hi FX-Flux,

How about keeping it simple (no CCI or any other filter), and coding an EA that would only take trades off of verified S/R zones (min. count=1; entry at the touch of the zone), with an option to reverse the trade if the zone gets broken? SL and TP as external parameters to play with. If your girlfriend lets you, of course.
mind over matter
  • #210
  • Apr 24, 2016 9:39pm Apr 24, 2016 9:39pm
Hi, everyone

i have fix some bug, this version is the best...v7.3

enjoy !
Attached File(s)
File Type: ex4 SS_SupportResistance_v07.3.ex4   81 KB | 1,155 downloads
  • #211
  • Apr 24, 2016 9:58pm Apr 24, 2016 9:58pm
Excellent Fjsmzy , thanks,
testing with GBPNZD M5 BUY.

http://prntscr.com/awgwuj

Lets see how it finish
  • #212
  • Apr 24, 2016 11:00pm Apr 24, 2016 11:00pm
Quoting fjsmzy
Hi, everyone i have fix some bug, this version is the best...v7.3 enjoy ! {file}
thx for yr sharing..could you convert it to : mq4 ?
  • #213
  • Apr 25, 2016 3:09am Apr 25, 2016 3:09am
Quoting Maddin
Hi, First thanks to HCooper for sharing your system, I have a question how the indicator calculates the levels. If you look to the current price level of AUDJPY on D1 you see a resistance level tested 3 times but the indicator indicates only untested resistance. Does someone know the reason? {image}
Thanks and welcome here What resistance are you talking about? The nearest one from the actual price? The indicator considers as "test" only the moves, that close inside the S/R zone and bounce from the zone. However, I personally consider as test also if the price only bounce and leaves wick inside the zone (the close is not necessary for me).
  • #214
  • Apr 25, 2016 3:14am Apr 25, 2016 3:14am
Quoting FX-Flux
{quote} For all of my EAs I use a simple money management rule. For every 100 of available balance i trade 0.01 lots. {quote} I have no idea! I'm not using real ticks, just the simulated ticks from 1M bars. i know there is a way to get 99.99% modelling quality, i saw a tutorial on the BabyPips forum by some guy called billy. its probably best practice to go for 99.99 but i can't be bothered. I have been trying to move over to cTrader because it allows you to test your strategies with real tick data from their servers. However, not many people...
Yep, I got it. For me testing with 99.99% modeling quality proved as the most accurate providing the most accurate backtest results. Also you could try to backtest the EA without any money management (with fixed volume). To backtest the reliability of entries / exits without money management affecting the results. No offense here, just trying to help to get the most accurate results.
  • #215
  • Apr 25, 2016 3:15am Apr 25, 2016 3:15am
USDJPY Short - Starting the week off with this one.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYproM5_april25th.png Size: 36 KB
Know your edge and trade within it
  • #216
  • Apr 25, 2016 3:21am Apr 25, 2016 3:21am
Quoting fxtrader29ca
USDJPY Short - Starting the week off with this one. {image}
Very nice trade mate!! I wanted to show the same example, but on M1 - the resistance is now really strong barrier for the market - very nice and accurate.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_ecnM1.png Size: 33 KB
  • #217
  • Apr 25, 2016 3:40am Apr 25, 2016 3:40am
Quoting HCooper
{quote} Very nice trade mate!! I wanted to show the same example, but on M1 - the resistance is now really strong barrier for the market - very nice and accurate. {image}
Thanks HCooper. I hope you had a good weekend my friend.
Know your edge and trade within it
  • #218
  • Apr 25, 2016 3:41am Apr 25, 2016 3:41am
Quoting sjam.achmadi
{quote} thx for yr sharing..could you convert it to : mq4 ?
yes , it is here
Attached File(s)
File Type: mq4 SS_SupportResistance_v07.3.mq4   45 KB | 1,043 downloads
  • #219
  • Apr 25, 2016 3:51am Apr 25, 2016 3:51am
Hi
Why I do not have these lines?
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 77 KB
  • #220
  • Apr 25, 2016 4:04am Apr 25, 2016 4:04am
Quoting fjsmzy
{quote} yes , it is here {file}
Can you tell us a bit more about the fixes in the indicator?
Know your edge and trade within it
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