Help to code Larry indicator please - page 2
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here is 2 to look at. On the S&P e-minis i go for 5 points profit and 6 points loss. eg. price is 1465.50 then 4 points in 1466.50 as it moves in .25 increments. at $12.50 per point. So you wont make 1Million dollars in 2 days, it will make a very good income with 10 or more contracts. I have been trading 3 contracts now for 6 months. My aim is 50 contracts.
Off fibs and pivots the moves can be far better but slow and steady works for me.
I noticed its the same result on stocks, just the tick bars change.
I guess the forex moves better than the S&P but cant comment on that yet!
and another i. the profit on this was over 20 points but i only traded for 5. It can be better and am still working on getting more than 5 points.
do you have any failures that we might see...
Thanks for your time.
ES
sure..this was on the 26/8/07
There is a couple of very easy rules so every setup isnt traded, but this was a fair and square trade. that happens but not very often.
The price spiked past the lower channel by 1 point so i entered.
I will find another 1 and post.
I went back through my trades so far for the last 2 months. The ones i lost on only had a spike on 1 chart. Not 2 which is my fault for trading them. (only 2 trades). If there is a spike on 2 different time frames with divergence then it is a beauty.
the beauty of trading the S&P e-minis is that you only trade from the us open and its usually all done within 1 1/2 hours max.
Some days a spike will happen and some days it wont. I still trade the divergence without it, it is very accurate with it though, especially off fibs.
A top guy from this forum made the indicator for me and my testing so far has been exciting. Not on the forex though.
I put it on the S&P 1min charts and a nice spike just happened tonight off the fib for a short.
The 1st picture is of the 1min chart. You see the price touched the fib 3 times with 2 spikes all for short.
The 2nd picture is the same point on the 5min chart but isn't not showing a spike so no trade. yes it did go short but you get that.
The 3rd picture shows a spike on the same fib point on the 1min chart a little bit later.
The 4th picture shows a 5min chart at the same point but this time with a spike. and it never looked back. No i didnt take this as i'm only testing this on metatrader and i havnt put any divergence indicators on the chart. There was a uptrade earlier on the same picture that also showed on the 1min and 5min together and as it turns out its off another fib point.
I have only looked at the euro currency for now but its a very chopy currency at the moment so its not working. I also think because i cant use tick bars in metatrader. I know in tradestation i can put this strategy onto time bars and it fails on the s&p but on tick bars its very good.
You can use the spike to supplement your existing strategy as it does have some merit on time bars, not as good though, but still very workable. Use any indicators you like for divergence and work off the fibs and pivots. I will keep investigating the currency markets with this and will keep you posted.
If anybody trades the s&p e-minis watch for a divergency to form after the NFP report around the us open. Its like clockwork.
Ok i'm warming to it on the euro.
I put pivots and fib pivots on the chart. Here is a picture of a trade that has just happened.
The price didnt touch the S1 but was close to it and a spike happened on the 1 min and 5 min together. If you notice the entry was after the spike on the 1 min, which just happened to be the bottom of the move.
Thats good enough, usually it touches it and spikes, but once you get to it and see a spike, its very good.
Also notice the divergence's, dont they look nice.
I will try and send pictures when it hits pivots and offer a explanination as it happens.
Remember the main rules.
Only trade off a fib or pivot.
Must have divergence on both charts.
Only trade within the currency time zones.
All trades after the candle colses on the open of the next.
Small time frame..small profit target
Large time frames..large profit.
Stop 15 past the pivots ( not sure on this one though as i dont know much about currencies. use your own i guess)
If you get say 8 points profit and a small stop just behind the pivots or fibs, you can make good money. The downer though is you have to be there and put the trade on without hesitation. But i guess thats trading!!
This just touched the pivot again.
Notice there is no spikes or divergencies on any charts.
doesnt mean it not going down but you would'nt trade it with this strategy.
It could also mean the up move hasnt finished so patience is the key.
I can send some good trades last night on the s&p if you want to see them.
They are on tradestation though. Havnt look at the equivilant in metatrader.
ok.i had to post this one. See it went back up through the pivot.
Lets see what happens next.
Ok heres the 1 min chart right now. See the entry right down the bottom..nice..
now you see the price is above my brown ling and both lines are now green. We should see a up move in progress.
Here is the 1min amd 5min charts. My problem might be understanding where to take profit and where to put stop, but i will work on it.
Anyway to all the programmers who took offence to my postings earlier, a X'mass present for you with this information i just gave, and thank you again to 1 of you for the present.
Good luck and never let a profit go to a loss!
sorry last one as i had to show this.
Here is a current snap of the euro now. Remember the entry price and look where it is now. Nice!!. But in saying this it is at another pivot line currently.
there is a spike on both charts to go short but no divergence so no trade yet.
Who knows what is going to happen from here but still picked the reversal so not bad.