Daily S&R breaks
Thx very interesting, I am still need more example to understand correctly how you draw the fib, hope you will post other example for the next days and weeks.... Max
It will need to draw the 2 horizontal lines on the chart and move them based on these rules.
Anyone interested ?Hello,
maybe the indicators used in these threads could help you with lines:
Thx very interesting, I am still need more example to understand correctly how you draw the fib, hope you will post other example for the next days and weeks.... Max
Actually I teach Fibonacci based trading. I have a thread on other forums just not sure of the rules for posting links to it. I opened this thread to see if could get some assistance from some of these programmers located here to help with a Daily strategy Ive been working on to aid those that dont have a lot of time to trade, with it being a day job or whatever.
I can post examples of the Fib based strategy as well.
First off the fib tool is nothing more than that (a tool ) just like a trendline but gives an indication as support and resistance levels from a horizontal perspective rather than an angular one with say a trendline, the levels are traded the same way as you would a trendline break. There is alot of bad rap to fibs since there are so many preaching the mystical crap...there is nothing magical or mystical about them, I think alot of it comes from the fact you can use fibs to project price value into the future with and from that there comes some kind of they must be magical or something but its far from the truth. Ive also seen them get a bad rap in the fact that they dont hit to the pip everytime...LOL who's dumb enough to believe that anyway.
In the example below This shows the basics of each fib. Using the fib tool to measure an amount of price movement it gives you the approximate range price can travel once its inner levels are tested (Long,Pivot and Short levels) they are the same as (Long=61.8, Pivot =50, Short =38.2) they are relableled in order to simplify their use, this way there is no need to worry about "do I pull them from the top of the wavform or the bottom" since they are the same distance either way you pull them it really doesnt matter, so relabeling them and always pulling from high to low that problem is eliminated and the use becomes somewhat easier to understand what the inner levels (Long,Pivot and Short)mean. Simply put its once the fib is used to measure a movement and a retracment occurs to test the levels of the fib you can project prices range once its breaks from these inner levels and enter on the breakout basically from the levels and you target the extentions as your exit. During trending periods they will hit like clockwork especially on the major pairs and to some degree on the crosses...not to the pip, but you never look for them to hit to the pip you just want to look to exit your trade around the extentions levels, price action is very important and the hardest part to try and teach someone. Experience over time and learning the pair your trading all play their part.
There is alot more to it but alot to try and explaign in one post anyway, in the example here is the last long signal given on Cable today and its exit point, from here its reset and do it all over again.
This Daily strategy is based on the same principles of basing your decisions from prices reaction to fib levels and works the very same way as this example just on a much larger scale. But since most cant trade this by monitoring it during the Day we have been working on a strategy thats almost set and forget.
This is what you would have done on an Intraday level in the chart posted.Which shows the basics of the fib tool. If price would have broken this fibs Short level the trade would have been a short entry.
I included a template with a relabeled fib toolhere so you can dowload and experiment with. It is set up for Cable but once you load it to a cable chart you can transfer the fib to another chart from the cable chart. The template is loaded to your platform the same way as an indicator it just goes in the template folder instead.
There are many different fib tools needed to properly make an analysis and trading plan from but this is a good start by learning and applying the tool first.
Hello,
maybe the indicators used in these threads could help you with lines:
https://www.mql5.com/en/forum/176010
https://www.mql5.com/en/forum/176055Thanks Linuxser but Ive tried programming and modifying indicators and EA's...Im not good at it, Im a trader not a programmer Ive learned that after miserable results with them, thats why Im here I know there are some good programmers/coders here on this Forum and threads.
I would like to present a Daily candle trading method to see if some of you Coder Guru's can help out with some indicators to fit within the rules. I am developing this type of Daily chart trading for those who cannot trade Intraday but need something dependable to trade with. Ive done tremedous backtesting and have been forward testing this for 6 weeks now.
It uses fibs but they need to drawn manually since there is too much discretion needed to place them properly and the targets are set manually based off price action and current fib levels so for now I would like to keep it as simple as possible.
Anyone interested ?Hi Bo.
Many thanks for sharing your system. I like using fibs but I have a feeling you are going to shows us a few new tricks. There is a fair bit to absorb here, especially setting up the fibs and applying them. Tell me, is most of what you present here (the system) portrayed on your videos?
Above you indicate that you have done tremendous backtesting. Could you please share your findings? Do you only use this with GU?
Thanks in advance for your input....
Hi Bo.
Many thanks for sharing your system. I like using fibs but I have a feeling you are going to shows us a few new tricks. There is a fair bit to absorb here, especially setting up the fibs and applying them. Tell me, is most of what you present here (the system) portrayed on your videos?
Above you indicate that you have done tremendous backtesting. Could you please share your findings? Do you only use this with GU?
Thanks in advance for your input....Yes some of it is on the sample video's. Ive only done the backtesting with Cable, but I think its safe to assume the same results can be had with any of the Major pairs. Its the forward live testing that counts though and last month was 7 trades , 1 loser and 6 winners for 735 pips. Its in its 8th trade now and long from 1.9881(looking to taking some profits out this time at 2.0033). At this point Ive been forward testing it as a more of a stop and reverse to try and stay into the longer trending moves instead of taking profits at fib levels which looking back would have resulted in more pips, but me normally I dont pay as much attention to the amount of pips rather the balance. To me its all about the balance instead of how many pips you can get. Each trade is documented with the logic behind the decision making during each trade in my other thread, Im just not sure about posting links to another thread here, I dont want to disruptive here on this forum so from here I will just mimmic what I do there. I came here as the level of programmers here is much higher.
Video links
Here are is a link to one of my sample video's I have on YouTube, the rest can be found from there. They are nothing special or anything just examples to help explaign some of what I do. I have yet to make one for this Daily strategy though.
Sample Video
Yes some of it is on the sample video's. Ive only done the backtesting with Cable, but I think its safe to assume the same results can be had with any of the Major pairs. Its the forward live testing that counts though and last month was 7 trades , 1 loser and 6 winners for 735 pips. Its in its 8th trade now and long from 1.9881(looking to taking some profits out this time at 2.0033). At this point Ive been forward testing it as a more of a stop and reverse to try and stay into the longer trending moves instead of taking profits at fib levels which looking back would have resulted in more pips, but me normally I dont pay as much attention to the amount of pips rather the balance. To me its all about the balance instead of how many pips you can get. Each trade is documented with the logic behind the decision making during each trade in my other thread, Im just not sure about posting links to another thread here, I dont want to disruptive here on this forum so from here I will just mimmic what I do there. I came here as the level of programmers here is much higher.
Hi there.
Thanks for the reply. As I type this it is just at Swing T1 and that you got your 2033 (previous high) a while ago. So now what would you do?
As you stated below, it would be really good if you were able to produce a video about the system itself. I think that the fib videos should be appropriate enough. Anytime you can present an idea in video format you reduce the number of questions and get the point across much more efficiently.
Once I have complete understanding of your system I would like to forward-test it on other pairs as well.
All the best,
Hi there.
Thanks for the reply. As I type this it is just at Swing T1 and that you got your 2033 (previous high) a while ago. So now what would you do?
As you stated below, it would be really good if you were able to produce a video about the system itself. I think that the fib videos should be appropriate enough. Anytime you can present an idea in video format you reduce the number of questions and get the point across much more efficiently.
Once I have complete understanding of your system I would like to forward-test it on other pairs as well.
All the best,Yep target is met and the wait begins for another set up, this one closes for 147 pip profit making 410 from 2 trades this week. next entry may not occur until monday or tuesday.So for now its patience.
Actually when looking at this from an Intraday 1 hour timeframe view its a failue to reach its target which is a sign of ranging coming or a reversal.
Ive heard good things about the video's, the only thing is that the volume is low..the only thing I can think of is the video is degraded some when uploading to youtube.
Good job...
Yep target is met and the wait begins for another set up, this one closes for 147 pip profit making 410 from 2 trades this week. next entry may not occur until monday or tuesday.So for now its patience.
Actually when looking at this from an Intraday 1 hour timeframe view its a failue to reach its target which is a sign of ranging coming or a reversal.
Ive heard good things about the video's, the only thing is that the volume is low..the only thing I can think of is the video is degraded some when uploading to youtube.Hi Bo
That's a great week. This weekend I will try to absorb your system and set up some charts for next week. As far as the video is concerned, I agree about the sound. I noticed that also but did not think it was a big deal. I don't think it is YouTube surpressing it. Have you tested the recording and volume level on your microphone to make sure it is adequate? Regarless of the volume, if you could put a video together on this system it would be very helpful.
Here is a chart with my interpretation of the GU short term. I notice that the 50 Fib level happens to coincide with a prior resistance (yellow line) and I would be looking to short it to that level. If the RSIOMA turns up to cross 20 then I would look for the GU to test the upper band of that down channel around the 100 Fib level. If the 50 Fib does not hold then I would be looking for support at the bottom of that upward channel (38 Fib). What's your take on it?
Regards,
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I would like to present a Daily candle trading method to see if some of you Coder Guru's can help out with some indicators to fit within the rules. I am developing this type of Daily chart trading for those who cannot trade Intraday but need something dependable to trade with. Ive done tremedous backtesting and have been forward testing this for 6 weeks now.
I am posting the general rules here in PDF and Word formats, the rules are very simple but I would like to have the 2 Entry/Stop and Reverse horizontal signal lines programmed into an indcator on the chart itself. to make things easier and take some of the manual work out of it. Also maybe a display for the upper left corner that displays ( "Entry Price"/ "Stop and Reverse Price"/ "Current profit /loss")
It will need to draw the 2 horizontal lines on the chart and move them based on these rules.
Long Entry Signal
The blue horizontal line represents the long signal price (break of the previous candles high +8 pips). In a long position the red horizontal line is the stop and reverse signal line (prev candles low -5 pips) As each new candle is formed the stop and reverse Red signal line is adjusted to the prev candles low -5 pips.
Short Entry Signal
The red line represents the short signal price (break of the previous candles low -5 pips). In a short position the blue horizontal line will act as the stop and reverse signal line.(prev candles high +8 pips) As each new candle is formed the blue horizontal signal line adjusts itself to the previous candles high +8 pips.
It uses fibs but they need to drawn manually since there is too much discretion needed to place them properly and the targets are set manually based off price action and current fib levels so for now I would like to keep it as simple as possible.Also using a Stoch for confirmation but neither are needed in the first phase of this.
Ive included in PDF and Word formats that explaign the basic rules as well as the current screenshot of the recent entry long at 1.9881
Anyone interested ?