My New Day Trading System-rate and test - page 6
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Williams Rate Of Change Indi
20 pips is ok as long as it's your way :-)
Must say the Asian market was awkward today. Check out the AusUsd pair. Lesson on why stop losses are important.
I have always had a liking for Rate of Change style indicators as they often give early warning of impending doom or riches. I have added a Williams ROC Indi that is in line with your M1 2000 period concept to help in filtering trades.
I found it very helpful in showing me the underlying strength and movement of what I was seeing in the Williams curve.
On top of the Williams ROC is a semi momentum ROC that helps me see price action within the Williams ROC envelope.
I can see a host of regular trading signals within your 2000 concept and will try to define what I see as I have time.
So in a nutshell.
1-Previous indi has been updated with the ability to turn off the horizontal lines. Too resource hungry if you have a lot of charts open.
2-Best settings for the indi for M1 that I have found so far for your concept as follows.
WilliamsTradeV1.1.mq4 M1 possible set
extern int wperiod=2000;//williams percent
extern int short_level=-60;//williams level to go short from
extern int long_level=-40;//williams level to go long from
extern int ma_period=21;//williams averaging curve
extern int valid_bars_back=30;//Bars to look back as needed to be below or above trigger point
extern bool show_trigger_lines = false;
Another interesting setting is charted below with WPR at a low 55. Good for scalping/short intraday ??
WilliamsTradeV1.1.mq4 M1 possible scalp set
extern int wperiod=55;//williams percent
extern int short_level=-60;//williams level to go short from
extern int long_level=-40;//williams level to go long from
extern int ma_period=34;//williams averaging curve
extern int valid_bars_back=100;//Bars to look back as needed to be below or aabove trigger point
extern bool show_trigger_lines = false;
3-New Williams ROC indicator included in zip file.
4-Settings for M1 as default for Williams ROC indi
WilliamsROC_V1.1.mq4 M1 Possible set
extern int wperiod=2000;//Williams % Period Default 2000
extern double short_level=0.618;//your visual short trigger line
extern double long_level=-0.618;//your visual long trigger line
extern int WPI_Array_ma_period=7;//WPI Array smoothing Period
extern int Price_Array_ma_period=7;//Price Array smoothing Period
extern int start_bars_back=55;//Base point to start rate of change from
extern int Price_Multiplier=1000;//Increases Visual Price Movement 1000 for M1//100 for H1 approx
extern bool show_trigger_lines = false;
5-Template included as per the following chart. Same deal, just pop em where you know you should.
Following is a chart with indis attached from today.
I have highlighted a few points that I found interesting and extremely trade-able as per your system. I am noticing nice signs for swing trading which is my preferred style and will strive to get a clean 1-2-3 chain of events sorted for some quality signals. Just need some time to absorb.
I am running backtests on the Ea which will take a while yet as the poor ol box has about 10000 cycles to go. My preference is to manually trade but if an EA can be made to work, I will use them to give me the signal with manual confirmation. Saves a lot of scanning on my behalf I say.
I am going to keep working on getting the array triggers into the EA as I believe they are most reliable. Will scratch my head for a bit on that one.
Anyhow enough for now. Charts and indi zip below. Cheers from Oz.
just stumbled upon this thread - will check it out.
nice work. i did something similar a while ago but slightly lower around 144 etc with fib numbers. you can also use CCI to the same degree.
GBP/USD
Trading Bias: Sell
Open Sell: 1.5475
Stop Loss: 1.5531
Take Profit: 1.5363
Volatility: 160 pips
Good!
Hi! Just for shares some good results from Williams trade EA V1.
brooky29, I'm testing V1.1 now, but it's a little confuse... what's the exact function of each indicator (%R35, Willians_ROC anda Williams_Trade?
tkx!
Hey Brooky,
You said,
"20 pips is ok as long as it's your way :-)
Must say the Asian market was awkward today. Check out the AusUsd pair. Lesson on why stop losses are important."
But looking at the session I only see one trade and it would have been a good ride for us, coming down through -60 on the William's 2000.
I appreciate the work you are putting into this and agree that a filter is a good idea.
What I've hinted at before is simply to look at the William's at the one hour level with the same settings and go from there. Part of the reason that I got out with 20 pips yesterday was that USD/JPY on the one hour chart was between -40 and -20. While this doesn't spell doom for the trade it is a counter indication.
A general filter would be to only take sell signals from the one minute chart when the William's 2000 on the one hour chart is showing between -50 and -80.
Buy signals from between -50 and -20 on the one hour. If you do this though you will see that it keeps you out of a lot of profitable trades, but it will protect you from inevitable losses. Personally, I am willing to get stopped out a few times if it means that I'm in position to profit when the price does get moving.
Don''t take that as trading advice though. It depends on your individual style and risk tolerance. This system is simple and flexible enough to allow the user to wriggle in and find what they are comfortable with and still make some profit. It's inevitable that you will eventually catch that 100 pip move every once in a while once you become experienced enough with the currency pair to know when to stay in and when to get out.
More Tools
Here's a few tools that I use to make the best assessment that I can of whether to stay in the trade or get out.
This adds a bit more complexity to the post trade but is good for the meta trade.
Bill William's Multi Facilitation Index:
This little real time indie is a real gym. It gives you insight into the nature of the incoming volume across many time frames. Here's the MQL4 description.
Applying the MFI to the one minute chart and watching it closely will allow you to spot very short term congestion. These choke ups often result in the price dropping or rising 10, 20 or more pips within a few minutes. While it isn't possible to always know which way it will end up moving it is helpful to know when it is likely to do so.
Similarly, the same concept applies to the one hour chart.
This indicator can be found in Meta Trader under Indicators->Bill WIlliams. Each conditon of the indie is important and tells an important story.
TD SEQUENTIAL:
I find Thomas DeMark's indicator useful. This indicator simply paints a 9 under the 9th sequential low making bar and 9 above the 9th sequential high making bar.
I find that often the price will reverse at these bars. Specifically, the price will often move upward on a red nine and downward on a blue nine. It isn't reliable enough to be traded in and of itself but combined with the indicator above you will have a good idea of when to expect a big price movement.
Please do not use the TD Sequantial as a trigger. You won't profit from it alone. I only use it in the way described above. Also note that this particular version is not useful for executing DeMark's full system as it does not do the entire count down.
Like The MTI it can also be used equally well on any time frame. The thing to remember with this is that while you can't predict which directio the price will go after the 9 is triggered it usually picks up a lot of speed in one direction or the other at this time.
This is when you can use your normal momentum indicators to give you an idea of whether the price will continue moving in your direction or not.
The Money Map:
This is a nifty tool that shows resistance and support in a nice side bar. There was some mysticism surrounding this concept a few years back and one guy even sold a stand alone software version of this for $2000.
Naturally we studied the concept and made a MT4 version
. This tool takes the fibbos and moving averages surrounding the price and displays them as their numerical values above and below the price.
Example:
If there are several numbers above the price then the price is said to be "contained" and is thought to be biased toward falling further. I don't use this indicator as a trigger but I do find it useful to get an idea of what direction the price is likely to move in.
It is also useful when taking the trade from the William's because you can see at a glance what kind of resistance or support you are trying to blow through. You can also use this to set profit targets.
Watch it for a few hours and see if you agree. While using it to guide your trading decisions you may want to load it only when you need it as it's a resource hog.
NOTE:
To see the price levels of all the MAs and fibbos that the Money Map is tracking right click in the chart window ad click on properties. Click on Common and check the "Show object discriptios" box. This increases clutter but I find it helpful. I'll go into more detail on how to use the Money Map in conjunction with the William's trigger and the indicators above if anyone is interested.
I find that these together give me a good idea of where I am in a trade.
An ea
I'm sort of dubious of how well an EA will do with this system since so much depends on what the user does post trade. I'll be the first to say that my entry is a good one, but it's only half the story.
That said, if you guys can make a profitable EA based on this then more power to you
.
(or maybe I just want to justify the need for a human at the helm :P)
__________________
As for trades today...I got up late again (Lazy lazy boy!!) and now the volume has died off with most of the majors trading well below the -80 mark. USD/JPY is wondering north at the moment but it's spread is a bit higher then I like. (bad broker!)
Let's see what I missed because of my laziness:
1. EUR/USD was triggered at 11:35. Sell trade, result: Mucho, mucho pips missed.
2. EUR/JPY was triggered at 8:30. Sell trade, result: Mucho pips missed.
(note that if you had taken the first trigger at 3 am eastern you would have been stopped out. If you'd stuck with it at 8:30 you should have made a nice profit irregardless.)
3. NZD/USD was triggered at 9 am. Sell trade, result: stopped out. Triggered again at 12:39 . Sell trade. Result: Losses recouped OR nice profit, depending on how long you stayed in.
4. USD/CAD was triggered around 6:30 am. Buy trade: Mucho, mucho pips missed.
5. GBP/USD was triggered around 8:30 am.. Sell trade, result: Nice movement straight down.
That's all that I watch, so I'm sure you could find some that showed a loss, that's pretty inevitable. I just don't dabble in the more exotics since their spreads are usually more suited to long term trading. AUD/USD was triggered at 4 am, which was a good trade but im not posting it here since I was awake at 4 am but was not trading.