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It would be nice if the automated could get fixed, because this really seems like a nice idea.
Sorry for the late reply, I just noticed this post. This finished version is our "X System" (yes, cheesy sales pitch, but....). If you understand the current version, just apply the RSI, CCI and MACD for trend confirmation. How it works:
We talked about the 60 SMA and only taking trades in the direction of the SMA, following the same idea - RSI; wait for +70 for long/ -30 for short (however, +85 or -15 = no trade, it will probably bounce) - CCI; same idea, above the middle for long/ below for short - MACD; the fast ma above the slow ma for buy/ or the fast ma below the slow ma for short.
RSI settings: RSI Period = 14
CCI settings: CCIPeriod = 12
MACD settings: FastEMA = 9, SlowEMA = 21, Signal SMA = 8
That is basically X System in a nutshell (we also include our Market Barometer for trend confirmation and our X Meter for trend exhaustion). If you are cody, you can easily put it together in an EA or indicator. We have an EA on the way, but why not just do it yourself? lol... I figure if you have taken the time to research this far, you might wanna go a bit further, but if not...
X System sends each trade setup with exact entry, stop and limit prices via SMS, email and thru our Trade Messenger Pro... EA coming very soon...
This thread has a "small" but loyal following, so I try to help as much as possible.
I have tested this approach both manually and in strategy. I implemented the latter in MQL4 (MetaTrader 4 language) out of curiosity as I use similar breakout models. To cut the story short: In the manual trading where I applied my subjective view on the direction of the trend based on the SMA, the win ratio averaged 65% with 50+ pips average weekly profit.
The automatic strategy, however, failed miserably. I have thoroughly tested it and the "raw" signals (i.e. before the discretionary filter is applied) matched those in the manual trading, so the implementation is fine.
I fear that the value of the strategy you have described comes from the filter and not from the magic breakout boxes which is a shame -- they look good!
Having said that, I am happy to work with you to fix the automated strategy if you are interested.
The post before this one sort of explains. In order to get an EA to work effectively, you must apply a few "trend confirmation" indicators. I still prefer to manually filter trades based on classic chart analysis (support/resistance, formations, fundamentals, etc...). When markets are choppy, the system suffers. Usually the RSI and CCI will keep you out of choppy conditions. Hope that makes sense?
Thank you very much for presenting the set of filters you apply in your X System! I will take me a few minutes to put those filters into my EA and see if they help. I will let you know of the outcome.
Sorry for the late reply, I just noticed this post. This finished version is our "X System" (yes, cheesy sales pitch, but....). If you understand the current version, just apply the RSI, CCI and MACD for trend confirmation. How it works:
We talked about the 60 SMA and only taking trades in the direction of the SMA, following the same idea - RSI; wait for +70 for long/ -30 for short (however, +85 or -15 = no trade, it will probably bounce) - CCI; same idea, above the middle for long/ below for short - MACD; the fast ma above the slow ma for buy/ or the fast ma below the slow ma for short.
RSI settings: RSI Period = 14
CCI settings: CCIPeriod = 12
MACD settings: FastEMA = 9, SlowEMA = 21, Signal SMA = 8
That is basically X System in a nutshell (we also include our Market Barometer for trend confirmation and our X Meter for trend exhaustion). If you are cody, you can easily put it together in an EA or indicator. We have an EA on the way, but why not just do it yourself? lol... I figure if you have taken the time to research this far, you might wanna go a bit further, but if not...
X System sends each trade setup with exact entry, stop and limit prices via SMS, email and thru our Trade Messenger Pro... EA coming very soon...
This thread has a "small" but loyal following, so I try to help as much as possible.
What time frame do you apply the above filters to? I tried 15 minutes but the filters ruled out all of the breakout triggers I have implemented the filters though...
What time frame do you apply the above filters to? I tried 15 minutes but the filters ruled out all of the breakout triggers I have implemented the filters though...
Sorry, my bad: 1 hr for all filters. I don't use a 15minute chart anymore. I reduced the breakout part of the indicator to an arrow, so it works on any time frame.
Most of the follow-up comments have been via email and/or PM, so I thought a quick post update was in order. This system continues to work well. Even when markets are choppy. Remember to use the 60 ma as your final filter. If the trade is in the opposite direction of the 60 ma, leave it alone. You can go for several days without a trade (as much as 2 weeks during extreme conditions). The 60 ma will "usually" keep you out of the head fakes.
It you prefer not to watch the system all day, not a problem. Simply wait for the box to redraw each day and set a buy stop or sell stop in the direction of the 60 ma. Simple...
Note: my stats are only for the GBPJPY. Other pairs reported to work well: EURUSD, USDJPY, GBPUSD, GBPAUD, CADJPY and AUDJPY
another indicator do the same, but the code in this one, is very long
Yeah, I agree... the original indicator is a mess. Your brokers local server time is the key. You can use the hosted GBJPY chart to compare and tweak your local settings until they match up:
I have implemented the filters though...
Riffster's new thread...
Linear Mode
