Follow The Bouncing Pip - page 72
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stops
Forex11 could you please explain your stop loss for the 1hr?
The initial stop is just on the other side of the arrow. After that I look for when the market retraces and the continues in the original direction. when that happens I move my stop to where it retraced.
I try to keep doing that for the whole move. It is called riding the waves.
hopes this helps.
Not Much
I havent done much this week, probably because it is NFP week. I placed a couple of small trades for a total of 77 pips this week.
Ok so this is the first system i have found that works in the Pos. I am very new and have been using a demo account and a micro. I have found that i make very good little pip moves on the 15 min time frame and very big moves with the 1hr and 4 hr. I have read through this a few times but i was wondering if anyone has come up with a sound alert when the non lag zigzag makes a new line. I know there are some out there that do it when the line and arrow are touching but i like just using the line when im working with lower time frames. And if there is one im hoping that it will be able to wake me up. Thanks for all the great work guys.
sounds
Ok so this is the first system i have found that works in the Pos. I am very new and have been using a demo account and a micro. I have found that i make very good little pip moves on the 15 min time frame and very big moves with the 1hr and 4 hr. I have read through this a few times but i was wondering if anyone has come up with a sound alert when the non lag zigzag makes a new line. I know there are some out there that do it when the line and arrow are touching but i like just using the line when im working with lower time frames. And if there is one im hoping that it will be able to wake me up. Thanks for all the great work guys.
Do you still use this system ? Which pair does it work best ?
What are arrows in relation to zigzag
May I suggest that somebody with programming knowledge look into what the arrow's relationship is with the zig zag. To just memorize this phenomenon defeats the purpose of learning the reason behind the method.
I'm just trying to be helpful. There is a reason for some stray arrows and arrows not touching the line. Let's find out why, ok?
DonI have been studying the code of ZigZagPointer and ZigZag. The arrows simply replace the turning points of the standard zigzag indicator.
From what I have found in the code so far it appears that the stray arrows are from a past high or low that was not updated because a new high or low either had the same value or was outside the limit of the lookback for changing high and low points of the zigzag lines.
Robert
Ea
I have been studying the code for the EAs posted and found out why they do not work as well as manual trading this method.
The EA is looking at closed candles. On a 4 hr timeframe a new high reached early in the candle formation could lead to a winning trade while a trade entered at the close of the candle has already missed what happened after the new high signals the entry. This can often be a 100 pip move on the GBPUSD. This pair will often move 80 to 100 pips in one direction during the first 4 hrs of London session only to reverse 80 to 100 pips in the NY session.
If the signal comes when the price has moved 20 pips there is room to make 80. When the trade is entered at the close of the candle it will become a loss.
BigBear has stated that the rule for entry is as soon as a new arrow and line appear together. This can often happen before a candle is finished because the arrow and zigzag are looking at the high or low of the candle and once a new high or low is reached it does not matter what happens to the candle after that. It might reach a higher high or lower low and the arrow will still appear. That is also why the arrow sometimes is on the line.
The rules added for the candle pattern of wick vs body is also in need of a fix. For a sell trade at a down arrow the top wick should be larger than the body. For a buy at an up arrow the bottom wick should be larger than the body. Just need to pass what type of trade is being checked to make the correct comparison.
Robert
modified indicators
Here is a version of zigzag-pointer that does not erase old arrows. It places yellow arrows where a Green arrow would have appeared and an orange arrow where a Red arrow would have appeared.
I am also attaching SilverTrend_Signal with a new input variable called SSP. Try using a value like 21. The default is the value from the original posted on this thread.
I worked on an EA a few years ago using this indicator and found that higher values for SSP gave better signals on higher timeframes.
Robert
I have been studying the code for the EAs posted and found out why they do not work as well as manual trading this method.
The EA is looking at closed candles. On a 4 hr timeframe a new high reached early in the candle formation could lead to a winning trade while a trade entered at the close of the candle has already missed what happened after the new high signals the entry. This can often be a 100 pip move on the GBPUSD. This pair will often move 80 to 100 pips in one direction during the first 4 hrs of London session only to reverse 80 to 100 pips in the NY session.
If the signal comes when the price has moved 20 pips there is room to make 80. When the trade is entered at the close of the candle it will become a loss.
BigBear has stated that the rule for entry is as soon as a new arrow and line appear together. This can often happen before a candle is finished because the arrow and zigzag are looking at the high or low of the candle and once a new high or low is reached it does not matter what happens to the candle after that. It might reach a higher high or lower low and the arrow will still appear. That is also why the arrow sometimes is on the line.
The rules added for the candle pattern of wick vs body is also in need of a fix. For a sell trade at a down arrow the top wick should be larger than the body. For a buy at an up arrow the bottom wick should be larger than the body. Just need to pass what type of trade is being checked to make the correct comparison.
RobertHi, Robert,
Yes, I like to trade with EA because I don't have time to stare on the screen to catch signal. I think the EA posted by Zmac here some time ago have great potential if improved upon. As you said, the wick does not work correctly. I also think the close function has a problem too. Also it does not work well during strong trend and may be we can add ADX and ATR to filter strong trend so we can ride it all the way and then ride the reversal back down. Hope it not too big of a challenge. Appreciate you help.
Hi,
The entry using closed candles was a suggestion i got from someone when i read the thread. It can be fixed easly. Heineken Ashi filter was tested with that too but never got response.
The wick size check works so: if any of the wicks is X times bigger than the body entrer. Haven't checked for up wick or down,...didn't knew how things work there. That one can also be fixed.
About other filters and also trend ride, what would you suggest?
Thanks, Zmax