My New Day Trading System-rate and test - page 13
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Hi All.
Thought I would share an indi that combines what we have been using conceptually with WPR and ROC.
After having worked with Cj's system for a few weeks now, I personally found that the -40 and -60 lines can bring great pleasure or great grief.
The system relies very much on momentum as it often signals very late in a move and needs a keen eye to pick a quality signal.
The combination of the ROC rainbow and the oscillator has been the answer for me.
Look at the rainbow and listen to the oscillator and there will be a pot of gold at the end. Well maybe :-)
So heres a little detail .
1- The indi may look like a fast MACD but has nothing to do with it. It is instead based in the Rate of Change of the WPR initially.
2- This rate of change is reflected in the rainbow by the maroon and blue histo's. I like to call them the smart money MA's.
3- The centre ma's in the rainbow is where the herd would like the price to go. Notice how the bear belly and the bulls bulge magically line up as support and resistance further down the track. Hmmmm.
4- The oscillator uses this ROC for it's histo and the yellow line is a modified force input. For me I can finally see if there is likely to be a follow on of any positive or negative histo movement. Something I could never work out in a macd.
5- This oscillator is very sharp at detecting divergences in force very early which generally will result in a reversal or slow down. Vital for us as we need momentum to get us over the lines.
6- The pink line on top and green line on the bottom when they appear are your warning of a divergence. It pays to take heed.
7- The signal for the top divergence is different from the bottom anc can be adjusted in the settings. The reason I have done this is because a bottom reversal is totally different to a top reversal. Tops are often long 3 prong attacks while bottoms can be piercingly sharp.
Generally you will find top divergences showing up a lot earlier than bottoms. The herd loves buying and can drag a price way above value for ages which the divergence will pick up but is often to early to short from.
8- The signal strength that you input is only the basis for the divergence calculation. I have made it dynamic with an element of ATR to help push it away from past moving markets limiting the amount of divergence signals.
You will notice that the distance that the div line is from the histo is a gauge of how strong the div signal is.
Generally the further away from the ROC line, the more attention it deserves.
I have attached a chart which is fairly self explanatory of how you may use this indi to make your decisions.
Notice what appeared as a long signal ended up being a fantastic short.
The indis are attached with a tpl.
NOTE: It is a two part set. Both need to be in the indicators folder, but you only need the oscillator running if you want.
This is because I need more buffers than the 8 allowed in one indi. Again a note to any coders out there. The indis work but I know can be optimised better, so if anyone is bored, thanks in advance.
REMEMBER. With the rainbow, make sure you set your chart to foreground, and again thanks to Mladen for the gem of an idea of the rainbow.
Re the EA. It did finish testing in profit but with only an averaged 2% profit ratio. I actually believe it can be filtered properly especially after spending the last week with the new oscillator. When the EA fires will be important. It was deadly at the right times, horrible at quiet times. In one three month period it was up 532% and then it lost what it gained, but all in time, I need to trade as well.
Cheers.
As usual, use the indis at your own risk, I am only giving back what I can to a forum that has given me so much.Hey guys,
Been away a few days. Good to be back
..
Brookey the oscillator looks great but my Meta Trader can't handle it :P. I'm trying to free up resources.
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Brookey the oscillator looks great but my Meta Trader can't handle it :P. I'm trying to free up resources.
*************
Sorry to hear it's straining your system. I have it about 6 charts before it feels a little strain, and that's on a slow box. Maybe drop the bars back to 3000. You will end up with a chart worth of current oscillator and then it will tail off to the left with less calcs. Needless to say, work with what is in the current chart.
Good to have you back.
Cheers.
Hey guys,
Been away a few days. Good to be back
..
Brookey the oscillator looks great but my Meta Trader can't handle it :P. I'm trying to free up resources.just wait for MT5.
Eur
SELL EURGBP, strong downward movement likely
Wpr2000
trades i took using WPR2000
have a nice weekend im off
eugb
SELL EURGBP, strong downward movement likely
just closed that trade and day is done
Hi
How do you avoid sideways price action with your method?
Kind regards,
-Muhammad Azeem
========================
The method
After all this indicators the method still the same? Manual trading, sell -40 buy -60 SL -50?
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Brookey the oscillator looks great but my Meta Trader can't handle it :P. I'm trying to free up resources.
*************
Sorry to hear it's straining your system. I have it about 6 charts before it feels a little strain, and that's on a slow box. Maybe drop the bars back to 3000. You will end up with a chart worth of current oscillator and then it will tail off to the left with less calcs. Needless to say, work with what is in the current chart.
Good to have you back.
Cheers.thanks Brookey
.
Well Meta Trader itself has been acting really resource hungry lately and I don't know what that's about so I copied my indicators folder to a back up directory and reinstalled MT4. It's working much smoother now
.
I lost a lot of time this week and can't wait to get some solid trades in next week. So far the system has netted 65 pips for me in two weeks.
Next week I'll be watching all of your indicators so I can get my head wrapped around them so I can see where we are with this system.
I was glad to see that your EA finished in profit, if only a little bit. I'm confident that if you could find a non subjective filter you can really increase the ROI. As far as I understand it the Money Map system is too subjective for an EA to use as a filter.
I was working on my Forex website, playing around with the meta search and I came across Murrey Math. It's interesting to say the least and so far I see similarities between it's lines and the William's 2000-. I'll keep reading u on it.
trades i took using WPR2000
Wow, Mike, nice trades
. Where was I this week?! 