3rd candle fibpivot

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A good friend told me about this method and figured it would be easy to code , What 3 rd candle is for instance you are in up trend you get the highest candle that is first candle , next candle to the rights close is less than or equal to the firsts candle close, if this so and stoch 5,3,3 is coming out of over bought then its a sell, for buy it would be the lowest low in a series of candles it will be number 1 candle, second candle close needs to be greater than or equal to number 1 close then next candle to the right is buy provided stoch 5,3,3 is coming out of oversold.

I have added some filters if you choose if you have 4hr fib pivots = true then they will be used as filter on this using from pivot to s3 and r3 as buy sell zones. Also can use daily pivots = true then daily fib pivots are figured it has to be one or the other, can't use both. For more filter using a mtf Hi Low Jurik Channel, it is a filter using with fib pivots so have extern bool Use4hrFibpivotstrend if true you are using 4 hr fib pivots plus the jurik channel to filter above method, and you can also use the same with daily fib pivotstrend = true but for all 4 of these filtering methods it has to be 1 or the other. Now if you leave all the filters to false you will be just using an unfiltered method, mentioned above. While putting this together this morning was trying this with a generic method just using 4 hr fibpivots=true didn't do too bad but later found i had stoch coded wrong it had it only in oversold and overbought zone but it was supposed to be leaving these areas, so Ea should be even better.

Another thing this method is supposedly designed to go for only 10 pips so using tight settings on lock profit and trailing stop and if the trade goes for more so be it!! Reccomended timeframe is either M15 or M5.

 

Hi Mr. Tools,

Interesting new EA.

Please advise which timeframe is used for this EA?

Thanks

James

 
jamesphuc72:
Hi Mr. Tools,

Interesting new EA.

Please advise which timeframe is used for this EA?

Thanks

James

Thanks for posting here forgot about this version this is a more improved version order handling wise and works much better on ECN brokers, have since removed the Jurik Channel and now using Fractal Dimension Elders and it is working much better. if use fibpivots=true you are using third candle method with fibpivots and stoch. extern bool Usefibpivotswfde = true; same as above but with Fractal Dimension also. If both = false you are using regular 3rd candle method. Found best timeframe is M15 .

 

Hi Mr. Tools,

So far, 1 week passed by but no trade at all for this EA? What went wrong?

I used this EA on more than 5 pairs.

Please explain why no single trade?

Thanks

James

 
jamesphuc72:
Hi Mr. Tools,

So far, 1 week passed by but no trade at all for this EA? What went wrong?

I used this EA on more than 5 pairs.

Please explain why no single trade?

Thanks

James

Hi James

Thanks for your feedback, always encourage anyone with any feedback good or bad please let me know!

About the no trades i am almost 99% sure that it was because the stochastic had coded in there is not needed with the fibpivot version or the fibpivot version with FDE think this is why hardly not any trades, please test and let me know!! This version has no stoch when using fibpivots and no stoch when using it with FDE and Fibpivots, if both above are false then will be using Third Candle with stochastic filter, also this version (the last version had it forgot to mention) has a timefilter added.

Files:
third_candle_trend_v1.mq4  33 kb
 

Hi Mr Tools,

In the codes for Third Candle Trend_v1,

if(Usefibpivotswfde)

{

if(Low[3] > Low[2] && Low[2] Open[1] && Close[3] Open[1] && Close[2] > Open[2] && Bid = s3 && fde < fde1) return(__trendUp);

if(High[3] High[1] && Open[0] Open[3] && Close[1] < Open[1] && Close[2] = r1 && Bid <= r3 && fde < fde1) return(__trendDown);

Here one of the conditions for both trend up and down is fde < fde1. Could this be a bug ?

pooh

 
pooh123:
Hi Mr Tools,

In the codes for Third Candle Trend_v1,

if(Usefibpivotswfde)

{

if(Low[3] > Low[2] && Low[2] Open[1] && Close[3] Open[1] && Close[2] > Open[2] && Bid = s3 && fde < fde1) return(__trendUp);

if(High[3] High[1] && Open[0] Open[3] && Close[1] < Open[1] && Close[2] = r1 && Bid <= r3 && fde < fde1) return(__trendDown);

Here one of the conditions for both trend up and down is fde < fde1. Could this be a bug ?

pooh

Hi Pooh,

No Fde is saying trend when moving down so was thinking would be good to take the 3rd candle with the trend.

 

hey people,

which pairs can you use this on?

i tried to backtest with 15m EURUSD data but it just came up in the journal that it could not open the file on this pair.

Any clues?

Mark

 

Hi Latter,

Which version are you testing, and what broker? Also usually when you get that error you may be missing an indicator the Ea is using for its signals to trade.

 

haha... sorry, i was new yesterday to this site!

ok, i just ran the Third Candle Trend_v1.mq4 with Fractal dimesion Ehlers.mq4 in my indicators. in the strategy tester. it did not do so well, it made 4 trades then stopped. any idea why?

it was testing on EURUSD M15. it was down a bit too.

so, the question is, does this EA work for you? and if it does, what settings do you use?

I have seen you in a lot of posts throughout the forum MR Tools, you are very very helpful. Can i ask, what do you use that works? i read the whole trend labs forum string and got the whole thing, now i think the whole system does not work anymore! it is now non profitable. Are you able to direct me to something that does currently work please? manual or EA.

really appreciate in advance! Thanks!

Mark

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