Introduction:
(Take a look at Page # 11, Post #167 for an update - Expirement 3 .... if you want to get to it.....some changes have been made....if you want a history...keep reading below.)
This is an Experiment
Trade at your own risk
See the attachment below
Please feel free to add your thoughts
Indicator:
CanuckCT has created an indicator.
Indicator is attached below. Indicator is a work in process.... Indicator is painting fibs back in time for visual testing of the Entries, TPs and SLs.
Anchor Pivot is calculated at the 5pm EDT Open Candle, UTC_GMT 21
To shift, use positive numbers only.
Keep on 1HR View
Download Indicator and use the following (this is Experiment 2)
BTP = 100
BE = 50
BSL = 0
STP = 100
SE = 50
SSL = 0
BSL, SSL and Open labels will overlap
You need to understand how I initially created the Blue and Red Fibs so that you can put in the correct Fib information.
The indicator will replace the Setup Steps below.
Post #5 really shows the Blue and Red Fibs expanded.
Fibs are generated long (Blue) and short (Red).
(You can use your own Fib %.)(Goal is to manage risk first and then take profit.)
Reading through the first four pages is worth your while to see how this has evolved....wont take long.
Short Description:
Use fibs based on the NY Close and the Daily ATR(22)/2, rounded up.
(Experiment 1 ... not as profitable as orignally thought.)
Blue Fib:
TP at 150
Buy at 76.4
SL at 23.6
Red Fib:
SL at 23.6
Sell at 76.4
TP at 150
(Experiment 2 ... much more profitable then Experiment 1.)
TP at Blue 100
Buy at Blue 50
SL at Blue 0
SL at Red 0
Sell at Red 50
TP at Red 100
MM:
1. Trade at your own risk
2. Modify Buy, Sell, SL, TP and Lots based on calculating how much you can afford to lose based on your Trading Objectives, and Trading Plan
3. Modify Buy, Sell, SL, TP and Lots based on Trend
Trend:
1. Use the 1 Hr View
2. Squeeze the View
3. Determine your perception of the Trend
4. Suggestion, fib the previous week with your favorite fibs or numbers
4.1 Put the 0 fib at the high or the low in the direction of the Trend
4.2 If the previous week's close is > the open, Trend is Up
4.3 If the previous week's close is < the open, Trend is Down
4.4 If the previous week's close is = to the open, use fib from 2 week's ago
Setup:
Indicator replaces the following Setup steps.
1. Calculate the Daily ATR(22) -- keep it simple and use the ATR based on your broker's day
2. Divide the result by 2
3. Use the Fib Tool with your favorite Fibs or numbers
4. You will need 2 Fib Tools.
5. Color code the up Fib Tool Blue
5. Edit the Fib Tool Properties Parameters Tab
6. Put the (( sum of the 5pm Open Price + the Daily ATR(22)/2 )) into the highest value box
7. Put the 5pm Open Price in the lowest value box
8. Color code the down Fib Tool Red
9. Edit the Fib Tool Properties Parameters Tab
10. Put the 5pm Open Price in the highest value box
11. Put the (( sum of the 5pm Open Price - the Daily ATR(22)/2 )) into the lowest value box
12. 5pm EDT = 21 UTC GMT
13. Demo Broker is PMG Best
14. Fib tool is the only tool needed
15. Other Fib lines in the attached are Weekly and based on 2008.7.11 to 2008.10.24
16. Other indicators are ATR in PIPs, i-5days, P4L Clock, PivotPoints MultiTimeframe and an indicator used to shade time based on an indicator created by Accrete
16.1 I use the hourly view and the ATR(22) on the hourly screen shows the hourly average for the past 22 hours. I switch to the Daily view to get the Daily ATR(22)
17. If you'd like the indicators, please search for them in FF
18. Remember, all you need is the Fib Tool and to know when 5pm EDT, and eventually, 5pm EST occurs. You don't need CanuckCT's indicator.
Comments:
1. I'd like to see if trading from 5pm EDT and eventually 5pm EST, based on the above or a modification of the above, can be profitable
2. I don't trade this method, yet ... the Buy at 50, TP at 100, SL at 0 and the Sell at 50, TP at 100, SL at 0 has been proving profitable
3. Trade at your own risk. CanuckCT and I are not responsible for your wins or losses
4. Thanks go out to many FF members - 2005 to present
(Take a look at Page # 11, Post #167 for an update - Expirement 3 .... if you want to get to it.....some changes have been made....if you want a history...keep reading below.)
This is an Experiment
Trade at your own risk
See the attachment below
Please feel free to add your thoughts
Indicator:
CanuckCT has created an indicator.
Indicator is attached below. Indicator is a work in process.... Indicator is painting fibs back in time for visual testing of the Entries, TPs and SLs.
Anchor Pivot is calculated at the 5pm EDT Open Candle, UTC_GMT 21
To shift, use positive numbers only.
Keep on 1HR View
Download Indicator and use the following (this is Experiment 2)
BTP = 100
BE = 50
BSL = 0
STP = 100
SE = 50
SSL = 0
BSL, SSL and Open labels will overlap
You need to understand how I initially created the Blue and Red Fibs so that you can put in the correct Fib information.
The indicator will replace the Setup Steps below.
Post #5 really shows the Blue and Red Fibs expanded.
Fibs are generated long (Blue) and short (Red).
(You can use your own Fib %.)(Goal is to manage risk first and then take profit.)
Reading through the first four pages is worth your while to see how this has evolved....wont take long.
Short Description:
Use fibs based on the NY Close and the Daily ATR(22)/2, rounded up.
(Experiment 1 ... not as profitable as orignally thought.)
Blue Fib:
TP at 150
Buy at 76.4
SL at 23.6
Red Fib:
SL at 23.6
Sell at 76.4
TP at 150
(Experiment 2 ... much more profitable then Experiment 1.)
TP at Blue 100
Buy at Blue 50
SL at Blue 0
SL at Red 0
Sell at Red 50
TP at Red 100
MM:
1. Trade at your own risk
2. Modify Buy, Sell, SL, TP and Lots based on calculating how much you can afford to lose based on your Trading Objectives, and Trading Plan
3. Modify Buy, Sell, SL, TP and Lots based on Trend
Trend:
1. Use the 1 Hr View
2. Squeeze the View
3. Determine your perception of the Trend
4. Suggestion, fib the previous week with your favorite fibs or numbers
4.1 Put the 0 fib at the high or the low in the direction of the Trend
4.2 If the previous week's close is > the open, Trend is Up
4.3 If the previous week's close is < the open, Trend is Down
4.4 If the previous week's close is = to the open, use fib from 2 week's ago
Setup:
Indicator replaces the following Setup steps.
1. Calculate the Daily ATR(22) -- keep it simple and use the ATR based on your broker's day
2. Divide the result by 2
3. Use the Fib Tool with your favorite Fibs or numbers
4. You will need 2 Fib Tools.
5. Color code the up Fib Tool Blue
5. Edit the Fib Tool Properties Parameters Tab
6. Put the (( sum of the 5pm Open Price + the Daily ATR(22)/2 )) into the highest value box
7. Put the 5pm Open Price in the lowest value box
8. Color code the down Fib Tool Red
9. Edit the Fib Tool Properties Parameters Tab
10. Put the 5pm Open Price in the highest value box
11. Put the (( sum of the 5pm Open Price - the Daily ATR(22)/2 )) into the lowest value box
12. 5pm EDT = 21 UTC GMT
13. Demo Broker is PMG Best
14. Fib tool is the only tool needed
15. Other Fib lines in the attached are Weekly and based on 2008.7.11 to 2008.10.24
16. Other indicators are ATR in PIPs, i-5days, P4L Clock, PivotPoints MultiTimeframe and an indicator used to shade time based on an indicator created by Accrete
16.1 I use the hourly view and the ATR(22) on the hourly screen shows the hourly average for the past 22 hours. I switch to the Daily view to get the Daily ATR(22)
17. If you'd like the indicators, please search for them in FF
18. Remember, all you need is the Fib Tool and to know when 5pm EDT, and eventually, 5pm EST occurs. You don't need CanuckCT's indicator.
Comments:
1. I'd like to see if trading from 5pm EDT and eventually 5pm EST, based on the above or a modification of the above, can be profitable
2. I don't trade this method, yet ... the Buy at 50, TP at 100, SL at 0 and the Sell at 50, TP at 100, SL at 0 has been proving profitable
3. Trade at your own risk. CanuckCT and I are not responsible for your wins or losses
4. Thanks go out to many FF members - 2005 to present
Attached File(s)
Pivot points - Barney Dog Breakout v1.4.mq4
11 KB
|
517 downloads
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Uploaded Oct 17, 2010 12:16am