BabyPips.com Forex Forum - Free Forex Trading Systems

Break Out Boxes + Indicator

AlienOvichO — Sat, 18 May 2013 17:33:35 GMT

Hello Every Body

Disclaimer : I do not own the system neither the indicator , i only wanted to post this for the benefice of the community and to ask for some help.

There is many break out systems but this one in particular using it's indicator do all the work for you , all you need is to wake up in the morning and set your orders then come later to collect the profits.

Sounds too good to be true so let's take a look at it then we can judge it :

As you can see it gives you the sell & buy orders , 3 TP and a SL
Suggested time frame : 15min
Pairs : ALL
You can change TP & SL and set the Alarm when TP hits
You can change time set to match your broker server

There are 3 different session to start trading so if you missed the London Breakout you move on to NY session by just changing the options :

Well we all know the market could reverse in any sec so you can't get all of the 3 TP every time so it's better to take your 1st profit then move the SL of the rest of your position to your entry point then at TP2 move your SL to TP1

Recommendation

Time Frame : 15min
Pairs : ALL , you better apply it on more then 3 pairs so you have diversified positions in case one of them hits SL you'll have more that hits TP
Session : Best results on London , so you have to set your orders 1H before it opens
You could just aim for 1 TP on multiple Pairs in different sessions which gives you Huge profits

Request

I would really appreciate if there is someone here who could transform this Indicator to an EA that makes the 2 orders provided for the session and when 1 order is triggered the other is canceled , also moving the SL after each TP to secure the position

The Indicator is attached to this thread

Attached Images

Need Forex Trading information

siddika — Fri, 17 May 2013 08:37:39 GMT

In Forex what kind of business I can do ? Also wanted to know how much money does needs If I wanted to start invest in Forex?

May Cake Trading system Video

avilanch2001 — Thu, 16 May 2013 11:57:58 GMT

Hey guys check it out. My first expert advisor almost completely finished. I only had time today to post a quick video of a backtesting in visual mode but am happy to share it here. If there's some interest ill share the System behind the Ea. So please let me know what you guys think.
Thanks
Matt

Attached Images

make money with MAGHNES

codyco — Thu, 16 May 2013 10:19:00 GMT

I'm using FREE - MAGHNES forex robot software

Seems very stable, safe and profitable!
Are these somebody using?

Important Information for Beginning Futures Traders

leareva970 — Wed, 15 May 2013 08:08:06 GMT

Important Information for Beginning Futures Traders

For starters, it will help you strengthen whatever you have observed your flaws to be. understanding your own flaws as a trade endows you to find the right learning or teaching to help turn those flaws around and make them power.
understanding how to use technical analysis in your favor is very significant as a dealer, despite of if you are just beginning out or you've been in the game for a long time. All traders use technical analysis in some pattern or another, so as a new dealer, you can do yourself a gigantic favor by learning as much as you can about the more commonly used indicators such as RSI, going Averages, MACD, and others.

MT4 alert...need help

pippuller — Tue, 14 May 2013 18:30:07 GMT

Anyone know how I can create my own alert in MT4 based on price action or candles closing below or above a Moving average.

Ichimiko traders help!

trader988 — Mon, 13 May 2013 05:26:25 GMT

Hello there, I would like to ask about the 3 pillars of ichimoku. And how do you apply it?
The crosses are mainly my signals but i read somewhere that the 3 pillars may provide you more accurate analysis.

Thank you for the help

EURUSD Index

MarkBraun — Sun, 12 May 2013 06:30:20 GMT

Hi everyone,

I've recently created quite powerful indicator using Hitrader website community and want to share it.
The idea is to use a portfolio of successful traders to determine a moment when to trade EURUSD. Every time if someone has EURUSD or any EUR cross long position we assign +1 to this trader and -1 in case of short one. Then we sum these numbers (50 traders) to get EURUSD Index. If it’s more than +20 we hold EURUSD long next day (one daily bar), less than -20 short. Please have a look at the attached figure. There was long on April 9, April 11, April 16, April 22, April 25 and April 30; short on April 23. So far the performance looks very good. No doubt it's just six weeks but I'm planning on getting more statistics and see how it works :)

Cheers. Mark

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Rover North + Greg Stefaniak + Daily Pivots = Success?

Piptomitrust — Sat, 11 May 2013 01:31:33 GMT

So, I bought the Rover North system a couple of years ago when I first started trading, and have been using it off and on with some success. Mind you that I have a full time job so I don't always have a lot of time to trade. Anyways, the issue I have with the system is that sometimes, if you enter a trade late in the trend, price ends up reversing and you're stuck in a losing trade. Additionally, the risk-reward ratio isn't that great if you happen to have a losing trade. I think the guy who actually traded this system and won the Surefire Trading contest was using it to capture 5-10 pips per trade at maximum leverage, and then to close the trade a.s.a.p. I was never really clear in my understanding of where to put a stop-loss on the trade since the pip capture he showed on his training video's was so low.

Then, last year, I stumbled upon a guy by the name of Greg Stefaniak. His system was pretty simple as well using the ADX Indicator (Average Directional Movement), Momentum Indicator, and the SAR Indicator (Stop and Reverse). He seemed to be fairly successful as well but, again, his trades weren't necessarily flawless. He did offer some free videos online showing how to trade his system. If I can find a link for them, I will post it for you to view.

Both systems seemed to hold promise, but neither, I felt, were close to perfection. And, to take a quote from William Shatner as Captain Kirk in one of my favorite movies "Star Trek: The Wrath of Khan"...: 'I don't like to lose...'

So, a couple of weeks ago, I had an epiphany: "What if I were to use both systems simultaneously with the rules for both commingled, and see what happens..." I started going through my charts for the major pairs and setting them up using indicators from both systems. As I did so, and I applied the trade rules for each system together, the results of the trades were pretty impressive. I did make some 'minor' modifications to the Stefaniak system opting for a lower Directional Index signal than what he uses, but it seems to be working. I have a Demo account (AVA Financial) I opened this week and have placed a few trades using the two systems together, as well as the daily pivots, to determine my take-profit. There weren't a large number of trades available due to the scrutiny of the two systems working together, but the accuracy of the trades was fairly flawless.

As an additional note, I have a candlestick indicator that I bought from Don Steinitz that I was using as well to help determine candlestick pivots. His indicator draws a line straight across the chart whenever a bearish or bullish candle is formed so you can visually see where the support and resistance is. And, it settles my mind knowing I have a buy or sell candle in the mix.

I was hoping some of you could take a look at it and let me know if it looks promising, and something that warrants further investigation... You don't necessarily have to have the candlestick indicator as long as you have the daily pivots to show you where to establish a take profit level. I tend to use this indicator more as a confluence indicator than anything else.

Here are the setups and rules that I've been using below...

1.) Setup a regular candlestick chart in Metatrader. I change the colors to Red for a sell candle and Lime for a Buy candle

2.) Add a 14-period EMA (Exponential Moving Average) to the chart. Use the color light blue or something similar

3.) Add a 144-period EMA (Exponential Moving Average) to the chart. Use the color purple or indigo

4.) Add the ADX Indicator window. In the 'Level' section of the indicator, establish a line at the value '25'. Period is 14. And, for the positive Directional Index (+DI) I use the color lime, and for the negative Directional Index (-DX) I use the color red. This helps to visually see a buy/sell cross.

5.) Add the Momentum indicator window. In the 'Level' section of the indicator, establish a line at the value '100'. Period is 14. When the line is above 100 it indicates a Buy environment. When it is below 100 it indicates a Sell environment.

6.) As an extra measure of confluence, you can add the MACD Indicator to show MACD Crossover. It's up to you. I added that this week and was looking at it off an on. It's up to you.

7.) Add the Daily Pivots indicator to your chart.

8.) And then if you have the candlestick indicator, you can add that as well.

Here are the trading rules...

1.) The Rover North system is basically an EMA Crossover system. You start on the 5-minute chart and look to see if the 14-period EMA has crossed over the 144-period EMA. If so,...

2.) Go to the 15-minute chart and check to see if the 14-period EMA has crossed over the 144-period EMA. The 15-minute chart should have a crossover in the same direction as the 5-minute chart. So, if price is rising, the 14 period EMA should be above the 144-period EMA on both charts. If so,...

3.) Go to the 30-minute chart and check to see if the 14-period EMA has crossed over the 144-period EMA again, in the same price direction. In essence, you should have price on all three charts, as well as the 14-period EMA above the 144-period EMA for a 'Buy' signal, and then all of them below the 144-period EMA for a 'Sell' signal. Do this again on the 1-Hour chart as well. You should have confluence on all four time frames.

4.) Now, on the same four charts, look to see if the Directional Index on all four charts is at or above 25. If it's a Buy signal, the green DI should be touching or above the 25 level on all four charts. If it's a Sell signal, the red DI should be touching or above the 25 level on all four charts. Greg Stefaniak advises that the DI for a trade on the 5-minute chart be at or above 35. I haven't seen much of a difference with that as long as all four time frames are at or above 25, but it's something to fine-tune and play with.

5.) Look now at the Momentum indicator on all four charts. For a Buy signal, is the Momentum indicator above 100 on all four charts? If there's a Sell signal, is the Momentum indicator below 100 on all four charts?

6.) Finally, look to see how close price is to the next daily pivot in terms of price movement. If you have a Buy signal, you're looking for the next Resistance level. If you have a Sell signal, you're looking for the next Support level.

7.) OPTIONAL: Add the MACD indicator to see if there's a cross on the timeframes. Usually there is, but it's an added measure for confidence.

If all of this measures up, and the conditions are met, you should be able to place a profitable trade with a very, very high level of success.

TAKE PROFIT: I set my take profit level right now at ten pips MINUS whatever spread I have on that currency pair. So, if my plan is ten pips, and my spread is 2, I set my take profit at 8 pips.

STOP LOSS: I haven't figured out a good stop-loss yet. The trades have pretty much been successful. I did set a Stop Loss on one of the trades and didn't set it high enough... Ergo, I was stopped out, and then the price moved in the direction I wanted it to. Bugger.

Any comments or ideas would be much appreciated. I'll post a screenshot of what I'm using so everyone can see the setup firsthand, as well as a profitable setup.

Thanks for your time!

The Piptomitrust

P.S. If you're really paranoid about price reversing on you, you can go to the monthly charts and check to see which currencies are really overbought or oversold right now. As an example, the USD/CAD is pretty oversold, whereas the AUD/USD is fairly overbought (My Opinion on both of these). You could only place Buy trades on the USD/CAD and Sell trades on the AUD/USD. I'm saying this because I got caught in a Buy trade on the EUR/JPY a couple of years ago when I was a newbie, and it reversed heavily. I was in that trade for almost a year before price came back up. I wasn't seasoned enough to put a stoploss on the trade. So, note to self...

My Simple SheriffOnline System - Happy Piping

sheriffonline — Fri, 10 May 2013 05:26:07 GMT

Hi to all,

Herewith i would like to share my system which i play since January 2013.

Sofar I made +586 Pips by using the system.

Simply i named as my SheriffOnline ... LOL...

But we make some good pips...

System Required:

No Indicarors needed.
Any Timframe
AUD/JPY Pair Only (other pairs will fails)

ENTRY:

Buy at Thursday Market Open time and Exit at Friday Market Close time.
No S/L
No T/P
No Selling Allowed

Your feedback will be highly appreciated...

Note:
Please try the system with DEMO before go with LIVE account.
Ofcourse must apply MM(Money Management).

To Your Success
Sheriff

Money management based on normal distribution

lukeaye — Thu, 09 May 2013 13:04:23 GMT

Ok so I was thinking about some money management strategies today and i had the following thoughts. Please let me know if my logic or mathematics could be flawed.

If we build a distribution of returns, we will generally find that they are approx normal. If the mean return is say 3% with a S.dev of say 0.5%, and we get a return of 8% on 3 consecutive trades, there may be 0.0005% chance of this happening, according to the CLT. The assumption is that returns are INDEPENDENT, and each event is purely random and does not have any influence on the events prior or proceeding. My question; is this in fact an accurate assumption? When we trade a particular strategy, and for hypothetical sake, the system works on the existence of some sort of trend or momentum, than these returns, CANNOT be independent. A return on one trade could be completely dependent on the prior event.

For example:

We take a trade long on the AUD/USD, then exit the trade on a trailing stop, the process is then repeated and the same result is attained. These two trades may have spanned over a total time period of 3 months. Going forward, any long trade, may now have a reduced probability of success, as the momentum dynamics are no longer intact. When you think about it, this is not such a far fetched proposition. If we were to run a scan on the average price movement of the AUD/USD before it experiences a significant change in the reverse direction, we would probably find that the trades are dependent on this horizon.

SO, if we have a winning long trade on the AUD/USD and have not seen a major reversal in price action, our expectation of returns should drop, for the long side. If this is the case, we should be scaling our money management based on the type of strategy we have, and the phase of the pair we are looking at.

So should we reduce our risk from say 1% to .6% to represent this change in expectancy, and then increase it given the more losing trades we have. So we have a dynamic MM strategy, based on the expectancy of the returns?

I hope that all made sense lol.

A strategy is born, be part of the process!

lukeaye — Wed, 08 May 2013 22:14:34 GMT

Before i get into this, I haven't really introduced myself to anyone on this forum. I used to trade in 2007 - 2008 (great time to trade) and didn't really nail it. My strategies weren't really working and so i pulled my money, but continued my research. I loved it all so much i went back to university and studied finance, where i am now about to finish my degree. I have met with a couple of full time traders, who are currently starting up a fund, that i will help manage. I'm no where near as seasoned as them at trading, but have other fields of expertise through my studies, such as portfolio design, corporate structures, tax law etc etc.

I digress, i'm basically looking at testing a few new strategies that i have come up with over the last few weeks. I want to try and build a full strategy for everyone to comment on, and for everyone to see. I'm hoping that i will get some constructive input, and others who maybe lack the discipline or know how, will be able to learn from this. I'm sure this has probably been done before, but this is for my own benefit as well.

No question is stupid, and i will try to address every question you ask. Please don't make fun of others or give negative feedback. If you post "that will not work" with no significant support for your comments you will be ignored.

Mcx copper and cardamom news

RANI — Tue, 07 May 2013 16:07:03 GMT

Cardamom May MCX: Cardamom traded extremely sideways and later closed the day at 755.10 levels. Now it is required to break the trend line support of 750 for triggering freshsell offs towards 725 followed by 700 levels The daily SIindicator is also supporting thesame view On the other side, if unable tobreak 750, expect corrective rallies to 800 levels during the day. Major upside moves are expected only on a close above 830 regions.

Best Forex Trading System: May 2013

RoboPip — Mon, 06 May 2013 13:47:14 GMT

Greetings, earthlings!

Feel free to submit your entries to the May 2013 Best Forex Trading System contest below!

Just paste a link to your system's thread in a comment below. Good luck and may the best system win!

Daily 40 pips strategy

traderuk — Thu, 02 May 2013 23:55:00 GMT

Hi,

Timeframe: Daily
Pairs: Any

At the start of each day (0:01) place pending Buy and Sell 40 pips from current price with TP/SL of 40 pips.

You could use the average daily range to estimate how many pips to place TP.

If a trade is in motion on the next day I sometimes move the SL and TP up again 40 pips from current Bid trailing the stop manually depending on momentum and trend direction.

There might be a better way to trail stop every 40 pips or so but this strategy seems to always gain at least 40 pips. Add many pairs and you have yourself a few pips.

It would be great if someone could code this in to an EA with money management and dashboard trading all pairs, way over my head.

Here is the template, indicators, scripts (pending orders and close all) and the broken ea.

DailyRange.zip

I've modified the send_pending script from MT4 to set the pending orders manually each night which saves some time.

Code:

//+------------------------------------------------------------------+

//|                                                 send_pending.mq4 |

//|                      Copyright © 2004, MetaQuotes Software Corp. |

//+------------------------------------------------------------------+

#property copyright "Copyright © 2004, MetaQuotes Software Corp."

#property link      ""

#property show_confirm



//+------------------------------------------------------------------+

//| script "send pending order with expiration data"                 |

//+------------------------------------------------------------------+

int start()

  {

   int    ticket,expiration;

   double point;

//----

   point=MarketInfo(Symbol(),MODE_POINT);

   expiration=CurTime()+PERIOD_D1*60;

//----

   while(true)

     {

      ticket=OrderSend(Symbol(),OP_SELLSTOP,1.0,Bid-400*point,0,Bid,Bid-800*point,"SELLSTOP",16384,expiration,Green);

      if(ticket<=0) Print("Error = ",GetLastError());

      else { Print("ticket = ",ticket); break; }

     }

   while(true)

     {

      ticket=OrderSend(Symbol(),OP_BUYSTOP,1.0,Bid+400*point,0,Bid,Bid+800*point,"BUYSTOP",16384,expiration,Green);

      if(ticket<=0) Print("Error = ",GetLastError());

      else { Print("ticket = ",ticket); break; }

        Sleep(10000);

     }

//----

   return(0);

  }

//+------------------------------------------------------------------+

I tried to build a simple EA by using snippets of code and patching together but am seeing OrderSend error 130.

Code:



#property copyright "Copyright © 2013"

#property link      "stefan@somewhere.com"



//---- input parameters

extern double    Lotsize=0.1;

extern double    iEma=200;



bool tradeOpen=false;

int ticket,point,expiration,order=0;

double yClose;



bool NewBar()

{

   static datetime lastbar = 0;

   datetime curbar = Time[0];

   if(lastbar!=curbar)

   {

      lastbar=curbar;

      return (true);

   }

   else

   {

      return(false);

   }

}



//+------------------------------------------------------------------+

//| expert initialization function                                   |

//+------------------------------------------------------------------+

int init()

  {

//----



  for(int pos=0;pos
    {//Loop through existing orders

      if(OrderSelect(pos,SELECT_BY_POS)==false) continue;

      if(OrderSymbol()!=Symbol()) continue;//Order doesn't match current chart pair

      if(OrderSymbol()==Symbol())

        {//Order matches chart pair

          ticket=OrderTicket();

          tradeOpen=true;

          break;

        }//End order match

    }//End looping through open orders

    

//----

   return(0);

  }

//+------------------------------------------------------------------+

//| expert deinitialization function                                 |

//+------------------------------------------------------------------+

int deinit()

  {

//----

   

//----

   return(0);

  }

//+------------------------------------------------------------------+

//| expert start function                                            |

//+------------------------------------------------------------------+

int start()

  {

//----

/*

  int i=0,R10=0;

  double magic,raw,ravg,bsl,ssl,buy_tp,sell_tp;



  for(i=1;i<=10;i++)

    R10   =    R10 +  (iHigh(NULL,PERIOD_D1,i)-iLow(NULL,PERIOD_D1,i))/Point;



  raw = R10/10;

   

  ravg = 10 * (MathRound(((25 * (MathRound(raw / 25))) / 2) / 10));



  yClose=Close[1];

  magic=ravg*Point;

  bsl=Ask-magic;

  ssl=Bid+magic;

  buy_tp=Ask+magic;

  sell_tp=Bid-magic;

*/

  if((NewBar()==true)&&(DayOfWeek()!=0)&&(tradeOpen==false))

   { // start New Bar trade, but not on Sunday, nor if last trade still open

     iEma=iMA(NULL,0,50,0,MODE_EMA,PRICE_CLOSE,1);

     

     if(yClose>iEma)

       order=1;

     else

       {

     if(yClose
        order=-1;

     else

        order=0;

       }

         

     if(order==1) // Buy

      {  

         ticket=OrderSend(Symbol(),OP_BUYSTOP,1.0,Bid+400*point,0,0,0,"BUYSTOP",16384,expiration,Green);

         if(ticket<=0) Print("Error = ",GetLastError());

         else Print("ticket = ",ticket);

         tradeOpen=true;

      }

     if(order==-1)//Sell

       { 



         ticket=OrderSend(Symbol(),OP_SELLSTOP,1.0,Bid-400*point,0,0,0,"SELLSTOP",16384,expiration,Green);

         if(ticket<=0) Print("Error = ",GetLastError());

         else Print("ticket = ",ticket);

         tradeOpen=true;

       }

     if(order==0)//Neither

       Alert("No valid signal on ",Symbol()," today.");



   } //End New Bar  

 /*  

   if(tradeOpen==true)

     {

       if(OrderSelect(ticket,SELECT_BY_TICKET)==true)

         {

           if(OrderCloseTime()!=0)

             tradeOpen=false;

         }

       else

         Print("OrderSelect returned the error of ",GetLastError());

     }  */

//----

   return(0);

  }



//+------------------------------------------------------------------+

Attached Images

Attached Files

DailyRange.zip (22.8 KB)