THE JOY OF CANDLESTICK TRADING - a Learning Experience

[tonymand]

Originally Posted by Sweet Pip

Ok, I found myself a Keltner channel indicator...(a bit different from my mickey mouse rendition as above ) . Ready to continue now!

Oh and I love that investopedia site...tons of articles giving great examples of what, where, when & why one might want to use various indicators & tools!

Where did you get that Sweetpip?

[tymen1]

To Sweet Pip :

So glad you got the Keltner channel going. When I saw your first post, I was not sure what to do - except to post the formula.

Congratulations for some hard work on your part.




Now for the record, I shall post some Keltner channel formulas :



Version 1

Formula #1
Name: The 10-Day Moving Average
Formula: MOV( (H+L+C)/3, 10, Simple )

Formula #2
Name: Upper Keltner Band
Formula: MOV((H+L+C)/3,10,S) + MOV((H-L),10,S)

Formula #3
Name: Lower Keltner Band
Formula: MOV((H+L+C)/3,10,S) - MOV((H-L),10,S)

All three formulas must be plotted.




Version 2


By tymen1 at 2008-03-12

[tymen1]

And now, for the final result of the 5 minute chart - although you can see the result already on the earlier 25 minute chart :




By tymen1 at 2008-03-10



Next post I will introduce you to an amazing principle that I think many of you may know about already - but maybe you have never thought of using it.

This principle will then work in with the 5 minute chart, a MACD and the Keltner channel to allow precise entries.

[daydreamer65]

Originally Posted by tymen1

To Daedalus :

Thank you so much for your encouragement. So few people are replying so that I think I might be wasting my time. But your post gives me the motivation to continue on. I do hope you can get something out of this thread.

Great thread Tymen keep up the good work.

[dobro]

I'm lost but keep posting and I will find a way. Always admire the time you give to us, keep teaching.d

[Sweet Pip]

Originally Posted by tonymand

Where did you get that Sweetpip?

Hi tonymand, I found it on the MQL4 codebase website. It doesn't look like Tymen1's example with his being a solid gray matter so I presume his is like that for demonstration purposes (being that he's doing his examples in a Paint program). These are the band lines like what is illustrated in the articles he provided links to.

I can't seem to upload a file like I can a picture so here's a link to where I got it from:

Keltner Channel - MQL4 Code Base

Hope that helps

[tymen1]

It doesn't look like Tymen1's example with his being a solid gray matter so I presume his is like that for demonstration purposes (being that he's doing his examples in a Paint program).

Yes that is correct Sweet Pip.

It comes on the chart as an upper, middle and lower band.

But for the sake of clarity, I have :

1) Removed the grid lines on the chart.
2) Coloured the Keltner fully in grey to make it clearly distinguishable from the Bolinger bands. (Done in Microsoft Paint - standard with XP)
3) The BB are in blue so that they can be seen.
4) My arrows pointing to important matters are in bright pink.

The Keltner middle band will soon be visible - it is coloured yellow to contrast against the grey.

Next post tomorrow.

[Cdawg]

I'm following this thread along as well, thanks for your effort!

[Max99]

Originally Posted by tymen1

To Daedalus :

Thank you so much for your encouragement. So few people are replying so that I think I might be wasting my time. But your post gives me the motivation to continue on. I do hope you can get something out of this thread.

I think this is a great thread and the reason there aren’t many responses is because your explanations are so good that no one needs to ask questions.

I’m just impatient and it’s hard waiting so long for the next post!

[VulcanClassic]

Hey Tymen,

Gotta say I love your system.

As a newbie I was cautioned about smaller time frames.

I was using the 1hr as my smallest increment, but I find I'm a little too jumpy for that. I would enter and at times it would start backing up 5 pips then 10 then 15, and I'd jump out - mild losses but they add up when you do 5 in a row.
Since I've been using your system on the 5 min that has pretty much gone away, I find it suits my personality better. I'm still using 1hr but pinpointing entrys with the 5 min.

I understand the use of MACD and BB but not the Keltner. I can hardly wait...

Thank you very much.