You’re an amazing fellow Robert and as Mike said one time you have an instinct for making pips and probably could do it on a naked chart or was that naked with a chart. As long as it wasn’t with an ugly naked woman you’re safe and no stoploss needed. LOL.
By now I hope you realise I like to get you going a bit but it’s all in good fun and it does seem to get you posting. I get bored with this trading and looking at the charts so I go on these sites to see what kind of trouble I can get into and yank a few chains here and there. I find that unlike you some people just haven’t a sense of humor.
I’ve watched newbies trade the HA on the 4H and get hammered. My comments on the last post are still true. The HA might not change color for two 4H bars after hitting the pivot point and that is 8 hours too freaking late. Where the heck is the logic in that kind of trading? Too late on the 5M is 10 minutes for two bars. Now if I’m going to be late to the dance I want it to be the lessor of the two and I will still get to dance with a pretty girl.
Well, your up early, or maybe I’m up late? I got a flight to catch in a few hours, going back home before I start my summer classes. I’m +3.4 tonight lol, had one trade for -30 and another for 34.xx
The absolute best thing you could do with these thingies is put them on your charts. LOL.:rolleyes: Once this is done you will see the PA move between the channels which is a good thing to watch as it will show you the trend as well as the Support and Resistance Levels.
This knowledge can make your bank account swell and the pretty girls follow you around while driving your Lamborginni. That’s a very expense Italian sports car that I have no desire to own as the pretty woman follow me around way to much for my wife’s liking now.
Besides I’m way to old to get in and out of one of these things. A friend took me for a ride in his new Corvette and I thought they might have to call for the "Jaws of Life: tool to get me out. The other problem I have is no fear of speed which I come by naturally as all my uncles were race car drivers and taught me how to drive.
I’m sure you could probably handle this kind of problem much better than I so go for it.
My Daughter’s boy friend bought a Laborginni for around $375,000 two years ago just to use while he and my Daughter toured Italy. While he was there he bought a boat for 2.5 million. This guy has a few billion and likes to spend it. I told my Daughter if she doesn’t marry him that I will. LOL.
Or if you end up not liking these channels try figuring Robert’s method out as it seems to serve him well. I just can’t keep up with which method he’s using or if it really matters as I think he could trade and make money by flipping a coin. He may just have a brain like George Soros and is wired differently then the rest of us poor traders that get migaines staring at the charts and trying to figure him out.
Ok ill try those again and see what happens. Seems like both you anr R Carter like to use many different trading systems, though RC definitely has you beat lol.
Yes you are correct and I humbly bow to the King. The one thing you don’t know is I trade all my systems at the same time on multiple charts with mutiple brokers and I write code and posts between trades.LOL. I know its a little crazy but I don’t trade 18 hours a day either. That would put me in the nut house for sure.
Remember the SHI will recalculate on every bar. I have three on the the same chart set at 60, 96 and 240.
Johnny
I haven’t been using those SHI channels but decided to put them on a chart and take a look. Do you not have a problem with them repainting? Don’t they change as price moves? In other words don’t the channels follow price rather than price following the channel? I’ll keep them on the chart for a while and see what happens.
Still want to hear more about your next candle predictor !
The Shi Channel is a variation of the basic linear regression channel.
The Linear Regression is a concept also known as the “least squares method” or “best fit.” Linear Regression draws a straight line between a range of bar values that the distance between each data point, the high and the low from the line is equalized.
The equation of a regression line is:
y = mx + b
The channel lines are drawn parallel from the Linear Regression line equidistant from the line from a standard deviation which is usually a value of 2.
You can draw these manually in most trading platforms and adjust the perimeters such as the deviation value and the value the LR uses to draw the line such as the close, high, low or a mathematical formula. I draw these all the time on my charts.
The SHI is a little different and a little more complicated and hence its value to the trader. The SHI deviation value is not a fixed number but yet another mathematical formula and linear regression line on the highest highs and another on the lowest lows. Which ever value is lower is where the deviation value is set but there is also another algorithm that looks at previous S & R points as the formula uses these previous points as data points to draw the line. So a previous high which was a point of resistance is now a point of support and you will see the lower line passing through these points and inversely for the high line.
The number of Fractals is also a user input option. A user option on some indicators allows for using the lows and the highs which makes a non-equidistant channel. Another goodie about the SHI-MTF is that it changes colors on the different timeframes. The repainting as you call it Mike is just the formula recalculating. I call it reloading.
The reason I use more then one is that the trend direction is dependent on the amount of data. A 240 setting of course is a broader view then say a setting of 60. I use three settings of 240,96 and 60 and manually draw on every shorter trend. What you end up with is trends within trends which is what the timeframes are doing all the time. The daily could be trending down with the 4H trending up and the 1H trending down all at the same time. Hence the confusion of the new trader on the term “Trade with the Trend”. This term should revised to “Trade with the trend you’re trading and with your eyes on the higher timeframe trends as this will be the final destination of the Price”.
If you have ever learned how to draw trendlines and have seen the power of the use of trendlines then the value of the SHI is obvious. If you have been shy about this then you’re still one lost puppy who needs to be trendline trained as you’re peeing all over your profits.:eek:
Please rectifiy this and you will find enlightenment and the way to the promised land which in this case is the city of Pipsville in the kingdom of Pipdom where at present King Robert resides in his castle where he is counting his daily harvest of golden pips. King Robert sends out words of great wisdom on how to harvest pips on a daily basis but only a few have managed to decipher the true magic of his pip harvesting ability which is widly thought to be devine.
Learn and use this SHI thingie and you will rise to a higher level of Pip harvesting and maybe a place at the Knights of the PIP table.
The Candle Predictor indicator is coming along very nicely but new ideas take time to prove or disprove. Still holding at 99.99% but I already see a way for reprogramming the code to have it show direction even quicker. The key to the riddle is not where the price is now but where it will end up. It’s much like skeet shooting if you aim where it is you miss it every time.
Happy Pipping,
Johnny
A question that sometimes drives me hazy: am I or are the others crazy?
[B]Albert Einstein [/B]
I do like the 15m 5m scalping off the 14lwma, but maybe with practice, I will understand the wicked ways of the higher time frames.
I do notice, since jumping on Marketscope, that the spreads are godawful.
Alpari Uk Eud/Usd are like .9 compared to the 2.3-3.5 spreads at fxcm…
Shame, cause i kinda like fxcm.
I popped in a 5m trade on the color change of HA candles and watched 3-4 bars go my way, and Still hadnt reached my entry point due to the spread…On Alpari, I was like…woohooo In the profit zone already.
Alpari isnt accepting US residents…Boooo…heh.
I’m still not sure, how to hedge 1hr timeframes, with a 15m or lower…I will keep chugging along, until answer arrives.
I noticed early on the fractal characteristics of price. trends within trends or is that wheels within wheels… Well trend lines are easy enough to see and draw although there are some who would argue they’re all illusions!
I had that indi on my chart today and as price moved straight through one of those deviant lines… the lines redrew themselves to match up with price so I’m still not convinced of it’s value but I’ll keep it on the chart for a while and see.
As for king Robert… Wes þu hal cyning
(That’s good health to you king in Anglo-Saxon old English)
As for Einstein… I was watching the ‘Into the Universe’ TV show with Stephen Hawking. Did anyone notice the Einstein equation in the opening scene is wrong? Also they got the wormhole thing completely wrong. Well that’s popularization for ya.
A question that sometimes drives me hazy: am I or are the others crazy?
[B]Albert Einstein [/B]
“It’s Everyone else that’s different, I’m the only one who is just alike”
On your crossover strategy, its quite nice by the way.
When the price lines hits the outer/inner 20:2 BB, I would consider that a tp1.
If it continues to go outside, I let it (TP2, maybe even on a new order) ride until it goes INSIDE the outer BB…
Then if price line goes outside the BB AGAIN, i enter again, if it hasnt crossed down the middle BB again, (of course, but its better stated). This keeps me in the game with very little downdraw…
If I/You/Me can learn the hedge the DownDraw its an almost no lose strategy…
Good job on it and sharing it.
I know you cant watch it, but for me its a nice get in and get out indicator.
(***Rule Exception->>> If there is an Oh MY Gawd Puncture of the Outer BB that is just killer good for you, I would close out at the end of that…If it goes back to the outer, I would look for a continuation of a movement outside of the outer BB again, etc etc.***)
Also, there is a ‘dm_range_finder’ indicator that shows price in range, that eliminates your range losses…Google for the win.
And you can ‘manually’ switch your fxcm account from the US to the UK with a simple phone call, and this will automatically give you the hedging you were looking for, as well as removing those nasty FiFo things.
Red
ps:Using the HA and 5m, and 5:1BB and 10:1BB +51pip on the drops 20:30pm EST May 11, 2010… DEMO account only…Thanks again.
Predicting the next candle size is actually a lot harder then predicting it’s direction and really quite impossible. I would need Mike’s assistance on that one and a crystal ball. I have a system that predicts an average of each bar based on historical data but beyond that a lot of factors are involved with the size. Maybe Robert has one of those crystal ball thingies we could use.LOL.
On the 15m I have the above Plus a 20:2 BB and a 20:3 BB.
15m is the Home TF…Looking/hoping for a HA candle color change (in this case) at
the bottom of the BB and the range finder indicator telling me ‘go long sucka’.
My entry is/was a dm_range_finder with a cross on the bottom blue line on the indicator.
After a candle 15m has turned in my favor, on the second 15m candle, I go to the 5m tf and if it is a candle going in my direction, I enter a long anyways. Could go to the 1m, i have before. 'Eh.
Now I remain on the 5m chart and stare intently looking for any candles turning short.
If one goes short, I begin a short and look to scoop out some pips.
So far, I’m not doing so great.
I’ve seen it go to the bottom of the 14lwa channel with a wick, and next candle returns to the ‘up’ and trend continues.
Also the body of the candle passing through the 5:1 BB, but then the next candle poof, back into the trend.
I am not quite judging the retrace entry good enough.
Need some help on when to enter a retrace, and when to not worry 'bout one candle going bad on me.
JohnnyB, if you figure out your candle issue, hope you will share, and why not now? You could get professional input from many of the good peeps here.
I get bored with this trading and looking at the charts so I go on these sites to see what kind of trouble I can get into and yank a few chains here and there. I find that unlike you some people just haven’t a sense of humor.
I’m +3.4 tonight lol, had one trade for -30 and another for 34.xx