My friend is having the same problem, you just have to remember this system hasn’t had a bad week in ages and most of the time it scores well over a thousand pips which is more than any other system ive ever seen or heard of, this week has been absolutely wrecked by the european crisis, so many false signals its not even funny but i am still up 200 pips through it all, I was considering writing out a checklist or something to make sure that we cover all the bases and nooks and crannies of this system before we trade, my friend for instance missed a couple stars and inside bars that would’ve put him ahead this week
This is very mechanical so yes any doji counts as long as it meets the conditions for a pin bar, one change i think would be a great help though (but im still backtesting it) would be cutting the max candle length of the body down to 30%, this keeps it safely on the underside of half and allows for easier quantification (no dealing with repeating numbers and decimals), i think i will also add my more experienced definitions of what counts as a star, not just the simple star that is currently in the system but also adding the paramaters for an advanced star formation
Your EA is running on my VPS since last Monday. I still have no trades but there are signals. Do you can help me? I have Expert Advisors Button on and all the settings enabled etc…
There is a nice pinbar but the EA does not identify or recognize it… And as mentioned I had no trades while letting it working the hole week since monday…
Second that! If the last 1 hour is a pin is it right that you 15 min zoom on that candle to give further confirmation? If so how would you play it if the four 1 hours said buy and the four 15m’s said sell? Thanks sith!
I have big problems with pin identifation, i see the nice one, but what if bouth wicks are long, very long, what if the candle is very long and the body is still ness than 30 %? Do we take them all? We have to implement some filter or at least somethink. I traded today and i saw I was going in wrong direction above 61 fibo, but system is system so I entered… SL hit. I very like this system but i think what make it profitable is many open orders in strong trend, but if i take only some i am not sure i will win. I will trade it till my account is zero :57:
I started live trading this system this week. I’ve read through the rules many times and I don’t seem to be having much success. I’m risking 3% per trade, 40 pip SL/TP etc. I received nine signals and all nine have been losers. It seems like I keep receiving false signals or I get whipsawed out of the trade before it hits my take profit. My account is now down almost 30%. This is the steepest drawdown I’ve ever experienced with any trading system, so I would advise others to be careful. Start off with a very conservative R:R and see how it works for you.
Edit: Ignore this post. I was not trading the system correctly.
Guys, I worked out the problems on the [I]pinbar detection indicator[/I]. It should be working now…
So please check it out yourself… but for now check the 1 hour chart if the indicator gives the right buy or sell signall just to confirm it. So if after testing it … you can drop the extra checks…
This way you dont have to check if its pinbar or not on your eyes…the computer calculates it for you!
see post #70 for the last version of the indicator.
@everyone: i understand your frustration as my friend is going through the same thing, but i think some signals have to be being missed because i am up for the week :3 This has been the worst week to trade in a while as i said, so many false signals, such high volatility, but this system still works, I am spending all of my time trying to find a more accurate way of interpretation that reduces drawdowns in a time such as this, i am spending all my time on it and i will post it as soon as i figure it out
Hey sith I think maybe a checklist or something of what you go through when selecting trades may be more useful than tweaking your system as it seems to still be working for you as it is? Just a thought , thanks
Jawa, if you could post your trades again at the end of this week, that would be great. A 4H chart snapshot with some circles to highlight your moves would be very helpful for people like myself. I’m sure I’m missing some signals and have also been a little unlucky due to the conditions of the markets this week. Anything is appreciated, thanks!
Also, if you’re still positive after a week like this, then I doubt any further tweaking is needed.
Your Strategy would make become more secure if we trade with supports and resistances like a lot of Price action systems… It’s difficult to catch the right direction if a pinbar is anywhere on the chart with only Movement check on 1H chart…
@juicypips: I am working on that too its almost done, theres just a lot of variables to put orderly on a checklist
@stb2000: Ill post screenshots of all my trades so far on a couple charts later today
I still think the system can be tweaked in such a way that can filter out harsh conditions such as this weeks while still being profitable in normal market conditions, maybe its just that im a perfectionist but i dunno :3
@aserafino: The reason this system is five or ten times more profitable then a regular price action system is because of its quantity of high probability trades, regular price action trading trades the same signals but only when they are on specific places in the overall market condition (ie tops, bottoms, S/Rs, BBands etc.), In NORMAL market conditions this system is extremely accurate as waiting for four dimensional outer trend market conditions is both sluggish and unreliable, as we all know when price gets to an S/R line it will either push through, bounce off, of ride the S/R line, but how do we know what it will do? we guess based on whatever we want but it is still just an educated guess, while trading each individual candle has just price to interpret, just my two cents :3
@ everyone… This system works there is no doubt about it. You guys just hit a week which was hard to trade on… However the system still turned positive profits. And be realistic. It can happen… 1 week of loss… why not. So just take the bite and go on…the next week you will make up for it.
@SithJawa, please leave the system as it is…its just perfect!! No adding resistances and stuff… everyone is panic’ing … ohw no we have a loss, what shall we do to have no losses ?? Lets add this or that, and soon the system is rubbish and doesnt work anymore. Seen it happen many times.
The only important thing to do is to make the rules mechanical as possible
, so that there can be no discussion about an entry. TX Jawa for al the effort!!!
By the way, I updated my indicator again…it now also signals Inside Bars…
So check out post #70 to get the most recent one…
If an 4hour candle closes it checks wether the bar formation is NONE, PinBar or InsideBar and shows it on screen. If it is an inside bar, then it says to check your charts to see if you have to buy or sell. (this part is something I have to programm yet as soon as SithJawa gives me the correct rules for buy or sell) If it is a Pinbar however, then it says to you whether to buy or sell. If a pinbar is an insidebar also…then the insidebar is ignored, as the priority is the pinbar and the screen shows you to sell or buy.
but i am still up 200 pips through it all, I was considering writing out a checklist or something to make sure that we cover all the bases and nooks and crannies of this system before we trade, my friend for instance missed a couple stars and inside bars that would’ve put him ahead this week
based on whatever we want but it is still just an educated guess, while trading each individual candle has just price to interpret, just my two cents :3