thanks travelkoen,
love the strategy! I’m also very interested in the sr KG Support and Resistance indicator. I’ve seen a few versions of this around the web but never one with a period input. I wonder if you could share the code so I can get a better look at its function?
thanks,
Armstrong
Do you wait for the candle to close for confirmation or do you get in as soon price crosses the coral moving average?
The CCI is a beautiful indicator when you back test it. However and this is over 15 years trading the markets speaking here. The reality is this is not counting for false breakouts and if you are entering trades when 0 is touched or anything is touched you will receive a lot of false breakouts and of course when you look at a dead chart it will not show up. On a live chart however the line is crossed your signal has been hit be it the coral or the cci and you enter the trade just to have it go against you. You look back on it after the candles have closed and you say to yourself? “Hmmm? Did that not cross the 0? Now it is not crossed?” It did but until that candle closes nothing is laid down on the historical chart and therefor there is no way your going to make as much money with this system as you think from back testing it.
Can you make money using the CCI? Sure you can just like you can make money on a lot of signals if you have good money management skills and are disciplined. Are you going to make 100 pips or so a day??? HAHA Well, if you do your doing better than any professional trader employed in mayor banks around the world who trade for a living. Think about that.
Forex brokers survive on new traders back testing signals like this and imagining all the money they will make. Once they trade a live account with it they typically blow their account in about a week. Why? Their expectations are too high. Like I said this could work for you but you will only know that after trading it on the demo LIVE for about a month which is what you should do with any system you are thinking of using. If more new traders did that there would be a lot less brokers and a lot less “traders” floating around because they would get discouraged very quickly and give up. Trading is not easy. Back testing a system like this and then adding up the pips is counting chickens or pips/signals before they are hatched.
So far 5 losses 1 win for me, I was waiting for the candle to close before I get in. Tried this out for a couple of days so far during the London/NY Session. Do you check higher time frames to find out what the trend is? For example if the market is trending up on the 30 minute chart you only buy and forget about the sell signals that this system might give you, it seems to me that this system can give you a lot of false signals when the market is not trending or trending and then retracing where you will get false signals to go the other way. I’m yet to find a system that is profitable in a 5 minute chart. Basically I’m trying to find out how to filter out false signals because the losses on this system can wipe out any profitable trade.
HI TravelKoen,
I have got my indicators and settings all correct, but while backtesting your system on 5 minute chart on a Demo account i keep hitting losses and losses and more losses, is there somthing wrong i am doing or do i have to wait for a day or two for the real results to come through.
I don’t think TravelKoen comes on here anymore. I suggest you work through the BabyPips School which is right here in the menu at the top of the page. You cannot just put up some indicators and expect to make money.
Hi there. I’m trading with OANDA too. How did you find Coral indicator?
looks very promising and your use of 5 min chart i get it 
:60: i used it for few weeks and its great i also add some other strategies and mix this with RSI and Moving Averages it has become very accurate i was able to get 50+ pips for every day only in London Session, Great work man and Thanks for sharing
Hi igru,
its in the zip file in the start of the thread
Hi igru,
its in the zip file in the start of the thread just unzip it and add it to meta trader
hi,i am a newbie.What is a coral line?
The Coral indicator is similar to a simple Moving Average as far as I know, and if you don’t have it on your trading station, you can approximate it with a simple moving average, in this case 28-period SMA.
I have tried it and it seems to work (6 trades and +70pips).
Hi idude,
I know what you mean. In a trending market trade in the direction of the market and let your profits run: close half the position when you hit +20 or +25 pips and move stop loss to entry. Then let the SL trail 25 pips behind price. This way one trade can make up for 4 or 5 losses. You could even use July’s Triple Threat Exit Strategy where you have 3 exits.
This will be very profitable in a trending market however if you are in a range-bound market you will get stopped out too often.
So my advice is use the 4hr and 1hr charts to see if you are in a trending market or a range-bound market then look for targets (resistance levels, support levels, Fibonacci levels, average daily movements… etc) and use them to decide whether to close a position at T1 (+25pips) or whether to let the position run.
Hope this helps!
Sam
I saw this strategy from the monthly award winning strategy and saw robopip say one of the ways this strategy use to limit loss is to “exit when there is a new crossover”. But i look in this thread and didn’t saw any of the graphs using that or can someone kindly point it out to me how it works?.
Thank you. I’m using web platform. Replaced it with SMA 23.
All true:)
At the same time there is no sense to trade for firm if you can make 100 pips/day from home.
Hello~
Thank you very much for the attachment. Since I am a newbie, I do have a few questions, so please bear with me… There are 2 files in the attachment,
Appreciate if you can point me to the correct direction.
Many thanks,
jemzzz
Hey guys
Robopip backtested this system
CCI Coral Breakout System
only on EUR/JPY
only on 5-minute
Profit targets: 25 pips
Travelkoen says that you can be flexible with profit targets. But for all intents and purposes of backtesting, we’ll stick to the system’s default value of 25 pips.
Exit conditions:
This is a bit tricky. The creator usually sets his stop at the most recent highs and lows which makes it too subjective for my core processor to handle. And so, I will make it simple by setting the initial stop to 25. That way, trades will have an RR ratio of 1:1
Other factors to consider:
Trades need to be closed early should price cross over Coral.
I will also keep an eye on the CCI when backtesting the system. According to travelkoen, long trades should be closed when the indicator hits 150 and short trades should be closed when the indicator hits -150.
Robopips back testing went for just over 2 months
should i just stick to EUR/JPY?
Hello TravelKoen,
Is there olso a EA for this system?
Thanks Dennis.