Just to clarify as I am getting used to the GHL. Do you mean “crossing” at the bottom or top of a candle? Please confirm. Sorry for the Newbie question.
Also while keeping the BB indicator on the chart, what do you think about tightening the settings so that it is not so wide and it follows more precisely to the GHL. Thus giiving us a better decision when the PSAR falls outside the BB as in Icyclouds original thread. Again, not sure what those setting would be. What do you think Soul786 and MasterIllegal? Food for thought…
Hi soul, looks like u r doing well with this system… Congrats!!!.. i still hit some bad losses with it… think i should stick to ur method instead on the M30 instead of M15…
I found another system that can used in H1… still trying to figure it out although can catch at least 10pips… update here once i finish the testing.
Hi Ralar, as what Soul had mentioned in one of the thread:
We enter a LONG position if the GannHiLo is being crossed to the long side, or if price is above the GHL.
We enter a SHORT position if the GHL is being crossed to the short side, or if price is below GHL.
What he mean cross, is the GHL line is below or on top of the candle. If the GHL line is below the candle, it indicate that a long signal is coming and if the line is above the candle, it indicate that a short signal. (You can read thru, as me and Soul had posted diagrams on the GHL portion)
As for tightening the BB, we are not sure what impact will it have. But if you had follow the thread closely, Soul is doing quite well with the help of BB, PSAR dot and GHL on a M30 TF. maybe should just follow thru and test it out. Btw, Markoc is coming out with a EA with the above indicators and conditions. So once is out and tested… is going to be an awesome passive income “machine”. lol
Hi Soul, when through the EURAUD that you had posted… seems like the entry must be very accurate and fast cause after which it goes up… (see attachment) if we entered at the wrong timing… We would have losses instead of TP. Btw, at which stage u entered?
Btw, for the setting of BB, the Apply To, you set to Close? Or Open, High or Low? etc…
I apologize for the time it’s taken me to get back to these forums. Turned out my friday all day trading plan ended early- an hour after I started- as I had to take someone to the hospital and we know how those ER rooms are Didn’t make it back until trading had closed for the weekend.
Hopefully this week I’ll make up for it haha!
Anyway I notice I’ve missed a few questions, please see my following few posts as I’ll answer them one by one.
Refer to MasterIllegal’s response as he hit it right on.
In addition, the way I use the bollinger bands is more of a guide. I don’t look for the PSAR dot to fall in our outside the BBands as I have been succesful so far not needing to. Suffice it to say the bollingerbands act like ‘bounce lines’ where I’m looking for bounces away from those bands (the upper and lower ones). Again this is not the only thing that needs to happen for me to enter, it’s a visual confirmation to start looking closer for the other indicators.
By tightening the BBands from the 20,2 we’ve got already, I have a feeling we may begin seeing more of these ‘bounces’ leading to possible fakeouts. 20 seems to work fine and catches the moves that are worth the pips.
I trade demo for now, I still consider myself quite new at this and won’t be going live for a while. I’ve only started practicing a month ago and have just got into forex markets. Better safe then sorry
In regards to the win/loss ratio the number looks good, but don’t be fooled, this system needs MUCH further testing; mainly due to the fact I haven’t had the time to even devote a day to watch the charts.
The few trades I have taken however have kept me in a 83% win rate. [B]Once again, don’t be fooled by the number, looks nice, but a loss in our current system loses twice as much as a gain. This is something I’m looking to address, possibly looking to widen the TPs to either 15pips instead of 10 and such. Stay tuned on that.[/B]
I’ve noticed myself entering on the opening of the candles or the MOMENT I see a cross of the GHL. It means I have to watch the chart if it has not yet crossed. The clock indicator lets me know how many minutes till I expect the next candle so I’m looking at the correct chart in time to either make a quick entry, or watching closer.
[B]LONG AUDUSD @ 0.9234, TP HIT at 0.9241: +7 PIPS
LONG NZDUSD @ 0.7542, currently +3 PIPS[/B]
The first trade was a muck up by me, accidentally entered the wrong numbers and had set a tp of only 7pips. Ah well a gain is a gain.
Once again I will be following this system fairly often now that I have some time again, will fiddle with those TPS and SLs; losing one trade means 2 profiting trades erased, which is not so good.
[B]EDIT: LONG NZDUSD @ 0.7542, TP hit at +10PIPS[/B]
I’m posting a lot here today but I think this’ll be it for the night. I took a trade on the GBPUSD LONG @1.6303. I increased the SL from 10pips to 15pips and didn’t realize a minor resistance level around that level. The price moved up to the point within 2 pips of a TP and sharply retraced for a loss, ended up hitting the SL for -20pips.
Instead of increasing take profits, I will be forward testing tightening the stops to increase the RR of this system.
Once again things have been really busy I haven’t been able to devote time to the charts. When I have placed a few trades however they were losers, putting me back 40 pips in total wiping out profits. I still don’t like the RR here and am tweaking it but profits are limited because half the move has already happened by our entries. Spreads make SLs hard also as some of the cross-pairs are quite high.
I don’t know whether this method is getting it’s pips worth but I’ll try fiddling; maybe I just had a bad streak…
Sounds good! I have a day finally to watch this system and will hopefully have a full New York session to trade. I haven’t been able to watch the system lately with school but will certainly see how tomorrow goes. Hopefully nothing like last Friday where I’m pulled from the tradestation.
No rush on the EA though markoc, take as much time as you need
hopefully can catch some pips… i now switch to the daily chart instead without using the icycloud system… cos i still hit some bad patches here and there… so i hope u guys can fine tune it and make the best system out of it… thanks
Didn’t make it back until trading had closed for the weekend.
