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heres another great option guys if you want to adhere to the 3-4 candles. Personally I like trendlines and pivotsto get a good idea of support/resistance for close out points and potential reversals which is why I uploaded the other one in post #107.

 

MTF candle indicator to have everything on one chart.

 

Enjoy

 

hxxp://www.multiupload.com/PE4JAZQXIT

Edited by jdsim1
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Hi guys, for someone with not the greatest of capita, may this system be slightly trickier to profit from?

 

Most brokers that offer micro accounts have extortionately high spreads on exotic pairs, and in order for this sytem to be a success, one would need to analyse more or less all the pairs to find a trend. With smaller accounts stop losses should be lower (considering that you would only risk 2.5%). So if you place an order on an exotic pair you would immediately start with a large deficit (due to the high spread), but also your stop loss would be more likely to be hit quicker in small price fluctuations.

 

Of course you would have to take all this into consideration before placing an order and trade accordingly. But, I am just thinking would having a smaller account hinder your chances of any profit... Or would these high spreads make little difference at all??

 

Thanks alot

Edited by humz_0607
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Hi guys, for a newbie starting out in trading and with not the greatest of capita, may this system be slightly trickier to profit from?

 

Most brokers that offer micro accounts have extortionately high spreads on exotic pairs, and in order for this sytem to be a success, one would need to analyse more or less all the pairs to find a trend. With smaller accounts stop losses should be lower (considering that you would only risk 2.5%). So if you place an order on an exotic pair you would immediately start with a large deficit (due to the high spread), but also your stop loss would be more likely to be hit quicker in small price fluctuations.

 

Of course you would have to take all this into consideration before placing an order and trade accordingly. But, I am just thinking would having a smaller account hinder your chances of any profit... Or would these high spreads make little difference at all??

 

Thanks alot

 

On a system like this where you tp and sl is relatively high, spread is not a very big deal. You may want to add the spread to the sl when you place an order just to be safe. Spread is only really a big deal on <M15 tf's and when your scalping.

 

Have a look at Go Markets if you want competitive spreads on a Micro account and they also offer cents accounts too.

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Suggest at least using a trading simulator like LFH with any strategy, including this one to "backtest".

It will at least give you rough idea of profitability.

 

What is LFH?

 

I tried a backtest simulator called Forex Tester, but it is expensive and there are monthly data fee's. The trial version only contains one month aswell, and it's from 2008, which is not very good if you want to keep up with an adapting market. I don't have the money to spend on stuff like this, because it would be just as simple for me to code a quick EA for rough backtesting purposes.

 

If LFH any good?

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On a system like this where you tp and sl is relatively high, spread is not a very big deal. You may want to add the spread to the sl when you place an order just to be safe. Spread is only really a big deal on <M15 tf's and when your scalping.

 

Have a look at Go Markets if you want competitive spreads on a Micro account and they also offer cents accounts too.

 

If you place an order where say the spread is say 20/30 plus, on a smaller account naturally your stop will not be as big (considering the 2.5% risk). So any small fluctiations in the opposite direction of your trade will be hit more quicker right? e.g if your stop loss is 60 pips you would already be 20/30 pips in the red with only around 30/40 pips to manoeuvre.

 

If you add the spread into your s/l your potential risk will not be a constant 2.5%... i.e breaking the rules

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humz,

 

You're correct in being wary of spreads. That's why I was thinking that an indicator showing the spreads along with good candidates from the Weekly would be handy as you could just ingore the ones with crazily high spreads. In addition, this will help the guys with machines struggling to cope with the indicators set on 20+ charts as it will allow us to just home in on 1-5 pairs and then select the best ones for trading.

 

Certainly on the majors, spreads matter little for long term trading, however with some brokers 20/30 pips are seen on minors/exotics which can be a big chunk out of an anticipated stop/target of 100 pips.

 

If you add the spread to your S/L then you need to add it to your target too and reduce your stake so that your trade still adheres to the 2.5% rule. If you find that the distance to the swing high/low where you need to put your stop + 20/30 pips is too big for your account, then you'll have to ignore that opportunity and wait for one where the swing high/low is closer.

 

Go Markets do have great spreads on the minor/exotic pairs, however bear in mind that they don't accept US customers (if you're based in the US).

Edited by soundfx
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humz,

 

You're correct in being wary of spreads. That's why I was thinking that an indicator showing the spreads along with good candidates from the Weekly would be handy as you could just ingore the ones with crazily high spreads. In addition, this will help the guys with machines struggling to cope with the indicators set on 20+ charts as it will allow us to just home in on 1-5 pairs and then select the best ones for trading.

 

Certainly on the majors, spreads matter little for long term trading, however with some brokers 20/30 pips are seen on minors/exotics which can be a big chunk out of an anticipated stop/target of 100 pips.

 

If you add the spread to your S/L then you need to add it to your target too and reduce your stake so that your trade still adheres to the 2.5% rule. If you find that the distance to the swing high/low where you need to put your stop + 20/30 pips is too big for your account, then you'll have to ignore that opportunity and wait for one where the swing high/low is closer.

 

Go Markets do have great spreads on the minor/exotic pairs, however bear in mind that they don't accept US customers (if you're based in the US).

 

Thanks for the wise words soundfx... and thanks chris.

 

Will definitely check out the indicator you posted, and am in the UK so will have a peek on Go Markets.

 

Cheers

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The closest I can find to an indicator which scans market watch is this one, which scans pairs, though they have to be set up in the parameters - no big deal, though it's slicker and more "future proof" to scan market watch:

 

http://codebase.mql4.com/source/9683

 

Thanks, soundfx. I downloaded and saved it as an .mq4 and loaded it into MT4 but nothing happens. Where do I go wrong?

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Hi alright,

 

I was only posting that indicator as a possible program code "proforma" for any expert coders who could create an indicator like the one I suggested in a few minutes which would probably take me all weekend to figure out.

 

It seems as though there's no takers at the moment, so I'll have a look into coding one myself over the weekend.

Edited by soundfx
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Hi alright,

 

I was only posting that indicator as a possible program code "proforma" for any expert coders who could create an indicator like the one I suggested in a few minutes which would probably take me all weekend to figure out.

 

It seems as though there's no takers at the moment, so I'll have a look into coding one myself over the weekend.

 

Guys, here is an indicator /scanner which might be used for that job - it scans the pairs and all timeframes for a nBar breakout where n is the number of bars you want to use for the breakout range....if that algo is not what you like, maybe some of our coders can use it it to just swap the algorithm and use the whole scanning framework (i just cant do that with my poor programming) - for me it pretty much seems to do the job and its very flexible - play around with it and njoy :)

 

btw, all credits go to TRO

 

http://www.multiupload.com/A0X1GPSQZW

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Ok guys,

 

I've coded an indicator WaterskiguyScan which you can find here:

 

http://www.multiupload.com/DQPJCTS4N3

 

Run it on any chart and it will give a basic list of all pairs which are trending on the Weekly chart and also shows spreads.

 

If there are 3, 4, or 5 candles all with higher highs and higher lows then the list shows the Long candle count.

 

If there are 3, 4, or 5 candles all with lower lows and lower highs then the list shows the Short candle count.

Edited by soundfx
link changed to point to new indicator with bug fixed
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Hmmm - I've just spotted a small bug and I'm not sure how to fix it.

 

If you have the scan indicator on a chart and close MT4 and then re-open it, the chunk of trending pairs text is duplicated all down the page.

 

Until I work out how to fix it, just delete and re-attach the indicator if you have this problem.

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Hmmm - I've just spotted a small bug and I'm not sure how to fix it.

 

If you have the scan indicator on a chart and close MT4 and then re-open it, the chunk of trending pairs text is duplicated all down the page.

 

Until I work out how to fix it, just delete and re-attach the indicator if you have this problem.

 

Give the text labels or whatever your using a prefix, such as "[WATER]" without quotes. Then in the de initialise function put this:

 

int obj_total= ObjectsTotal();
  
  for (int i= obj_total; i>=0; i--) 
  {
     string name= ObjectName(i);
   
     if (StringSubstr(name,0,8)=="[WATER]") 
        ObjectDelete(name);
  }

 

This will delete all the labels on the chart when you close it. So the indicator will not duplicate them when you reopen MT4. I think this will fix the problem, not sure though.

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Hmmm - I've just spotted a small bug and I'm not sure how to fix it.

 

If you have the scan indicator on a chart and close MT4 and then re-open it, the chunk of trending pairs text is duplicated all down the page.

 

Until I work out how to fix it, just delete and re-attach the indicator if you have this problem.

 

....... Changing the time period on your chart also sorts out the correct dispaly

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chrisbenjy,

 

That would probably work if I was writing text objects to the screen, but I'm using the Comment() function for simplicity. I may have to code it text objects and see what happens.

 

smurf43,

 

Changing timeframe appears to clear the duplicates, though flicking through several timeframes occassionaly shows a single duplicated block on the screen - very odd.

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chrisbenjy,

 

That would probably work if I was writing text objects to the screen, but I'm using the Comment() function for simplicity. I may have to code it text objects and see what happens.

 

smurf43,

 

Changing timeframe appears to clear the duplicates, though flicking through several timeframes occassionaly shows a single duplicated block on the screen - very odd.

 

try putting

 

comment("");

 

in the deinit function.

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I notice a lot of people are concerned about how many pairs to have open running at one time due to their computer's resources.

 

Here is how I do the entire process.

 

1. Click on the tab "market watch" this opens all the pairs, instruments I have to potentially trade from, this should open up along the left hand side of your charting. You should see 15, 20 different pairs depending on your broker.

 

2. I open the very first in the market watch list make it a weekly chart attach the template you use. From here on each pair down the list I just "DRAG" it over to the first chart I already opened, the weekly. If the weekly chart does not have 3,4 bars which are trending, then I just go over to the next pair. So MANY of the pairs do not make it past the weekly chart.

 

3. If I find a pair I want to add to my watch list YES I do put it off to the side and re open a new chart for the next pair in the list and just continue the process down the market watch list. When all is said and done I might have maybe 3 - 6 charts open

all those other pairs did not make my own watch list and I don't want them open.

 

4. So YES you can go and open every chart in your brokers watch list but I only keep open the actual pairs that "make the cut".

This way I don't have a bunch of charts open using my computers resources or making things all cluttered on my end with what pairs am I actually watching/ looking for trade set ups.

 

From when I open my first chart on the weekly and go down through my brokers market watch list to creating my own watch list takes me about 5 mins. From here on I then spend a few mins on each pair in my own watch list do my analysis. Literally this entire process can be done in about 15/ 20 mins. I do it twice a day once when I awake and once in the evening.

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I think the scan indicator works now!

 

Here's the new link:

 

http://www.multiupload.com/DQPJCTS4N3

 

I've also updated the original link.

 

The indicator now uses text objects, so you're able to change the font and colours in the indicator parameters.

 

Let me know if you spot any problems.

 

Here's a snapshot:

 

http://img151.imageshack.us/img151/9983/wsgi.jpg

Edited by soundfx
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Re: LFH

 

What is LFH?

 

I tried a backtest simulator called Forex Tester, but it is expensive and there are monthly data fee's. The trial version only contains one month aswell, and it's from 2008, which is not very good if you want to keep up with an adapting market. I don't have the money to spend on stuff like this, because it would be just as simple for me to code a quick EA for rough backtesting purposes.

If LFH any good?

 

It is a trading simulator that runs in MT4's strategy tester.

It is good enough considering that it is free.

It uses the data in MT4 so you can probably import any data you want from an external source. There is a thread about downloading data somewhere else in this forum.

Get it here:

http://www.forexfactory.com/showthread.php?t=70742

 

An alternative simulator for MT4 is VHandsTrade

http://www.forexfactory.com/showthread.php?t=60849

 

Also, though I have not used forex tester, their latest version forex tester 2 seems pretty good. And they do provide historical data for some of the most popular pairs from one broker for free.

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I think the scan indicator works now!

Here's the new link:

http://www.multiupload.com/DQPJCTS4N3

soundfx, great job. thank you. i would add CurrencySuffix to support different brokers.

 

extern string CurrencySuffix = "";

 

//+------------------------------------------------------------------+
//| Creates the array of pair symbols to check                       |
//+------------------------------------------------------------------+   
string CreateSymbolList()
 {
  string allsyms;
  string Currencies[] = {"AED", "AUD", "BHD", "BRL", "CAD", "CHF", "CNY", "CYP", "CZK", "DKK", "DZD", "EEK", "EGP", "EUR", "GBP", "HKD", "HRK", "HUF", "IDR", "ILS", "INR", "IQD", "IRR", "ISK", "JOD", "JPY", "KRW", "KWD", "LBP", "LTL", "LVL", "LYD", "MAD", "MXN", "MYR", "NOK", "NZD", "OMR", "PHP", "PLN", "QAR", "RON", "RUB", "SAR", "SEK", "SGD", "SKK", "SYP", "THB", "TND", "TRY", "TWD", "USD", "VEB", "XAG", "XAU", "YER", "ZAR"};
  int CurrencyCount = ArrayRange(Currencies, 0);
  int Loop, SubLoop;
  string TempSymbol;
  for(Loop = 0; Loop < CurrencyCount; Loop++)
      for(SubLoop = 0; SubLoop < CurrencyCount; SubLoop++)
        {
          TempSymbol = Currencies[Loop] + Currencies[subLoop] + CurrencySuffix;
          if(MarketInfo(TempSymbol, MODE_BID) > 0)
            {
              ArrayResize(Symbols, SymbolCount + 1);
              Symbols[symbolCount] = TempSymbol;
              allsyms = allsyms + TempSymbol +"n";
              SymbolCount++;
            }
        }
  return(allsyms);
 }
 

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