Scoobs and squalou: what a combo

[garyfritz]

Thanks, George! I'm still learning, but you will seldom go wrong underestimating my understanding of Empty4's foibles.

Ah, Steve, I figured you probably used MPTM for the jumping stops. I guess from your writeup, you may be jumping them manually.

I'll experiment with this next week and see how it works with stops instead of EAs. It may not work as well because opening beyond a level implies a little more penetration than just touching the level, but I'll see how it works. If I get really ambitious I might try running both in parallel and compare. If I get *really* ambitious I'll see if I can translate sq's S/R indicator to TS and try backtesting it...

[TraderTim]

[quote="SWG123 P.S. Is there a way to increase font size on the RSI Trend indi for the visually impaired/old and decrepit?[/quote]

Nice equity increase SWG! I recommend going to your indicators list, opening the MTF RSI, go to levels and change the 50 to 55, then add another at 45 and you will have the following for easy visual trend spotting:

eurusd.gif

[garyfritz]

TT, I tried to set that in the code, changing

#property indicator_level1 50

to

#property indicator_level1 45
#property indicator_level2 55

...but that had no effect. It still shows the 50 level. I can change other things, e.g. the buffer1 color, but not the levels. George, Steve, what am I doing wrong here? The documentation is not real clear...

[gaheitman]

TT, I tried to set that in the code, changing

#property indicator_level1 50

to

#property indicator_level1 45
#property indicator_level2 55

...but that had no effect. It still shows the 50 level. I can change other things, e.g. the buffer1 color, but not the levels. George, Steve, what am I doing wrong here? The documentation is not real clear...

You just need to drop it on the chart again.

George

[garyfritz]

I tried that. Even created a new chart and applied it to that.

But I see the problem. I put groups of indicators into sub-folders so I don't have all the indicators from SqScoobs, Symphonie, Pitbull, etc etc all dumped into one unmanageable Indicators pile. Unfortunately Empty4 doesn't understand folders so you can't directly apply an indicator in a sub-folder. So I edited the template file to pull the indicators from the sub-folder -- problem solved, if a bit clunky.

Except the template overrides the level settings in the code... oops

[SteveHopwood]

Ah, Steve, I figured you probably used MPTM for the jumping stops. I guess from your writeup, you may be jumping them manually.

Yes. I just want to lock in lots of profit, so mostly I move the stop to the top/bottom of the previous H1 candle.

I'll experiment with this next week and see how it works with stops instead of EAs. It may not work as well because opening beyond a level implies a little more penetration than just touching the level, but I'll see how it works. If I get really ambitious I might try running both in parallel and compare. If I get *really* ambitious I'll see if I can translate sq's S/R indicator to TS and try backtesting it...

Experiment. Play. The Waiting EA's have a timeframe input, so you can set the EA to enter after a lower tf opens on the correct side of the s/r lines.

The reason this method has been successful so far is: it is trading in the direction of the D1 trend. Ok, so once a trade is entered, the market might bugger around for a bit ('consolidation') but eventually the trend resumes. I doubt there is too much you can do to harm the method apart from overly large lot sizes.

Frankly, I think the only thing I gain from using sq's indi is a formalised entry structure. Traders could probably do even better by ascertaining the trend, waiting for a half-way decent retrace, then entering the market.

But that is a different story and not one I am telling here. Here, I rely on sq's s/r to trigger the entries and I am happy with that.

Doesn't mean that others cannot experiment though. Have fun.

[SWG123]

[quote="SWG123 P.S. Is there a way to increase font size on the RSI Trend indi for the visually impaired/old and decrepit?

Nice equity increase SWG! I recommend going to your indicators list, opening the MTF RSI, go to levels and change the 50 to 55, then add another at 45 and you will have the following for easy visual trend spotting:

eurusd.gif

[/quote]
Thanks Tim, that certainly helps for individual pairs. But, what I meant was, Steve's RSI indi actually pre-selects the candidate symbols, allowing you to choose which ones to trade based upon RSI, swap, spread, etc. It would facilitate decision making if the data could be presented in a more visually recognisable way but really it's not a big deal. The strategy seems sound enough as it is - anything else is window dressing.

I can't wait for Monday - not ready to go live yet but next week should be really interesting.

[gaheitman]

Steve (and everyone else, I guess),

I noticed in your indicator for RSI that you are looking at the value at the close of yesterday's bar and comparing it to the current value of today's bar. Since today's bar changes throughout the day, is there a particular time you look at the values?

I talked about this on another thread in the past, but I finally decided to write an indicator that will show the potential RSI values for the current bar. I ended up just tacking a bit of code onto the RSI indicator that ships with Empty4.

The attached indicator will show you the price levels for the current bar that correspond to the RSI levels 5,10,15,...95. It may be nothing more than a toy, but I suppose you could look at it at the start of the day (or whatever time frame you use it on), and if you were waiting for RSI to hit 60 before entering, you could see at what price that would occur and set your pending order.

For example, here's a picture of GBPUSD at the open from Friday. It opens up around RSI 50, so your program would ignore it. You can see, however, that just past the resistance level it would also cross the 55 (magenta line at 1.5795). You could place your pending order there, and walk away. BTW, the 45 and 55 lines are solid magenta lines and the rest are black dotted lines.

cable-start.gif

I have no idea if it makes sense to do this, but you could.

Here's a zoomed out picture of cable at the end of the day without the S/R indicator so you can better see the lines.

cable-end.gif

The code is not particularly brilliant, it scans every point above and below the open price of the bar and calculates the RSI at that point. It then rounds the number to the nearest digit and if it ends in a 5 or 0, draws the line. This means that you'd likely want to give some space above and below to allow for rounding. (said better, 44.55 would round to 45 and print a line).

The indicator is poorly named, it's not actually predicting the values, it is calculating them. I'm open to suggestions...

George

[SteveHopwood]

Thanks George. There are indeed times when this little toy will be useful, just as you describe..

Cheers

[garyfritz]

It would facilitate decision making if the data could be presented in a more visually recognisable way but really it's not a big deal.

I tweaked the indicator to display the pairs in order of "rate of RSI change:"

SortRSI.gif

The numbers in brackets are the RSI change today and yesterday. So e.g. GBPJPY is at the top of the list, with its RSI jumping 7 since yesterday. But the day before it was flat. USDJPY jumped 6 today but DROPPED 4 the day before. So maybe EURCAD or GBPUSD are better candidates, since their RSI rose steadily for the last two days. (Or not. I'm not sure if this is useful information.) Their RSIs are also lower so it's probably earlier in the trend move. Does that help, SWG?