Price-o-Meter Current Price Action Speed Indi

Post by **RisklessPips** » Mon Jul 25, 2016 7:10 pm

dentiok » Mon Jul 25, 2016 4:32 am wrote:a couple questions please

1. when I can expect these cells light (green or red) up? certain values? what pom values?
2. It is relevant this sad face in the proper functioning of the EA tool?
Thanks

edit: 2nd question solved

Cells light up green when the PoM value in the cell is greater than elapsed time (i.e long direction) -

They light up red when the PoM value in the cell is less than elapsed time multiplied by -1 (i.e short direction)

PoM value tells you how much of the ATR current price has covered in percentage terms. Thus 100 means price has travelled 100% of the ATR.

Edit :

I just looked at your screen shot again and noticed you are highlighting the symbols column. This column only lights up in the published EA when a trade is opened.

However without wanting to give away too much, we are currently testing a new version of the EA which will do away with all that and make it fully automatic to trade the PoM.

Watch this space

Post by **RisklessPips** » Tue Jul 26, 2016 2:10 pm

PoMTrader has been updated and is now fully automatic with trade entries and exits. Thanks Rene.

Please read Update 3 in post no in the edits section at the bottom of the post for details.

The new files are attached to the bottom of post 1.

Any questions and enhancement ideas are welcome.

Charles

Post by **Boulder** » Tue Jul 26, 2016 2:32 pm

Thanks Charles and Rene. Will have some fun with this one

Post by **RisklessPips** » Tue Jul 26, 2016 6:20 pm

I need help to try and make PoMTrader as profitable as it can get.

Attached is a snapshot of trading results with PoMTrader. As you can see the EA takes a lot of small but frequent Pips. However, it gives most of these back by losing the odd trade to stop losses.

PoMTrader Statement.png

I am looking for a way to keep the small but frequent wins (over 60%) and minimise the effect of the losing trades.

My observations are that when a fast moving price action candle closes, very frequently the next candle will reverse rather than consolidate the fast moving one. To counter this I have come up with two ideas as follows.

Close all trades in loss at the end of the current candle AND open a new trade for that symbol / TF in the opposite direction.

I have also considered making the SL either a mental SL (as in most of my other trading styles) or put it so far from Price Action that it doesn't get hit - but that kind of defeats the purpose.

I am not sure that these will work so I would like to hear any ideas on how these few stopped out trades can be minimised so that the smaller but more frequent winners build up the account size.

Skyla8812 · Post by **Skyla8812** » Wed Jul 27, 2016 9:32 am

Hi, I really love the indicator that you guys have made. It is really helpful to me especially when it is news time. As they say news moves the price. Instead of running away from it, I trade when the news come and with the indicator in hand I know exactly what pair is being affected by the news. I would like to make a suggestion for risklesspip if you can add news indicator into the PoMtrade EA. The EA will try to trade pairs that is affected by the news.

Once again thanks.

Post by **RisklessPips** » Wed Jul 27, 2016 1:30 pm

Skyla8812 » Wed Jul 27, 2016 11:32 am wrote:Hi, I really love the indicator that you guys have made. It is really helpful to me especially when it is news time. As they say news moves the price. Instead of running away from it, I trade when the news come and with the indicator in hand I know exactly what pair is being affected by the news. I would like to make a suggestion for risklesspip if you can add news indicator into the PoMtrade EA. The EA will try to trade pairs that is affected by the news.

Once again thanks.

Hi Skyla

Please note PoMTrader is NOT a news trader ! There are many reasons prices can move faster than would normally be expected, not all news (as in predicted news announcement) related. It could be rumours, profit taking, unexpected natural or political occurrences etc etc.

PoM will capture these moves on the current candle, but it would be impossible to trade such events and make money !

Charles

Post by **RisklessPips** » Wed Jul 27, 2016 1:48 pm

Today has not been a very fast general environment day in terms of PoM. That has given me time to look at recent data and do some analysis.

The problem I posted last was that PoM was capturing a lot of small Pips and then giving them back when the inevitable SL was hit on one or more trades.

Today, I went back to basics and using the adage of "let your winners run and cut your losers short", I figured I was making the following mistakes

1) Opening far too many trades - simultaneously and also cumulatively through the day
2) If a candle did not close in profit, PoM was using its search for profitable trades criteria in far too tight a manner such that winners were not being given room to run

3) Winners were not being targeted early enough in the life of the candle therefore too many trades were going into profit and then retracing back into loss where the SL was waiting.

So, the setfile has changed and I post it here for reference.

The main changes are

1) Trade entry is now heavily restricted to ensure only very fast moving trades are entered on the basis that these offer the best prospect of moving far enough to pick up Pips in the life of the current candle. This restriction is both time based (trades are only input during the first 7% time of any TF) and speed based. (The symbol's price must be moving at over 50% of its ATR before the 7% elapsed cutoff time)
2) The search for profitable trades commences earlier (again at 7% of the TF's duration)
3) The search for profitable trades now allows winners to run by increasing the minimum dollar profit amount to 1.20 (This is on a micro account trading 0.01 lots)
4) The trade manager I am using kicks in at 3 Pips to give Break even - meaning that losers become fewer and Trailing stop is set at 8 pips. This gives price room to be volatile as it moves fast against its ATR.

These changes have gone a long way to combating the problem I posted but there is room for improvement yet.

PoMAutoTrader.set

Charles

Post by **RisklessPips** » Fri Jul 29, 2016 5:11 am

I have made significant changes in the PoMTrader setfile after tweaks and come across some conflicting logic in how he was exiting some trades.

Overnight totally during the Asia market he took 47 trades and lost a total of $12 - about 26cts per trade.

Here is the current setfile the results for the Asia session 29th July. I am also using a trade manager obtained online that allows the BE to slide from opening price thus taking into account the spread. I have set that so it has a trailing stop of 5 pips and BE is hit at 3 pips into profit.

PoMTrader.set

M30 TF

PoM[30].png

M15 TF

PoM[15].png

M5 TF

PoM[5].png

Combined results

TotalPoM.png

Post by **highwise** » Tue Aug 02, 2016 10:18 am

Schermopname (6).png

hi,

was experimenting with POM while Gridmaster was running. Result looks nice. No wonder when you combine some masterpieces created by Renexx...

Regards Tom

Post by **RisklessPips** » Tue Aug 02, 2016 1:25 pm

highwise » Tue Aug 02, 2016 12:18 pm wrote:
hi,

was experimenting with POM while Gridmaster was running. Result looks nice. No wonder when you combine some masterpieces created by Renexx...

Regards Tom

I agree - Rene is a genius

I have been a little quiet testing a few additional functions to PoMTrader - and I'm glad to say they are going very well - I will be publishing a full user guide and the new code later this week.

Charles