Pinoccio: trade those pins

[SteveHopwood]

Steve,

I've been watching the EA mark pinbar opportunities over the past couple weeks, and while watching the charts I noticed something I thought I'd share.

I know you don't think much of Renko charts as I've seen your comments in the last Renko EA you coded, but I've been trading a Renko chart for the past few weeks, and I noticed that if you have Renko with Wicks, the wicks present themselves with some decent trading opportunities. Maybe this is outside of the scope of this conversation so don't blast me but I thought it might be interesting if you applied concept of looking for a 8-9 pip wick and then took the same direction of the candle on the candle opening.

The picture attached are 10 pip renkos. If you grab 5-8 pips per trade with a 10 pip SL, I think there could be a good 70% success rate.

I'll start a new thread if this is too far outside the scope of this EA, but I thought while we were measuring and positioning wicks, this may be appropriate.

The EA and the indi both work with the candles they find on the charts, so why not experiment? After all, the entire EA is an experiment.

No need to start a new thread unless you want to.

[SteveHopwood]

Hi Steve,

Thank you very much for yet another very interesting ea.

Two suggestions :

1. As trading the PIN BAR is a reversal strategy, rather than waiting for the pin to break a support/resistance to trigger a trade, should it not be the pin either touching/breaking the pivot in bar[1], then close below/above the pivot in bar[0], resulting in a false break or fakey.

2. Rather than entering the trade by using bid/ask, shouldn't we be using a pending order above/below the nose of the pin bar plus buffer (5 to 10 pips) as described in the attached pdf.

Just a thought. Just ignore if my suggestions do not make sense.

peter

Thanks Peter. I coded P as I coded him because that was how I coded him, not because I had spent several months fine-tuning a manual trading strategy. The whole thing is an experiment.

I am not going to change my version just yet. You are able to make the changes you suggest for yourself, so how about doing so and experimenting on demo? If your idea turns out to have legs we can adopt it.

Thanks for your thoughts. Keep them coming.

[SteveHopwood]

You guys will have read about slipshod's s/r indi in my 'good luck' pm last night.

D1/W1 pivots are often too far away from the market to be of help to P. I have started looking at how to use Andrew's library in P, so we can use the nearest s/r levels.

This is proving to be a problem, but Andrew is helping me with this. I shall add it to my Shell, once sorted out.

Might take a few days, so keep watching this space.

[fx800]

Hi Steve,

Thank you very much for yet another very interesting ea.

Two suggestions :

1. As trading the PIN BAR is a reversal strategy, rather than waiting for the pin to break a support/resistance to trigger a trade, should it not be the pin either touching/breaking the pivot in bar[1], then close below/above the pivot in bar[0], resulting in a false break or fakey.

2. Rather than entering the trade by using bid/ask, shouldn't we be using a pending order above/below the nose of the pin bar plus buffer (5 to 10 pips) as described in the attached pdf.

Just a thought. Just ignore if my suggestions do not make sense.

peter

Thanks Peter. I coded P as I coded him because that was how I coded him, not because I had spent several months fine-tuning a manual trading strategy. The whole thing is an experiment.

I am not going to change my version just yet. You are able to make the changes you suggest for yourself, so how about doing so and experimenting on demo? If your idea turns out to have legs we can adopt it.

Thanks for your thoughts. Keep them coming.

Thanks, Steve. I do not have the code snippet for pending orders. I tried lifting one from Swingone ea but it is not trading correctly.

[SteveHopwood]

V 1c is in post 1.

Thanks to Andrew, we now have full s/r filters. Please see 'Support and Resistance in post 1.

[cuzgeorge]

Thanks Steve and Andrew,
have now started getting quite a few trades, Still a few more losers than winners, but at least there are trades we can work with.
Thanks for this update again, will have it up and running in a few minutes.
regards
cuz

[fx800]

Many thanks to Steve and Andrew.

[patman]

Steve,

In Post 1 it says that
"LibSSSRv2.mq4 goes in your Empty4/Experts/Include folder"

In the zip file from slipshod's thread it says that
LibSSSRv2.mq4 goes in your Empty4/Experts/Libraries folder
and that you must open it in Metaeditor and compile it.

regards
pat

[SteveHopwood]

Steve,

In Post 1 it says that
"LibSSSRv2.mq4 goes in your Empty4/Experts/Include folder"

In the zip file from slipshod's thread it says that
LibSSSRv2.mq4 goes in your Empty4/Experts/Libraries folder
and that you must open it in Metaeditor and compile it.

regards
pat

Thanks Pat, but no it doesn't. Read the extensions more closely.

[patman]

Steve,

In Post 1 it says that
"LibSSSRv2.mq4 goes in your Empty4/Experts/Include folder"

In the zip file from slipshod's thread it says that
LibSSSRv2.mq4 goes in your Empty4/Experts/Libraries folder
and that you must open it in Metaeditor and compile it.

regards
pat

Thanks Pat, but no it doesn't. Read the extensions more closely.

OK, I'm not sure what you're saying re the extensions so I tried both methods.
First as per Post 1 I put both files (LibSSSRv2.mqh & LibSSSRv2.mq4) in the include folder.
Then dropped Pinoccio onto a chart

Experts tab says

pin1-experts.PNG

Journal Tab says

pin1-journal.PNG

Then I moved LibSSSRv2.mq4 to the libraries folder and compiled it
Restart Empty4
Then dropped Pinoccio onto a chart

Experts tab now says

pin2-experts.PNG

and Journal tab says

pin2-journal.PNG

Definitely different result.
No errors when files places as per slipshod zip file info

I tried compiling it in the include folder but that didn't work either.
Maybe different on your Empty4 but on mine the .mqh file has to go in the include folder and the .mq4 file has to go in the Libraries folder and be compiled.

regards
pat