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Scoobs and squalou: what a combo
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Author:  ianp [ Sat Feb 25, 2012 1:52 am ]
Post subject:  Re: Scoobs and squalou: what a combo
I have to agree with Steve ,

I dont understand why this thread is so quiet.

Closed out another 497 pip basket early Friday , so in 2 weeks over 1300 pips , with no stress,
planning to go live next week (probably the kiss of death !!! )

Thanks Steve :D
Author:  TraderTim [ Sat Feb 25, 2012 3:01 am ]
Post subject:  Re: Scoobs and squalou: what a combo
I don't post much...to misquote someone famous..."tis best to be silent and thought a fool, than to open ones mouth and remove all doubt" or some such bullhonky.

I have to agree that this thread is undervalued, I have been reading and rereading this thread for a week....I think the lizard like brain stem part of me knew it was important, but the higher cognitive brain (the one that makes bad trading decisions) refused to believe it until I stared it into submission.

I have been trading counter trend on the 4 hr charts forever. With great success for long periods, followed by extended periods of panic stricken drawdown when the market does decide to trend. In fact, was doing so well since November of last year I was considering asking Steve to automate my system. See statement attached.
Statement.rar
Then this latest strong trend developed and I found myself on the losing end of it. (See sad second statement attached). It was this thread that convinced me to close my losing trades this morning, giving back a lot of what it took 3 months to make. I guess my point is, this thread has changed the way I look at trading, using only the simple 20 day RSI to determine trend strength. So thanks to Steve, and big thanks to Scooby Doo.
Statement2.rar
I think I will continue to trade countertrend, but only when the RSI is in ranging territory, and if the RSI steps against me will close the losers instead of adding to them. And if a trend trade qualifies might even go with the trend for a change....!

Thanks for this thread guys, really awesome. And keep up the good work Steve...I have been a fan of yours for a long time on FF, and reading your posts, especially when you flame someone, kinda reminds me of the Hitchhikers Guide To The Galaxy (In a good way).
:lol:
Tim

PS: ignore the cancelled buy orders on the GY, my brainstem knew it was the right move but my cognitive brain decided to cancel them, in case they were successful.... :cry:

PSS: Should add that I used an HTML editor to delete the account number and my last name as this is a live mini acct.
Author:  garyfritz [ Sat Feb 25, 2012 4:15 am ]
Post subject:  Re: Scoobs and squalou: what a combo
TraderTim wrote:I don't post much...to misquote someone famous..."tis best to be silent and thought a fool, than to open ones mouth and remove all doubt" or some such bullhonky.
Oh I've proven myself to be a fool many times around here, so I have no qualms about that. :lol:

I saw this thread but I've been juggling so many chainsaws that I didn't have any spare neurons to throw at it, beyond a few snarky remarks about kids. :) But Steve, if you managed to take an account from $2070 to $2589 in a month (correct? not sure I understood your basket issues properly), I need to pay attention.

Is this a reasonably accurate summary of what you're doing?
  1. Look at D1 RSI (the MTF_RSI indi, or the Rsi trend display indi to monitor many pairs) for the pairs you want to trade. If > 55 and increasing, look for long entries with the trend. If < 45 and decreasing, look for short entries. (You like to trade pairs that don't charge swap, but it's probably not crucial.)
  2. Set up sq's indicator with appropriate lookback to capture some price action and determine S/R levels. Look at a D1 chart to get an idea of how much lookback it needs.
  3. If long trend, buy when an H1 candle opens above sq's resistance lines, opposite for short. You assume the resistance line will become support and the existing trend will move you in the right direction. Use the Waiting to Buy/Sell EAs to automate this so you don't have to watch the chart all the time.
  4. Assuming the trend keeps moving with you, repeat the process to stack additional positions at the next S/R level.
  5. Exits: Use jumping stops to trail a stop behind the trend. (How far behind? Some fixed amount, or maybe 1 or 2 S/R levels back?) Exit all positions if RSI returns to the 45-55 range. TPs at your discretion. You don't currently use an initial SL, just the jumping stop, but it seems like a good idea.
  6. Sounds like you might close positions on the weekend? Though if you're in a strong uptrend it could go for weeks or months, and you could build up a massive millipede.
Sound about right?

Questions:
  • How often do you check the chart? Looking e.g. at AUDJPY, it's been breaking through a major resistance level about once per week. (That's assuming the current support lines used to be resistance lines.) So I wouldn't think you'd have to look at it very often.
  • I looked at AUDJPY, which has been in a strong uptrend for a while. I switched to D1 and set the Sq lookback to 300 days, and got lots of blue & brown lines. Then I switched to H1 and all the blue Resistance lines disappeared. Apparently the H1 chart didn't have enough history for the indicator. How do I set it up to run in H1? I set the max bars to 100k and max history to 1M and did the "hold down HOME key" trick but it would only go back to Aug 2011.
  • Do you pay attention to the swing H/L lines from the Sq indicator, or just the blue/brown S&R lines?
  • I haven't tried using MPTM to manage trades. How would you use MPTM to manage open trades, while also using the Ready to Buy/Sell EAs to add on more?
  • Do you think you could just use a breakout stop above the Resistance line, rather than waiting for an H1 to open there?
Thanks for the research and the sharing, Steve!
Author:  SWG123 [ Sat Feb 25, 2012 7:09 am ]
Post subject:  Steve, this is insane
[quote="SteveHopwood"]Curious that this thread has attracted so little attention. Maybe my round-robin "Hey guys, a new toy to play with" have more impact that I imagine, and I have not sent one for this thread.

I've been quiet because I'm dumbfounded! Traded this last week on Alpari UK $5K demo using 0.1 lots. Using MPTM with a 70-pip JS equity increased by 28%. This includes a couple of stupid mistakes that cost me about 2% - must watch out for that all-time high/low. Absolute drawdown was negligible.

Not too shabby I'd say. :D

P.S. Is there a way to increase font size on the RSI Trend indi for the visually impaired/old and decrepit?
Author:  DING [ Sat Feb 25, 2012 8:15 am ]
Post subject:  Re: Scoobs and squalou: what a combo
the trading model compare to TIB(The Incomparable Bob) EA logic, seems only difference that replace NB V10 trading direct filter to D1-RSI(20), is right for me? :?:
Author:  SteveHopwood [ Sat Feb 25, 2012 11:14 am ]
Post subject:  Re: Scoobs and squalou: what a combo
DING wrote:the trading model compare to TIB(The Incomparable Bob) EA logic, seems only difference that replace NB V10 trading direct filter to D1-RSI(20), is right for me? :?:
Without NB10 sq would not have coded the S/R indi, so the similarities are no coincidence.

:D
Author:  SteveHopwood [ Sat Feb 25, 2012 11:16 am ]
Post subject:  Re: Steve, this is insane
SWG123 wrote:P.S. Is there a way to increase font size on the RSI Trend indi for the visually impaired/old and decrepit?
No, because the info is produced by comments.

If someone would care to beautify the indi by placing the info inside labels instead, then users can have their own choice of font, colour and size etc.

:D
Author:  SteveHopwood [ Sat Feb 25, 2012 11:24 am ]
Post subject:  Re: Scoobs and squalou: what a combo
TraderTim wrote:I have been trading counter trend on the 4 hr charts forever. With great success for long periods, followed by extended periods of panic stricken drawdown when the market does decide to trend. In fact, was doing so well since November of last year I was considering asking Steve to automate my system. See statement attached.
That is the downside of CT trading and is the reason I have so many open and hedged trades stuffing up the equity on my live account.

The difficulty with trend trading is always the same. In hindsight, it is easy to see the overall trend. In the present, it is hard to know whether the trend will continue, retrace or reverse. "Let the trend be your friend" is all very well, but only if we know when to enter the market.

Which is why the scoobs/sq combo is proving so effective. We will all be interested in your CT experiments when RSI is showing up a range, so please keep us in touch with this.

:D
Author:  SteveHopwood [ Sat Feb 25, 2012 11:32 am ]
Post subject:  Re: Scoobs and squalou: what a combo
garyfritz wrote:
TraderTim wrote:I don't post much...to misquote someone famous..."tis best to be silent and thought a fool, than to open ones mouth and remove all doubt" or some such bullhonky.
Oh I've proven myself to be a fool many times around here, so I have no qualms about that. :lol:

I saw this thread but I've been juggling so many chainsaws that I didn't have any spare neurons to throw at it, beyond a few snarky remarks about kids. :) But Steve, if you managed to take an account from $2070 to $2589 in a month (correct? not sure I understood your basket issues properly), I need to pay attention.

Is this a reasonably accurate summary of what you're doing?
  1. Look at D1 RSI (the MTF_RSI indi, or the Rsi trend display indi to monitor many pairs) for the pairs you want to trade. If > 55 and increasing, look for long entries with the trend. If < 45 and decreasing, look for short entries. (You like to trade pairs that don't charge swap, but it's probably not crucial.)
  2. Set up sq's indicator with appropriate lookback to capture some price action and determine S/R levels. Look at a D1 chart to get an idea of how much lookback it needs.
  3. If long trend, buy when an H1 candle opens above sq's resistance lines, opposite for short. You assume the resistance line will become support and the existing trend will move you in the right direction. Use the Waiting to Buy/Sell EAs to automate this so you don't have to watch the chart all the time.
  4. Assuming the trend keeps moving with you, repeat the process to stack additional positions at the next S/R level.
  5. Exits: Use jumping stops to trail a stop behind the trend. (How far behind? Some fixed amount, or maybe 1 or 2 S/R levels back?) Exit all positions if RSI returns to the 45-55 range. TPs at your discretion. You don't currently use an initial SL, just the jumping stop, but it seems like a good idea.
  6. Sounds like you might close positions on the weekend? Though if you're in a strong uptrend it could go for weeks or months, and you could build up a massive millipede.
Sound about right?
Sure does. Remember to use the Highest/Lowest indi (or something similar) so you are not buying into an all-time high, or selling into an all-time low. No reason why these should not be broken, but for sure there will be a lot of resistance and probably a market stall for some considerable time.
Questions:
  • How often do you check the chart? Looking e.g. at AUDJPY, it's been breaking through a major resistance level about once per week. (That's assuming the current support lines used to be resistance lines.) So I wouldn't think you'd have to look at it very often.
About once a day unless the Waiting EA's itell me they have sent a new trade. Then I look to see if restarting the EA looks like a good idea, and adjust the stops of profitable open trades.
[*]I looked at AUDJPY, which has been in a strong uptrend for a while. I switched to D1 and set the Sq lookback to 300 days, and got lots of blue & brown lines. Then I switched to H1 and all the blue Resistance lines disappeared. Apparently the H1 chart didn't have enough history for the indicator. How do I set it up to run in H1? I set the max bars to 100k and max history to 1M and did the "hold down HOME key" trick but it would only go back to Aug 2011.
Have you tried Matts forcing script?
[*]Do you pay attention to the swing H/L lines from the Sq indicator, or just the blue/brown S&R lines?
Only the S/R lines.
[*]I haven't tried using MPTM to manage trades. How would you use MPTM to manage open trades, while also using the Ready to Buy/Sell EAs to add on more?
I don't.
[*]Do you think you could just use a breakout stop above the Resistance line, rather than waiting for an H1 to open there?[/list]
No idea. Try it and see.

:D
Author:  gaheitman [ Sat Feb 25, 2012 4:07 pm ]
Post subject:  Re: Scoobs and squalou: what a combo
garyfritz wrote: I looked at AUDJPY, which has been in a strong uptrend for a while. I switched to D1 and set the Sq lookback to 300 days, and got lots of blue & brown lines. Then I switched to H1 and all the blue Resistance lines disappeared. Apparently the H1 chart didn't have enough history for the indicator. How do I set it up to run in H1? I set the max bars to 100k and max history to 1M and did the "hold down HOME key" trick but it would only go back to Aug 2011.
Gary,

First off, you probably know this, but the changes to chart bars and history don't take effect until you restart Empty4. Also, a quick way to get all the data for a chart from your broker:
  1. Open History Center (F2)
  2. Browse to the Pair/TF you care about
  3. Scroll to the last record (oldest) and change the year to 1970
  4. Exit History Center
  5. Right Click on the chart and choose Refresh
You should get the download of all the history for the pair/TF in a couple of seconds. Then, go back in and delete the 1970 record in history center.

George
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