10.2 forum

[garyfritz]

So at Cowboy IBFX the weekly candle is from Monday 0:00 till Sunday 24:00 in GMT time zone, which I can't understandwhy, and how these opening and closing times connected to the Forex market open hours...

You are right!!

Cowboy IBFX has a short D1 candle on Sunday, but that candle is **NOT** included in the new week's W1 candle. It's included in the previous week's W1 candle.

According to Cowboy IBFX there are no gaps in the W1 chart, because its W1 chart goes from 00:00:00 Monday to 23:59:59 Sunday, and the "week border" happens between one tick and the next at 00:00:00 Monday. It says last week closed at 1.26435 and this week opened at 1.26436. PFG's W1 chart correctly shows a gap this week from 1.25165 last week to 1.26372 on this week's open.

IMHO this is NOT a good crim to base a system on if it pays any attention to the weekly open or close, or even the high and low. Cowboy IBFX's W1 candles are clearly wrong.

In my opinion their daily candles are bogus too, because the GMT+0 timestamp causes a short Sunday candle and 6 D1 candles per week.

Personally I wouldn't use this crim for any system that pays attention to W1 or D1 candles. GMT+3 (or GMT+2 outside summer time) gives you proper 00:00:00-to-23:59:59 D1 candles, 5 candles per week, and correct W1 closes.

[nanningbob]

The thing is my pivots dont set until JPY open 8PM EST, so I have to wait anyway. The close on Friday doesnt really matter.

I don't understand what you mean by "your pivots don't set" ? How does the JPY open time affect it?

The pivots in e.g. 10.2 MonthlyPivots.mq4 are calculated using the iHigh,iLow,iClose of the previous pivot_timeframe_const bar. Using Cowboy IBFX, and assuming you're calculating weekly pivots, that means you're getting the High and Low of last week, plus the Close of last week -- which, since Cowboy IBFX closes at 4pm NY on Friday, means you are using the 4pm NY close value in your (H+L+C)/3 pivot calculation. (Which, I think, is where your weekly-pivot differences come from. With most other crims you'd use the 5pm NY close.)

iHigh/iLow/iClose use the daily/weekly candle values of the crim, Cowboy IBFX in this case. Daily candles open/close at midnight crim time (midnight GMT for Cowboy IBFX, except the Friday close & Sunday open). Weekly candles for Cowboy IBFX open at 6pm NY Sunday and close at 4pm NY Friday. The JPY open time doesn't factor into the calculation.

At least that's how I read it. Other coders, is that how you see it?

So if you set the pivots to jpy open 0 GMT then everyone should be the same unless the candles dont open and close at the same time.

They don't. Cowboy IBFX opens later and closes earlier.

First thank you for pointing these things out, I do appreciate your commentary and the time you took to point these things out.

0 GMT and the JPY open are the same unless there is a time change. So the daily pivot resets then. I see it happen every day on my chart.

The difference in the last hour of trading Friday is insignificant, price action is dead then anyway. Updating by trading session is used by many traders in figuring pivot points, it is a common practice with some. The very first pivot calculator I ever used allowed for you to do that. What I like about this one is it leaves all the pivot points from the past on the chart so you can study price action.

The only issue to me is this. Is price honoring those lines on your screen and if they are crossed do you have a valid trade? The second question is are these crossings a better take on a trade than the MA lines in the original version? The answer to that question on Monday with the gaps was a big yes. Now does that mean I adapt it and stay with it. No, one day does not determine a test.

There is only one criteria I accept in trading. Does it work? I dont really care what other people think or teach or what other people use. I have had many debates with traders who say i dont follow x or y rules. I dont care about the standard rules because most traders lose money and the ones that do most of them are not consistent. That is why my systems are sometimes, lets say unique. Here is the bottom line on the Euro on my chart. I see two trades, one which I took and one I did not. If I just played the daily pivot only I would have had two successful trades this week on the eur/usd. Now, what I would suggest is a programmer go into the daily code and adjust it to work with NY close with an ignore the Sunday candle. We can compare the two and see what works best. That is the only criteria that matters to me. If every one in the world uses the NY close but I can trade successfully using the jpy open, then that is what I am going to do and I dont give a rip what anyone else says. That is me.

Anyway thank you for pointing these things out. That is why I call it a test version and why I want people like you to comment. It allows me to adjust and update the version and to try to correct things. If anyone can make these adjustments to the code I really do want to compare and see which works better. I have a feeling though for me I will probably prefer the update after the Sunday gaps. It clearly sets up the day for some good trades and confirms that price is or is not going to stay with the gap or not. The crossing of the pivot on Monday gave me a bunch of really beautiful trades. It would be the first indicator that would give me a clear position to trade the gaps from on a Monday which I have not seen before.

[nanningbob]

So if I see my test in the chart above I could say Monday trade bounce off of monthly, take the trade as it breaks back through the pivot. Wednesday, price bounced off of S1 take the trade back through the pivot that is above it. Now if I see that kind of trade consistently performed and say go in the direction of the daily pivot and play the bounce off of the S1 or monthly. I have a unique trading system with clear defined rules for entrances and place your SL on the other side of those lines. You can see your risk to reward ratio would be very good. If I adapted to such a system. I wouldnt care that everyone else used the 5PM close of the NY session. My only criteria wold be does it work? If the slope is showing range like it is now then how do we trade??? Simple, play the bounce off of pivots and S/R and take the trade through the daily pivot. Simple and easy to understand and do. That is how I think.

[astral77]

If it works then it is correct. Recovery looked like a losing martingale at first glance but applied correctly it works. The sixths indicator looked ridiculous at first but it works. To me the most significant part of 10.2 is the slope indicator. I may be wrong and it wont be the first time. I have revisited the TMS (trading made simple) system and crosses in the direction of the slope indicator have much better hit rate. Even NB5 has a better win rate using the slope indicator to a) enter during ranging periods and b) stop the recovery when slope indicator is +-0.8.

Mind you what we are doing by trying to find flaws in 10.2 may result in improvement in the system. On the other hand we may find out that we just wasted time over something which is not that crucial to the system. Knowing BOB, my guess is that the latter would be the case.

Kind regards

[hammondnz]

Hi Bob

Just made a comparison with your chart and mine and immediately noticed the difference between the two. My daily pivot at the weekly open is the complete opposite of yours. See pic below. Although I've been reading the thread re the weekly open candles/calculations etc I have become totally confused over the whole issue and now wonder how to go about fixing it. I will re-read everything again to get a clearer idea of what is happening however, if somebody who has a clear grasp on the ins & outs of this can help out I would be hugely appreciative. I am no programmer but I am very capaable of changing code where necessary.

Jemook, I read earlier your crim is Axitrader here in Aussie. Mine too. How do your charts compare?

Apart from that, I take the opportunity of thanking you Bob and all the others who are contributing. You're an amazing bunch of people!!!! My trading has taken an enormous leap forward these last 3 weeks with a renewed passion and more than a 100% increase in account size. Awesome!

Again, thank you all

Graham

[garyfritz]

I don't understand what you mean by "your pivots don't set" ? How does the JPY open time affect it?

0 GMT and the JPY open are the same unless there is a time change. So the daily pivot resets then. I see it happen every day on my chart.

Ohh, I see. Your pivots REset at 00:00 GMT = JPY open. Gotcha. Empty4 breaks days at 00:00, which happens at the JPY open for your GMT+0 crim.

If your approach works for you, that's hard to argue with. I'm just not sure how the rest of us can follow what you do, if your charts look totally different -- see e.g. hammondnz's daily pivots. Maybe we need to modify the pivot indicators so they reset at 00:00 GMT no matter what timezone your crim is in. Or maybe it's like we said elsewhere, maybe where the pivot is, is less important than how you trade around it.

You like your pivots resetting at 00:00 GMT because that's your local open. That doesn't work as well for people on the other side of the world, or people whose crims aren't on GMT+0, but it works well for you.

Do you also prefer the Cowboy IBFX behavior that hides Friday-to-Monday gaps on W1 charts??

Being the geek I am, I like consistent behavior. I'm uncomfortable with everybody having different charts and different indicator results. I don't like to see the short Sunday candle, or the Sunday candle getting wrapped into last week's W1 candle, or 6 D1 candles per week. I like the markets opening at 00:00 on Monday and closing at 23:59:59 on Friday with 5 clean D1 candles, and properly-reported W1 gaps. These things all seem right to me, and that's what you get with GMT+3/2 crims.

But I'm not the one inventing (and sharing!) the system that's making everybody so much money. I should find a way to work with your system, on my crim or on a GMT+0 crim, or shut up and let other people be happy with what's working.

[Jemook]

Jemook, I read earlier your crim is Axitrader here in Aussie. Mine too. How do your charts compare?

My Axitrader charts look exactly like yours. I'm guessing all GMT+3 would look the same too. Also, I'm from Sydney - sorry I know you asked somewhere I just can't find the post again.

[astral77]

As criminals go Cowboy IBFX is not too bad (despite the Aussie Cowboy IBFX driving Steve bonkers few days ago).Most of us have accounts with more than one criminal and you should seriously look at opening a penny account with either Cowboy IBFX or a similar criminal. ideally a small account with couple of hundred dollars or a demo account with a trade copier EA running if opting for automated trading. This is how a non coder would do it. I am sure you will come up with a more intelligent solution.

Kind Regards

[garyfritz]

Yes, that would work to get charts that look like Bob's. It just *bothers* me to have such wonky charts.

[Ray Singcar]

My Axitrader charts look exactly like yours. I'm guessing all GMT+3 would look the same too. Also, I'm from Sydney - sorry I know you asked somewhere I just can't find the post again.[/quote]


Good on you Jem..I am a cronulla boy