rex » Thu Oct 16, 2014 9:22 am wrote:I also found the
http://www.forexfactory.com/showthread.php?t=487923 thread of interest, and had a coder build a indi ("CanChanMA") with
1. a candle sub-indicator - up to 24 (!) different candles, each of which can have a varying strength of, for example, for bullish candles, Close - Open with minimum of X Lookback Pips,
2. a contained-in-channel sub-indicator, with up to 3 different contained-in-channel definitions,
3. a slope of MA sub-indicator, with 4 different MA slopes, the first 2 with both min and max slopes, and the 2nd two with min slopes to be set out, and
4. an Ichi proximity sub-indicator with min and max distance of Close from lower (shorts) and upper (longs) surfaces.
Then Bob came out with his wondrous 240 MA creation.
A little experimenting has me looking at the following as having potential -
When a bearish CanChanMA candle is followed by Bob’s 240 MA short signal on the M15 TF,
there is a good chance the trade will be successful (see A on attached screenprint), and vice versa for longs (B and C on the screenprint).
The CanChanMA candle has the following settings (for longs, vice versa for shorts):
* 240 EMA minimum slope of 0.2,
* 15 minute bullish candle with Close – Open >= 1 pip, and
* 240 minute bullish candle with Close – Open >= 15 pips
I haven’t had a lot of time to check this out thoroughly, so perhaps others would like to investigate this as to optimum settings, including for Bob's 240 TF default.
Maybe one should only take the first signal in long or short direction unless price retreats back to the 240 MA (in which case trade at C wouldn't be taken). Here I simply used the 240 EMA for the 15 minute TF, rather than the 3840 MA equivalent to the 240 MA for the 240 TF.
Note: the CanChanMA will not accept candle settings below the TF it is placed on (you can’t input 5 minute candle settings on a 15 minute TF).
