I have learnt and got much from this website, I think it's time for me to contribute to this community. I have developed this system for over 4 months(since Nov2012) and paid a professional coder to write the indicator and the EA. I will release the indi first for all of you to play with and accustom to it. Then I will release the EA and hoping other talented coders can assist me to remove the bugs in the EA (and the bug is a crucial one and the original coder seems not wanna to support me to fix it anyway)....
OK! So what is the entry rule......
It is based on the compromise of 4 elements to initiate long/short signals and 2 elements as an exit signal.(exit signal may not be so good as a real exit, but it can act as a re-entry staring point).
4 elements:
1) Price Action Channel: comprised of 8 periods (user definable) EMA (high and low price).
2) MACD (5,16,5)---user definable and TF set at H4 (also user definable). The indi. is ordinary MACD. We name it M1.
3) MACD (5,16,5)---user definable and TF set at D1 (also user definable). The indi is MACD nrp mtf. We name it M2.
4) MACD (9,26,9)---user definable and TF set at W1 (also user definable). The indi is MACD nrp mtf. We name it M3.
Trading TFs:
- All TF but I trade H4
- If trade D1 chart, M1 should be set at D1 TF, M2 should be set at W1 TF and M3 should be set at M1 TF.
Long Trade:
Entry:
M3 and M2 should be Green in colour (that is rising slope) AND M1 should be Green (that is cross above zero) and bar Closed above the PAC (high) (that means the open price of signal bar should be lower than PAC (H) but close price above PAC (H) ). A long signal (Arrow) printed after bar closed --- this is the signal bar. BUY next bar open minus X pips (user definable) or next bar open plus X slippage (user definable).
Exit/Stop Loss:
Signal bar’s M1 and M2 are both Red and bar Closed below the PAC (low). Position should be closed next bar open minus X slippage (user-definable); OR user defined fixed pips for both TP and SL; OR both but which one is reached earlier.
Short Trade:
Entry:
M3 and M2 should be Red in colour (that is falling slope) AND M1 should be RED (that is cross below zero) and bar Closed below the PAC (low) (that means the open price of signal bar should be higher than PAC (L) but close price below PAC (L) ). A short signal (Arrow) printed after bar closed---this is the signal bar. Sell next bar open plus X pips (user definable) or next bar open minus X slippage (user definable).
Exit/Stop Loss:
Signal bar’s M1 and M2 are both Green and bar closed above the PAC(High). Position should be closed next bar open plus X slippage (user-definable). OR user defined fixed pips for both TP and SL; OR both but which one is reached earlier.
In order to avoid noise and exhaustive run, there are 4 filters in the indi
1) EMA Filter (with trend):
PAC(H) should > selected EMA (default true and equal to 50)
2) EMA_ATR Filter (Keltner Channel to avoid exhaustive run):
Use 50 EMA and ATR period 50 and 5 ATR and default true
3) Candle_Range_ATR (avoid long bar and being trapped)
default true and ATR 2.5
4) EMA Cross (double confirm trend)
Not much use in higher TF say H4 so default is false.
* filters 2-4 are added and coded by me (and I am dumb in coding and all I can do is copy and paste)).
We trade the first or first 2 arrows (not trade consecutive signals) only and first arrow after dot (buy and sell exit). The most difficult part is trading signal after dots though it provide re-entry opportunities (after correction)
So enjoy it and see if we can improve it together.
Jason
