CurrencyOfflineCharts

[writegvf]

jpy_1h.gif

Hi,

I want to put your attention on the updated version CurrencyOfflineCharts1.3.

This ea is created by the members DerPat and renexxxx and allows you to create an offline-chart for each of the 8 major currencies on normal timeframes. I was looking for such a trading-tool for quite a long time. If you do an internet search, you will see that -in my opinion- there is no similar trading-tool like this. So first of all thanks a lot to the both creators !!! :hi:

I am using it in combination with some indicators:

First of all, I am using the cross of 2 Moving averages for trend definition, for example period 120 and 180, both linear weighted.

Besides I set the center-of-gravity-indicator to find reversals, setting: 500 bars, m=1,kstd=2.

Before taking a trade, I am comparing the 1h, 4h and daily-timeframe concerning the
AbrahamTrendIndi (also from the creator renexxxx).

In the last 4 weeks the manual trading system gave me consistant profit, hope you get also
positive results - enjoy it and please post your improvements to the systems right here !!

[SteveHopwood]

Just posting here to draw attention to this. I shall not be a contributor - busy elsewhere but there are some clever people here who might join in. Good luck.

[renexxxx]

Thank you Thomas for starting this thread!

However, may be it's just me, but I need some more clarification.

As a start, you are using the currency offline charts of 8 currencies on 3 time frames (H1, H4, D1), right? So, that means that you have CurrencyOfflineChartsv1.3 running on 24 (online) charts, each of them generating one of the 24 offline charts. I get that.

Now for the trend definition:

First of all, I am using the cross of 2 Moving averages for trend definition, for example period 120 and 180, both linear weighted.

On what timeframe do you do this?

Similarly for the reversals:

Besides I set the center-of-gravity-indicator to find reversals, setting: 500 bars, m=1,kstd=2.

What timeframe?

And for Abraham?

Before taking a trade, I am comparing the 1h, 4h and daily-timeframe concerning the
AbrahamTrendIndi

How do you read this and what does it tell you?

But the main question comes now: Say you have established a trend on JPY, and noticed a reversal to the COG on JPY, and the Abraham indicator has told you something else (on JPY), how are you combining all this information with the information from the other currencies in order to decide on an entry for a currency pair?

Can you perhaps elaborate such that thickies like me can follow you?

[writegvf]

Hi renexxxx,

you are right I am using 3 offline charts for each currency and I am adding the centre-of-gravity-indicator on each one of them. It shows the actual trend (up/down) and I am taking trades when the price is above or below all 5 lines

You see I am looking and waiting for reversals. For this trading-style the AbrahamTrendIndicator is another helpful tool, because it also gives you a feeling if the price is "relative" low or "relative" high.

So if the line of the AbrahamTIndicator is down on the bottom of the chart it is a sign for a buy-trade and when the line raises to the top of the chart it is a hint to start a sell-trade. To be sure what I am doing I compare all 3 timeframes- it does not make sense to start a buy-trade when the AbrahamTIndicator is showing his line nearly at the top of the chart on the 4 h and 24 h-timeframe. So this indicator is a good filter and bewares you from running against the trend.

How do I combine the 2 indicators ?
First of all I would say it is normal to get controversal signals. For that most of the time I do not trade and wait for a situation when the 2 indicators come together on the same timeframe-chart, for example the c-o-g Indi ist running upstairs, the price is below all 5 lines and the AbrahamTIndicator line is down. In this case it is likely that the price is raising so I am starting a buy-trade.

I know there are smarter solutions presented in this forum, but for small traders like me this system gives you a first orientation what to do and what not to do. Profit is coming with experience and patience, as always.


PS:
I come back next week with some screenshots to illustrate what I am saying, so please come back to this thread to take a look what is going on....

[debugging]

Hi,

i try to develop a scalping strategy with a currency strength system.
So I remembered myself back reading once the topic from DerPat here @ SHF and found this indicator from renexxxx again for offline charting.
Unfortunately i get the "Zero Divide" error in Empty4 when i try to load the EA.
I tried different charts, TFs, Brooker/MT4s, History Download, etc. but unfortunately not beeing successful.

I think the older Version (1.1.) worked once with my Empty4, but unable to find it.

[renexxxx]

Hi,

i try to develop a scalping strategy with a currency strength system.
So I remembered myself back reading once the topic from DerPat here @ SHF and found this indicator from renexxxx again for offline charting.
Unfortunately i get the "Zero Divide" error in Empty4 when i try to load the EA.
I tried different charts, TFs, Brooker/MT4s, History Download, etc. but unfortunately not beeing successful.

I think the older Version (1.1.) worked once with my Empty4, but unable to find it.

This is a data related problem. In order to get this to work, you can either (1) Reduce the LookBackBars parameter, or, (2) Load more history data.

You must have price data for all currency pairs, for at least LookBackBars back. The formulas created by DerPat include divisions by Open and Close prices. If any of these prices is zero (for a certain candle shift), you will get a Divide-by-Zero error.

[writegvf]

I have been asked to show the center-of-gravity indicator which you can see on my charts... here it is. :hi:

[dentiok]

Good to see similarities between offline derpat charts with those of futures in tradingview for the instruments: 6E1!(EUR), DXY(USD), 6C1!(CAD), 6B1!(GBP), 6S!1(CHF), 6J1!(JPY), 6A1!(AUD), 6N1!(NZD).

[SteveHopwood]

Good to see similarities between offline derpat charts with those of futures in tradingview for the instruments: 6E1!(EUR), DXY(USD), 6C1!(CAD), 6B1!(GBP), 6S!1(CHF), 6J1!(JPY), 6A1!(AUD), 6N1!(NZD).

You might want to see the time gap in between yours and the previous post. Lack of activity is usually a telling point.

Looks like a thread that went nowhere to me. I shall lock it unless/until someone provides evidence that it has a use.