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Simple Correlation Indicator System

  • #221
  • Jun 25, 2016 2:11pm Jun 25, 2016 2:11pm
Hi kirkleaforex. Quite some potential here...
For those who want to backtest, since MTF charts are involved, I can suggest a couple of indicators to either scroll forward two or more charts contemporarily or to check out past events occurring at the same time. The first one is downloadable for free here and the second one is attached (I think I downloaded it on FF some time ago). Use should be quite intuitive.
Attached File(s)
File Type: ex4 SyncCursor.ex4   9 KB | 805 downloads
File Type: mq4 SyncCursor.mq4   5 KB | 1,000 downloads
  • #222
  • Jun 26, 2016 1:20am Jun 26, 2016 1:20am
Quoting Hammertop
Hi kirkleaforex. Quite some potential here... For those who want to backtest, since MTF charts are involved, I can suggest a couple of indicators to either scroll forward two or more charts contemporarily or to check out past events occurring at the same time. The first one is downloadable for free here and the second one is attached (I think I downloaded it on FF some time ago). Use should be quite intuitive. {file} {file}
Hammertop your contribution here is greatly appreciated! You are right - the SyncCursor indicator usage is very intuitive and makes for instant recognition of signals that occur close to each other. I recommend anyone reading this to try this out.

I am yet to test out the other link you mentioned as I think this will suffice for now.

After looking through a few pairs on different TF's, I think I need to revise my logic, i.e. it appears that after a signal happens on the longer of the two TF's, it may be a little late to enter. Perhaps we could consider waiting until the later of the two TF's, and then IF confluent conditions are already in place on the shorter TF, trade entry conditions are met?

Screenshot example: TF's are M15 and M5. We see a valid M15 blue diamond BUY signal confirmed at 1845hrs, and so according to existing logic, we wait until the next valid blue diamond appears on the M5...but by the time that happens we have missed the move.

Instead, if we see the M15 blue diamond confirmed as above, then immediately check the M5 for all confluent conditions, we would see an existing blue diamond was in effect 50 minutes earlier at 17:55hrs.

We then check the Correl8 value lines are above / below +/-8 (dotted white lines), and we enter immediately, earning ourselves around 55 pips up to the next pivot.

By using the SyncCursor indicator posted earlier by Hammertop (thanks once again!), and having the Data Window open to the left, you can easily compare the different values that we need to measure before we decide a trade entry is viable.

Thoughts?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 75 KB
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  • #223
  • Jun 26, 2016 1:38am Jun 26, 2016 1:38am
Just a quick word on the SyncCursor indicator posted earlier by Hammertop.

By hovering your mouse over a region in time that is shared across two (or more) separate time frames, the crosshair (vertical and horizontal lines) will be coloured grey (as in the screenshot in the previous post).

If you click your mouse into the longer TF chart, and then move the mouse cursor outside the shorter-term chart's currently displayed range, the crosshair lines will change colour, alerting you to the fact that you are left or right of where you should be, and you then need to scroll the shorter TF chart left or right so the charts are again displaying a similar time region of data.

If you are too far left, the crosshairs change to a RED horizontal line. Too far right, they change to a GREEN horizontal line.

Try this indicator out - it is simply brilliant for comparing data for a particular time region over two or more TF's.
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  • #224
  • Jun 26, 2016 3:34am Jun 26, 2016 3:34am
I'm glad you like them, but I would advise to try the Syncscroll from the link as well. That one always shows both windows as active and in sync at the moment one chart is being looked at. I actually load both indicators on the same chart, as there is no conflict, and have double advantage.
  • #225
  • Edited 4:34am Jun 26, 2016 3:55am | Edited 4:34am
Kirkleaforex,

Am back after the cataclysmic Brexit ..... (That's a story for another day).

Sorry this is a bit late......

I am too busy on working days ...i am always free on weekends.

From my tests.....What i have noticed is that when there is a cross on both iCorrel8 & QQE ... then the trade as more chance of succeeding.

I don't trade on low time frames.... the least i like to do is H1 ..... so my test was on H1 and H4 ..but it worked well on H1 only.

I shall post a pic later.

Cheers.
It Is Well With My Soul..(Amen)
  • #226
  • Jun 26, 2016 4:40am Jun 26, 2016 4:40am
Quoting Hammertop
I'm glad you like them, but I would advise to try the Syncscroll from the link as well. That one always shows both windows as active and in sync at the moment one chart is being looked at. I actually load both indicators on the same chart, as there is no conflict, and have double advantage.
Yep, you are right. The Syncscroll works like a charm...just group the charts you need into one group number in the settings dialogue, and wham...they scroll neatly together.

OMFG.

Thank you so much...makes life so much easier when testing these ideas.
Trade to Live - Don't Live to Trade
  • #227
  • Jun 26, 2016 4:43am Jun 26, 2016 4:43am
Quoting Hammertop
Hi kirkleaforex. Quite some potential here... For those who want to backtest, since MTF charts are involved, I can suggest a couple of indicators to either scroll forward two or more charts contemporarily or to check out past events occurring at the same time. The first one is downloadable for free here and the second one is attached (I think I downloaded it on FF some time ago). Use should be quite intuitive. {file} {file}
Thanks so much Hammertop. Really remarkable indicator. A must for multi time frame trading.
  • #228
  • Jun 26, 2016 4:47am Jun 26, 2016 4:47am
Hi,

Like i said earlier.......

The Way I See It.

1) The main decider is iCorrel8 ( That is ...i use it as the main Trend)

2) When there is a Cross UP on iCorrel8

3) I then look on QQ if there is ....
a) a Cross UP
b) both lines Above the Zero line.

4) For Close of the trade
a) I use Trailing Stop
b) When there is a counter cross on any of the two ( i.e QQE or iCorrel8) which ever comes first.

See Pic.
I do hope it is clear enough .... rushing out of the house at the moment.


Have a great weekend.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 36 KB
It Is Well With My Soul..(Amen)
  • #229
  • Jun 26, 2016 4:52am Jun 26, 2016 4:52am
Quoting babasemi
Kirkleaforex, Am back after the cataclysmic Brexit ..... (That's a story for another day). Sorry this is a bit late...... I am too busy on working days ...i am always free on weekends. From my tests.....What i have noticed is that when there is a cross on both iCorrel8 & QQE ... then the trade as more chance of succeeding. I don't trade on low time frames.... the least i like to do is H1 ..... so my test was on H1 and H4 ..but it worked well on H1 only. I shall post a pic later. Cheers.
Hi babasemi and thanks for getting to work on the testing with me.

That's great what you have found...I will investigate your findings a bit more and continue refining my logic.

Obviously nothing is foolproof in this game, but if we work together like this I believe wholeheartedly we can come up with something fairly robust and perhaps even something flexible, i.e. different versions of the same strategy that work for certain market conditions.

To everyone reading this: there is still a way to go before I get this exactly the way I see it in my head. I have big plans for this strategy but it will take time. Nothing worth having in this life comes without some effort! I am here for the long haul and am committed to developing this into something everyone can use, no matter what trading style, currency or TF you like.

But I really need your input! If you are able to help me test this, or even if you have ideas of your own which you believe will go some way toward improving this, even slightly, I want to hear them!

There is incredible value in the sharing of knowledge and ideas. So let's collaborate!
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  • #230
  • Edited 3:06am Jun 27, 2016 2:09am | Edited 3:06am
Great separation on EURUSD H1 and M15...have bought into this move to see how far it takes me. Have set TP at the Daily PP which is a far way away at this stage so will monitor price action and look for any signs of exhaustion once the morning gap has been filled.

EDIT: Closed trade due to getting close to closing the weekend gap. A decent return for one day - taking a break.
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  • #231
  • Edited 5:52am Jun 27, 2016 5:02am | Edited 5:52am
Getting ready to jump in on GBPUSD now that it has hit all time low again. Either it will break down or it will retrace and maybe enter a rally - either way I am ready.

Awaiting confluence of signals from M15 / M5 / M1 for a scalp.

EDIT: Too tired - heading to bed...up 29% for the day so best not to be greedy and give everything back to the market. Good luck everyone...there are plenty of pips here.
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  • #232
  • Jun 27, 2016 7:39am Jun 27, 2016 7:39am
Can you post screenshots of your trades, K? Also, here is an idea: Originally you were using a difference of about 50 or so between the lines. So a move in one bar to the next from 45/0 to 45/-5 is the same signal strength as a move in one bar from 20/0 to 30/-20 because at the end of the day in both cases the two lines are 50 apart. What would happen if you asked your programmer to add a third line that showed the magnitude of the change. In the second case the magnitude of the change is 30 while on the first case the change is only 5 so maybe the second case is a better signal?
  • #233
  • Jun 27, 2016 11:43am Jun 27, 2016 11:43am
171 pips already today...i think i am beginning to understand this system
Attached Image (click to enlarge)
Click to Enlarge Name: CHFJPYM15.png Size: 50 KB
  • #234
  • Jun 27, 2016 5:14pm Jun 27, 2016 5:14pm
Quoting justomonla
171 pips already today...i think i am beginning to understand this system{image}
So when do you enter the trade?
  • #235
  • Jun 28, 2016 1:41am Jun 28, 2016 1:41am
Quoting justomonla
171 pips already today...i think i am beginning to understand this system{image}
Congratulations mate! That's a big day out...well done and keep it up.
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  • #236
  • Jun 28, 2016 1:46am Jun 28, 2016 1:46am
Quoting Kubiasty
{quote} So when do you enter the trade?
Hi Kubiasty, depending on whether you are just uising the Correl8, or the QQE as well, you always enter at the start of a new candle AFTER a signal has formed on the previous one. I.e. If you are trading an H4 chart on its' own, you wait for the H4 candle to finish forming, and if there is a signal at the candle close, enter straight away.

The "signal" I refer to is the separation value between the two individual coloured lines in the Correl8 indicator. If the distance between them is 52 or greater, it is an ideal time to buy (although the number "52" is arbitrary).

Another example would be if you are using the H1 as the loger-term underlying trend to give you direction, and then you use the M15 to time your entry...you wait until a M5 candle has finished forming, and if the Correl8 values are = or > 52, you enter at new candle open etc.

Try it out on a demo - it works well due to the fact that the number "52" indicates high volatility, which means good strength behind the move and greater chance of a successful trade.
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  • #237
  • Edited 2:38am Jun 28, 2016 1:50am | Edited 2:38am
Live trade EURUSD with screenshot.

H1 showing great separation already, as was the M15 but I haven't been home all day so missed the earlier move.

Timed an entry of the M5 after a QQE "buy" Diamond appeared. Valid entry as QQE signal happened below the -10 line

Targeting the next PP above.

EDIT: Totally need to renew my prescription! The QQE was not below -10...totally stuffed this one up guys. I guess this is why I test out on a demo...I see stuff on the screen incorrectly at times.

2ND EDIT: -I closed off the trade with a small loss, then the market turned around and my trade would have been a winner. Luck of the draw...should have stayed the course...even my "bad" signal was a good signal after all!
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 130 KB
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  • #238
  • Jun 28, 2016 2:01am Jun 28, 2016 2:01am
Quoting Ygr
Can you post screenshots of your trades, K? Also, here is an idea: Originally you were using a difference of about 50 or so between the lines. So a move in one bar to the next from 45/0 to 45/-5 is the same signal strength as a move in one bar from 20/0 to 30/-20 because at the end of the day in both cases the two lines are 50 apart. What would happen if you asked your programmer to add a third line that showed the magnitude of the change. In the second case the magnitude of the change is 30 while on the first case the change is only 5 so maybe...
Hi again ygr,

I was not at my computer when I took those trades yesterday...I got a signal to my phone and entered remotely. Going back and finding when these trades were and then organising screenshots and everything is a bit beyond me right now as I am too busy prepping my house to sell before I move overseas.

Regarding your suggestion, I think it is a great idea, and covers an area of logic that had totally escaped me! I like the "magnitude" idea...so perhaps the logic would be to calculate the change in separation between the closing values of the previous closed candle and the separation values of the newly closed candle? Is that kind of what you are thinking or do have a different suggestion for the formula?

I will speak to my programmer guy and see what he can come up with.
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  • #239
  • Jun 28, 2016 9:37am Jun 28, 2016 9:37am
Quoting kirkleaforex
Live trade EURUSD with screenshot. H1 showing great separation already, as was the M15 but I haven't been home all day so missed the earlier move. Timed an entry of the M5 after a QQE "buy" Diamond appeared. Valid entry as QQE signal happened below the -10 line Targeting the next PP above. EDIT: Totally need to renew my prescription! The QQE was not below -10...totally stuffed this one up guys. I guess this is why I test out on a demo...I see stuff on the screen incorrectly at times. 2ND EDIT: -I closed off the trade with a small loss, then the...
Ok distance 52 but on which time frame ? On Correlli indicator H4 M5 H1 m15 ??

Attached Image (click to enlarge)
Click to Enlarge Name: where distance.png Size: 39 KB
  • #240
  • Jun 28, 2016 12:15pm Jun 28, 2016 12:15pm
Yes, K. That sounds about right. Current difference minus last bar closing difference. Any clue as to when your suite will be released?
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