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Simple Correlation Indicator System

  • #441
  • Oct 13, 2016 1:00pm Oct 13, 2016 1:00pm
Quoting kirkleaforex
Some reflections on the Winner indicator... If you are in a trade, let's say a SELL, you will see the Winner indicator histogram heading down until it hits the overbought zone and eventually start climbing up again. If you notice that the histogram climbs up sharply, but PRICE ACTION is going up only slightly or going sideways, then you can reasonably assume that the downward momentum is still there. Understanding the nuances of each indicator and learning their behaviour might take time and patience, but it gives you more confidence in using them...
Very well said, I thought this comment needed highlighting again, as it is one of the most valuable lessons to be learnt in trading.
Please keep up the great work, Kirkleaforex. Subscribed from sunny Brisbane.
  • #442
  • Oct 13, 2016 1:52pm Oct 13, 2016 1:52pm
Bonsoir;
Sorry for my very bad english
I play with another Currency Strength than Corel and I play it on the M30 to H4. I do not know if it's playable M1 and if you're interested ...
A very simple strategy MTF. Not many indicators
Sorry if I pollute your excellent thread

belle soirée
jf

Attached Image (click to enlarge)
Click to Enlarge Name: M1.JPG Size: 221 KB
  • #443
  • Oct 13, 2016 2:08pm Oct 13, 2016 2:08pm
Quoting le celte
Bonsoir; Sorry for my very bad english I play with another Currency Strength than Corel and I play it on the M30 to H4. I do not know if it's playable M1 and if you're interested ... A very simple strategy MTF. Not many indicators Sorry if I pollute your excellent thread belle soire jf {image}
@ le celte
Is it possible to upload your indicator? Thanks!
  • #444
  • Oct 13, 2016 2:22pm Oct 13, 2016 2:22pm
Quoting kofix11
{quote} @ le celte Is it possible to upload your indicator? Thanks!
Here it is and tpl
Careful because it's an MTF: it's can repaint

jf
Attached File(s)
File Type: rar CSS.rar   66 KB | 874 downloads
  • #445
  • Oct 13, 2016 5:50pm Oct 13, 2016 5:50pm
Hi all...just a quick post to offer my personal reflection on jumping around from indicator to indicator / strategy to strategy.

I have traded for close to 11 years all up, and have been guilty of every mistake I can think of, and I surrender to the fact that there are more mistakes to be made.

One of the big mistakes I have made is to fall victim to the desire to find the "holy grail"; that one system / set of indicators that I can just place on a chart and make all the confusion go away and make trading amazingly straight-forward. We've all been there - many of you reading this will still be caught up in this fantasy.

And trust me, it is a fantasy...

The quickest way to move forward with your trading, is to stop searching for something that doesn't exist...just pick a strategy and stick with it.

Learning a strategy takes time and patience. Learning how to read the behaviour of an indicator, let alone a whole suite of them, does not happen overnight. And nor should it - nothing worth having in this life comes without a bit of persistent hard work.

There are an untold number of strategies available to you, which forms part of the problem, but believe me when I tell you that most strategies will end up working if you take the time to know them intimately. I haven't even mentioned money management, which is the best way to ensure any strategy is viable over the long-term.

Now I am not saying that my strategy is the only one you need to consider using...it is merely one of literally tens of thousands available to you...but if you continue hopping from one to another and not focusing yourself on learning one and ensuring your money management is correct, you will continue to walk blindly in a world of confusion. You are only delaying your success.

I welcome people to post their own experiences of this, and respectfully ask that we keep this thread one of focus and personal development.

It is amazing how much clarity you can finally achieve when you stop searching and start focusing. If the strategy in this thread excites you even a little, and if you can see a "way through" to earning consistent profit, then commit yourself to this for a few months.

That's right - a few months.

If things are not working for you for some reason and you feel the need to look elsewhere for answers, please realise that the answers are nowhere to be found on this forum or any other; the answers are to be found within you and your ability to change your behaviour.
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  • #446
  • Oct 13, 2016 6:08pm Oct 13, 2016 6:08pm
Quoting le celte
Bonsoir; Sorry for my very bad english I play with another Currency Strength than Corel and I play it on the M30 to H4. I do not know if it's playable M1 and if you're interested ... A very simple strategy MTF. Not many indicators Sorry if I pollute your excellent thread belle soire jf {image}
Hi and thankyou for your contribution...I have used the CSS indicator many months ago whilst I was researching the whole currency strength topic.

All indicators that I use repaint in some fashion, meaning that candle data is always changing whilst ever a candle is forming.

Once a candle has closed, all data should remain intact. Which is why it is imperative that people base their decision to enter the market on closed candle data, never during a candles' formation.

This is the reason that I find the argument of "does an indicator repaint or not" a waste of time. If you wait until candle completion, you have a clear understanding of whether you can pull the trigger based on the data available to you right then...not before.

Therefore, if you are using the MTF properties of Correl8, for example an M5 with an M1, you need to wait until the close of an M5 candle before you make your decision to enter. If you use a H4 with a H1, you need to wait until the close of the H4 before you make your decision to enter. And so on.

I will say that I don't enjoy people posting other indicators other than the ones I focus on for my strategy, as it only offers distraction to people when the more important task is to learn the strategy at hand and focus on making it work, but in any case I welcome you to the thread and hope you stick around.

HAPPY FRIDAY ALL LET'S MAKE SOME PIPS TODAY!
Trade to Live - Don't Live to Trade
  • #447
  • Oct 13, 2016 6:09pm Oct 13, 2016 6:09pm
Great and inspirational post!
  • #448
  • Oct 13, 2016 7:01pm Oct 13, 2016 7:01pm
Quest for perfection...

We all need to make our chosen trading strategy as robust as possible, hopefully so it can be traded at will during any market session with no barrier to profit.

How can we make this system more robust? It seems to work perfectly fine when the market is trending (like any good strategy should!) but the same old story happens when we are going sideways. There are signals being generated which are just plain false. And this happens even during the more volatile trading sessions.

I am googling my little fingers to the bone trying to decide on one, but then thought to myself "I have a great wealth on information right at my fingertips - just ask the thread!"

So...can anybody recommend a sideways indicator that actually does what it was designed to do? Because this is one area that this strategy needs improvement in.

Thanks in advance!
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  • #449
  • Oct 13, 2016 7:31pm Oct 13, 2016 7:31pm
Quoting FX Compass
{quote} Very well said, I thought this comment needed highlighting again, as it is one of the most valuable lessons to be learnt in trading. Please keep up the great work, Kirkleaforex. Subscribed from sunny Brisbane.
Welcome good sir! I miss Australia in many ways...it's nice to see people joining this thread from my home country. I used to live in Newcastle north of Sydney.

Thanks for joining us here. Hope you find something of value
Trade to Live - Don't Live to Trade
  • #450
  • Oct 13, 2016 7:48pm Oct 13, 2016 7:48pm
Quoting kirkleaforex
Quest for perfection... We all need to make our chosen trading strategy as robust as possible, hopefully so it can be traded at will during any market session with no barrier to profit. How can we make this system more robust? It seems to work perfectly fine when the market is trending (like any good strategy should!) but the same old story happens when we are going sideways. There are signals being generated which are just plain false. And this happens even during the more volatile trading sessions. I am googling my little fingers to the bone trying...
Do you mean an indi that tells us when the market is ranging, so we can stay out? Or an indi that gives profitable trades in ranging markets?
  • #451
  • Edited 9:21pm Oct 13, 2016 8:18pm | Edited 9:21pm
Quoting TheJube
{quote} Do you mean an indi that tells us when the market is ranging, so we can stay out? Or an indi that gives profitable trades in ranging markets?
I am more interested in a filter to prevent trades during ranging markets.

I am also keen on not "overtrading", so any indicator which alerts me to a period of time when we shouldn't be trading is welcome.
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  • #452
  • Oct 13, 2016 9:21pm Oct 13, 2016 9:21pm
Quoting renko4x
@kirkleaforex I have a suggestion for SS indicator. Arrows are nice and big but for some traders it may be distracting and it is not clear to what candle it belongs. What if there was option to choose between arrow and colored bar? So instead of red/bearish arrow the candle would be colored (could be red as default). And similar for long signal and exit signal. What do you think?
Hi again...this indicator has nothing to do with my strategy or settings, but visually it looks similar to what I would like to see developed for the SS indicator.

Go HERE and see what you think.

Hope it does something like you are seeking until I get my act into gear with my own candle painting plans!
Trade to Live - Don't Live to Trade
  • #453
  • Oct 13, 2016 9:24pm Oct 13, 2016 9:24pm
Quoting kirkleaforex
Quest for perfection... We all need to make our chosen trading strategy as robust as possible, hopefully so it can be traded at will during any market session with no barrier to profit. How can we make this system more robust? It seems to work perfectly fine when the market is trending (like any good strategy should!) but the same old story happens when we are going sideways. There are signals being generated which are just plain false. And this happens even during the more volatile trading sessions. I am googling my little fingers to the bone trying...
Hi Kirkleaforex,

I wrote initially about the strategy probably because this suits my personality. I need to get in the trade and get out quickly, if I leave it for long my fingers get jittery.

In addition to the previous set of indicators I use one more indicator which has been essential to all my other strategies and has contributed to all of them. I trust it because it is not price derivative. When signal from a system which has an edge but is dependent on price movement is combined with an indicator which is not a price derivative and they both point to the same direction then trust me you are way ahead in this game.

The other indicator which I use is volume. It gives a good indication of where the price needs to go. It has to be used in conjunction with other indicators and is a support which can enhance the win ratio of already successful system.

In cases like these where the price is ranging and everyone is wondering if it is going to break the range or not. Try looking at the volume when the price hits the extremes of this range. If the volume generated is within +/-10% of the volume generated previously when price was here, then it is more likely to break this range. I have tested this and it works most of the times and there are times also when it does not work, so you need to use your personal discretion as well. And that is why I said initially it improves the edge of a system. By itself it is not a complete system.

I hope this might be of help.

Cheers,
Ravs
  • #454
  • Edited Oct 14, 2016 1:29am Oct 13, 2016 11:01pm | Edited Oct 14, 2016 1:29am
Quoting ravs_avs
{quote} Hi Kirkleaforex, I wrote initially about the strategy probably because this suits my personality. I need to get in the trade and get out quickly, if I leave it for long my fingers get jittery. In addition to the previous set of indicators I use one more indicator which has been essential to all my other strategies and has contributed to all of them. I trust it because it is not price derivative. When signal from a system which has an edge but is dependent on price movement is combined with an indicator which is not a price derivative and...
Thanks Ravs it is definitely helpful. I respect your choice not to post any indicators here but if you could make a suggestion on your preference i will make my own enquiries and do some testing. I have in the past looked at the Better Volume Indicator which i may consider again. Is this what you would suggest? Another?

Thanks for your contribution.
Trade to Live - Don't Live to Trade
  • #455
  • Oct 14, 2016 1:28am Oct 14, 2016 1:28am
[quote=The other indicator which I use is volume. It gives a good indication of where the price needs to go. It has to be used in conjunction with other indicators and is a support which can enhance the win ratio of already successful system.
[/quote]

Have sent you a PM, Ravs.
Trade to Live - Don't Live to Trade
  • #456
  • Oct 14, 2016 1:45am Oct 14, 2016 1:45am
Attached Image

Hi Kirklea, could you please check this message as I guess that it should be Short exit and no Long, as Short entry before. Please advise. Thanks. Tea
  • #457
  • Oct 14, 2016 1:50am Oct 14, 2016 1:50am
Volume Anyone?

Thanks Ravs for offering to assist...it has me thinking and researching, and thinking and researching...

The Better Volume indicator v1.5 (freely available on the interweb) uses a Lookback function - default is a period of 14. In the screenshot I have changed its colour to RED.

It can be easily seen that when there is no volume, it dips below a certain level...(this black level line is at "50"...I added it in there as a potential crossover guide-line to delineate higher volume to low volume).

Bollinger Bands are just there to illustrate the lack of volume also; tightly constricted through this session. Then there are a few spikes in volume saying "Heads Up!", and we see something is on its' way.

I have overlaid a second Better Volume indi with a Lookback period of 3...I am visually testing different lookback periods as a possible overlaid chart, to see whether crossovers of these lines are possible ways to exploit changes in volume for both entry and exit signals.

There were many trade signals firing off during this sideways period (you can't see them, but I have gone back and found a few), and this idea could have helped a novice trader avoid trading these periods.

If this idea has any legs at all, I will check whether my programmer can code this into a modified version with the ability to choose from different periods for the crossover, plus the usual alert functionality we like to have.

Thoughts anyone?
Attached Image (click to enlarge)
Click to Enlarge Name: Volume consideration for possible development.PNG Size: 45 KB
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  • #458
  • Oct 14, 2016 1:51am Oct 14, 2016 1:51am
Quoting kirkleaforex
{quote} All indicators that I use repaint in some fashion, meaning that candle data is always changing whilst ever a candle is forming.
This is true for all oscillators. The true repainting happens after a candle close and some indicators do just that (for example indicators which are trying to pick tops and bottoms).

I doubt there is a scalping strategy which would work 24/5, each session (asia, europe, us) behaves differently. It's better to optimize the strategy for the time you trade. Also i doubt there is any way to filter out "ranging" behavior for scalping strategies, because on 1M scale, ranging means moving 5-7 pips up and down. And that is usually not enough to hit even your SL. The volume indicator ( i do have several of them) can be tricky, because all it does is counting the number of ticks, but often breaks happen without that simply because every other counter order (resistance/support) has been already consumed. The theory says the more you visit one price extreme the better the chances of a breakout simply because of that fact (consumed orders), thats what continuation triangles are about which are very very reliable patterns.

One useful thing to use with volume indi is being able to notice the reversal. If the volume at the very extreme range is high and price refused new top/bottom its probably that (at least shortterm) reversal is in place.
  • #459
  • Oct 14, 2016 2:15am Oct 14, 2016 2:15am
Quoting mades
{quote} This is true for all oscillators. The true repainting happens after a candle close and some indicators do just that (for example indicators which are trying to pick tops and bottoms). I doubt there is a scalping strategy which would work 24/5, each session (asia, europe, us) behaves differently. It's better to optimize the strategy for the time you trade. Also i doubt there is any way to filter out "ranging" behavior for scalping strategies, because on 1M scale, ranging means moving 5-7 pips up and down. And that is usually not enough to...
 
Nice to have your wisdom with us on this thread mate.
Trade to Live - Don't Live to Trade
  • #460
  • Oct 14, 2016 2:33am Oct 14, 2016 2:33am
Quoting kirkleaforex
{quote} Nice to have your wisdom with us on this thread mate.
thanks mate, im eagerly awaiting what you will post during this weekend Anyway, right now im trying to sort of incorporate QQE into the strategy. QQe still has this huge advantage to pick up signals very early on, often before the aggressive move (which always happens VERY quickly), the trick is to filter bad ones. Looks like HA smoothed 3 is quite a powerful addition (ha smoothed 233 is basically around EMA500 MA). This is to get those 7-15 pips multiple times per day. SS is good but sometimes signals come too late or my patience is too low (which is my mental challenge always). I also use SS in higher TF to have the overall picture and direction (i use usually 30M/1H for daily direction). And im still learning to use winner, looks like it can occasionally show divergences too.
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