FIBO on each pinbar

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  • 11/07/2020 at 9:23 AM #149745 quote
    lisamitch50
    Participant
    Junior

    Morning all, hope this “Virus” hasnt dampened your trading…

    I am in the middle of trying to transition from manual trader to automated, as i feel that my strategy can be automated and would stop me from either taking dubious trades, or not taking trades due to my own mind, plus its killing me getting up at all hours to take a trade.

    Currently i am averaging around 72% win rate manually, and with backtesting i am missing out on around 7-12 trades a month, some win and some loose, but all would add to my RR ratio. For example on EUR/USD in Jan 2020, my RR was +21, with +178.1 points gained and 10 wins – 4 losses.

     

    So im looking for a little help, i dont want to go straight into the “Pay someone to code it for me” yet!! i want to make sure that it can be coded the way i trade, so if its ok with you guys (Gurus) my strategy is as below.

    No code as i cant code (Even though it looks straightforward, i am not at all confident that i would be able to code the strategy while trading it…

    Any and all comments welcome.

    So:

    1hr chart (Pick an instrument to trade, works on most) i trade DAX and EUR/USD

    Pin bar reversal with conditions –

    1. Pin bar MUST close above or below the previous candle. See pic (Colour of the candle doesnt matter)
    2. The body of the candle MUST be within (above) the 61.8Fib. See pic
    3. Enter (En) long or short when price breaches the low or high (100% point on FIB)
    4. Stop (SL) is 10 points above the high or low of the pinbar candle (See pic) and is 1% of total trade account
    5. Take Profit (Tp) is in sections – a. 75% is taken at the 200% Fib point and SL moved to 50% Fib, b. remaining runs to 300% Fib where 75% of the remaining amount is taken and SL is moved to BE, c. Any remaining is taken at 400% Fib.

    See the annotated screen shot which should be attached.

    As i draw the FIB manually i would need this drawn automatically on the correct type of Pin Bar (To my criteria) and be able to change that (As i have played about with only taking pin bars which close above 76.4 Fib), and the Entry, Stop, and movement of SL as well as the TP be all auto…

    Is this possible?

    Please feel free to manually backtest this strategy, however i am getting very tired from setting alarms on the PC and getting up at all hours, automation would make it all so easy.

     

    Many thanks guys, and any and all help would be very much appreciated.

    11/07/2020 at 9:56 AM #149748 quote
    GraHal
    Participant
    Master

    You screenshots didn’t attach, I know … you were toot tired to notice!? 🙂

    11/07/2020 at 9:59 AM #149749 quote
    GraHal
    Participant
    Master
    lisamitch50 wrote:

    Take Profit (Tp) is in sections

    We can’t take partial profits (on AutoTrading / Algo’s) due to IG restriction (not PRT, but IG prohibits partial exit) .

    11/07/2020 at 10:02 AM #149750 quote
    lisamitch50
    Participant
    Junior

    UPDATE, one thing i forgot was –

    The trade is cancelled if not entered into within a set amount of bars (Varies) so would be 2, 3 or 4 bars.

    Thanks.

    Mitch

    11/07/2020 at 10:39 AM #149753 quote
    lisamitch50
    Participant
    Junior

    AH – Thanks GraHal, didnt notice that the attachement wasnt on.

    So, stuck manual trading it is.

     

    Have a backtest anyway dude. See what you think.

     

    Mitch

    Pin-Bar-reversal-Strat-V1.40.docx
    11/07/2020 at 10:53 AM #149755 quote
    robertogozzi
    Moderator
    Master

    Attach only this kind of files, please:

    • JPG or PNG files for pictures/screenshots
    • TXT files for not formatted text
    • PDF files for formatted text

    Thank you 🙂

    x-1.jpg x-1.jpg
    11/07/2020 at 11:36 AM #149758 quote
    GraHal
    Participant
    Master
    lisamitch50 wrote:

    So, stuck manual trading it is.

    No not stuck … as your manual strategy may still be profitable in Auto even without partial exits?

    I am not good at coding either, although I get by on my own Algos.

    Some kind Coding Wizard might turn your spec into code and so we can see if it is profitable etc?

    11/07/2020 at 11:57 AM #149760 quote
    GraHal
    Participant
    Master

    You / we could always run 3 Algos in parallel and exit at the 200%, 300% and 400% Fib points on the individual Algos.

    On a manual trade … I’d have exited in full anyway after that long wick reversal after the 300% Fib point.

    I tend to favour the 168%, 268% Fib extensions, but I’m open to anything that makes a profit!!?? 🙂

    11/07/2020 at 4:22 PM #149785 quote
    lisamitch50
    Participant
    Junior

    Sorry Robertogozzi (MOD) ill know for next time.

     

    The whole strategy rlies on the partial profits being taken at 200% and then moving the stop, it is profitable if 100% taken at the 200% fib, but not as much as the partial profit way, im also open to doing things better as long as it gets more profits in.

    My own backtesting shows that if its a 1to1 RR (Equal Stop and Equal Take Profit) then the RR ratio is more than halfed, as around 18% of all trades go on to 400% (Or 3R), so the partial profit (75%) at 200% fib means that you capture 0.75R on around 60% of trades, and the rest (22%) is split between 200-300% Fib, which means you get around 1.8R each trade averaged out.

    The 22% are the ones which get between 200 and 300% Fib then turn around for a Stop Loss, the 18% will just go straight to the 400% and most of the time i dont get a chance to exit at the 200% Fib, the majority of trades at 60% (Especially on higher TF) hit the 200% and then reverse.

     

    Im just looking at my current November trades (Undiclosed) 30min Chart

    Win       8

    Loss       1

    RR         10.16

    Points   114, 25.1, -33.7, 72.7, 60.6, 20.9, 25.8, 119.5, 64.9  (469.8 Points Total So Far)

    Some of them were at 2am, and others after 11pm, so automation would be better.

    The 3 algo’s at the same time seems challenging, but if able to do it then its a goer.

     

    I can see that my strategy isnt automatable in the way im after, but the fact that some items can be is a start.

     

    Can i look anywhere for ready made Fib being drawn onto Pin Bars which fall into my criteria ?

     

    Many thanks guys / GraHal.

     

    Mitch

    11/12/2020 at 5:42 PM #150322 quote
    BobOgden
    Participant
    Average

    Hey @lisasmitch50, I’m trying to code at least the first part of your strategy, but there are things I’m not sure I understand.

    For 1), if the previous candle was going downwards, you want the close of the pin bar to be below the close of the previous candle?

    For 2), would you end the fibonacci retracement (100% line) at the highest of the whole pinbar or the highest of the pinbar’s body? Because it may change depending on whether there’s an upper shadow.

    Finally, would you set a minimum length for the whole pin bar candle?

    GraHal thanked this post
    11/15/2020 at 12:26 AM #150535 quote
    BobOgden
    Participant
    Average

    @lisamitch50 any news?

    11/17/2020 at 7:26 PM #150818 quote
    lisamitch50
    Participant
    Junior

    Hey Bobogden, busy time working and stuff so cant watch the thread all the time sorry.

     

    Ok so answers below –

    1. (SEE PIC on previous post) – If the pinbar its self has an upward tail (Bearish pinbar / Sell opportunity) the body of the pinbar needs to close above the previous candle body, if the pinbar has a downwards wick (Bullish pinbar / buy opportunity)the body of the pinbar needs to close below the body of the previous candle. It does not matter what the colour of the candle is (Red or green for either direction, its all in the wick).
    2. (SEE PIC on previous post) – The Fib needs to be an extension from the top of the pinbar wick, to the bottom of the pinbar wick or body whichever is lowest (For a sell), and fib extension from bottom of pinbar wick to the top of the wick or body whichever is the highest (For a buy).
    3. No – No minimum length for the candle of wick, however the body of the candle (Pinbar candle) MUST close below or above the 61.8 fib. So when drawing the extension, top of the wick to the bottom of the lowest part of the candle or wick for the pinbar for a bearish / sell, and the body MUST be within the 61.8 and 100 Fib.

     

    Notes –

    A. If there is NO body to the candle its NOT a pinbar, so there must be at least some candle body, from experience, if it shows some colour then its a pinbar, if all you see is a line then its not.

    B. The Stop (Above or below) is my discretion at 10 points above / below.

    C. The fib should have the folowing %points on it – 100% – 200% – 250% – 300% – 400%

    D. Enter the trade on next bar (Or set order) on the break of the 100% fibo, stops 10 points above / below 0%, take profit is as you wish, but see above posts for my chosen way.

     

    Hope this helps, would love to be able to see how your getting on.

     

    Mitch

    BobOgden thanked this post
    11/19/2020 at 7:18 PM #150990 quote
    BobOgden
    Participant
    Average

    Hey @lisamitch50, I’ve tried to code the very first part even though I’m definitely not a coding wizard haha, more of a beginner.

    So here’s what I’ve tried to do:

    • Long algo only
    • Always active except on weekends
    • If there’s a (hammer-shaped) pinbar that closes below the body of the previous candle and within the 61.8%-100% fibo range, then the algo goes long
    • 3 bars are allowed afterwards
    • SL is 10 points below the low of the pinbar
    • TP is 200% Fibo

    I’ve used pending orders instead of market orders to have more data, but I think market orders on a 1-min TF would be more accurate (but less data).

    You can try and adjust the settings of the pinbar so that they fit your strategy, or tell me and I’ll change them. The different parameters are the length of the whole candle, the length of the body, the length of the lower shadow and the length of the upper shadow.

    For now, I haven’t tried to add a second algo that would go all the way up to Fibo 200%. Because the minimum position for DAX is 0.5 for my part, the base positionsize should at least be 2 to close 1.5 at Fibo 100% and leave 0.5 to hopefully run to 200%.

    Tell me if you see positions that should have or should not have been opened 🙂

    GraHal thanked this post
    DAX-1h-FiboHam-V0.2-Prc.itf
    11/20/2020 at 11:37 AM #151021 quote
    lisamitch50
    Participant
    Junior

    Hey BobOgden.

    Just had a good long look at the results and while positive, the trades are opening up on candles which arent pinbars. Im no good at attaching things here, but if you run the system on the 30 min, the last trade opened up on a normal green candle.

    On the 1hr chart it went long on a bearish pinbar – Which is the opposit of what needs to happen, and if it had of gone short would have hit all 4 targets. But the system was green so profits.

    Im very pants and any coding so cant even begin to change parameters, but it looks like the trade is opening as the candle is forming, it needs to wait until the candle ahs completed – Then if it meets the criteria i go long or short.

    Very good job though, way better than i could have done, and its green, so profitable over the long term which is great.

    On all timeframes, the % winners, drawdown and ratio number all look great.

    Well done again mate, once i get this mad weekend out the way ill try and post a reply with screenshots and the like.

    Mitch

    11/20/2020 at 11:38 AM #151022 quote
    lisamitch50
    Participant
    Junior

    Hey BobOgden.

    Just had a good long look at the results and while positive, the trades are opening up on candles which arent pinbars. Im no good at attaching things here, but if you run the system on the 30 min, the last trade opened up on a normal green candle.

    On the 1hr chart it went long on a bearish pin bar – Which is the opposite of what needs to happen, and if it had of gone short would have hit all 4 targets. But the system was green so profits.

    Im very pants and any coding so cant even begin to change parameters, but it looks like the trade is opening as the candle is forming, it needs to wait until the candle ahs completed – Then if it meets the criteria i go long or short.

    Very good job though, way better than i could have done, and its green, so profitable over the long term which is great.

    On all timeframes, the % winners, drawdown and ratio number all look great.

    Well done again mate, once i get this mad weekend out the way ill try and post a reply with screenshots and the like.

    Mitch

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FIBO on each pinbar


ProOrder: Automated Strategies & Backtesting

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lisamitch50 @lisamitch50 Participant
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This topic contains 45 replies,
has 5 voices, and was last updated by lisamitch50
4 years, 2 months ago.

Topic Details
Forum: ProOrder: Automated Strategies & Backtesting
Language: English
Started: 11/07/2020
Status: Active
Attachments: 19 files
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