Wave59 Technologies

Hi everyone,

A while ago I watched a webinar of Earik sharing a system that used SmartMoneyColorBars and Minor pivots to find a good entry for a breakout of the candle's minor pivot and thus produce a trend continuation.

I then had the idea that instead of waiting for the breakout, it could be better to follow the pullback until a candle closed below/above the previous one without SmartMoney changing its color (accepting black as the same color). Then the trade would be opened and closed after the first profitable open or 3 unprofitable opens. I normally use SmartMoney with lenghts of 32 or 64 depending on the market, it will be nice to run some optimizations to find the best values for a particular market. The bars can be either blue, red or black so when black they are valid with the last color. I first only traded once every time SmartMoney changed color but I found out that it works well all the time.

I've been trading this system discretionary and results are great, I first started trading it intraday and although it works well It struggles a bit more to weather comissions and slippage than daily charts. I know it can help perform better some systems of the community so I would like to share it, If anyone has the ability to code it will be much appreciated

This is great, thank you for sharing

What indicator is creating the black dots on the end of some of the bars?

It won't be too hard to code, but I'll have to experiment around with identifying the pivots and may have to use a regular expression for that if I'm not able to use the black dot indicator.


I have a number of things on my to do list now but will share when I have something and will let you know if I'm able to implement into any of the existing systems I shared.

Thanks!

Hi sir
i think Wave Tracker indicator is responsible for any pivot minor, major or intermediate

Yes, minor pivots are created with the wave tracker indicator. Minor pivots appear at the high when the bar is higher than the previous two bars, as well as higher than the next two bars. The opposite happens when a minor pivot appears at the low of the bar.

Keep in mind when coding that this indicator is not real time and it waits two bars to confirm the minor pivot at the high or low. They are very useful to find pullbacks.

I am pretty sure It could help you with your systems since entries are very accurate and with an acutal robust system it could make your edge even greater

All the best!

Great, thank you both for the clarification