There is nothing wrong with the code. You can simply erase the sunday switch. It was left in the code from my attempts to make it count correctly in spite of the sunday candle before I realized that you simply can turn it off. 🙂 So this code has no function anymore (but is doing no harm either).
Where did we get to with this indicator? I have been manually trading the Demark Sequential Indy well, but I now want to try and get this coded for automatic trading. What I have learnt is:
works most reliably out on the weekly and monthly and 3 monthly timeframes – but you can’t take every signal!
works intraday on some FX pairs on m15 best. For intraday best using ‘combo’ (that is when the sequential 9 prints, then the 13 count can begin back at bar 1 of the completed 9 sequential subject to the 2 bars previous rules)
Works best when used in confluence with other swing indicators such as 3 line break (support/resistance) or stochastics etc. I have found success in using a [n] period ROC crossing it’s [n] period simple moving average.
I have also found that trading the first break of the 9 and 13 count bar lows/highs often fails -better results come from awaiting the first no1 count in the opposing direction and then placing your orders above/below the high/low of this candle (as price has started moving in the direction of demark setup). This increases the win/loss rate very well.
I prefer using a 10 period ROC with a 10 period SMA and then only take trades (after a 9/13 signal) as above (first opposing 1 bar low/high break) confirmed with an ROC 10 period cross of it’s MA. This adds further validity. Why 10? Well, 10 trading days is 2 weeks. 10 weeks is near 13 weeks for one quarter, and 10 months is roughly the 200 day moving average. So has meaning across multiple timeframes.
If someone could code the TD-WAVE indicator this would be amazing; as Tommy Thornton teaches, you should look to take signals with the correct wave counts. Demark did an excellent job of providing structure to Elliot Waves, reducing subjectivity, by having rules as to when a wave starts/ends etc. The best TD Sequential signals occur on Wave 5 completion (near SR levels and with oscillators near highs).
Stops – You should take the range of the 9 or 13 candle and then add this range to the high/low of the candle for your stop. You could also use an ATR based stop, both work fine.
Targets. For 9 trades I TP at the TDSL (low/high of first 1 in the 9 bar sequential count) as the 9s are shorter term trends. The 13 counts I prefer to give more wriggle room and generally target the next monthly support or resistance level. We could test varying TPs and stops such as ATR based, trailing etc once the method is coded maybe?
I run a money management engine that also takes trades in-line with my risk parameters. I prefer to take the account balance (start + profits) and then risk max 2% per trade.
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// --- settings
balance=10000//balance of the strategy when activated the first time
minlot=1//minimum lot size for the current instrument (example: 1 for DAX)
Drat! I was hoping to take this sequential system further with my rules (after speaking with Tommy Thornton) and some trade/risk management adaptations!
PS – Is anyone else having issues with PRT closing trades ‘due to insufficient funds’ in demo account?? Is this due to new ESMA rules being applied to Demo too?
I have been experimenting with the TDemark code for some time. Happy to collaborate to make it better, as the code needs further enhancements. Will try to incoroporate your thoughts.
And yes, I think the same ruels applies to Demo account. Otherwise it would be strange as you won’t be able to get proper picture of your simulations.
Great news. My PRT coding ability is somewhat limited (not a millennial!) but I scrape by. I think Despair’s code is ok in the main, but wanted to add some trade rules. From what I can see Despair never shared his model that he backtested, only the indicator. I don’t think he added the Pink Combo 13s either (ie the 13 count after the 9 has printed that then counts back to the first bar of the 9 that meets the Combo rules (higher/lower than 2 bars previous).
Thanks on the ESMA stuff. I will change my risk per trade from 2% to 1% or 0.5% to allow for the extra margin!
I’m inclined to switch to the Professional rates but my concern is that IG (with falling revenues from ESMA rules) may try and ‘rinse’ the Pro clients knowing they have no recourse with the regulators? Have others made the switch (I already qualify as I’m in financial industry!)
We must have a look at this Demark stuff as I think there will be merit in exploring viability with some new entry/exit rules
Using Despair’s code I ‘m still interested in seeing how to get PRT to take trades using this indicator?
Would I add the indy and then use the CALL function? I want ProOrder to take trades only on the break below/above the FIRST no1 bar AFTER either a valid 9 or 13 sequential/countdown bar has printed? I can’t fathom how to add this to my current risk management code. I’m interested in back testing this on the M15 and H1 timeframes for intraday trading validity combined with support resistance levels. Do we also have some good code for a 3 line break indicator or other good SR levels?
It seems the TDST support and resistance levels are missing from the code. These play a critical part and from testing and Pearl’s book, one should in nearly all cases take TD Sequential signals when in line with the TDST levels.
So, if we have a new 9 print sell set-up then we would need to see this under the valid TDST level (all 1-9 bars of the count must be under the TDST). Vice versa for buy set ups – ie all 1-9 count of buy set-up needs to be above TDST support. Those that penetrate the levels are much more inclined to continue into a 13 Countdown.
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