ucsgears

UCS_S_Steve Primo - Strategy #5 (FOREX Only)

Here we have another Steve Primo Strategy ( #5)

This is a short term, trend continuation strategy, Recommend using this on 30 Mins + time frames.

I have added few things.
1. PET-D filter, to identify the trend along with the SMA 50. ----> Setup in line with PET-D ( EMA ,15) trend confirmation.
2. Option for Harami Candle identification (may not be Steve Primo Setup), There is no evidence on any of the videos listed below for Harami or other candlesticks pattern.

Future - Planned to add other candle patterns.

Videos from Youtube
1. https://www.youtube.com/watch?v=C4o2OyqV8es -
2. https://www.youtube.com/watch?v=3ZzOcVOcZL4 - Hints disclosed on this video.
3. https://www.youtube.com/watch?v=pId1mTnogPg - Claims this is his GO TO strategy for FOREX .
4. https://www.youtube.com/watch?v=NlwG0xpcpIs - Complete Free Lesson.

Note - I did not buy this Strategy, I do not own in any way shape or form of this strategy as presented in the videos, The Strategy I am posting is my interpretation based on Steve Primo's videos listed above and few more on youtube.

Good Luck folks.
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// Created By UCSgears
// Here is another Steve Primo Strategy. He calls it Strategy #5, and only use it on FOREX. Not in Stocks or Futures. 

study("Steve Primo - Strategy # 5", overlay = true)

// Trend SMA
scolor = input(true, title = "Show Bar Colors")
sh = input(false, title = "Show Harami Candle Setup")
se = input(true, title = "Show Engulfing Candle Setup")
//sp = input(false, title = "Show Pinbar Candle Setup")

trend = sma(close,50)
trendup = close > trend ? 1 : 0
trenddn = close < trend ? 1 : 0

// PET-D
petd = ema(close,15)
petdup = close > petd ? 1 : 0 
petddn = close < petd ? 1 : 0

// Bullish Engulfing
BuE = trendup == 1  and petdup == 1 ? (close > open) and (close[1] <= open[1]) and (close >= open[1]) and (open <= close[1]) and (abs(close - open) > abs(open[1] - close[1])) : na
BuEC = scolor == 1 and BuE == 1 ? green : na
barcolor(BuEC)

// Bearish Engulfing
BrE = trenddn == 1  and petddn == 1 ? (close < open) and (close[1] >= open[1]) and (close <= open[1]) and (open >= close[1]) and (abs(close - open) > abs(open[1] - close[1])) : na
BrEC = scolor == 1 and BrE == 1 ? red : na
barcolor(BrEC)

// Harami Candle addition is not part of his strategy

// Bullish Harami
BuH =  trendup == 1  and petdup == 1 ? (close > open) and (close[1] <= open[1]) and (close <= open[1]) and (open >= close[1]) and (abs(close - open) < abs(open[1] - close[1])) : na
BuHC = scolor == 1 and BuH == 1 ? lime : na
barcolor(BuHC)

// Bearish Harami
BrH =  trenddn == 1  and petddn == 1 ? (close < open) and (close[1] >= open[1]) and (close >= open[1]) and (open <= close[1]) and (abs(close - open) < abs(open[1] - close[1])) : na
BrHC = scolor == 1 and BrH == 1 ? orange : na
barcolor(BrHC)

// ALL PLOTS

plotchar(sh ? BuH : na, title="Long Setup Bar", char='⇑', location=location.belowbar, color=green, transp=0, text="S #5 Harami Long")
plotchar(sh ? BrH : na, title="Short Setup Bar", char='⇓', location=location.abovebar, color=red, transp=0, text="S #5 Harami Short")

plotchar(se ? BuE : na, title="Long Setup Bar", char='⇑', location=location.belowbar, color=green, transp=0, text="S #5 Engulf Long")
plotchar(se ? BrE : na, title="Short Setup Bar", char='⇓', location=location.abovebar, color=red, transp=0, text="S #5 Engulf Short")
funnily enough the trade I took, along with the EURUSD trade engulfing that did the same thing.
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ucsgears PRO Tom_Killick
This is exactly, how the trading gurus make money, Share something that is very common, and make it aesthetically pleasing to a newbie traders eye.
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I don't fully agree with his reasoning on all the trades shown here, I have totally different criteria for my trading
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ucsgears PRO Tom_Killick
Good for you!. I am just trying to share whats out there for a hefty $ tag, No way, I am trying to market this. Goal is to expose the truth behind his cherry picked charts. And, If I can successfully make money with these strategies, I wouldn't be sharing....
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I'm sure you can amke money from the strategy, no doubt. I didn't mean to come across rude in anyway, Sorry
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2use Tom_Killick
Tom, UCSGEARS exposes lots of strategies that are near to nothingness in innovation, and he does a really good job for the community. Do check his charts, they are of great help to us, i can say that saving on at least one of those scams gives a year of pro subscription at Tradingview which is much more profitable for any trader. (note im not a pro and not paid yet, as i am not that of an active trader, i just share a objective opinion)
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ucsgears PRO Tom_Killick
well. let me clarify further. 10 people with same trade setup will not enter at the same time / same $, similarly a group of indicators, I can interpret one way & you will in differently. One's buying opportunity is other selling opportunity.. IMO, Building YOUR strategy is very important, if have done that "Good for you". Relying on someone's strategy and work will not get anyone to profits. When you build your strategy, you can learn everything about it. This strategy at its current form is hit and miss, but there is an important filter Steve is not sharing, in the videos, again why would he?. But you can add a couple of other meaningful filters to these signals, which will be a better strategy than this.
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Nice coverage, love the recommendations and the practical examples. Nice job!
Reply
Thanks. Treat this as a starting point, and add a few filters.
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Do you have access to or know the details of the full Steve Primo Strategy #3, (not the #3A he shares for free), but the full #3 which I believe is a pullback strategy against the major trend? Steve Primo makes a lot of claims, and on this Strategy #3 he claims it is his best overall strategy for stocks, commodities and Forex on any time frame. A very big claim. So I am curious as to what the strategy #3 actually is? I do know it involves his use of the Bollinger Bands set at 20 periods and at 0.382 STD, and his 50 SMA. And probably he is setting entry at the previous high or low in a pullback when price is near the Bollinger Bands and entry is on the proper side of the 50 SMA. But that is just my guess.
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Exactly, my guess too. But the exit is (Reversion to the MEAN). His strategies carries bigger claim. Unless I have fully coded version, I cannot back test. Lot of times I have found that, there is an important element missing. Not sure if that pertains to his b/s line or petd or a totally different indicator. His alerts are way to expensive, else i would crack that as well, if i can follow his alerts for a month or so. Although one correction i can see is, His setup bar starts when a bar completes its day under / above Bollingerband.
You can see that with his various free videos, using the same setting you mentioned.
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stenor PRO ucsgears
For all the claims Steve Premo makes for the PET-D indicator, and as you pointed out one time in the 'Robbery Indicator', that it is very similar to, if not identical to, price closing above or below a 15 period EMA. He definitely oversells this indicator. I do feel that waiting for the setup bar to complete its day under or above a Bollinger Band is more strict a rule than needed. I do know, however as you point out, that that is what Steve says to do in some of his free videos. I also think his b/s line set at a 50 SMA is wider than needed. This is subjective but I think something more like a 34 SMA would work better in most cases. I am curious as to what you think may be the best combination of and alteration to the trading rules that we think Steve Premo recommends for Strategy #3? And how does Steve Premo define an exit as a Reversion to the MEAN?
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His strategy is 1:1 or less risk to reward in Most cases. His claims and videos shows all successful trade. I think I have an idea for the filter, but I am gonna run a back test and confirm its validity, before i post an update here. He would not change the BS line. He has modified the Entry and Exit rules, His claims in those free videos are not anywhere near consistent profits. Atleast for strategy #3, there is slope component involved in the PETD. Steep Pet D is a good filter. Again "STEEP" is relative, based on who looks at the chart. I have to work on variables, before I can finalize that.
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stenor PRO ucsgears
I look forward to your conclusions on Strategy #3 and including what you think is the best combination of all of his strategies along with your additional ideas that may help the overall strategy.
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You continue to amaze. Your contributions to this community are profound. I love the way you allow us to see these various versions mature over time from the early releases to the continuous improvements. It helps not only to provide a better end result but we see the various stages in between. That helps me more than waiting for the final perfect version and it helps us to learn - and sometimes make observations along the way. Thanks for all you are doing to help us!
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Hi, i am getting 2 errors when compliling the code after pasting it?

'scolor' - declaration without type Line: 7 Column: 1

')' - unexpected end of program Line 49 Column 132
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Try copying again?
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@ll, I' getting the same errors here;
Also, "study" is without declaration.

Any ides how to fix this?
Thanks
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ucsgears PRO BaruchBenNeriah
@BaruchBenNeriah, Copy paste all the error message. I will have to see it.
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I want to thank you for the programming examples. I saw the youtube video and thought to practice writing an indicator to show the price above the 50sma and top 25% close candle. I did it. Then I found your work on this site and learnt a lot more
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hi cn u please help me for AMI BROKER AFL AS LIKE THIS
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