Good ship to enjoy…
Neat logic but… do you make money?
Jay
Sweet boat sweetpip. What kind is it? We just sold our 40’ searay and miss it. We have two little ones and it is not conducive to boating right now. :eek:
Thanks Johnny. Its a 42 Californian trawler. Nothing fancy like some of our friends have…your kind and the Bayliners, but it’s got great deck space for those sunny summer days, and easy to walk around on anytime. We plan to go to Alaska with it one year…gotta save up those holidays as it will probably take us 2 months from here…we’re a slow boat…lol.
Ya know - so true - good for you , when I was a young whipper snapper (not really that old but) I wanted the fastest boat…now! it is all about cruising along. Your boat looks cool cause of the cabin space. Nice water views and good senery.
So what’s your gig now? I’ve viewed the 30 pip thread. Read the books - are you a gartley girl or a master of all?
JP
It has been a while since I visited this forum. I have been working on some new combination in conjunction with EW to trade on shorther time frames. In am sure the technique are tried before but I like to see this combination.
Ingredients:
- EW on a daily and weekly chart. With 5 dominant + 3 corrective patterns.
- RSI on all graphs (14, 80, 20) and trend line on RSIs
- On 15 minutes chart have Bollinger bands ( 20 periods + 2 SD)
- On 15 minutes chart have 4 period Linear Weighted Moving Averages (4 LWMA). This is the faster line showing the momentum in the past hour
- On 15 minutes chart have 16 period Weighted Moving Averages (16 LWMA). This is the slower line for 4 hour period
Going long and short
a) Check EW to see where you are on the daily and weekly chart. That is are we expecting the price close lower on a daily chart or otherwise. In short which wave we are in.
b) On 15 min chart check the position of the candles with respect to the median, upper and lowe Bollinger bands (BB). Two standard deviations on BB means that at 90% confidence level the candles should stay within the range of the middle and upper OR middle and lower bands respectively.
c) Using moving averages to trade. On the 15min chart set the 4 LWMA to blue. Set the 16 LWMA to red. When blue is on top get ready to trade long. When red is on top trade short.
d) Watch the candle position with regard to BB as well. RSI with BB, blue and red LWMA and price actions (candles) will give you an indication when to open or close a position. It is almost impossible to be more specific than this. The idea of all these indicators is to increase the probability that we are going to make a correct decision.
Make sure that stops are in place to limit the loss. Preserving the capital is more important than making money. I tend to get one in three right and that one good opening makes for any losses (stop loss around 10 pips at start). When I go into positive territory, I move the stop accordingly to get out even with few pips if things go wrong (helps mentally!). If I am up by 50 pips or more, I just close the position regardless (unless things look definite) and take profit. Also if a stop closes my position, I have learned to wait. No good opening opposite position immediately or moving to another pair. It is pointless. First I try to find out why I went wrong and then hopefully wait for another appropriate opportunity (may not be same day!).
Cheers,
Fabio,
Waves 3 should NOT be the most extended ones though they DO tend to be.
They just should NEVER be he shortest of waves 1,3 & 5. And since Wave 3 usually [B]is[/B] the longest of the three waves because of the highest momentum there’s a neat little trick to determine which is Wave 3. Use a MACD histogram with settings (5,34,1). Make sure you have between 120 and 140 bars or candles on your chart. The highest peak (or the lowest valley) on the histogram usually indicates Wave 3.
Cheers!
Dutchie
[QUOTE=wrtm_19;143996]Hi, I’m interested in what you have to show/teach/share.
Gartleys and butterflies are my base for trading so I guess somehow this relates with what you do (at some point of course)
Could you post a chart explaining a trade so we can get a better idea of your method?
Regards :)[/QUOTE]
Hi wrtm_19,
Not sure whether you have this but you may find it interesting in case you use Metatrader 4.
Best Regards,
Dutchie
I came across these pictures recently. Thought it would be nice for a post 
Good Trading!
Hi Sweet Pip, I see that you are using Robert’s Miner system. I’m also just starting to read his book and i’m currently on the 3rd chapter (Beyond Fib Retracement). Can you help me understand it? 
This is how I understand it.
- Line A to B is how I draw the internal retracement using the regular fibonnaci tool.
- Then Line 1 to 2 is how I draw the APP (alternate price projection) using fibonacci expansion tool.
Is this the correct way to do it?
Also how do you draw the 3rd set of fibo which Miner called as the “External Retracement”.
I’d be very greatful, if somebody coule explain this in detail. thanks
I have found one system that has really helped me a lot, You are able to see many different pairs and lets you know what is going on in the market, even when news hits. Here is a login you can use to try it out for free, you can see what you think…
Here is a screenshot from yesterday, it shows the website you can use,
User Name: FreeTrial and Password: Octave22
Anybody here know a tool in metatrader 5/4 to replicate a “Time Band”.
It is basically the function of a “crosshair” (in metrader) but you can draw a series of high and lows and measures the bar/candles in between those poins you specified.
i’ve seen a utility in metatrader 5 called permanent crosshair but unfortunately it can only draw a single line from one low/high to another low/high.