Well, I know you already since Dale’s times, and LOL! You’re one of the kindest and more serious people here around (I suppose of female gender… LOL!).
I’m more 2 yrs into this, but not mainly into forex, but options. We’ll manage!
Gave a first glance to pimpology and looks very sound, and very systematically and well laid out. I think it’s worth a glance.
At the moment, out of the three EU, GU, UY we are looking at, there is just a possible signal (bullish) that I will eventually take at the close of the bar on UY, although it’s in the middle of the range and everything looks rather quite.
Oh yes that’s right…hope Dale is doing better too…lol…and yes I’m of the female gender
Looking at UJ it could be a possibility alright. However, I’m off to bed soon so unless the CCI turns green in the next few minutes or so, I’ll have to pass.
I went in (long) at 92,80, because it seemed to get momentum. My indi’s were already all on the “green side” at my broker (FXDD). The problem is that my first take profit would be R1, that is just 92,95 (15 pips). Eventually “my” R2 is 93,27.
In the moment I’m down 6 pips. Stop loss is 27 pips below.
I’m exactely in the middle of my chart.
Nothing on EU or GU. Overall it seems all sleeping. As you, Sweet, HOPEFULLY are, too! LOL: here is a sunny day. Try to have a good short night!
Bye
Fabio
UPDATE: Stop loss hit. I was a bit unsure about this setup, especially for the ranging conditions… But understanding when range is over and trend is starting is always the most difficult thing… I would expected a bit more “predictive power” from the combined used of so many indicators. Anyway one example is by no means significant…!
I hope not! Maybe some personal stuff came up that he has to deal with. Meanwhile, we’ll just plug away with what we have so far
hey Fabio…did your trade come in? My charts show some freakishly large range candles a couple hours back :eek:…did yours? And if so, hope they went up first hitting your target before plunging down. Now I’ve got a few harmonic patterns because of it, but I’m not taking them seriously.
Read my update to the previous!!! Nope, got beated! :mad:
But I’m just demoing them, fortunately.
Anyway, once again, I notice that I cannot trade [I]this way[/I] in [I]these short time frames [B]while in the office[/B][/I]… I cannot really be multitasking, LOL.
I need something that either I can automate (looking how it is going without being involved in decision making is another story…) or something that I can set up in the early morning or in the evening and then… forget about it till the next session…
With options I’m able to make it. Even better: I have noticed there that [B]not looking[/B] at my trades too often is [B]BETTER[/B] than following them minute by minute (less stress, much more “cold thinking”).
I’m going to deeply investigate this pimpology now… let’s see.
Can someone please send me the indicators for this? I’ve lost a ton of money this year forex trading. I need something that works. I’ve read this thread for over an hour. It looks promising.
Also, I’m using dealbook 360 from gftforex. How can I install these indicators there?
You can only use them on the MT4 platform so I suggest you get a free MT4 demo account with a broker such as IBFX.
Should you find this system works for you and you want to go live with it, you’ll still have to use your MT4 demo account for analysis and signals, but place the orders on your live non-MT4 account. That’s what I have to do.
I’ve been trading for quite some time now but I haven’t had much discipline. I’ve been trading for 5 years. This year started out fine for me. I started an account with $2000 and took it to $19,000 within 3 weeks…but I blew it out…Yes, I know it was pretty stupid to do that. I got greedy. I abandoned my system and started trading on gut instinct…
I’m looking for something that will help me with discipline.
How do I install this on the other platform? Is there any specific instructions?
If you ten x’d your account in three weeks, is it possible you were overleveraged? If you built up the account that fast just because of risking a large amount per trade any losing trade is going to have a huge drawdown, unless you have an early exit plan in place that cuts losers short.
How many trades a week were you taking and what kind of trading were you doing? You can take any good system/method and ruin it’s positive expectance with bad money managment.
If that wasn’t the case, just start over and do what you did before you abandoned your method.
There is no holy grail that wins every times, so if the method you use doesn’t account for losing trades and how to deal with them the method will only lose you money.
Ha Ha…sounds like you don’t want a lecture on what you already know went wrong…lol
Have you considered that the same may happen with [B]any[/B] system you start working with? If you’re just plain prone to “rule rebellion” lol, then more rules won’t help with that. Sounds like yours was quite promising… you just need to exercise those little discipline muscles more to save yourself from a long road of system jumping…lol…not that we don’t want you around of course :D…Maybe this system will help you with patience…I’d say that’s a key element of discipline required for any system.
Ok moving on… after you install MT4, the Windows folders path where the indicators are copied to, & reside in, is named something like “C:\Program Files\Interbank FX Trader 4\experts\indicators”…(hoping you’re a little computer literate).
Now make sure MT4 is open. Those links lead you to a file with an .mq4 extension. Left click on those to open them (some may require registration first.)
MT4 will then open the file with a text editor file named Meta Editor. “Save As” the file to the above folder path.
Then, Meta Editor has a button labeled “Compile”. Click on it.
Return to your MT4 platform, open the Navigator subwindow and you’ll see the indicator in an alphabetical listing of other indicators. Find, click and drag the indictor to the chart.
… Yes, of course under “Custom indicators”. Sweet allow me to add a further simplification, if Braylon has some problems in all the compiling process.
Braylon: you simply download the MT4 files (*.mq4). You then copy them in the /yourComputer/ProgramsDirectory/YourBrokerName - MetaTrader4/experts/indicators directory [I]while metatrader is OFF[/I]. Then you launch the program and… hear hear: metatrader by itself will compile all the scripts for you, so you should finda the indicators already in place in the “custom indicators” tree of the navigation pane! As you seem quite new to the whole story, to add an indicator to a chart you simply drag it from the pane to the chart. You get also a nice pop-up window where you can set the properties of the indicator (colors and parameters). Take care that, by default, the EMAcross one has 3 and 8 (if I remember correctly). Joe, here, suggests using a 1 period and 3 periods EMA’s, so you have to change these parameters.
Well, I agree 100% with Sweet and Phoenix comments about your situation. And you need no longer comments. Just a reminder of what some gurus say. I’m not a fan of James16, but I found very inspiring his “summary post” at the other forum with an industrial name (… :D) where he speaks of “periods of time” you [B]must[/B] spend on demo before going live [I]again[/I] if you experienced bad losses.
The other guy explaining pimpology (google “pimpology forex” and follow the first link) says that you should double two times a demo account befor going live.
To win “Lack of discipline”, in my view, a “mechanical” or “technical” system, i.e. with very precise rules, can help a lot, because forces you to stick to a certain behavior until this becomes a habit. Probably also your system was excellent!
Concerning this one, I just want to let you notice that, some people “around the circus” since a while, are having some little problem in having it producing smooth results. Therefore I suggest you some caution, and to take it a bit as an experiment. I feel that there is some piece of the puzzle still missing, and Joe did not have the time or the chance to explain it better. He called it the “unwritten code”.
My best finding, in following the discussion on the other system I’m often speaking about now… (…LOL: let’s avoid advertisement here! :p) is twofold:
A decent explanation about why some particular periods are chosen for the indicators. There is for having a “multi-time frame” view of the market. Here, frankly, I don’t completely understand the “magic” of 34-50 and 170.
The fact that (and this for me is a "ah-ah experience) these indicators (very similar to Joe’s system, actually, besides the “look and feel”) are used for indicating the direction (or non-direction) of the market. But then trades are taken only when [B]specific patterns[/B] appear within the correct market conditions.
This combination of (indicators-based TA) + (patterns for entering) is very new to me, it’s a nice discovery, looks promising… It combines the wisdom of two “worlds” as appeared to me in this precise forum several times. The world of “technical traders” (I belong to) with that of “price action” traders that I esteem very much, at least till they don’t start blaming the efforts of “us techies” telling us it is completely useless. In this case I start looking at patterns [I]alone[/I] and ask myself how often they get the right one (making them feeling like superman) and how often the pattern alone gets whipsawed three bars after (an experience that is psychologically “removed” as soon as possible.
This is perhaps of general interest, and therefore I posted here thought maybe a bit OT. I am convinced that Joe is working [I]this way[/I], from all the many hints he gave (without revealing too much, unfortunately) in the past posts. I am convinced that his set of indicators is a pretty good “market termometer”. But I’m almost sure that, by itself, it is not sufficient (made also a lot of backtesting with scripts). This is a little suggestion to you, dear Braylon, with best wishes for your “quest” too…
Really!..I didn’t know that…must have been included in a build update somewhere along the line…lol…when I first downloaded MT4 almost 2 years ago, it didn’t do that…good to know, thanks!
Take care that, by default, the EMAcross one has 3 and 8 (if I remember correctly). Joe, here, suggests using a 1 period and 3 periods EMA’s, so you have to change these parameters.
I just changed it to 3 & 5…I’m seeing if it filters out a few unnecessary arrows, while still offering more opps than the 3 & 8.
:D…Maybe this system will help you with patience…I’d say that’s a key element of discipline required for any system.