MP some of his Becoming-MORE-Secret secrets

[Skeebo]

I feel like Goldmember. I love this place for the GOLD!

skeebo

if you were to watch a tick chart and the one or five minute chart continuously, you would see support and resistance being changed (you call it redraw, which is not quite correct) constantly because they are changing constantly. The LRC simply reflects whats happening.

Duly noted. Thanks for the correction, I have never actually watched a tick chart.

To find your range of movement one would use a higher timeframe, such as the H1 or H4, which establishes the parameters of support and resistance, and then use your barrys, price channels and bollinger bands for the actual short term trades on the shorter timeframes.

I do use the higher time frames to see where the overall trend is going. I’m still trying to figure out the larger time frames (I thought the larger time frames were supposed to be easier to trade on!). So I use the M15 to establish my current TP levels with barry’s.

With activity such as today, not much exists to warn you, as all indicators were buried in overbought long before the reversal, and even the handy bols was running like mad to catch up.

I’m going to try to develop some form of precognitive market ESP after I master the forex market to alert me to such changes.

naturally, if your price channel is moved up by the price, you need to go higher and higher in the timeframes until you find a solid resistance level BUT please understand, if the price channel is moving up on the 15 minute chart, you will find a large retrace will happen BEFORE the price continues back up, and this can take a few hours.

That I did not know. And this is the gold that this site has to offer! Because I can scalp the living daylights out of that retracement while waiting for my longer term trade to mature! Awsome!!

A second note to that also explains something that I figured out but didn’t really know (if that makes sense LOL!). If I have a buy trade that really starts to go south on me and is down 40-50 pips, but the M15 is still showing an overall up trend with good strength, I really don’t worry about the trade turning around and becoming positive. I’ll also place another trade on the way back up and take that too! Guess what? 95% of the time it will hit my TP.

indicators and candles derive from exactly the same place which is the “movement” of price, so either method works but i notice continuously that the price may make a reversal but there was no candle that indicated such . . . . . . . it appears to happen far too often for my happiness.

I tried reading tea leaves… oops… I mean candles. I don’t think it was actually the candle that caused me to miss the market change. I think it was the half hour that I spent looking up the meaning of the candle LOL!

mouse

Also a thank you to Doggie1. I did mean chart overlay. I am writing that 100 times on the blackboard to not make that mistake again!

[husky_1]

The Checklist is one of those items that I also need to make part of my routine. I have found that I would get into trouble because I did not have these as well. As a matter of fact, I would say that all of my devasting losses happened because I did not look at the whole picture. MP suggested I create a list when I “whined” to him.

Here are a list of items that I will be checking, we should start an “Official Checklist” somewhere though:

[ul]
[li]Day of week (Being careful on Sundays and Fridays)[/li][li]Time of Day in relation to major reversal times[/li][li]News Release Times for today[/li][li]Daily Pivots (Pivot, S1-S3, R1-R3)[/li][li]Previous Day data (Close, High, Low)[/li][li]Previous Day Pivots that were unrealized (See Note*).[/li][li]The following in the Weekly, Daily, 4hour, 1 hour and 15m[/li][LIST]
[li]For the following I look for trend and “steam” of trend:[/li][LIST]
[li]DSS[/li][li]ADX[/li][li]CCI[/li][li]Stochs[/li][/ul]

[li]For the following I am looking to see what type of Support/Resistance I am going to encounter when placing my trade:[/li][ul]
[li]Location in the Shi,[/li][li]Location in Bols[/li][li]Location in Price Channel[/li][li]Location in 14/240 LRC[/li][li]Barry’s Support and Resistance.[/li][li]Outlying Highs and lows for the past few weeks[/li][/ul]

[/LIST]

[/LIST]
*Note on unrealized Pivots: I have seen multiple time a price go to one of the previous days pivot point. An example of what I mean by unrealized is if during the previous day the price goes up to R1, then goes 50% to R2 and reverses for the rest of the day. I have seen on multiple occasions wherethe next trading day you will see an “unexpected” move that brings the price to the previous days R2 and then reverses. Becareful with this though, I have played it as a strategy and both won and lost.

Anyway, what does everyone have to add to my list?

[pipmouse]

I do use the higher time frames to see where the overall trend is going. I’m still trying to figure out the larger time frames (I thought the larger time frames were supposed to be easier to trade on!). So I use the M15 to establish my current TP levels with barry’s.

[B][I]Normally, that is correct, but on some days you might find the 30 minute chart to help more, if the 15 is doing an imitation of a porpoise . . . up and down as it were. This gives you a more honest (although it takes longer to get there) view of the trend, but as said, the 15 should do fine for almost all days, and the 5 min is great as a trend chart for the one minute chart[/I][/B]

I’m going to try to develop some form of precognitive market ESP after I master the forex market to alert me to such changes.

[B][I]The Chinese sell many potions . . . . . . one may do the trick.[/I][/B]

That I did not know. And this is the gold that this site has to offer! Because I can scalp the living daylights out of that retracement while waiting for my longer term trade to mature! Awsome!!

[B][I]Gold is not always found in someones mouth. On occasion it can be found lying on the ground also[/I][/B]

A second note to that also explains something that I figured out but didn’t really know (if that makes sense LOL!). If I have a buy trade that really starts to go south on me and is down 40-50 pips, but the M15 is still showing an overall up trend with good strength, I really don’t worry about the trade turning around and becoming positive. I’ll also place another trade on the way back up and take that too! Guess what? 95% of the time it will hit my TP.

[B][I]Only 95% ? Certainly not to start a flap, but without the indicators, you would do as everyone else does, and give up the trade for a loss. With the indicators you find all is right with the world.[/I][/B]

I tried reading tea leaves… oops… I mean candles. I don’t think it was actually the candle that caused me to miss the market change. I think it was the half hour that I spent looking up the meaning of the candle LOL!

[B][I]For those who insist on relying on them, there is pattern recognition indicators available for the MT4 platform and its very accurate, finding a “lotus blossom eating cherry pie with dragon reclining” very easily, and as we all know, that candle states to immediately look at your indicators.[/I][/B]

just mousing along

[husky_1]

PipMouse,
It just so happens one of my favorite traders gave this on his thread a while back. Since you brought it up, I will post it.

BTW, I took offense (or got a little chuckle) to a “sham” comment made on another thread. It happen to disappear though.

Candlestick_Pattern_Recognition_v1.0.zip (2.47 KB)

[pipmouse]

As mp said, the extreme lines of the LRC are to be taken as a good tp point, unless your indicators and overlays show more. If the bols was above the channel line, that would be a very good clue as to a breakout, especially if your indicators had room to go higher. Any additional “overlays” in the same place would be extremely strong confirmation of the continued move.

As he stressed so often, “experience” will take you through these things, and it seems you have been gaining some.

mousing along

I do the same and having great success. I love the LRC [B]‘chart overlay’[/B], as MP would call it. I’ll trade it up or down if the spread allows at least a 5 pip gain before hitting the centre line, and if some indicators are confirming the trade (stochs are good). It works nearly every time. BUT, I have had a couple of bad experiences of trading near Shi Channel where it continues past the outer channel line. If you look a few posts back you’ll see last nights experience - but that was mainly due to not checking the news

[system]

What’s the best source for the news release calendar ?

I’ve heard a few people praising Forex Factory …

There are plenty of news calendars around…even Babypips has one (click on the Tools tab).

Personally, I only need to now when the next event is coming so I use a basic MT4 custom indicator that automatically updates with data from Forex Factory. Just google [B]FFCal[/B] and you will find it easy enough.

There is also another very fancy one…overloaded with bells and whistles…
Google: [B]!IN10TION NewsReader[/B] (very nice indicator with loads of extras - but takes up a lot of room on your chart)

[system]

The problem is that on every demo MT4 platform that i’ve tried it is buried in the menu structure and not super easy to find. To find this little guy simply go to insert/channels/linear regression.

Handy tool tip:

Right click on the toolbar (the one with the trendlines and fibs icons)

Click [B]Customize…[/B]

You can then add or remove any of the available MT4 tools (including our buddy the LRC).

When you’re done, it’s part of the toolbar and a mere single click away.

[pipmouse]

If you have an Oanada demo, you can get their news site also, which might appeal to some

mousing

[doggie01]

This Multi-Quote function is the shizzle. Second time today, and four quotes in the same post !!

We should start an “Official Checklist” somewhere

I agree, this is a must. Does it qualify for a seperate thread or should we keep it in-house ?

The 5 min is great as a trend chart for the one minute chart

Brilliant, my suspecion is now confirmed

As he stressed so often, “experience” will take you through these things, and it seems you have been gaining some

Thanks pipmouse, very motivating

Personally, I only need to now when the next event is coming so I use a basic MT4 custom indicator that automatically updates with data from Forex Factory. Just google [B]FFCal[/B] and you will find it easy enough.

Thanks Shane, will check it out

[sandpipper]

Great positive posts everyone. I just returned home and have to hit the hay so I can’t really respond to everyone right now! But a sincere thank you to EVERRYONE for the input.

[doggie01]

As mp said, the extreme lines of the LRC are to be taken as a good tp point, unless your indicators and overlays show more. If the bols was above the channel line, that would be a very good clue as to a breakout, especially if your indicators had room to go higher. Any additional “overlays” in the same place would be extremely strong confirmation of the continued move.

Excellent. I will take this into consideration with my future trades. Thanks pipmouse

[pipmouse]

I’m finding some discrepencies between your indicator’s “yesterdays low” and the US market “yesterdays low” with yours at 135.37 and my charts at 135.04, which is where GJ may be heading by tomorrow morning.

What time zone does the indicator use ?

mouse

If I may contribute…

I’ve always found mp a bit whimsical for my taste. That said, we share significant similarities in our trading methodologies…

As we both give appropriate weight to certain key price levels, I’ve attached an “indicator” that I keep on every chart that may well be of use to those of you continuing their discovery in this thread.

[husky_1]

I’m finding some discrepencies between your indicator’s “yesterdays low” and the US market “yesterdays low” with yours at 135.37 and my charts at 135.04, which is where GJ may be heading by tomorrow morning.

What time zone does the indicator use ?

mouse

It looks like the indicator uses the server settings. Its simply utilizing the iHigh function. Assuming your broker is at GMT, the day would start at 8pm EDT (or whatever we are in now).

Based on the current structure of the indicator, this is not fixable by the average MT4 user. BTW, this is the problem I ran into when I created my own mechanism to devise this. Given this, if anyone needs to understand how to tweak my daily_data_full indicator to fit their needs, let me know since mine is setup to use GMT as the daily information, but since I am on FXDD I have to do a 2 hour time shift.

[doggie01]

Wow, now pipmouse is banned. When will the banning end ?

I think there should be a ‘name and shame’ system in place where all the banned members are named, and [B]shamed for what they did wrong[/B] - you know, like a [B]reason[/B]

Either that or management come out and say “We have an enemy spy among us” - at least then we would understand all of this banning. The reason I say this is because the last couple of members I’ve seen banned have been [B]very helpful[/B]. Which is what this site is all about, right ?!?

Anyways, management will do what they will do. I just wanted to put that out there. I’m not asking for a discussion on it, support would be fine, but counter-opinions would not

[B]My main intent for this post was to say: I’ve won 22 out of the last 22 trades while using the MP Method (as I call it). And I’m happy to show it if someone teaches me how to take screen-shots[/B]

[orpips]

Doggie, that’s impressive, congrats. What was your average max drawdown on the trades (in pips) and your average profit (also in pips)?

[aVi]

[B]My main intent for this post was to say: I’ve won 22 out of the last 22 trades while using the MP Method (as I call it). And I’m happy to show it if someone teaches me how to take screen-shots[/B]

I’ll teach screens if you teach making money! :D:D:D

It’s easy as long as you’re on a PC. If you’re on a Mac, shame on you!

[Jocelyn]

Wow, now pipmouse is banned. When will the banning end ?

pipmouse was yet another one of mp6140�s ridiculous aliases. That must be the 5th or 6th since he received his original & permanent ban.

Obviously the banning will cease when he eventually gets the message I guess.

Maybe you ought to begin asking yourself how come, instead of wasting his time & efforts playing cat & mouse with the forum cops, he hasn�t gathered you all together & relocated to another site. After all, there must be at least [B]one[/B] forum out there he hasn�t been banned from?

Seems rather strange don�t you think?

I guess if he really wanted to assist you he could set up an online conference center for a few bucks per month where he could interact audibly & visually to his hearts content.

Try asking him those questions next time he sneaks on here in another of his comical disguises & see why he hasn�t persued those options!

That is of course if [B]assisting you [/B]is his real agenda.

[orpips]

That’s a very good point. You can get a webhost with far more bandwidth than needed for $3/month, and there are tons of free forum softwares out there.

[doggie01]

Doggie, that’s impressive, congrats. What was your average max drawdown on the trades (in pips) and your average profit (also in pips)?

Thank you. The average max drawdown off the top of my head (I’m at work) would be about 20 pips, maybe, and depending on market conditions. And my average profit would be about 5-15 pips, again depending on market conditions. Keep in mind these averages will vary for everyone else, and even for myself, as this is just one time period in the extensive life of Currency Trading - as I know it

There are many factors that come in to play

I wouldn’t take one individuals averages and try implement them into my own strategy unless I have a complete understanding of how they trade, why they trade, when they trade, and what they trade. It’s just too variable

[doggie01]

I’ll teach screens if you teach making money! :D:D:D

It’s easy as long as you’re on a PC. If you’re on a Mac, shame on you!

Deal, just follow and study this thread - my teaching to you

I’m on a PC. How does it work ?