Mp -- Some Of My Non-secret Secrets

Beginner Questions
345

simplest answer to that question is NO — they should be of no bother !

EXCEPT, they can possibly create annoying drawdowns and the noon est reversal can create a VERY large drawdown that might trigger a stop loss or cause you to get out manually when you see it happening.

i teach about it so that you KNOW that it will happen and WHEN it happens so youre prepared, as MOST times the H1 chart trade does not finish until “overnite” so you may be holding thru a few drawdowns even when your trade is “perfect”.

others can benefit by holding the (lets say) LONG H1 trade and opening a counter SHORT trade to take advantage of the reversal — you could also close the LONG and just go SHORT, reopening the LONG later in the day, OR you could choose to scalp the movements of the reversal.

IT OPENS OPTIONS, and WHICH option you choose is based on how you trade, but being forewarned of the drawdown should keep you from being stopped out, and keep your original trade (and equity) INTACT !

MY particular method is to run with the trend direction until i get what i think will be a major reversal, and at that time i decide whether to take my profit on the one trade and then open a counter, to HOLD the one older trade, and open a NEW counter trade, or to scalp or whatever ---- my decisions are usually based more on “how i feel” at that moment than anything objective — if im lazy, i would prob HOLD the original trade and allow the drawdown, while opening a counter trade, setting a tp point and going off to make escargot !

but i have OPTIONS available, and somewhere in those options is a good choice, and ANY of the choices are good !

the reason for using the lower timeframes to see the moves is because lately we have WIDE candle moves ---- a price can drop tremendously in the range of one candle and still be within TREND (as long as it doesnt break major support levels) — if you look at a large candle, you dont really SEE the move as you will on the shorter timefraes !

thats why you need the one or 5 min to see it !

enjoy and trade well

mp

346

Hi,

I feel like Im a damn moron right now… Because, I just don’t get it. How do you draw the green line? It seems it don’t really fit with your explanation above. Can you explain it to me, or us… again?

I really would like to understand!

Thanks alot!

347

Hey M,

Thanks for your channels and ziggies but I doubt they gonna do us much good–IF this is going to go down-It happened to me last week, thought I was the only one, but same thing happened to Chubspips today…what do you say,seen this,felt this before?

http://forums.babypips.com/newbie-island/18941-new-problem-found-common-micro-broker.html

348

the GREEN line is drawn by the “custom indicator” – SHI_Channel_true

while any other channels are drawn by the LRC tool that comes with MT4

enclosed is the custom indicator

SHI_Channel_true.zip (5.38 KB)

349

Hey MP, What do you mean by the core position-is it holding a position at center of the the LRC?

350

“core position” refers to a long or short intermediate (day long) trade i take in the morning ---- once things settle after the ny open, i take a trade in the direction of the trend, and while holding THAT position, i scalp up and down all around it.

the “physical” position of the price on the LRC may be anywhere, as long as i see i have a trade possible for a decent run !

mp

351

Ok, not very used to the MT4 still-can anyone tell me how can I insert the indicators like MA(50) in the indicator window and not on the main chart?

Thanks

352

[QUOTE][Ok, not very used to the MT4 still-can anyone tell me how can I insert the indicators like MA(50) in the indicator window and not on the main chart?/QUOTE]

OneT if im not mistaking first you click on the navigator button (the gold star looking thing) and you can then click on moving average and drag it to the window and drop it then a window will pop open and ask you for parameters (for example 50 simple exponential or whatever).

Im not positive if my guess is right but it is wortha try.

353

John,

I tried others using the method you advised, all work except the moving averages :frowning:

[QUOTE=johnnykanoo;87129]

[Ok, not very used to the MT4 still-can anyone tell me how can I insert the indicators like MA(50) in the indicator window and not on the main chart?/QUOTE]

OneT if im not mistaking first you click on the navigator button (the gold star looking thing) and you can then click on moving average and drag it to the window and drop it then a window will pop open and ask you for parameters (for example 50 simple exponential or whatever).

Im not positive if my guess is right but it is wortha try.

354

1T your right I tried it and it doesnt work??? The only thing then is to searck for a custom indicator or see if mp has one wish I could be more helpful

355

AHAAAA – forgot the all important newb two step

once you set up the macd, take the “moving averages” from the “indicators” portion of the navigator and drag to the window -----

THEN when its open and you set the parameters (values) you go to the window that says “apply to” and set it as “apply to first indicators data” and do all the rest the same way

once you have the indicator set up, open each indicator and set “apply to” as CLOSE, and the moving averages will all go to where they should

mp

[quote=“OneTexan,post:353,topic:17951”]
John,

I tried others using the method you advised, all work except the moving averages :frowning:

356

Thanks JohnnyKanoo,

I saw one of MPs charts (a few posts below) there he had MACD and EMA on the same window-so thought may be I can do that too.

I am still playing around with it-thanks for pointing in the right direction.

ITex

357

everything goes into one window !

you have to set up the MACD as an indicator in its own window and then ADD the moving averages to that window as i instructed below — dont forget to SAVE the template as something once you finish or your work will be gone

mp

358

I am sorry I cannot get the ma into the window that has the MACD. When I ADD Ma it gets added to the area where the price candles are.

359

Never mind, what I had said did not work

360

take the moving averages from the NAVIGATOR window, under INDICATORS.

[B]DO NOT TAKE THEM FROM THE TOOLBAR ![/B]

drag them to the window with the macd and then set the parameters to “apply to first indicators values” or whatever it says like that

do that with each and when its all done, go back over each ma parameters and change from “apply to first indicators values” to CLOSE.

then SAVE THE TEMPLATE AS SOMETHING, or you lose everything

mp

361

He MP, If you are only using the MACD for the Moving average line why not just throw a 12 EMA and a 50 EMA on the same chart? Seems to me it shows the same thing.

362

OK MP, I’m a little lost. I have my MAs working fine on the MACD, but I’m not really following you (and I usually do on the first pass). Your picture shows convergance but doesn’t seem to show anything in price reaction. Maybe you just haven’t had a chance to revue the pic because everyone is having trouble with their MAs but I’m ready when you are.

363

the 12 and 50 are used in the indicator, but if you watch the indicator over a period of time, its WAY MORE than a ma x-over indicator

you watch for the DIVERGENCE more than the xovers (of course you can use the xovers also, although my trades come from the ema2 and the sma5, which is what STARTS my trade — then if i get more xovers, i continue the length of the trade.

but DIVERGENCE from the PRICE as we approach resistance is what im looking for because then i know if we continue past resistance or if we reverse off of resistance !

SO what im really using this little indicator for is to PREDICT what is coming up down the road and around that curve, and its rather amazing as to how well it does it — while one could probably just watch the MACD with all the colors and the “oh my, watch out here” point, its extremely GRAPHIC in its manner of showing whats happening !

[B]please remember my SYSTEM is to have NO system ![/B]

[B]i simply look for decent trades on any timeframe,[/B] and divergence tells me more about whats GOING to happen than an xover like the 12/50 which is a VERY SLOW indicator and would get me into and out of trades up to 3 candles LATE !

build the indicator and WATCH it for a bit — youll see what it does pretty quickly !

mp

364

Yes, this seems redundant. Please shine wisdom down upon us.