VELCOM TO DA KUMPUTER AGE !
there are really cute little custom indicators that will do that s + r junk for you (although the lines have to be drawn by hand, unless i can find one that does that also)
and what are the wee little fractual arrows that look SO MUCH like the famous “2ma xover with price” and the “signal_bars_mfi” up there in the corner ?
LOL
mp
Morning MP. I’ve been looking over your post about times - in particular the the 1am-3.15am slots and the 6-7.30am slots (EST).
Is that right? I may be blind here - between 2 and 3am I’ve seen it a few times, presumably the Europeans (excl London) reversing Asian trades?
And I’ve noticed at around 10am, London trades all seem to jostle to get flat often reversing intraday-trends.
But I’ve only just starting really noticing it. What am I missing?
Also, do you ever look at volumes (through futures) to give you a steer on direction?
today’s quote:
“An idealist is a person who helps other people to be prosperous.” - Henry Ford
ideal times are from 2am, est to 3:45am, est, with a REVERSAL at approx 43 minutes into the action.
your second set of times would be the 6am, est - 7:45 am, est time slot, where you can usually pick up the END of your original reversed trade, and ride for 43 mins (approx) to 7:45, at which time you get another good reverse going into the 9am time slot.
unfortunately, since the market has changed so much lately what with all the equities peeps having piled on, BEFORE NEWS, there can often be only slight ranging action, as traders wait for the releases !
btw — a nice way of knowing WHICH direction the news will propel the price is to watch the overnite action — did they RAISE or LOWER the price.
if they RAISED the price, the news invariably produces a short and vice versa for the LOWERING of price. Do notice that the half hour before the release reveals this very nicely and that the price will CONTINUE to move in that direction until it hits the H1 support or resistance, and then move the opposite way for the rest of the day !
just a little trick about news ---- check it out !
mp
Your LRC would be ON TOPIC here. Since you started this thread and I guess it’s one of your non secret secrets.
But [B]please [/B]share your MT4 chart template.
Nice, thanks for that. I’m going to take a while off to have a look at this. Although I’ve been swing trading for a couple of years, I’ve only tried my hand at day trading in the past couple of months. There’s a definite rhythm and flow to prices throughout the day that I need to tune in to. Let you know how it goes…
pipgobbler
my template is of no use to others, and i have THREE templates of one currency up when im trading ---- if i were to combine all three, there would be no room for the candles and impossible to read charts.
use the LRC and youve got 90% of the world knocked — apply the good old stoch, rsi and accum/distrib indicators, with a decent ma divergence indicator and youll be just fine.
mp
Then, by all means, post all 3 templates. I am not asking for you to violate any rules or post indicators that are not public. Just asking for you to share your MT4 chart templates. It would be easier to follow in the live market. Is there anyone else who would like to have these?
NO, IT AINT SOME KIND OF BEER !
HA candles are an alternate candlestick system that does ONE thing we all need, and it does it WAY BETTER than regular candlesticks for any type of “holder”, be it swing, position or investor !
THEY ANALYZE TREND better than any other form of price identification, and only the MOST whippy of conditions (usually where you shouldnt be trading a trend anyway) will fool them for a bit.
they have ONE problem, and because of the calculations needed to draw a candle, all answers are only available AFTER THE CANDLE HAS CLOSED, which means you must wait for the next candle to see if there is a reversal, which is, of course, usable by longer timeframe users but not so great for those working the lower timeframes !
so you get around that little problem by using your standard support and resistance overlays (barry’s is fine) and the fibs as a backup, and youll find that you can hit the nail on its proverbial head.
Another RULE of using HA is IF YOU SEE A DOJI CANDLE, REVERSE YOUR POSITION cause you should never see a doji without a reverse happening — 99.999999 %.
there are a few decent HA templates out there, a few of which are:
“Heiken_Ashi_Smoothed” with its indicators, “4 TF HAS Bar” and “4TF HAS Bar 2” which is what the enclosed jpeg shows
and the other is just called “Heiken Ashi” and is the second pix, where ive added a CCI for some quideance and a warm and fuzzy secure feeling !
a VERY attractive method to add to your bag of tricks – demo it and you should soon be smiling.
Just remember, the candle WONT tell you where to TP unless you use another process to figure that, which is super with the LRC and the S + R.
BUT, you can play the candles as they sit, simply taking profit when the candles show you too, although you will be giving back some of your profit as a long turns into a short ---- but profit being profit, it just may not be all that bad !
enjoy and trade well
mp
HA w indicators.zip (19.1 KB)
HA NORMAL W CCI.zip (20.2 KB)
True. I have found longer timeframes and HA candles to be a nice way to trend trade. I also use very low leverage and i use stops only to cover my wins. I trail winnings on daily/hourly period using HA candles and sometimes MA’s. If i fail to enter in dips and the initial trade stops advancing to my way, i will terminate it pretty quickly and move on…i think its important to keep your winners run as long as possible without too tight stop. Taking profits too soon is fear AND greed both at the same time.
Trading can be simple but not easy! 
Comparing my chart to mp’s, theres a small contrast in “mental fatique” 
TRY the LRC and the s+r overlays and throw in a cci, rsi and accum/distrib indicator set, which will help you tremendously in finding your final tp.
otherwise, congrats — sounds VERY good !
mp
has anyone ever noticed that when an indicator and its signal line form a “bulge” (they get wider apart and then start coming together again, it often PRE signals the reversal of that price ?
doesnt work all the time, as it can be “headfaked” as well as we poor humans, but its always worth looking for if you feel your price is reaching its tp point.
its the “little” things in life that make it so wonderful !!
enjoy and trade well
mp
ONE of the most wonderful things about the Heikin Ashi candles are how they show TREND !
I speak of trading WITH the trend often, but what if you cant tell WHAT the trend is ? — have a HA template ready, switch over to the timeframe you wish, and VOILA — you gots yourself a TREND ! (and a new FRIEND !)
put THAT trend inside an LRC and trade your way to fame and fortune !
mp
gonna go further with my thoughts on HA candles and state that given everything we have to work with, a combination of the LRC and the HA candles is one of G-D’s gifts to the poor little retail trader.
the inherrent design of the HA candle is one of “trend following” and the candle design does that by collecting and averaging all the aspects of a candles move, then deciding whether a trend has been broken or not ---- basically, it knows MORE than you do !
HA can be used as a trading system by itself, or added to almost any other trading system to establish and hold trend, [B]BUT it has a problem ![/B]
Because of all the computations and fun the computer goes thru with the candle one does not see a reversal until ONE candle LATER than it actually happens and so one must use one of the support and resistance chart overlays to find your REAL exit point that would place you at the EXACT point of taking profit.
given that shortcoming, along with many other systems on this site, if you ENTER when you receive a signal from an HA candle (NEVER ignore a doji candle) then when you exit, although you will be LATE, you will still have absorbed the majority of however long that trend ran !
I personally dont like to give back pips, so i use the support and resistance overlays to “figure” where the top of a move lies, and so set my tp points, but EITHER method works.
what is easier for the indicators is to use a “regular” candlestick chart for the ACTUAL trading and the HA chart for your “research” and “following the trend” chart !
there are tons of HA candle templates available thru google and on this site, so its hard to make a mistake !
enjoy and trade well
mp
[B][I]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !
As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !! [/I][/B]
MP,
I’ve been finding trends on 1 & 4 hr charts with LRC and SHI channels for about a week now. I’m following the timeslots you mentioned, especially the 2:42am EasternTime slot, which often takes the price in the direction of the long term trend.
This seems too easy: Trading for 1 to 2 hours in the evening (11:42pm Pacific Time) and with 1 or 2 trades, making more pips than when I was trading 12 hours/day. Am I just on a lucky streak?
My real question is about S & R. I’m not sure if you mean Pivot Points, which use data from the previous day, or Barry’s which just shows the immediate highs and lows, or to draw them myself by looking at daily or weekly areas of price resistance over the years? I’m not using any S & R at this point. As your post mentions, they might help me with exits.
Thanks.
enjoy and trade well
mp
[B]an answer i posted on another thread and then thought it might be of interest to those who never read this one[/B] !
Originally Posted by chubspips
[I]One of my personal rules is given in the school of pipsology. If you like losing your money, trade on Sundays, Fridays, and Holidays.[/I]
[B]while i wont disagree with school policy, especially where newbs are concerned, I find trading those days to be of no relative difficulty, especially if one takes sunday as nothing more than an extension of fridays moves, keeping in mind that your currency pair would most likely have reversed its direction at 5PM, est had the market NOT closed — you pick it up on Sunday, just as you would if it were friday AND the market was NOT closed ! [/B]
[B]the two HALF days should simply be treated as ONE full day, and alterations to your orders made before the close of fridays trading.
IMPORTANT NOTE — not all brokers open their doors at the REAL opening time of the market on sunday, often waiting an hour before they allow you to trade ---- they do this to “make back” any trades left on friday, such as youre having a LONG out there, and they go SHORT on sunday.
what also happens is IF you had gone short, knowing the secret information i gave you, they will be an hour ahead of you and probably heading in the opposite direction of your trade by the time they allow you to trade — WATCH OUT FOR THEM, and DONT trade this way if thats what they do !
This is a FAMOUS way they break your stops (and your cajones) and make back the money they gave you !
you MUST not trade as i stated IF your broker does not open on time, as you will then get caught in a probable stop loss loss !
ENC’s and a number of brokers DO OPEN on time, so seek them out if you like to trade as i stated.[/B]
enjoy and trade well
mp
As I have stated in another thread, I love to read. I found this thread about a month ago and have been using your timeslots as references ever since.
Please forgive the analogy, but, aside from my coaches and never having spoken to you away from forums here at babypips, you are my Yoda sir, you are my Yoda.
I have tested and back tested on both demo and live accounts and I must say, anyone who doubts your words is either afraid to succeed or too foolish to apply your wisdom and experience.
With your time frames alone I have earned nearly half my current net worth in a mini account I started back in October. When you open your church, please send me an invitation as I would happily be a disciple of your teachings. I am not saying this to inflate your ego, just happy to have found the “rose amongst the thorns”.
I use VT Trader as a charting platform and currently have 2 live accounts and am looking to open a third with CMS Forex due to their fixed spreads and, according to all responding sources, their reliability in withdrawal transactions.
I would currently consider myself a scalper, except that I look for trades of 25 pips or more. More often than not in the past couple months I have had no trouble taking 4 or 5 trades a day, most of which have gained 100+, but I don’t have enough faith to open a position without “babysitting” my position.
I do aspire to trade long term, but I am currently trading M1 and M5 charts only, while monitoring the H1 and H2 charts for more info on trends and what not. I would like to call myself a day trader, but the longest I have ever held an open position is about 2 hours.
My question is, though I am profitable at this point, is my style ethical? Am I, in your opinion, a scalper or just another newbie soon to part with my money?
Thanks for your time and, as always, Good Pippin.
Chubs
enjoy
mp
when plotting S&R, i am pretty much fine, and i generally trade when momentum targeting pivot points. However when talking previous day close, is that
Close GMT(london) or EST which is more relevant in your opinion
the other thing is i have just tried adding the LRC as a further TOOL and whilst i can see it is defining the trend, the price is often reversing before it touches the upper or lower trend lines…Pretty unsure then when to enter the trade. Do you enter trades when price crosses the central line of the LRC? I have been reading your numerous humurous posts and appreciate you insider info…
By travpip at 2008-12-27