[QUOTE=RenaLa;189710]JackBPIP,
yes, I do use MT4 as well as DealBook. You trade on forex market.
I trade both forex and cfd market.
You can ask you customer support about it they definitely will help you
I DO able use Graviton’s method on GFT platform
I dont know how better to explain. Here is the image of the folder I’ve mentioned.
RenaLa,
Thanks for the picture. I am only trading FX, my symbol selection box does not have the cfd option. I will contact my customer support and see what they can help me with.
Thanks for your help
Jack
Don’t know if you got a answer, here it is. close Metarader 4, open your windows explorer and find where you installed MT4, expand look for the folder experts, then look for the folder indicators.
That’s where you drop this indicator in it. Many times you don’t have to compile because the program should create a additional file name with the extension .ex4.
If not, then you have just to click the yellow indicator, MT4 will open the compiler, go to file then down to compile, let it do it, close againand start MT4 again.
[B]NB[/B], just quick thanks for the help, did line by line with compiling in between without success.
Just would have been nice to sort the pairs the same way as I had my charts sorted since they are sorted in this sequence
USDJPY
GBPJPY
EURJPY
EURUSD
EURGBP
USDCHF
GBPUSD
AUDUSD
I also set the “position” pips to zero in mq4 since I am trading on Oanda so I don’t get the right spread that worked fine, it is off the chart.
Thanks anyway for a great addition to my tools.
What you say makes perfect sense. So, with that in mind, a functional spec for enhancing NB’s indicator is forming in my head. Been thinking about it for a while.
How do we take all the clever thought processes of these good traders and put them into an indicator. Not an EA mind you. Those are for “Get Rich Quick” types. This is simply a PA based measure. No fancy calcs.
I am simply thinking of an indicator which serves to filter the large number of pairs into a manageable group for trading CT & T moves according to Tymen’s and Graviton’s blended approach.
I like it. Before I had this time-saving indicator (for which I am very grateful), I had a spreadsheet set up with your idea in mind…i.e. I used different sums to get the insight you are describing.
Indicators are visual aids, nothing more. remember, Price action rules. Someone suggested weighting the lower time frames less and the higher ones more, someone else suggested just dropping out the lower time frames. All good suggestions, play with it if you like, but it’s no magic bullet, there is none. If you find something that works consistently for you, let us all know. I’m sure the programming can easily be revised to fit it. But the point is to learn to trade price action, not to waste time playing with pretty indicators.
I have other indicators I use as a visual aid, 100sma, 200sma, Price above for long and below for short, PA crossing both, one confirms the other.
RSI 8 and 3 on the same window, I play with periods of 3 to 12, if the longer period is below 50%, good for short, above 50%, good for long. Short period above long, getting stronger, short period below long period, getting weaker.
Stoch std settings, short period above long period, good for buy, indicator saturated up, go to next higher TF to confirm buy; short period below long period, good for sell, saturated down go to next TF up to confirm sell.
MACD, look one TF down to get better look at trend.
ADX, good trend indicator.
ATR, good to decide if more or less sl is needed
These are all just visual aids. None are a magic bullet. I keep them all on a “Junk” chart and look at them as I am thinking a trade over. After a while, you start to see the same things even better and faster directly in price action. But they may help you to get started. Don’t get stuck with analysis paralysis though. If indicators disagree, as they often will, remember, PA rules.
Please don’t tell me about your fav 5000 indicators. This thread isn’t about indicators. There are many other threads about them. I’m just responding to people who were trying to use my simple morning scoring method to trade by. Trade by price action. That’s where the pips are. Anything else at best is a visual aid, and at worst will mess up a good trading system.
Another suggestion was to just trade your home chart in the direction of the three higher TF charts only. So if you are trading a 1h home, it would be in the direction of the 4h, daily and weekly only. Good suggestion. This is trading with the trend and will make the most pips.
Another suggestion is to only use Tymen’s position system in counter trend trades and only use 5 lot position system in trades with the trend. Great suggestion. If you test it. let me know if it works out better for you.
Finally, much discussion about getting in late to a major trend move. We all have to sleep sometime and so we miss the entry on a great trend move. First look at relevant TFs and make sure there is not an entry on another TF. If you want to risk more to get in late, you can progressively take more risk (get more stopouts) by entering for a down trend on the top inside BB (20 period, 1 std Dev), mid bb, lower inside bb. I suggest though that if you do anything other than Tymen’s tested method, you do it in a separate account and track your W/L and R/R very carefully. Don’t mess up your good account record with tests. Somewhere I mentioned that a good trading account record with only 100% gain per year and no monthly draw downs is worth a $200,000 hire in salary at major trading houses and $500,000 a year or much more if you can keep it up. So don’t mess up your good account record with screwy tests. That’s what demo accounts are for.
Do not move stop losses against the direction of your trade. Never, Ever.
Do not risk more than 1% of your trading capital per trade.
Do not over trade. Pick your trades carefully. One good trade a day using these systems and one limited stopout a day will put you among the best traders in the world. The best make $10,000,000 a year and more. Don’t mess this up by overtrading.
I have lots more to say about all this, but I’m old and time is valuable. Happy Trading.
Can someone please help to organize a pair analysis party after the markets close. The idea was give anyone who wanted to help only one to three pairs to analyze, just as we did last weekend. Hard to believe it’s only been one week! No need for everyone doing the same ones. Then we will get together and discuss. Oh, and this week we are to add one sentence of fundamental information, like, “Bad Greece economy pulling eur/usd down”, or something like that. You can just copy off any Forex website that discusses Forex pairs. Then we can all get together and discuss and review here as we have time. Thanks for the help.
[B]Monthly[/B]: A steep decline from 3/08 to 3/09 then a strong uptrend from 3/09-10/09 where it begins to level off. Price is approaching a significant resistance level from 3/08.
[B]Weekly[/B]: The same decline with same resistance level being approached.
[B]Daily[/B]: A strong uptrend from 2/10 and price also reaching a significant resistance level. BB is beginning to trumpet.
[B]4H:[/B] Very bullish in the middle of a BB walk but possible profit taking at the end of the day ending with long bearish candle.
[B]1H:[/B] Bullish BB walk then a fat retracement to the mid BB
[B]30M[/B] is flat right now
[B]15M[/B] has a possible BB DNA entry if close above .7279.
Slightly surprising outperformer of the day, [NZD/USD] has made a 14-week best of 0.7320 and remains relatively firm. Some head scratching going on here as to why the Kiwi is so strong given the perceived disappointment of the RBNZ earlier in the week. However, a Q3 interest rate hike is still expected, while we also note plenty of current Kiwi strength comes versus the Aussie. Hedge funds, models have been among the recent sellers of Aud/Nzd and local contacts are pointing to the upcoming Henry tax review and possible tax increases for mining companies in Australia. Stops being tipped above next pivot area of 0.7325/30 and in the cross next through 1.2750 and 1.2725. We feel the headline is approaching a sell opportunity region, but perhaps it is best to wait on the review before committing to new shorts in a bid market.
The above is copied from GFT newsfeed.
My take: The resistance levels on the M,W and D are worth a watch. Could get a good ride up if it breaks or down if not. I’m not well heeled in the fundamentals yet so no comment on that.
Really straightforward and, as Graviton has pointed out many times, including a VERY recent post, these calculations are aids and nothing more. PA is where it’s at.
Having said that, I DO get some help with a quick assessment using Grav’s scoring system. Because I trade at H1 (my home chart) I am most interested in it and the longer TFs above that. Hence, my first calculation is a 5 value sum (M, W, D, H4 and H1) where the values are as Graviton has defined them. My second calculation is a 7 value sum (now including M30 and 15) and that gives me a feeling - nothing more - for what might be happening at slightly lower TFs where I might go for a better entry. Often, I will enter with a CBL at M30 if I interpret the action as supporting what I believe is developing at H1. Yes, I might be early. Yes, that might cost me. So, before abandoning H1 for M30, I have to be pretty certain I’m going to get a close on H1 when the time comes.
As an aside, Grav worked with me during a recent slow period and convinced me that ALL TFs have something to show. To paraphrase Graviton, ALL TFs are simply different pictures of the same basic PA.
Ok…Having included 7 TFs I now go for the final 2 (i.e. I sum all 9) and the differences across the three sums give me a clue as to where PA might be deviating from what I think I see using the 5-value sum.
Note that, in spite of the objective nature of the quantified values/sums, I STILL impose my subjective opinion about what it all might mean.
I have a lot of studying yet to do - both with Tymen’s info and with the 5-lot system.
The good news: I REALLY believe I am making progress and I can see it in the way/frequency that I trade.
The bad news: Damn it’s tough when you’re an old timer.
The best news: This is one HELLUVA community and I’m delighted to be here!
Thanks. You’ve answered a problem for me…I went into the code and reduced the pairs to the 8 that I trade. And, I set them up in the order that I had on the screen. Nothing special about that order, I just wanted the display to reflect the same order. After correcting a few errors (neat that you can get the info from the compiler step…just like the old days in BASIC) I managed to run the revised code. Voila! Different order. Couldn’t figure it out and now you’ve shown me.
100% Agreed. Some of the advice here would cost a fortune if it came from coaching gurus.
I’ve decided to re-read Trading in the zone and reminisces of a stock operator. Both great books, and I’m sure what I need right now to really get all the tips & tricks from both threads embedded in my trading method…
I would ask if ignoring the lower time frames is prudent? The higher TF are a consolidation of what happens at the lower time frames. The higher TF don’t set the trend, they really only show the trend that already occurred. Using the laws of probability, we can make predictions of future trends, however they are predictions only.
However, the lower time frames set the trend insomuch as they are the first indicating of changes to come. They are more forward indicators of a possible reversal and can help provide warnings of a trend reversal before it appears on the larger time frames.
It is sorta like a traffic jam on the interstate. Looking at a 10 mile stretch of road at one time is like your larger time frames. It will show basically the overall traffic flow, but nothing really concrete. As you zoom in on smaller stretches of road you get more details about how traffic is performing. If you have a traffic camera at one point, you may witness a crash. This crash and subsequent slowdown in traffic won’t appear on the larger time frame (10 mile stretch of road behind the crash) until much later and with varying degrees of slowdown.
If you are a driver you want to have some sort of heads-up of possible slowdowns so you listen to traffic reports. If you ignore the indications of a possible slowdown you could be caught going from 60mph to suddenly 20mph in a span of a mile without warning. So even if you were going with the larger overall pattern of 60mph as your indication you would be caught unawares of a possible hiccup in the commute.
At least that’s how I view it, if someone has another opinion please share or if you think I’m way off please share that as well.
I agree that ignoring ANY time frame is probably not in a trader’s best interest. As Graviton and others have said, all TFs have something to tell the trader.
Recent discussion have been focussed not so much on IGNORING TFs as on IDENTIFYING the contributions being made to the trend (or lack thereof) by the various TFs.
Good work. Many thanks for getting this in right after close. Now if I can just tear some others away from their toy, we can get rolling on this. Hopefully we’ll have some other input soon :rolleyes:
Monthly – Current visual trend is down. BB leveling. Two most significant SR levels (1.2800 and .9380 ) are probably too far away right now to be in play in the near future.
Weekly – Downtrend from about 03/08 TF with very little upside movement within the trend. BBs are sloping down. Some closer in SR levels are at 1.10xx, 1.02xx and .98xx.
Daily – Downtrend overall but significant bounces/retracements can be seen with peaks hitting a downtrend line drawn from a peak high that occurred on 3/26/10. That line has been hit (or approached very closely) five times, including this past Friday. PA on Friday is also at the +2sigma BB . Friday’s close at 1.0155 corresponds to a level that has not been penetrated since PA fell below it on 3/31/10. The combination of the downtrend line and the apparent resistance being shown suggests caution for any long consideration right now.
H4 – Last three candles have been strong bullish candles. The wick on the last hit the down trendline referenced above. Lower two BB lines are sloping up. The upper BB line is also sloping up but it appears to be a 1day action following a contraction of a Rachel-type formation. This might indicate that PA will be entering a “Tymen No-No” trading area. Caution is advised.
H1 – appears to be at extreme of current upside movement. One-candle CBL is at 1.0149. The move would require an SL above 1.0172 but it could offer an attractive R:R with the mid BB (Tymen’s approach) currently at 1.0077.
My take: I’ll watch for an attractive entry and play this with extreme caution. I definitely would NOT be looking for any longs in this pair, right now.
Fundamentals: Couldn’t – OK, didn’t- find any current commentary
I will contact my customer support and see what they can help me with.