Sorry forexology, we were ‘overtyping’ each other.
(And you edited your post so I did not see the edit until now but I did respond to your ‘original’ post above).
OK - well - as far as ‘swing trading’ is concerned - I stand corrected - and - you are right (see how ‘humble’ I’ve become)!!! I was alway under the impression that ‘swing trading’ was like ‘trading the daily swings’ but they way that you explain it NOW makes sense to me. Thanks.
I have TRIED using pivot points to trade before (it’s detailed in one of my trading books) but I’ve always ‘come a cropper’. The way it is detailed in one of my books is that the price of an instrument will trade between S1 and R1 on daily basis and the S2 adn R2 are supposed to be the ‘dead low and the dead high’ of the day blah, blah, blah. EVERY time I’ve tried this ‘method’ - guess what - the price has ‘rocketed’ right through to S3 or R3 and beyond (‘to infinity and beyond’ - every watched ‘Buzz Lightyear’?)! On the other hand - I’ve never thought of using them to ‘take profit’ - keep coming with more details on this idea.
SOOOOO - you’re in Jamaica!!! Man - my mouth is watering already!!! Actually - I KNOW YOU can answer this question: is Captain Morgan REALLY made in Jamaica or is it just some ‘bullsh1t’ advertising??? I know this happens because we used to have cigarette adverts here depicting the ‘wild west’ in the USA or the ‘jetset people’ in the USA AND THE AMERICANS HAVE NEVER EVEN SEEN OR HEARD OF THESE BRANDS - EVER!!!
Just a note to say thanks for all your continuing efforts. I’m totally obsessed with following this thread. I check it before I go to work, at lunchtime, when I come home and before I go to bed. I’ve found it even more gripping than Heroes!
I’m sure there are lots of newbies like me who love this because you’re not only sharing great technical knowledge but giving those of us who haven’t yet moved off the safety net of demo accounts a glimpse into the emotional rollercoaster that is live trading.
Anyway you had mentioned a summary done by Ingot54 (hope he’s OK by the way - I miss his calming view of the world) so here is the permalink.
Yes - I’m a bit concerned about Ingot54 as well ALTHOUGH something has been ‘bugging me’ i.e. I have just ‘assumed’ all along that Ingot54 was a ‘he’ - maybe Ingot54 is a ‘she’ and I’ve offended her in some way. I’m not trying to be funny here or anything like that but it ocurred to me that nowhere on the thread has Ingot54 ‘alluded’ to his / her gender or real name. Not that it would make any difference at all - I agree that Ingot54 does have a ‘calming effect’ on what could be a ‘mind f**k of a thread’ if left to my own devices!!! (Who am I kidding - I’m hoping that Ingot54 is the person holding the bottle of Captain Morgan in the picture that ‘she’ sent me - I’m there man)!!!
I noticed that usually where the trend changes and where the SAR indicates a change, this IB (inside bar) and OB (outside bar) phenomena happens. At least that is what I’m getting… well maybe not all the time the more I look at it. Anyway, take a look at his system (and I’m not saying we steal into his system) but maybe use that same idea with the IB as another indicator and confirmation of trend changes. Or is this something else all together since you are looking at 30 min or 15 min charts and not daily charts? James does mention that this is a standard technical analysis pattern that is often over looked.
Dale, let me assure you that I’m reading most of your daily ramblings and find them most interesting and amusing. And thanks for that link to the Aus daily reckoning, which I’ve been reading for tha last few days.
Just look at the thread now, It’s developing quite a following. Great stuff!
Ya know Dale, now that I think about it, there was a woman in one of my classes that was from South Africa. Ashame I don’t remember her name… she was in one of my groups for a project even. We were in a program for desert landscaping at the Desert Botanical Gardens if that helps any… o.0
Thought it would be fascinating if the world really was that small, eh?
Currently I am only using MACD and PSAR on the daily time frame although I am looking to integrate the other indciators talked about in the thread into the system.
It is important not to chicken out as your positions may turn against you for a while. There was a time when all my first entries were in the red, but you have to be brave and allow the system to run it’s course.
As has been suggested here, once the daily PSAR stop loss position guarantees a profit, I switched to the next shortest time frame (3H) and set a Stop loss closer to the current price to effectively lock in most of the profits.
The benefit here is that many pips have been banked, but on the other hand, some tardes that were closed could have run longer for greater profit. When it looks like the trend is going back in the original direction again (looking at the 3H chart), you have the option to get back in again.
oh my god Dale it was 900 only .Man i thought that it was 9k u sound like u lost a fortune!!!lol
So i agree no vailed entry in any place there is a potiential for the CAD and the USD but i check it when the candel closed and unforytunatly it is not vailed one same like the oil.
It seems we have to wait more time i don’t think that today ir tommorow we can have any valied entries any ways let us hope we will have somthing soon other wise i will have to take some risks!!
Dale,
My EUR/NOK is $43.00 in the red. Price pierced PSAR yesterday and today there’s a new dot in the opposite direction. However MACD and Stochs are still heading up.
However, I’m going to leave the trade for another day or two…want to see how it turns out. I wonder if I’d be this brave if it were real $$$ on the line…
I’d like to assume Ingot is busy and seriously, his/her gender is irrelevant.
Oh yes, welcome to all the new contributing guys/gals on the thread.
if i understand it correctly, the system says ‘MACD has to cross’, not just heading up, or am i wrong? i don’t see a cross, at least on my chart…
Question, if the MACD crosses something like 2 or 3 bars later after the PSAR dot appears, is the signal still valid? or does the MACD cross has to be before the psar dot appears? or exactly when the dot appears?
Here my result, demo account MT4 InterBankFX Brocker.
Open order in very good position and form many of them stop loss is “in gain” position.
The history is related ONLY to pairs for whitch I was “in” for a change directrion of parabolic SAR and not “at the market” as I start one time all the position.
Hope it would be helpfull.
My rule for this test is ONLY PSAR.
We will see what happen in the future, but I feel this system could work in very long term period and we can improve with new signal as you are making, but in any case must be followed in “mechanical” attitude to understand profitability.
Gold is still goin UP as USD… …too.
What is going on? Who knows…
MACD has to cross. This was a case of me experimenting by breaking or should that be bending one of our rules. Like I said earlier, I’d much rather make expensive mistakes on a demo account.
If MACD crosses 2 or 3 bars later after PSAR in the same direction as PSAR then it is a valid signal. The MACD is confirming that the PSAR signal is right. The foundation of this system is the PSAR so even if MACD crosses before the PSAR dot appears, you’d still have to wait for the PSAR dot to appear. Dale et al, please correct me if I’m wrong.
I don’t think I’ve ever seen MACD cross and the PSAR dot appear at the same time. Does it ever happen?
I just got up from my early afternoon ‘nap’ (trying to get my sleeping patterns sorted out) AND LOOK WHAT I COME BACK TOO!!!
Before this goes any further: I don’t care WHAT gender Ingot54 is - and no - it makes no difference whether Ingot54 is a ‘he/she/other’ - I was just wondering - that’s all (and making a ‘tongue-in-cheek’ joke about the picture that Ingot54 sent me - the one with the blonde holding the bottle of Captain Morgan).
Don’t any of you ever wonder what a person MAY look like when you hear them on the radio or speak to them on the phone??? Same thing!!! That’s all!!!
And yes - Ingot54 has made some very valuable contributions to this thread (it was Ingot54 who introduced the idea of using MACD) - and yes - I’d like to know where Ingot54 is - and yes - I’d like to know that Ingot54 is alright!!! Geez - I’m too scared to say ‘I’d like to know where Ingot54 is - gee - I hope HE is alright’ - don’t want to upset anyone you know!!!
I take it then that adding a photo gallery of all of our ‘members’ to our ‘system document’ is out of the question!!!
I just sometimes wonder about who I’m dealing with is all - I have that kind of mind - and if you tell me that when you communicate with strangers on the Internet you don’t wonder about who they are and what they look like and what makes them ‘tick’ then you’re talking ‘cr*p’!!!
All of this on top of the fact that Gold is ‘f*****g’ with me AND Oil AND GBP/USD AND… AND… AND…!!!
Like I said earlier, I’d much rather make expensive mistakes on a demo account.
