Pips of GLORY - Smart Money Trading

[Sweet_Pip]

Starting this Sunday, I will take up ICT’s challenge to practice a daily routine over the next 4 weeks, designed to improve discipline from someone who’s truly trying to help in a simple language. Hoping to undo all the damage apparently done by being here too long and learning bad habits…

This exercise is not about making money (smart or otherwise), or worrying about timing before major news releases. The tasks are:

[ul]
[li]Note the daily highs & lows of one pair - USDJPY.
[/li][li]Note the previous week’s high & low for the same pair.
[/li][li]Demo trade areas of support & resistance at either of the levels determined above.
[/li][li]Short resistance at weekly and daily highs, buy support at weekly and daily lows.
[/li][li]Do not be concerned with trend.
[/li][li]Do not be concerned with direction.
[/li][li]Do not care about it resulting in profit or loss.
[/li][li]Use a 20 pips stop and profit target.
[/li][/ul]

I would have to add that if price reached those areas and I missed it, then there will be no trade that day.

[Buckscoder]

Running such a tight stop on a pair with major ongoing issues such as this, a day ahead of one of most potentially volatile data releases of the month, when anyone with common sense is cashed out & on the sidelines doesn’t really reflect the title of the thread now does it.

Hm, I have no idea if you are right or not, but if everybody would sit at the sideline what makes the price change this time? Doesn’t make sense to me.

[Sweet_Pip]

Since this is Sunday and not a complete day, we’ll use Friday’s high & low. I marked last week’s daily highs & lows too. I am using midnight EST for determining a day.

Previous Days’ High = 81.46
Previous Days’ Low = 80.61

Last Weeks’ High = 81.53
Last Weeks’ Low = 80.31

Now we wait…

Update:

Price did not reach any of these areas…no trades.

[TalonD]

maybe I missed it but why are you looking at yen pairs? ICT was looking at gbp/usd. I don’t like the yen pairs, too many strange things happen there.

Metrix has a rude manner reminds me of Used and some others. But he has a point. don’t use close stops especially going into NFP. I had trades open but I had big stops. And as it turned out better numbers than expected and usd went the right way for my trades.

Things are moving slow in the ICT world but I’m still hanging out over on his blog

[slowman]

Good point Talond thought it was coming back on track then we go on to a funny pair:confused:

[Buckscoder]

Yeah, I second TalonD. Plus if I may suggest something: Do it 100% or 0%. So, if you follow a system, follow that system down to everything, not only pairs included. Don’t mingle all in one pot. I guess that wouldn’t work. If you may see it works for you, you may try to tune it a bit at later time. You can always go back then.

[Sweet_Pip]

Repeat…

Due to my brokers new margin requirements, USDJPY has the lowest margin and spread so although it doesn’t move as well as GBPUSD or some of the others, it’s what I’ve got to work with.

For me, the margin requirement on UJ is $300 per mini lot. With GU or EU it’s $500. Then there’s the spread.

The principles are still the same…just the pair is different.

[Buckscoder]

Sweet Pip, the market doesn’t care about your margin, your broker, your sweet whatever.

One example: If you buy a car and you see some fancy wheels on some other car, you may have problems to mount those wheels at your car, because they might not fit and your car would make a crash soon.

Just to say it: I have no clue about jpy. Just how I think. Plus you for yourself gave me that link where they state that every pair is unique. I second that with my own experience.

The asians think completely different than the western guys, how I see it. Plus their economies are completely different.

However, take that not as advice. Just a thought. If you have success with your pair, just forget it.

[Sweet_Pip]

Sweet Pip, the market doesn’t care about your margin, your broker, your sweet whatever.

One example: If you buy a car and you see some fancy wheels on some other car, you may have problems to mount those wheels at your car, because they might not fit and your car would make a crash soon.

Just to say it: I have no clue about jpy. Just how I think. Plus you for yourself gave me that link where they state that every pair is unique. I second that with my own experience.

The asians think completely different than the western guys, how I see it. Plus their economies are completely different.

However, take that not as advice. Just a thought. If you have success with your pair, just forget it.

The market might not care but I do…lol. If one doesn’t check out the other tires, then one will never know it they fit or not…a simulated world is a safe place to find out. The thing the GU and UJ have in common is the USD…I have no clue how the British think or economy operates compared to the western guys either…so what’s the difference if I trade GU or UJ in that respect.

Aside from the margin reason, from those articles I read, JPY does respect technical levels and that seems like a good reason to me. Again it’s the principles…maybe the fancy wheels won’t fit, but a cars still needs wheels to move…wheels being the principle.

[husky_1]

Sweet pip, Here is some mt4 code for the lines, in case you wanted to have them populated automatically on the chart.

//+---------------------------------------------------------+
//| Husky_1_Daily_data_                                     |
//| Authored by Husky_1                                     |
//| Drawline credits below                                  | 
//| V1.1 - adds weekly open and last 4 weeks high/lows      |
//+---------------------------------------------------------+

#property indicator_chart_window
//---- Lets define our colors
extern color   TodayLineColor=Aqua;
extern color   WeeklyOpenLineColor=HotPink;
extern color   YesterdayLineColor=Gray;
extern color   LastWeekLineColor=Gray;
extern color   ThisWeekLineColor=Gray;
extern color   ThisWeekOpenLineColor=Aqua;
extern color   MnthLineColor   =Gray;
extern color   MnCloseColor  =Gray;


//---Lets start
void start()

  {   
   string thisyear=Year();
   string thismonth=Month();
   string thisday=Day();
   string timeframe= StringConcatenate(thisyear,".",thismonth,".",thisday," 02:00");
   datetime todayinfo = StrToTime(timeframe);
   //
   //Print (timeframe);
   double eudo=iOpen(NULL,PERIOD_M1,iBarShift(NULL,PERIOD_M1,todayinfo,false));
   double eumc=iClose(NULL,PERIOD_M1,iBarShift(NULL,PERIOD_M1,todayinfo,false));
   double euhc=iClose(NULL,PERIOD_H1,iBarShift(NULL,PERIOD_H1,todayinfo,false));
//---- Send to console

//Print (Symbol(), "   Intialopen:",eudo,"  1st Minute Close:",eumc,"  1st Hour Close:",euhc);
//---- Draw Lines

     {
//      DrawLine(eudo,"Intialopen",DailyLineColor);
     // DrawLine(euhc,"Hourclose",LineColor);
      //DrawLine(eumc,"MinutClose",LineColor);
      DrawLine(iClose(NULL,PERIOD_D1, 1),"Yesterday Close", YesterdayLineColor);     
      DrawLine(iHigh(NULL,PERIOD_D1, 1),"Yesterday High", YesterdayLineColor);
      DrawLine(iLow(NULL,PERIOD_D1, 1),"Yesterday Low", YesterdayLineColor);
      DrawLine(iOpen(NULL,PERIOD_D1, 0),"Todays Open", TodayLineColor);
      DrawLine(iHigh(NULL,PERIOD_D1, 0),"Todays High", TodayLineColor);
      DrawLine(iLow(NULL,PERIOD_D1, 0),"Todays Low", TodayLineColor);

  
      DrawLine(iLow(NULL,PERIOD_MN1, 1),"Last Month Low", MnthLineColor);
      DrawLine(iHigh(NULL,PERIOD_MN1, 1),"Last Month High", MnthLineColor);
      DrawLine(iOpen(NULL,PERIOD_MN1, 1),"Last Month Open", MnthLineColor);

    
      DrawLine(iOpen(NULL,PERIOD_W1, 0),"Weekly Open", WeeklyOpenLineColor);
      
      DrawLine(iOpen(NULL,PERIOD_W1, 1),"Last Weeks Open", LastWeekLineColor);
      DrawLine(iLow(NULL,PERIOD_W1, 1),"Last Week Low", LastWeekLineColor);
      DrawLine(iHigh(NULL,PERIOD_W1, 1),"Last Week High", LastWeekLineColor);
     
      DrawLine(iLow(NULL,PERIOD_W1, 2),"2 Weeks Ago Low", LastWeekLineColor);
      DrawLine(iHigh(NULL,PERIOD_W1, 2),"2 Weeks Ago High", LastWeekLineColor);
      DrawLine(iOpen(NULL,PERIOD_W1, 2),"2 Weeks Ago Open", LastWeekLineColor);
      DrawLine(iLow(NULL,PERIOD_W1, 3),"3 Weeks Ago Low", LastWeekLineColor);
      DrawLine(iHigh(NULL,PERIOD_W1, 3),"3 Weeks Ago High", LastWeekLineColor);
      DrawLine(iOpen(NULL,PERIOD_W1, 3),"3 Weeks Ago Open", LastWeekLineColor);
      DrawLine(iLow(NULL,PERIOD_W1, 4),"4 Weeks Ago Low", LastWeekLineColor);
      DrawLine(iHigh(NULL,PERIOD_W1, 4),"4 Weeks Ago High", LastWeekLineColor);
      DrawLine(iOpen(NULL,PERIOD_W1, 4),"4 Weeks Ago Open", LastWeekLineColor);
     


           }
   
//---- End Draw Lines
   return(0);
  }
//+------------------------------------------------+
//|Drawline code re-used from:                     |   
//|                           DOSR.mq4             |
//|                           Developed by mqldev  |
//|                           http://www.mqldev.com|                                                                  |
//+------------------------------------------------+
int DrawLine(double price  , string Obj , color clr)
  {
   int objs=ObjectsTotal();
   string name;
   for(int cnt=ObjectsTotal()-1;cnt>=0;cnt--)
     {
      name=ObjectName(cnt);
      if (StringFind(name,Obj,0)>-1)
        {
         ObjectMove(Obj,0,Time[0],price);
         ObjectsRedraw();
         return(1);
        }
     }
   ObjectCreate(Obj,OBJ_HLINE,0,5,price);
   ObjectSet(Obj,OBJPROP_COLOR,clr);
   ObjectSetText(Obj, Obj);
   ObjectSet(Obj,OBJPROP_STYLE,STYLE_DOT);
   WindowRedraw();
   return(0);
  }
  int deinit()
  {
//----
   
      ObjectDelete( "Initial open");
      ObjectDelete( "Todays Open");
      ObjectDelete( "Todays High");
      ObjectDelete( "Todays Low");
      ObjectDelete( "Yesterday High");
      ObjectDelete( "Yesterday Low");
      ObjectDelete( "Yesterday Close");
      ObjectDelete( "Last Week Low");
      ObjectDelete( "Last Week High");
      ObjectDelete( "This Week Open");
      ObjectDelete( "Last Month Low");
      ObjectDelete( "Last Month High");
      ObjectDelete( "Weekly Open" );
     
      ObjectDelete( "Last Weeks Open" );
      ObjectDelete( "2 Weeks Ago Low" );
      ObjectDelete( "2 Weeks Ago High" );
      ObjectDelete( "2 Weeks Ago Open" );
      ObjectDelete( "3 Weeks Ago Low" );
      ObjectDelete( "3 Weeks Ago High" );
      ObjectDelete( "3 Weeks Ago Open" );
      ObjectDelete( "4 Weeks Ago Low" );
      ObjectDelete( "4 Weeks Ago High" );
      ObjectDelete( "4 Weeks Ago Open" );

}
//+------------------------------------------------------------------+
//|                                                                  |
//+------------------------------------------------------------------+

//+------------------------------------------------------------------+

[husky_1]

FYI, I find the days to be a little crowded, so I usually comment out some of the lines I do not care about. If you would like me to take out lines you dont want to look at, let me know. I can repost the code.

[Sweet_Pip]

Sweet pip, Here is some mt4 code for the lines, in case you wanted to have them populated automatically on the chart.

Thanks Husky. The daily high/low lines on my chart are automatically drawn from an indicator. I like this indicator cause it only draws on the day and not across the whole chart, and it displays the price in big font, as well as the text.

However, I don’t have one for the weekly and was trying to modify my code to include it. I am ok with horizontal line for that, so maybe I’ll borrow some of your code, or modify it to turn off the daily lines and only display the weekly.

[Buckscoder]

Sweet Pip, I see it like you that you need your own style. Anyways. If you want to learn something new, speaking in economic sentences, the first thing is to make it exactly to the pip as your teacher. I just say this, because I was a teacher, lol. Not trading, though.

You know, it makes it easier to you: You may ask then your teacher and he knows what is going on. If you trade a different pair, ict might not know what you are exactly talking about if you talk about a particular trade.

If you “own” that strat, then you might play with it and other pairs. Tune it and so on.

That’s how I see it. I am however not a follower. I am an explorer. So, I play with all new things togehter and have no mentor, lol. However, I stick to one pair.

Regarding that car: A car where the wheels don’t fit, will move just a few miles and then you might end helpless in a desert without water, 100 degrees F and nobody around to help. So, It would have been better not to start at all, lol.

As I said, just how I think. No advice. There is already too much advice around in those forums, lol.

[forexdawn2010]

There is already too much advice around in those forums

and most of it is utter b*llocks.

Best of luck with your experimentation miss pip.

[TalonD]

the thing about the yen pairs is that recent bank of japan intervention. price does unexpected things. I don’t see that happening on gbp or eur dollar pairs, not like the BOJ anyway…

I’ll stick with gbp/usd or eur/usd

[Sweet_Pip]

price does unexpected things. I’ll stick with gbp/usd or eur/usd

“Price does unexpected things”…lol…now there’s a quote worth quoting…

Ok, you do that…fine by me

[TalonD]

LOL

well, more unexpected than usual

seriously though, when the BOJ dumps a few billion yen that’s kind of like having an NFP friday at random intervals…
I got ‘almost’ bit by those pairs a couple times recently. Not my cup of green tea.

[Sweet_Pip]

Weekly high/low remains the same.
Last Weeks’ High = 81.53
Last Weeks’ Low = 80.31

New Previous Daily High = 81.34
New Previous Daily Low = 80.72

[Sweet_Pip]

Previous Daily low @ 80.72 triggered long and completed for +20

Came very close to being stopped out though.

[B]2 1/2 hrs later…[/B]

Previous Daily high @ 81.34 triggered short…stopped out for -20

I did not have a pending order set for at last week’s high…an oversight.

[Sweet_Pip]

Last Weeks’ High = 81.53…resistance now turned support?
Last Weeks’ Low = 80.31

New Previous Daily High = 81.95
New Previous Daily Low = 80.52

Price blew up thru last weeks high and then returned back down to it only to seemingly find support there now.