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eremarket · November 6, 2011, 10:10am

Ymir… I wouldl ike to answer your questions, but am having a bit of a hard time understanding exactly where you are drawing your levels.

Could you please claifity with a chart?

Possibly with a letter denoting each of these moves, swings, and peaks you are referencing…so i know how to respond to your questions.

Jay

MeiHua · November 6, 2011, 10:32am

Buckscoder:

Sry for jumping in here, but as you (eremarket) maybe recognized now, I have a lot on my screen automatically going on, lol. This doesn’t stop with some special indis. I code for myself and do it with passion, so I have now even an indi which shows me your no trade zone to check out if that is of value for me. I am very lazy if it comes to clicks on the screen and I can’t make an error if it is drawn automatically.

My contribution now to your thread. Here you and everybody else can have it as well. It shows a rectangle of the no trade zone, imho between 38 and 61 fibbs of last week for actual week. However, fibbs and color of box can be customized by the settings. Just copy and paste it to your mt4 experts/indi folder.
//+------------------------------------------------------------------+
//|                                                  Notradezone.mq4 |
//|                                   Copyright © 2011, by Buckscoder|
//+------------------------------------------------------------------+
#property copyright "Copyright © 2011 Buckscoder"
#property indicator_chart_window
//----
extern double  lowlevel  = 38.2;
extern double  highlevel = 61.8;
extern color   ntzcolor  = Gray;
//----- Variabes
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//---- indicators
   ObjectCreate("ntz", OBJ_RECTANGLE, 0, 0, 0, 0, 0);
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//----
   ObjectDelete("ntz");
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start() {
   double thigh = iHigh(NULL, PERIOD_W1, 1);
   double tlow  = iLow(NULL, PERIOD_W1, 1);
   double t1 = (thigh-tlow)*lowlevel/100+tlow;
   double t2 = (thigh-tlow)*highlevel/100+tlow;
   ObjectSet("ntz", OBJPROP_TIME1, iTime(NULL, PERIOD_W1, 0));
   ObjectSet("ntz", OBJPROP_TIME2, iTime(NULL, PERIOD_M1, 0));
   ObjectSet("ntz", OBJPROP_PRICE1, t1);
   ObjectSet("ntz", OBJPROP_PRICE2, t2);
   ObjectSet("ntz", OBJPROP_STYLE, STYLE_SOLID);
   ObjectSet("ntz", OBJPROP_COLOR, ntzcolor);
   ObjectSet("ntz", OBJPROP_BACK, True);
   return(0);
  }
That’s how it looks like. The box is in the background, so other indis and the candles are still visible:

Amazing work Bucks I am always impressed. great contribution!!! I couldnt get it to install though.

Ymir · November 6, 2011, 12:07pm

My hourly chart is kinda cluttered, but I hope you still get what I want to ask.

These are the charts: Photo Album - Imgur

Basically I wonder, after, on the hourly chart, price reached the supply zone and stayed there for a while, did they hedge there longs and did this create the sudden down-move.

Then sold them partly off to rally and peak in order to hunt for s/l and break-out traders while holding there longs.
Then took more shorts, which they are now selling off at lows, possibly to fill the bankroll and break-trough the supply level, instead of bouncing of it again?

So I guess what I’m wondering is, could you explain in some detail how we can guestimate how much short and long positions are being held by institutions and how we recognize when they are being cashed in.
Or perhaps a better question would be, do you have a crystal bowl at home?

For example what to think of these consolidations?:

If I’m not making much sense, then forgive me, I’m still trying to learn this :).

Buckscoder · November 6, 2011, 12:19pm

Hmm, sorry bout this. It’s the source, so you must shrink wrap it into a text file with any name and extension [B]mq4[/B] in the folder experts/indicators. Then it should pop up after restart of your metatrader in the custom indi section.

If you need any more help, just let me know.

eremarket · November 6, 2011, 1:24pm

Closed half the position on the eur/usd short from 1.3792 out for 40 pips.

profit 0.125%

Now cannot lose money on this trade.

sharebazar · November 6, 2011, 8:21pm

Hi Jay , I saw your video, I am interested to learn from you, when is your next session, if you still want student I happy to become your student.I am in London please let me know when you will conduct the teaching in London time. Thanks for sharing and helping new trader like me.

PIPhanger · November 6, 2011, 8:47pm

sharebazar,

eremarket has stopped taking students for the time being…

He is though hosting a webinar tonight at 10pm EST (New York) if you want to join us…

eremarket · November 6, 2011, 9:49pm

Ok everyone…i’m setting up anymeeting.com and mikogo for the webinar now!

will post log in and links in the next 15 minutes!

Jay

fartist · November 6, 2011, 9:51pm

Thanks jay! Appreciate all the effort you’ve put in for all of us!

RC24 · November 6, 2011, 9:52pm

Glad it got postponed until tonight, wasn’t going to be able to make last night’s meeting.

eremarket · November 6, 2011, 10:02pm

TONIGHTS WEBINAR LOG IN INFO!

Starting Now! Use this link to go to the chat room:

TradingWebinar - AnyMeeting | Free Web Conferencing, Webcast and Webinar Service

You will need a seperate small application for screen sharing, mikogo (mikogo.com)

Once you download and install mikogo (should take less than 5 minutes), you can use this login to view the screen:

329-350-712

Hope to see you all there!

Jay

Ymir · November 7, 2011, 12:12am

Great webinar! I really enjoyed it and am getting a gripe on how you approach and determine supply and demand levels.
Also the stuff about volume was intriguing to say the least, hope you’ll do it again sometime, and thanks a lot!

RC24 · November 7, 2011, 12:12am

Took a lot in from the webinar tonight, thanks for getting that together for us Jay!

I will go through and finish reading the entire thread tonight so I can get caught up, but I was looking for way too strong of swings and was passing up a lot of valid pivot days on the chart.

Also the confirmation with volume on the futures and the COT readings is really good info to have on your side.

Thanks again!

MeiHua · November 7, 2011, 12:41am

Good from what i saw, guess i missed out on COT. Sorry I had just gotten back from hospital and passed out on pain killers. I am sure what i missed was amazing though.

MeiHua · November 7, 2011, 1:28am

I have included a screenshot, i drew the fibo from the weeks before. as marked by the period seperators. But i have no idea why your indicator draws it differently it takes the lower high than when we opened. is that Sunday data or something? Just checking.

msjeff08 · November 7, 2011, 2:11am

Wow! From the conversations, it looks like I will learn a lot from it. I hope there is next time.

sharebazar · November 7, 2011, 5:34am

Hi PIPhanger, thanks for reply, I missed the session yesterday, went to bed it was 5:30 am in London, need to wake up early for the work. I will try my best to attend the next session.

Buckscoder · November 7, 2011, 9:33am

Everything fine here:

The white lines are the period separators of the week. Last week high was ~ 14170, low ~ 136.

Now you know why it didn’t work when you draw it by hand.

RC24 · November 7, 2011, 2:16pm

Jay -

Could you review a trade setup I took on demo last night? Sorry, but charts always look like crap when I post them, I was hoping you could review this on one of your charts and tell me how it looks to you.

USD/CHF
Daily pivot low on 10/19 at .8949
Daily pivot high on 10/20 at .9080
Intraday on 10/20 price spiked up to .9009 before falling off sharply. (Looking at a 30 min chart)

Weekly R1 is .9001
Daily R2 is .8976
Previous Week’s high is .8960
(All signs point to overbought territory)

I set a short entry at .9000 (just under weekly R1
Stop Loss at .9020 (11 pips above the intraday swing high on 10/20, and an institutional number per ICT)
Profit Target at .8960 (Last week’s high)

London open triggered the entry and ended up pushing right through my SL making a high of .9030 before falling back down.

By no means am I looking to be right 100% of the time, all I am looking for is a bit of confirmation that I wasn’t missing anything when I did the analysis on this setup. Based on the daily and weekly pivots, last weeks high, intraday swing high, and a 2-1 payoff this seemed like a really good trade. Just wondering if I am setting my SL too tight, or if this trade just wasn’t meant to work out. Any insight would be appreciated.

Thanks,
Randy

Pippard · November 7, 2011, 9:57pm

RC24:

Jay -

Could you review a trade setup I took on demo last night? Sorry, but charts always look like crap when I post them, I was hoping you could review this on one of your charts and tell me how it looks to you.

USD/CHF
Daily pivot low on 10/19 at .8949
Daily pivot high on 10/20 at .9080
Intraday on 10/20 price spiked up to .9009 before falling off sharply. (Looking at a 30 min chart)

Weekly R1 is .9001
Daily R2 is .8976
Previous Week’s high is .8960
(All signs point to overbought territory)

I set a short entry at .9000 (just under weekly R1
Stop Loss at .9020 (11 pips above the intraday swing high on 10/20, and an institutional number per ICT)
Profit Target at .8960 (Last week’s high)

London open triggered the entry and ended up pushing right through my SL making a high of .9030 before falling back down.

By no means am I looking to be right 100% of the time, all I am looking for is a bit of confirmation that I wasn’t missing anything when I did the analysis on this setup. Based on the daily and weekly pivots, last weeks high, intraday swing high, and a 2-1 payoff this seemed like a really good trade. Just wondering if I am setting my SL too tight, or if this trade just wasn’t meant to work out. Any insight would be appreciated.

Thanks,
Randy

That’s where I had it.
Picture: