[QUOTE=“pgtips;493317”]
Hi,
Could you expand a bit on that please
PG[/QUOTE]
DTF
H4TF
H1 TF
Price action was read from monthly candle.
I know there would be a rejection at this area from my past experience of watching how candles form. I literally use to sit for hours watching how each candle opens, than retraces, than heads in the direction of the previous candle, retrace and finally close.
This has been a very big contributor to me having fewer loosing entries.
After reading a lot of pages in this thread, I’m still wondering about projecting daily and 4H candles with the right timezone in MetaTrader 4. Is it necessary with this system to have the timezone in EST? I’m demo trading in GMT (London time). I believe I cannot change the timezone in this program, which is a shame. I tried to look for some indicators to fix this without any result. Thus, are the daily candles based on the GMT timezone reliable enough?
Maybe, the conclusion is already given in this thread. Then I missed that and therefore my apologies.
Thank you in advance! Kind regards.
[QUOTE=“Rossem;493453”]After reading a lot of pages in this thread, I’m still wondering about projecting daily and 4H candles with the right timezone in MetaTrader 4. Is it necessary with this system to have the timezone in EST? I’m demo trading in GMT (London time). I believe I cannot change the timezone in this program, which is a shame. I tried to look for some indicators to fix this without any result. Thus, are the daily candles based on the GMT timezone reliable enough?
Maybe, the conclusion is already given in this thread. Then I missed that and therefore my apologies.
Thank you in advance! Kind regards.[/QUOTE]
As long as ur daily closes and opens at New york market time, than u should be fine. The problem is actually the smaller TFs where the candle will look very different.
I opened a demo account at Oanda. The MT4-server of Oanda is set at EST time zone (NY market time). There are some differences in daily candles compared to my other MT4-account at GMT time zone.
I’m practicing in the MT4 of Oanda and sell and buy in my other MT4-account with GMT time zone.
Not idealistic, but it’s do-able.
MT4 should let me pick the time zone I want. I simply don’t get it why they haven’t fixed this. :19:
Hey Nikita…
I see that we get a lot of new traders coming into this thread and asking If the system still works… and I see you have answered this questions several times and you have explained the little changes that you have made like correlation. However, those updated replies keep getting lost as the thread continues to grow.
I think it may help to update/edit the very first post of this thread so new traders coming to this thread won’t ask the same questions.
Hi Nikita,
I was looking for a simple method and came across this thread. Looks great. Thanks a lot for sharing.
I am trying to wrap my head around this method. I have tried many methods with indicators, and none have worked for me so far. Hopefully this is the method I am looking for.
So, if you look at the following usd cad charts (5 p.m. EST May 23)
Last day was a sell, but the overall trend is up.
So how do I trade this?
You said if yesterday was a buy, today is a buy. How do I apply your method in this situation.
Any advice is greatly appreciated.
Simple do nothing. The daily chart alone does not show a trade according to this method. The overall trend is up (so will always caution going short anyway. If you scroll out on the daily you can see price broke a resistance level and is now retesting it as support. If you do decide to trade this pair then all you could do is wait for price to breaks and retest it again. But by that time it will probably be to late of a friday to justify a trade.
Always remember sometimes the best trades are the ones to dont take. There is no harm in taking an early weekend and enjoying the time off. You dont have to trade everything all the time.
Cheers
Thanks for the reply. I am still going through the whole thread, but found that the method was changed somewhere. I am just not able to grasp this to make a trade.
It was not changed just a couple things added to it a long the way. Always pay attention to the daily and where it is in accordance with S/R. If no real S/R is there then this method works very well finding trades on the 1 hr. But it the Daily is showing unclear direction then it is best to trade another pair or stay out. Enjoy the thread. Glad to see interest in it still.
Thanks for the reply. Much appreciated. I am still looking for a good method. Tried many indicators (free and paid), but lost the money.
I just wanted to summarize what you said according to my brain :). Let me know if I got it wrong.
If yesterday was a buy, today is a buy. If yesterday was a sell, today is a sell
This applies only if there is no S/R in clear sight?
If direction is not clear stay away.
[QUOTE=“Amanfx;493546”]Hey Nikita…
I see that we get a lot of new traders coming into this thread and asking If the system still works… and I see you have answered this questions several times and you have explained the little changes that you have made like correlation. However, those updated replies keep getting lost as the thread continues to grow.
I think it may help to update/edit the very first post of this thread so new traders coming to this thread won’t ask the same questions.[/QUOTE]
Good idea Aman.
[QUOTE=“Rossem;493517”]
I opened a demo account at Oanda. The MT4-server of Oanda is set at EST time zone (NY market time). There are some differences in daily candles compared to my other MT4-account at GMT time zone.
I’m practicing in the MT4 of Oanda and sell and buy in my other MT4-account with GMT time zone.
Not idealistic, but it’s do-able.
MT4 should let me pick the time zone I want. I simply don’t get it why they haven’t fixed this. :19:[/QUOTE]
The candle would look different because of two reasons.
It opens and closes at a different time. For an example trade closing at midnight UK time and one closing during new york market time will be different.
The chart has a six day candle week, instead of a five day candle. In the six day candle chart, your monday candle will be different.
I’ve had the same thoughts about wanting to switch time zones. It’s pretty frustrating to always having to convert the time to local.
Not exactly but yeah close enough. When entering possible reversal zones pay very close to price action and keep risk to a minimum. If Yesterday was a sell but it formed a hammer. Even if it is not in a reversal zone cut risk.
There are many pairs so when these times come then it is best to just trade a different pair. By doing that you will greatly increase your probability. Nothing is ever certain but by eliminating low probable trades you will save youself from a lot of pain later on down the road.
Again pay close attention to price action. It will tell you the story. If price has pushed into an area of support wait for a bull candle before looking for entries. Also if trending up why counter trend just because of yesterdays candle. It is more productive to wait for a candle that agrees with the current trend then look for entries. Like already stated there are so many pairs to choose from that you can always find a high probable setup on one of them.
Hey Bob…
Do you have certain pairs that you scan over for trades or do you just check them all out?
Me personally pretty much only trade the AU. Been doing so for a couple years. But there are plenty of pairs and this strategy does not discriminate. I dont have a problem sitting out but others that feel they must trade should look at as many pairs as they wish. Only take those picture perfect setups. There out there every day.
One pair will certainly do it. I don’t trade many pairs, I don’t usually like the spreads and there’s so many to coincide with others that it doesn’t really seem to help. You’re basically doubling up.
Thanks bobmaninc for your reply. Really appreciate it. Now back to studying charts. Will post screen shots if in doubt.
I would like to know your comments on the following U/C chart.
Daily chart looks like an uptrend. (Yellow line is the opening price)
When you look at the Hourly chart, should I have taken a Buy trade at the up arrow or should I wait for the price to touch the opening price? I might not get a chance to go in on this, since it is Friday. But for learning purposes, I would like to know how to go about it.
i am planing a buy usd jpy from the bottom if get good chance ,
any comments ?:13: