I’m going to post an on-going discussion of the guidelines of my two indicators, the 34EMA Wave and GRaB ("[B]G[/B]reen [B]R[/B]ed [B]a[/B]nd [B]B[/B]lue") candles. The plug-in is currently available for MT4 however the 34EMA Wave can be set up on almost any charting platform that will allow for three exponential moving averages. They are the 34 period EMA on the high (green), the 34 period EMA on the close (blue), and the 34 period EMA on the low (red).
This thread will also be a perfect compliment to the [B]Chartology[/B] blog at Baby Pips which I write.
Hi Queen Cleopiptra…welcome to the forum jungle :))
I have read your stuff in the past, but never “worked” it, and probably still won’t at this stage of my experience. Not to say I’m experienced other than trying too “many” systems…which is why I’m sticking to what I’m doing now. Now if you’d come down a couple of years earlier…lol.
Anyways, nice to have someone of your calibre putting in a contribution here.
Hi Queen Cleopiptra
Thanks Madam
I read your first book and reading the third one. Nice stuff. Wish you to write more and more books.
We as newbies learnt and learning lot from you all
Thanks a lot again for opening a thread like this
Kind regards
I’m a steady viewer of your ForexAM program. That’s where I was introduced to your 34EMA Wave. Some time ago, I added the Wave to two of my GBP/USD charts (the pair you call the “drama queen” is the only pair I trade), and it’s been there ever since. I have to admit that I consult the Wave for confirmation only, at this stage — I don’t enter or exit based on its signals. But, maybe you can convince me to do otherwise.
I enjoy your Blog here on Babypips, and now I’m looking forward to this thread. Welcome to the Forum!
This is a great news. I am at the moment in the phase of backtesting of wave on 1H TF with entry at the pullback to 13 EMA.
Any suggestions would be great.
Sorry to have kept some of you waiting. A few updates since I first started this thread.
The ForexAM show will be replaced by (hopefully) daily 2-4 minute segments on StockTwits TV. StockTwits has a new relationship with Thomson Reuters and has revamped the show format. I’m excited about that for two reasons. First, doing a daily 20-30 minute show was getting too time consuming, between recording and editing it was simply unrealistic to keep up but I am glad I did it.
I am recording much more frequently on for my You Tube channel and I will likely also start a site specifically for video lessons, trade updates, and trading day recaps. My you tube channel is “ragheehorner”.
I hope you have been following me on my Chartology blog right here at BabyPips!
You can also keep up with my analysis and videos at Twitter and Facebook where my ID is ragheehorner.
I will try to get some GRaB related posts here in September since I think it is the most important aspect of my trading and since the plug-in is free, there have been so many more users and questions that I think this would be a great place to address them.
Raghee - love the GRaB candles…true candles with the visual power of Heiken Ashi (to a degree).
Nontheless, visually simplistic in their meaning and use. Thx for a brighter candle
~ Mongo
hello, i’m having some problems with the grab plugin, for some reason all the candlesticks have this black body with a coloured line. I’ve turned all the candlestick colours to none, but no success
Nothing like spending some quality time on BabyPips with some World Cup soccer on the TV!
[B]I receive a lot of questions about how I use my tools: The 34EMA Wave and GRaB Candles on a daily basis. It’s time to get the discussion going and get the record straight, so to speak. Those of you who know me, know that I have been active here at ForexFactory.com for a long time, sharing my analysis and set ups…and much of the reason for the popularity for my tools is there simplicity but there are some basics to make sure that you’re using the tools correctly or at least the way I intended when I first started publicly sharing the “Wave” back in 1997 when I started trading e-mini S&P futures.
After years of trading the Wave in the equities and futures markets, it seemed natural to apply it to the forex markets when I added it to my overall trading in late 1999/early 2000. Some of you may already know my background, but the short version is that I am a self-taught trader. I started in high school, drawing all my charts by hand, calculating all my indicators myself. While learning in a bubble with minimal outside influence, I was not swayed - and am still not - by the dogma of trading. I continue to focus on what works for me, am not concerned about “how it’s always been done”, and live in a “results economy” meaning - like you - I want to focus on what I understand, what I can use with consistency, and being as objective as possible.
I know what I know, I use what I use, and I trust what I trust. Whatever you do in trading and in life, I wish the same for you. [/B]
There is no “one way” in trading. I am here to share what’s worked for me mainly because there is some confusion and misapplication of my tools. Please be courteous to one another, we’re all simply here to learn and share and after all …rudeness is a weak person’s imitation of strength.
So here are some basics, and while you can do whatever you want with these exponential moving averages, I want to share how I have used the
34 period exponential moving average on the high
34 period exponential moving average on the close
34 period exponential moving average on the low
First is putting these moving averages lines in the “proper context”. I wrote about this in my first book “Forex Trading for Maximum Profit” back in 2007. I call it market memory or “loopback”. In other words each time frame has a consistent view on my platform.
For the weekly it is five years
For the daily it is one year
For the 240-minute chart it is 3 to 6-months
For the 60-minute chart it is 1 to 3-months
For the 30-minute chart it is 2 to 4 weeks
For the 15-minute chart it is 1 to 2 weeks
For the 5-minute chart it is 2 to 5 days
Now these are slightly longer that the “lookback” settings I talked about in my first published book in 2007, but not by much. Think of them as the minimum amount of data that you should start your analysis with and in this view pay particularly close attention to
the “clock angle” of the 34EMA Wave (used to determine the market trend)
high and low
the dominant trends that occurred
gaps (if applicable)
last major moves (larger trends) for Fibonacci Retracement
trendlines, support, and resistance
In other words most chart observations that I would use for a potential trade are done in the “lookback”…focusing on what I find is the most relevant data for that time frame.
GRaB Candles are an extension of my 34EMA Wave and are simply a visual tool. I use them to determine the momentum and organization of a market trend. They are also a nice tool to use for traders looking at multiple charts and screens. They make my charts “glance-able” - in other words - I can make a some important decisions about price action on a specific time frame quickly “at a glance”. Typically an uptrend will have almost all green GRaB candles, a downtrend will have almost all red GRaB candles, and the more blue GRaB candles that I see, the higher the likelihood that the trend is correcting and/or in transition or that the market is trend is sideways (accumulation or distribution).
Since each entry strategy I use is specific to a market trend (e.g. trend following in only green or red GRaB candle dominated time frames) it is especially important that I use these guidelines that I have explained here.
“Don’t write for everybody. Write for yourself and hope there’s readers out there like you. It’s the best way to keep your writing true.”
