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Sweet Pip 08-27-2008 06:20 PM

Quote:

Originally Posted by TheRumpledOne (Post 64876)
Yes, you COVER a SHORT and you SELL a LONG.

Yes, usually the shorts cover right before rollover and you can take advantage of that occurence.

That's useful info...thanks :)

edacsac 08-27-2008 07:52 PM

Quote:

Originally Posted by TheRumpledOne (Post 64876)
Yes, you COVER a SHORT and you SELL a LONG.

Yes, usually the shorts cover right before rollover and you can take advantage of that occurence.

Rollover time based on your broker, right?

TheRumpledOne 08-27-2008 07:57 PM

Quote:

Originally Posted by edacsac (Post 64901)
Rollover time based on your broker, right?

Usually, you can see the price run up during the last 30 - 60 minutes before rollover.

Just look at a M15 chart for a few weeks and you'll see a pattern.

Happens almost everyday before rollover, but Wednesday's are usually the best day to trade this.

pintodave 08-27-2008 09:32 PM

Ok, I'll ask the "noob" question -

The rollover is based on each session's individual time zone (ie, 12pm EST in New York would be one rollover)?? Which means there'd only be a few per day correct? One for NY, London, and Japan.

I do understand the principle of hitching on to the uptrend IF there is short covering going on... Pretty slick there are identified potential opportunities to trade it in the Forex market on a consistant basis...

TheRumpledOne 08-27-2008 10:28 PM

Quote:

Originally Posted by pintodave (Post 64922)
Ok, I'll ask the "noob" question -

The rollover is based on each session's individual time zone (ie, 12pm EST in New York would be one rollover)?? Which means there'd only be a few per day correct? One for NY, London, and Japan.

I do understand the principle of hitching on to the uptrend IF there is short covering going on... Pretty slick there are identified potential opportunities to trade it in the Forex market on a consistant basis...

Rollover is 5PM EST as far as I know.

Yes, it's "slick". Michal Kreslik and I spent DAYS crunching numbers 24 hours a day producing statistics on the currencies. They leave "footprints" in the sand.

That's why you see my charts with REAL TIME GAUGES. I hate to call them indicators because that just makes the babies around here cry foul.

There's an opportunity every hour to take advantage of a currency, one way or another. Of course, some opportunities are better than others.

TheRumpledOne 08-28-2008 12:25 AM

http://i38.tinypic.com/2u6n4er.gif

Have you noticed how all these trades look the same?

daedalus 08-28-2008 09:48 AM

1 Attachment(s)
Yea i think i get it now... very effective method IMHO. I really like the defined risk as well.

Heres a tasty little setup in the Nasdaq 100 today... Playing out as we speak. Regardless of how it ends up you could have profit locked in or 0 risk at this point and your letting the house's money decide how much to pay you.

Now, does this look correct? (Basically? I didn't replicate all of your S/R lines..)

http://forums.babypips.com/attachmen...1&d=1219931279

TheRumpledOne 08-28-2008 09:55 AM

Quote:

Originally Posted by daedalus (Post 65014)
Yea i think i get it now... very effective method IMHO. I really like the defined risk as well.

Heres a tasty little setup in the Nasdaq 100 today... Playing out as we speak. Regardless of how it ends up you could have profit locked in or 0 risk at this point and your letting the house's money decide how much to pay you.

Now, does this look correct? (Basically? I didn't replicate all of your S/R lines..)

http://forums.babypips.com/attachmen...1&d=1219931279

I don't see you trigger lines so I can't say if you got it or not. All that matter is if you make money... not what I say - LESSON #1

"letting the house's money decide how much to pay you" - It is YOUR MONEY!!
If you keep thinking it's the house's money, you will NEVER accumulate wealth. You must be even more vigilant with your winnings than your original stake or else you will lose it all - LESSON #2

TO BE CONTINUED...

TheRumpledOne 08-28-2008 09:59 AM

http://i38.tinypic.com/2zzlpp0.gif

The trade still looks the same even when I add a SQUIGGLY LINE INDICATOR, doesn't it?

WHAT YOU DO THINK ABOUT THAT?

edacsac 08-28-2008 10:02 AM

So whats the secret here? I'm not seeing anything special or particularly useful. What I am seeing throughout your chart examples, are a couple of peaks or valleys bouncing between support and resistance lines you have setup, which is definatly significant if you catch it. What makes you determine support and resistance right there? What came before and does it fit into the support and resistance you have drawn out? I'm guessing there was a mild to moderate downward trend, then it exploded downward. Well if thats the case, then it would have blown through any support lines and wouldn't fit neatly in what you have shown.

I'm certainly confused.

Are your chart times standard GMT? I'm trying to find your last chart on my system (granted I'm doing it on a phone), but I can't find it.

BTW, I've been watching the GBP/JPY as much as time permits since you've started this thread, and I've make about 8 trades, 75% of which have been positive by trying to determine support and resisitance. Although last night I thought I was following an uptrend, then it came back down to what I thought would be new support but it just went flat and stayed that way for longer than I stayed in front of my computer. So I did have one big loss, but still ahead and trading far more often.

I'm not noticing any other pairs that move like GBP/JPY. My old favorite USD/JPY barely moves 3 or 4 pips on the 5M. I alos watch soem the of the AUD and NZD pairs during the evenings, but they barely move on the 5M as well.

TheRumpledOne 08-28-2008 10:37 AM

http://i35.tinypic.com/x1anag.gif

It looks like the SAME TRADE but it's not.

What is the reason all the trades seem to look alike?

HINT: PRICE IS PRICE.

TheRumpledOne 08-28-2008 10:45 AM

Quote:

Originally Posted by edacsac (Post 65022)
So whats the secret here? I'm not seeing anything special or particularly useful. What I am seeing throughout your chart examples, are a couple of peaks or valleys bouncing between support and resistance lines you have setup, which is definatly significant if you catch it. What makes you determine support and resistance right there? What came before and does it fit into the support and resistance you have drawn out? I'm guessing there was a mild to moderate downward trend, then it exploded downward. Well if thats the case, then it would have blown through any support lines and wouldn't fit neatly in what you have shown.

I'm certainly confused.

Are your chart times standard GMT? I'm trying to find your last chart on my system (granted I'm doing it on a phone), but I can't find it.

BTW, I've been watching the GBP/JPY as much as time permits since you've started this thread, and I've make about 8 trades, 75% of which have been positive by trying to determine support and resisitance. Although last night I thought I was following an uptrend, then it came back down to what I thought would be new support but it just went flat and stayed that way for longer than I stayed in front of my computer. So I did have one big loss, but still ahead and trading far more often.

I'm not noticing any other pairs that move like GBP/JPY. My old favorite USD/JPY barely moves 3 or 4 pips on the 5M. I alos watch soem the of the AUD and NZD pairs during the evenings, but they barely move on the 5M as well.

http://i33.tinypic.com/zveg3o.gif

SECRET? THERE IS NO SECRET!!

"Special"? What makes you believe you need something special?

"Useful"? Are you saying you need more than what you see because what I have shown is not useful?

Support is the lowest low of the last 21 bars. Resistance is the highest high of the last 21 bars. Didn't I cover that before?

"Barely move"? Some pairs are more volatile than others.

I use my dynamic support/resistance... the lines move because the price moves.

I put the server, bar and local times in the upper left hand corner for you.

But if you look closely at the chart, you'll see something very useful.

HINT: IT'S NOT THE INDICATORS

TO BE CONTINUED...

daedalus 08-28-2008 10:53 AM

Just using a simple rule using the midpoint on a value chart to signal an entry after a support/resistance test... seems to work quite well... :D

pintodave 08-28-2008 10:58 AM

Well, this thread is definatly interesting, so I will play "captain of the obvious" and point out some basic things I notice. I am pretty novice on this, thus I may or may not be adding anything of value to the thread :p

I see there are 12 pips between the support/resistance and the "go long/short" point. The Risk/Reward ratio is pretty close in all of the charts, 7x more reward than risk.

edacsac 08-28-2008 11:22 AM

Quote:

Support is the lowest low of the last 21 bars. Resistance is the highest high of the last 21 bars. Didn't I cover that before?
Still trying to unlearn some things...

I know the simple thing your trying to show us here isn't in the indicators, but I want to code up some similar indicators. Your risk/reward is based on your dynamic support/resistance and go long / go short lines and the current price?

As for the "Very useful" thing your asking about, I don't see it. I've only been into this for a couple of months though, so my eyes might not be accustomed to the light yet.

TheRumpledOne 08-28-2008 11:58 AM

http://i35.tinypic.com/iw5i09.gif

5 - 10 pips or more adds up fast. :D

HAVE YOU SEEN "IT" YET?

TheRumpledOne 08-28-2008 12:00 PM

Quote:

Originally Posted by daedalus (Post 65045)
Just using a simple rule using the midpoint on a value chart to signal an entry after a support/resistance test... seems to work quite well... :D

Your grade for today is:

A+

daedalus 08-28-2008 12:00 PM

Actually i have to say i had completly missed that S/R being the LL or HH of the last 21 bars...

That clears a LOT of things up. Cheers!

TheRumpledOne 08-28-2008 12:01 PM

Quote:

Originally Posted by pintodave (Post 65047)
Well, this thread is definatly interesting, so I will play "captain of the obvious" and point out some basic things I notice. I am pretty novice on this, thus I may or may not be adding anything of value to the thread :p

I see there are 12 pips between the support/resistance and the "go long/short" point. The Risk/Reward ratio is pretty close in all of the charts, 7x more reward than risk.

You are getting warm.

Remember I said it is NOT the indicators.

edacsac 08-28-2008 12:11 PM

Quote:

Originally Posted by daedalus (Post 65045)
Just using a simple rule using the midpoint on a value chart to signal an entry after a support/resistance test... seems to work quite well... :D

Quote:

Originally Posted by TheRumpledOne (Post 65071)
Your grade for today is:

A+

I had previously thought (in the context of this thread) was to enter a position after support or resistance has been touched. So we're waiting until midpoint to enter a position?

TheRumpledOne 08-28-2008 12:12 PM

1 Attachment(s)
Quote:

Originally Posted by edacsac (Post 65056)
Still trying to unlearn some things...

I know the simple thing your trying to show us here isn't in the indicators, but I want to code up some similar indicators. Your risk/reward is based on your dynamic support/resistance and go long / go short lines and the current price?

As for the "Very useful" thing your asking about, I don't see it. I've only been into this for a couple of months though, so my eyes might not be accustomed to the light yet.


http://i35.tinypic.com/j67axg.gif

Can't remember if I post the TRO DYNAMIC FIB SR in here or not. You can change the inputs to turn on the fib plots and set the period to 21.

Let me do the coding. My degree was in computer science. I have written hundreds of indicators so you can spend your time on trading.

TheRumpledOne 08-28-2008 12:14 PM

I am going to ask a small favor.

There are some on BabyPips who are trying to damage my reputation.

Please:

1) add to my reputation

2) PM one of the forum admins and let them know you are learning and/or profiting from my efforts.

Thanking You in Advance.

daedalus 08-28-2008 12:16 PM

Quote:

You must spread some Reputation around before giving it to TheRumpledOne again.
Cheers! :D:D

daedalus 08-28-2008 12:19 PM

Quote:

Originally Posted by edacsac (Post 65078)
I had previously thought (in the context of this thread) was to enter a position after support or resistance has been touched. So we're waiting until midpoint to enter a position?

NO NO NO... Don't listen to me! That is not what TRO is advocating!

daedalus 08-28-2008 12:21 PM

Now going for my 3rd post in a row... which is ridiculous... but out of curiosity...

Is the SR RR (21) coded up in .eld format anywhere?

TheRumpledOne 08-28-2008 12:28 PM

Quote:

Originally Posted by daedalus (Post 65091)
Now going for my 3rd post in a row... which is ridiculous... but out of curiosity...

Is the SR RR (21) coded up in .eld format anywhere?

It's one of the TRO DYNAMIC SUPPORT indicators for TradeStation.

TheRumpledOne 08-28-2008 12:34 PM

Quote:

Originally Posted by edacsac (Post 65078)
I had previously thought (in the context of this thread) was to enter a position after support or resistance has been touched. So we're waiting until midpoint to enter a position?


http://i38.tinypic.com/34qjvr7.gif

NO! That's not accurate at all.

Not the midpoint of the S/R channel but the midpoint or pivot point of the candle that last touched support or resistance.

Look closely at the charts.

The brown dots are the previous candle's pivot point ( H + L + C ) / 3.

The yellow dots are the current candle's pivot point.

Look at the price action.

DO YOU SEE IT NOW?

TO BE CONTINUED...

edacsac 08-28-2008 12:36 PM

Quote:

Originally Posted by TheRumpledOne (Post 65079)

Can't remember if I post the TRO DYNAMIC FIB SR in here or not. You can change the inputs to turn on the fib plots and set the period to 21.

Let me do the coding. My degree was in computer science. I have written hundreds of indicators so you can spend your time on trading.

Thank you! I'm going to load that up tonight and have look at it!

While I don't have a CS degree (or any degree for that matter), my day job and side jobs revolve around programming, so digging into MT4 indicators and EA's is fun. But your right, it would be taking away from learning forex and making money.

And on another note, I bought a phone that runs windows mobile 6 so I can keep an eye on things while I'm at work or away from a computer. Obviously MT4 mobile cannot run custom indicators. Would it be best to just count 21 bars and draw a support and resistance line? I do have a fib chart option, but I don't know how to draw it. If I pull a fib retracement from support to resistance, much of the fib is well outside support/resistance.

TheRumpledOne 08-28-2008 12:40 PM

http://i34.tinypic.com/2n8v3h2.gif

The magenta dots are the previous candle's mid point ( H + L ) / 2.

The aqua dots are the current candle's mid point.

SEE "IT" NOW?

TheRumpledOne 08-28-2008 12:41 PM

Quote:

Originally Posted by edacsac (Post 65098)
Thank you! I'm going to load that up tonight and have look at it!

While I don't have a CS degree (or any degree for that matter), my day job and side jobs revolve around programming, so digging into MT4 indicators and EA's is fun. But your right, it would be taking away from learning forex and making money.

And on another note, I bought a phone that runs windows mobile 6 so I can keep an eye on things while I'm at work or away from a computer. Obviously MT4 mobile cannot run custom indicators. Would it be best to just count 21 bars and draw a support and resistance line? I do have a fib chart option, but I don't know how to draw it. If I pull a fib retracement from support to resistance, much of the fib is well outside support/resistance.

It would be best to learn how to use the tools that you have.

edacsac 08-28-2008 12:52 PM

Quote:

Originally Posted by TheRumpledOne (Post 65100)
SEE "IT" NOW?

I see how your getting your "go long" line. So if the price breaks support or resistance, your long/short lines update. So you enter when a candle crosses either the go long or go short line in the opposite direction? Am I getting ahead of the point your trying to make?

TheRumpledOne 08-28-2008 12:56 PM

http://i35.tinypic.com/xfqlw5.gif

NO. You are NOT getting ahead of the point, YOU ARE GETTING THE POINT!

Look at the risk, reward, ratio in this chart. Much lower than the others. No reason to enter lower reward trades.

You don't have that indicator but you do NOT need it. Your eyes can see that the S/R channel has narrowed.

TO BE CONTINUED...

TheRumpledOne 08-28-2008 01:28 PM

1 Attachment(s)
http://i33.tinypic.com/121vdr8.gif

I made a new tool.

TRO PIVOT MTF

Displays the pivots of all the time frames.

If pivot above the price then the color is green.

If pivot below the price then the color is red.

MT4 INDICATOR WITH SOURCE CODE ATTACHED.

pintodave 08-28-2008 01:35 PM

I am not up on some of the acronyms I am seeing in various posts, like MTF, but I am on the verge of having an "aha" moment in reguards to the "point" you are working towards. Not yet, but I can feel the grey matter between my ears rumbling...

Thankyou

TheRumpledOne 08-28-2008 01:39 PM

Quote:

Originally Posted by pintodave (Post 65127)
i Am Not Up On Some Of The Acronyms I Am Seeing In Various Posts, Like Mtf, But I Am On The Verge Of Having An "aha" Moment In Reguards To The "point" You Are Working Towards. Not Yet, But I Can Feel The Grey Matter Between My Ears Rumbling...

Thankyou


Mtf = Multi Time Frame.

TheRumpledOne 08-28-2008 01:51 PM

1 Attachment(s)
http://i34.tinypic.com/2u6l7gx.gif

I created a MTF indicator for the previous candle's midpoint.

Also updated the MTF pivot.

MT4 INDICATOR WITH SOURCE CODE ATTACHED.

TheRumpledOne 08-28-2008 02:34 PM

1 Attachment(s)
http://i33.tinypic.com/30m34m0.gif

Ok, my OCPD kicked in.

Another indicator to display the current and previous bar info.

pipnailer 08-28-2008 02:53 PM

Quote:

Originally Posted by TheRumpledOne (Post 64902)
Usually, you can see the price run up during the last 30 - 60 minutes before rollover.

Just look at a M15 chart for a few weeks and you'll see a pattern.

Happens almost everyday before rollover, but Wednesday's are usually the best day to trade this.

Quote:

Originally Posted by pintodave (Post 64922)
Ok, I'll ask the "noob" question -

The rollover is based on each session's individual time zone (ie, 12pm EST in New York would be one rollover)?? Which means there'd only be a few per day correct? One for NY, London, and Japan.

I do understand the principle of hitching on to the uptrend IF there is short covering going on... Pretty slick there are identified potential opportunities to trade it in the Forex market on a consistant basis...

Kindly expantiate the above stated point-what do u mean by run up, is it that price moves in the opposite direction of the prevailing trend before the 4pm est?

TheRumpledOne 08-28-2008 05:04 PM

Quote:

Originally Posted by pipnailer (Post 65143)
Kindly expantiate the above stated point-what do u mean by run up, is it that price moves in the opposite direction of the prevailing trend before the 4pm est?


RUN UP... price goes up due to increased buying by traders who have open short positions and do NOT want to pay interest at rollover which is 5PM EST.

TheRumpledOne 08-28-2008 05:06 PM

http://i35.tinypic.com/xree1.gif

It's the same old pattern that keeps repeating itself.


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