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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. |
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... |
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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. |
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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 |
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"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... |
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? |
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://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. |
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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... |
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
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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. |
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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. |
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A+ |
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! |
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Remember I said it is NOT the indicators. |
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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. |
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. |
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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? |
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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... |
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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. |
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? |
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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... |
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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. |
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 |
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Mtf = Multi Time Frame. |
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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. |
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Ok, my OCPD kicked in. Another indicator to display the current and previous bar info. |
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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. |
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