PMBIASCANDLES
Set-up on the M15 chart
Some currencies I have it set on H4 and Daily because their ranges are smaller.
Color change on Indy candles
Retrace 50% to breakout area
Enter with multiple entries
use ATR to approximate your exit
SL outside of last turn.
A fresh start! Doji's Trading Journal
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- aliassmith
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Re: A fresh start! Doji's Trading Journal
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- aliassmith
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Re: A fresh start! Doji's Trading Journal
Looking for candles closing outside of "ranges" are important to me. This indy put on a bar chart is even better to cut out the clutter. An alert lets me know if there is something I should take a look at, so I can make breakfast or do something else. Here is a M5 example from about 8am to 11am EST.
+4,+4,-8,+7,+7 = net 14 after costs.
4 out of 5 = 80% win rate
Each pip is equal value.
ATR was above 4 during that period
GBP/JPY, EUR/JPY, EUR/USD are also scalpable on the M5
+4,+4,-8,+7,+7 = net 14 after costs.
4 out of 5 = 80% win rate
Each pip is equal value.
ATR was above 4 during that period
GBP/JPY, EUR/JPY, EUR/USD are also scalpable on the M5
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- Jalarupa
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Re: A fresh start! Doji's Trading Journal
Does anyone have the MQ4 file for this PM momo indicator? I can't find it anywhere on the web...
- aliassmith
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Re: A fresh start! Doji's Trading Journal
Jalarupa wrote:Does anyone have the MQ4 file for this PM momo indicator? I can't find it anywhere on the web...
As is the PMcandlebias does the same thing as far as I can tell.
I see PMmomo has other options but they don't seem to do anything.
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- aliassmith
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Re: A fresh start! Doji's Trading Journal
Added A custom Fib. Its not actually new, I've done this for years.
I don't use fib numbers, but I have it set up to quickly check for Targets of 1:1, 2:1,3:1 etc.
If you play around with entries from various points you can see how the targets are very accurate.
Breakouts
50% retraces
On that same chart with an earlier entry there was a 10:1, its lower probability.
Higher prob. targets are less than 1:1 up to 3:1.
I don't use fib numbers, but I have it set up to quickly check for Targets of 1:1, 2:1,3:1 etc.
If you play around with entries from various points you can see how the targets are very accurate.
Breakouts
50% retraces
On that same chart with an earlier entry there was a 10:1, its lower probability.
Higher prob. targets are less than 1:1 up to 3:1.
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Re: A fresh start! Doji's Trading Journal
Good stuff
In those charts, do you look at smaller timeframes to fine tune the entries? Or do you just take the trade at the breakout area when price gets there?
aliassmith wrote:PMBIASCANDLES
Set-up on the M15 chart
Some currencies I have it set on H4 and Daily because their ranges are smaller.
Color change on Indy candles
Retrace 50% to breakout area
Enter with multiple entries
use ATR to approximate your exit
SL outside of last turn.
In those charts, do you look at smaller timeframes to fine tune the entries? Or do you just take the trade at the breakout area when price gets there?
- aliassmith
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Re: A fresh start! Doji's Trading Journal
Jhx wrote:Good stuffaliassmith wrote:PMBIASCANDLES
Set-up on the M15 chart
Some currencies I have it set on H4 and Daily because their ranges are smaller.
Color change on Indy candles
Retrace 50% to breakout area
Enter with multiple entries
use ATR to approximate your exit
SL outside of last turn.
In those charts, do you look at smaller timeframes to fine tune the entries? Or do you just take the trade at the breakout area when price gets there?
Just that one chart
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Re: A fresh start! Doji's Trading Journal
aliassmith wrote:Looking for candles closing outside of "ranges" are important to me. This indy put on a bar chart is even better to cut out the clutter. An alert lets me know if there is something I should take a look at, so I can make breakfast or do something else. Here is a M5 example from about 8am to 11am EST.
+4,+4,-8,+7,+7 = net 14 after costs.
4 out of 5 = 80% win rate
Each pip is equal value.
ATR was above 4 during that period
GBP/JPY, EUR/JPY, EUR/USD are also scalpable on the M5
Alias,
I have couple questions, if you don't mind:
(1) I understand that you are using 50% and breakout lines (z-lines) for entries. But am I right in noticing that you are taking entry on color change indy candle after a lower high (shorts), and if the run continues then you are taking every other wave?
(2) You are using both ATR and the modified fibs for targets. Are there "conditions" that dictate which one you choose, or do you watch both?
trojoh68
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Re: A fresh start! Doji's Trading Journal
trojoh68 wrote:aliassmith wrote:Looking for candles closing outside of "ranges" are important to me. This indy put on a bar chart is even better to cut out the clutter. An alert lets me know if there is something I should take a look at, so I can make breakfast or do something else. Here is a M5 example from about 8am to 11am EST.
+4,+4,-8,+7,+7 = net 14 after costs.
4 out of 5 = 80% win rate
Each pip is equal value.
ATR was above 4 during that period
GBP/JPY, EUR/JPY, EUR/USD are also scalpable on the M5
Alias,
I have couple questions, if you don't mind:
(1) I understand that you are using 50% and breakout lines (z-lines) for entries. But am I right in noticing that you are taking entry on color change indy candle after a lower high (shorts), and if the run continues then you are taking every other wave?
(2) You are using both ATR and the modified fibs for targets. Are there "conditions" that dictate which one you choose, or do you watch both?
trojoh68
(1) I am not sure about the every other wave. I am looking for confluence of different things. Such as what if a zline happens right on the 50% retrace.
(2) I really don't have a need for the ATR. I discovered by measuring with the FIB tool I can get an idea of volatility.
The FIB Tool measures expected Risk and Expected return is based on expected Risk.
The more I play around with the FIB Tool the more I can see what the algos and other traders are doing as a whole.
Trade Your Way as Long as It Makes Money!
Re: A fresh start! Doji's Trading Journal
aliassmith wrote:trojoh68 wrote:aliassmith wrote:Looking for candles closing outside of "ranges" are important to me. This indy put on a bar chart is even better to cut out the clutter. An alert lets me know if there is something I should take a look at, so I can make breakfast or do something else. Here is a M5 example from about 8am to 11am EST.
+4,+4,-8,+7,+7 = net 14 after costs.
4 out of 5 = 80% win rate
Each pip is equal value.
ATR was above 4 during that period
GBP/JPY, EUR/JPY, EUR/USD are also scalpable on the M5
Alias,
I have couple questions, if you don't mind:
(1) I understand that you are using 50% and breakout lines (z-lines) for entries. But am I right in noticing that you are taking entry on color change indy candle after a lower high (shorts), and if the run continues then you are taking every other wave?
(2) You are using both ATR and the modified fibs for targets. Are there "conditions" that dictate which one you choose, or do you watch both?
trojoh68
(1) I am not sure about the every other wave. I am looking for confluence of different things. Such as what if a zline happens right on the 50% retrace.
(2) I really don't have a need for the ATR. I discovered by measuring with the FIB tool I can get an idea of volatility.
The FIB Tool measures expected Risk and Expected return is based on expected Risk.
The more I play around with the FIB Tool the more I can see what the algos and other traders are doing as a whole.
Thanks, Alias. I appreciate the reply. I went back and looked at some of your charts again. I can see the confluence that you are talking about. On your M5 chart, it just worked out that your trades were every other wave.
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