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deeforex
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Postby deeforex » Thu Jan 29, 2009 3:37 am

MightyOne wrote:
Keep working on it and each night that you sleep your brain will put the puzzle pieced together

OMG, I had a flashback. This reminded me of an econ class I took many moons ago. We had a problem about monetary policy, something about calculating M0 and M1. Until I solved the problem for my assignment, my mind would spin every night as I "slept". It was awful.

At least solving this puzzle has a greater reward. My puzzle is still in hundreds of pieces but I'll keep trying.

Thanks MO!

dee

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deeforex
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Postby deeforex » Thu Jan 29, 2009 5:02 am

MightyOne wrote:The worst thing about MetaTrader4 is not having custom time frames.


MO,

Custom TimeFrames is available in MT4. Here's a link to a script that you can load. You'll have to follow the instructions that are listed. I haven't done this in a long time so I won't be of much help.

Hope this works for you!

Period Convertor Optimized


dee

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razorboy
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Postby razorboy » Thu Jan 29, 2009 12:36 pm

So I have been doing this for a bunch of the charts people have posted - depending on how i aggregate and shift periods, I usually come up with either giant bars (obviously the run up or run down in price) or giant doji (essentially the compression of a wave) - I may be aggregating too many periods together

Let me add to this - after looking at more charts after three big pushes up - the third retrace is usually much greater than 50% of the previous up move



MightyOne wrote:
razorboy wrote:I typically do the exact opposite - maybe a bad habit, not sure - break the hour candles down to half hour candles in my mind

MightyOne wrote:Image

Start by looking at bars 2 x 2 and then shift forward one open and look at the bars 2 x 2 again.

Next look at the bars 3 x 3 and shift forward one open and look at the bars 3 x 3 again.

Eventually (hopefully) you will learn to speed read the chart in multiple time frames.

After you can do this then I can take your Spacial Intelligence up even one more notch :wink:


H1 candles on a 5m chart is the start of Spatial Int. you just need to mentally shift those 12 candles backwards and forwards 5 minutes at a time.

An easy way to do things is to scan the 5m chart with your eyes and if you see some thing on a 3 bar combination then use spatial int. on a 15m chart.

When reading you should just scan OPEN-CLOSE OPEN-CLOSE going forwards and CLOSE-OPEN CLOSE-OPEN going backwards.

You will automatically see the wicks as they are any movement beyond the 2 points you are scanning.

When you can do this really well then set up custom time frames in 5m intervals.
Scan the 5m and then scan the 10.
If you see a 4 bar combination on the 10 then jump up to the 40m and scan that.

The worst thing about MetaTrader4 is not having custom time frames.

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MightyOne
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Postby MightyOne » Thu Jan 29, 2009 7:37 pm

Image

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Postby MightyOne » Thu Jan 29, 2009 7:42 pm

deeforex wrote:
MightyOne wrote:The worst thing about MetaTrader4 is not having custom time frames.


MO,

Custom TimeFrames is available in MT4. Here's a link to a script that you can load. You'll have to follow the instructions that are listed. I haven't done this in a long time so I won't be of much help.

Hope this works for you!

Period Convertor Optimized


dee


The problem I have is that they are scrips on offline charts so when I close MetaTrader4 they stop loading and then I must redo all the charts.

But thank you Dee for your post :wink:

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Postby JESGPY » Thu Jan 29, 2009 9:23 pm

TRO.

I am trading the with SWEET SPOT GOLD trigger lines, along with 3 level zz semafor to have an idea of the price behavior/direction.

On each trade I take I look forward to take 5 or 6 pips.
I have not hace a losing trade.... BUT!!!

I am not trading with any stop loss, not even mental. Some times the trade goes totally in the oposite side I took, but because the 3 level zz semafor shows me that the price will eventually reasume the direction I took, I leave the position opened. I am trading still with a demo account.

What I would like to know is a sugestion of how many pips should I place at risk. I know that depends on my risk tolerance. But i would like to know aproximate numeber, so I can calculate the value of my pips, because I am willing to risk 5% on each trade.

Sorry for making it to long.

THANKS
JUAN

deeforex
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Postby deeforex » Thu Jan 29, 2009 10:12 pm

MightyOne wrote:The problem I have is that they are scrips on offline charts so when I close MetaTrader4 they stop loading and then I must redo all the charts.


MO,

Did you use the one from MetaQuotes or did you the "optimized" one. I was incorrect to call it a script. It's actually an Indicator (to be used in the Indicator folder).

Here's the Readme that came with the code. I think this optimized version does refresh and you should not lose all your info and have to start new every time after you close mt4.

Code: Select all

Readme:

I. Features:
This is an improved version of period converter for MT4 based on the
MT4's default period converter by metaquotes.
The default period converter script do not support real-time refreshing,
and consume lots of CPU (50%-9x%) making the whole system slow.
Also, the default one is a script which do not save when you exit MT4,
so you have to apply every converter script again after restarting, quite
annoying.

This one fixed all above problems:
1. Real-time updating or custom interval millisecond level updating.
2. Low CPU cost, average 5%-10% or less.
3. Works as an indicator, so can be saved and reloaded during restart.
4. There is no one converter per chart limitation as it is not script
   any more, you can only use one window as source to generate as many
   new timeframe chart as possible.
5. Auto updating if there is new history block loaded.

II. How to use:
Copy the mq4 file to your MT4 indicators folder (experts\indicators)
to install it as an indicator, NOT script. then in the custom indicator
list, attach period_converter_opt to the chart you want.
It support 4 parameters:
PeriodMultiplier:    new period multiplier factor, default is 2
UpdateInterval:      update interval in milliseconds,
                     zero means update real-time. default is zero.
Enabled:             You can disable it without remove it with this option.

Other parameters are comments or for debugging, it is safe to ignore them.

Also Make sure you have Allow Dll imports option checked in common tab or
it won't work

After that, File->Open Offline to open the generated offline data. then
the offline data will be updated automatically.

As long as you keep the source chart open and the converter indicator
running, the generated chart including indicators inside will always
be updated. also you can close the generated chart and open again
later from File->Open Offline without problem.

If you want to quit MT4, you can leave those offline chart as other
normal online charts. when you start MT4 next time, those charts will
also be loaded and updated.


III. Notes:
1. Do NOT uncheck the "offline chart" option in offline chart common properties.
   or after MT4 restart, it will treat that chart as online chart and request
   the data from server, resulting empty chart window.
2. You can attach more than one converter to same window with different
   PeriodMultiplier, e.g: you can attach 3 converter with
   PeriodMultiplier = 2, 4, 10 to M1 to generate M2, M4, M10 at the same time.
   It is even ok to use the M1 chart to generate Hourly chart like H2, which
   only cost a few more CPU resource during initial conversion. but usually
   most server don't have much data for those short period. resulting the
   generated data isn't long enough for long period. so it is suggested
   to use Hourly/Daily charts as source when needed.
3. The real-time updating mode updates quotes as fast as possible, but as
   this is done via script, and MT will skip calling start() function when
   your PC is busy and lots of quotes income. anyway, this seldom happen,
   and you can at least get 10 updates each seconds which is much more
   than enough.
4. The offline chart don't have a bid line showing in chart, but all data
   in the chart including the indicators is still being updated,
   so don't worry. you can show the bid line by unclick the "offline chart"
   option in chart properties. but which don't helps much and if you forget
   to check "offline chart" option before exit. it will cause errors and
   become empty on next startup. you have to close the window and open
   again from File->Open offline, which don't worth the trouble.


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Postby prochargedmopar » Thu Jan 29, 2009 11:18 pm

JESGPY,

If you go back and read through this thread you'll find in depth S/L calculations by MightyOne and a few ideas from others. Not sure the page but I think it's early to mid January posts.
It's based on the ATRange of the 5m candles so that you will not be stopped out 93.x% of the time if a candle goes against you. This allows you to have a chance to get out with minimal damage. I think the multipler is between 1.5-2.5 or something like that.

I've started using 15 for quick scalps and 25 if I'm gonna try to ride a little bit.
Procharged
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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Postby pierre23 » Thu Jan 29, 2009 11:59 pm

Pretty sure it's the Range or ATR (can't remember which) of the last CANDLE IN THE TF YOU'RE TRADING IN x 2.5 for you're SL. If the candle closes against you, you look to exit the trade with minimal losses, even if it doesn't hit your sl.

Correct me if I'm wrong.

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Postby MightyOne » Fri Jan 30, 2009 4:12 am

pierre23 wrote:Pretty sure it's the Range or ATR (can't remember which) of the last CANDLE IN THE TF YOU'RE TRADING IN x 2.5 for you're SL. If the candle closes against you, you look to exit the trade with minimal losses, even if it doesn't hit your sl.

Correct me if I'm wrong.


It was the 5m range multiplied by 2.5 which is very close to the M15 480 range that I use now.
If I want to scalp then I use M15 range * 0.6666.

No matter what formula you use you want to place your stops based on the volatility of the pair you are trading.

You don't want to use a 15 pip stop with an avrg. range of 26 and lose 16% in 20 minutes.

When you size your position based on volatility then you stand a chance of making consistent returns and minimizing risk when things don't go your way.

+ there is no reason to size your trades so that you will be trading billions in 2 years time because IT IS NOT going to happen.

So calm down, widen your stops (4% risk max), and trade strategically.

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