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Al Mo
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ewokuk

Postby Al Mo » Fri Oct 17, 2008 8:03 pm

ewokuk wrote:i give up. i dont know what im looking for anymore and ive lost all confidence in being able to pick any trade so end up opening them all over the place.


I am probably the last person to suggest anything, but I think this might help

The first thing you need to do is be able to identify where the midpoint is on the 1H bar. Do that for a few hours - if your impatient you can try this on the shorter time frames. The important thing to remember here is - this is where ultimately price wants to return to. This is ESPECIALLY important where the 1 H is concerned. Look at all of the 1H charts TRO has recently posted...look where the two dots are he has (yellow for current midpoint, brown for previous bar's midpoint). Note how the current bar comes back to the previous midpoint.

Once you see this for yourself, you already see a statistical advantage as you have a higher change of price returning to this mark.

The next step is money management - when you trade, make them small (i.e .10 of a lot), price comes back and you take your profit. If it goes against you, you just add another .10 once the lower time frames start coming back to the midpoint of the 1H.

Don't forget - you can trade this via the trading simulator (ala vHands and vTerminal) for MT4. If you don't have either of them, head over to ForexFactory and do a search for vHands - Blue Ruby posted these in a thread specific for vHands.

Attaching a chart for the Euro - note that Orange is previous bar, and blue is current for the midpoints.
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Al Mo
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And now the aftermath

Postby Al Mo » Fri Oct 17, 2008 8:07 pm

This didn't take more than 3 minutes ... :)

Cha Ching!
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TheRumpledOne
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Postby TheRumpledOne » Fri Oct 17, 2008 8:19 pm

Image

"2" on the top.

More red.

More pips.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Re: ewokuk

Postby TheRumpledOne » Fri Oct 17, 2008 8:25 pm

Image


Al Mo wrote:I am probably the last person to suggest anything, but I think this might help
..... Look at all of the 1H charts TRO has recently posted...look where the two dots are he has [highlight=red](yellow for current midpoint, brown for previous bar's midpoint). [/highlight] Note how the current bar comes back to the previous midpoint.


Those yellow/brown dots are NOT the midpoints!!

Those dots are the PIVOT POINTS.

The midpoints are the aqua and magenta dots.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby Al Mo » Fri Oct 17, 2008 8:28 pm

Pivot Points?

I must have misread something back at baby pips...how are you derviving the pivot points? H+L+C/3? Or something else?

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Postby TheRumpledOne » Fri Oct 17, 2008 8:31 pm

Al Mo wrote:Pivot Points?

I must have misread something back at baby pips...how are you derviving the pivot points? H+L+C/3? Or something else?



Pivot point = (H+L+C)/3 where H, L and C are the current ( yellow ) or previous ( brown ) candle's high, low and close.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby Al Mo » Fri Oct 17, 2008 9:08 pm

Thank you TRO, - I'll recode my little indicator for future posts :)


Have a great weekend!

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Postby TheRumpledOne » Fri Oct 17, 2008 9:42 pm

Image

It didn't surprise me that the last bar was green.

Why?

Because STATISTICALLY last half hour BEFORE rollover the price goes up.

SHORTS want to cover and avoid interest.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby disbellj » Sat Oct 18, 2008 3:34 am

TRO,

I just wanted to respectfully point out that the fibs on H1 chart are not the same fibs as on an M5 chart. Since the dynamic indicator is dynamic, the fibs change when switching timeframe charts. I think the couple users having the most success are using the fibs shown on H1 chart, and having to draw them so that when the user switches to the M5 chart, they are looking at H1 fibs and not M5 fibs. Then using those H1 fibs to make decisions on M5 chart.

Don


TheRumpledOne wrote:
TRO DYNAMIC FIBS SR will plot the fibs for you.

Just set the fib inputs to TRUE!!

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Postby TheRumpledOne » Sat Oct 18, 2008 5:07 am

The fibs are for the time frame of the chart on which they are plotted.

There's no need to use H1 fibs on a M5 chart.

Don't fool yourself... PRICE IS THE SAME ON ALL CHARTS.

There are no magic numbers.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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