Forex intraday using the 5min chart: EURUSD

I previously mentioned about trading with regards to the News announcements, it was tradeable today, first it goes in the direction it's going, then it retraces then off it goes again, that's the basics, but it's just a case of observing it live yourself, there's no substitute.

Latest Version.

More improvements including STConfig.txt in MT4 files folder

Asian_Historical_Days=10
Asian_Start_Hour=1
Asian_End_Hour=10
No_Of_Asian_Extensions=6
No_Of_Days_To_Extend_Levels=3

| probably won't post much for a while, the Asian levels extensions for the previous days seem very effective, but how exactly to use them to good effect is what I need to work out next, and there's another couple of things i need to work on, one of which is my FOMO, it kills my profits, like I was up 10% at one point this week, and then I'm now I'm only up about 1%, it's a common theme in my trading, I know I can do this, I know how, I know it can be done, I know exactly when I trade well, when I trade OK, when I trade bad. The other thing is to focus on the price action at the levels, when it's clear it's clear it works, when it isn't clear that's when my FOMO kicks in I need to get into not getting into the market when the price action is just all over the place.

Well, it helps me a lot to focus on what I need to focus on posting on here, one of my problems has been the lack of writing things down, write them down on a piece of paper, in a file, in a forum, anywhere, but actually write down what yourself look at yourself trading would say. A mental exercise that will help is to imagine yourself looking at yourself doing something, then take a step out of that other self looking at the self looking at yourself, go up to 7 times if you can, it's a standard psychological exercise.

So if you don't see posts for a while, I'll be beavering away at my trading and tinkering with the indicators, I did a lot of programming this week, and a lot has been re-written, to make it easier for me to add and change features and settings etc. like the configuration file, I can now easily add an option that someone else might find useful but have my configuration setting off, and so on.

So if you have any ideas or requests, please feel free to suggest.

Even though I won't be initiating any posts I'll be happy to respond to any.

Hey man.
Good job.
I followed your reasoning simply because every morning I watch Asian range. Price seek liquidity under and over asian range and often before London open.
If you want to extend your reasoning, try looking at what happens between LO and NYO and after NY open. It's very interesting.

As far as FOMO is concerned, all traders especially beginners suffer from it. Watch the video I am attaching. With practice and with time you will recover from it. Let me know what you think.
Bye.

Thanks, yes, I've got it pretty much under control, it's only when I encounter something new that I think will help my trading, I get over-excited and try it this way and that way, cool calm and collected this morning, took a short from Asian High to Low, 2%+ profit.

Quick preview of what's coming up next - 3 MTF Subcharts on left hand side of chart.

Tested my strategy through the tester, and getting some pleasing results, managed to run through 2 weeks trading or so in a couple of hours, all running smoothly, will post updates of the indicators next couple of days.
I attach the chart I used, and with that I can change the timeframe on the chart, I used it a few times to see where I was in the market, didn't peep at the days coming up , these are the result and profit graph from Tester.

Very promising...

Chart Used


Results
https://drive.google.com/file/d/1JC6...ew?usp=sharing

Trading Zones & Gaps.


How to eat Elephants?
For those of you not familiar with the saying, the answer is to break it up into little bits,

So spending endless hours running the strategy going through months of charts at a time, first I focused on what I thought was my FOMO problem, and so I actually realised it wasn't much of a problem it turned out to be confirmation bias.
The other thing was to look at gaps, and have come up with the development as in the chart below, it looks for zones/gaps in the Asian levels and plots them, they are very effective, but the point here is, whatever zones, gaps SR levels they are, they are just zones as any other set of zones, it's going to be the way they use them that makes the difference, but one thing they will do is reduce losses, if you stick to the trading zones you won't incur as many losing trades since you won't be trading as much and this in itself will help you get more winning trades.

It's a great way to improve you're trading, set up your chart and run the strategy tester on it, and pick one thing to observe, something that you do, some chart pattern or price action, one specific thing to focus on.

These are the configuration settings I'm currently using, plenty of flexibility in there.
BOF
Asian_Historical_Days=5
Asian_Start_Hour=1
Asian_End_Hour=10
No_Of_Asian_Extensions=12
No_Of_Days_To_Extend_Levels=3
Show_4_Hour_Previous_High_and_Low=1
Show_1_Hour_Previous_High_and_Low=0
Overlay_Candle_Shift=120
Show_Asian_Levels_On1Hr_Chart=-1
y_Position_Of_Subchart_TF_label=0.9
Gap_Between_Chart_And_Subcharts=0
Lot_Size=0.01
Show_Gaps_In_Asian_Levels=1;
Show_Small_Gaps=1
Show_Large_Gaps=-11
Show_Asian_Lines=-1
SubChart_1_TimeFrame_1M=5
SubChart_1_TimeFrame_5M=1
SubChart_1_TimeFrame_15M=5
SubChart_1_TimeFrame_1H=15
SubChart_1_TimeFrame_4H=60
SubChart_1_TimeFrame_D1=240
SubChart_2_TimeFrame_1M=15
SubChart_2_TimeFrame_5M=15
SubChart_2_TimeFrame_15M=60
SubChart_2_TimeFrame_1H=240
SubChart_2_TimeFrame_4H=1440
SubChart_2_TimeFrame_D1=10080
SubChart_3_TimeFrame_1M=60
SubChart_3_TimeFrame_5M=60
SubChart_3_TimeFrame_15M=240
SubChart_3_TimeFrame_1H=1440
SubChart_3_TimeFrame_4H=10080
SubChart_3_TimeFrame_D1=43200

I'd say it does a decent job of highlighting levels, difficult market today though, and tomorrow and Friday, so stay out is probably best bet for the rest of the week..... but we'll see....

all inside the indicator folders .right?

Stay away from short time frames

Yes, then a configuration file will appear in your files folder after you run them, then you can change the default settings.

Why ?

I took this trade this morning.

Lower Highs on 1hr, expect next candle to do the same.
4 Hr Low as resistance
The red line I've put in but that is a short sign, look at it as a triangle..
Took profit at top of grey bar, could have had a bit more if I'd have stayed tot the bottom... that's trading.
I'm not one for counting pips and making exact calculations, life's too short, I just go by what % I've risked and what I've gained, I shorted and risked about 1.5 % and gained about 2.5%.

My trading record over the last 3 weeks is about 6% profit, just a case of cutting out some losses now, I know which ones they are, note to self - KEEP F*******G FOCUSED

Short

My focus was on the hourly chart, the consistent lower highs in a nice curve = price action indicating short, then the indicator shows where with the levels.

Triangle, break of zone, short, don't look a gift horse in the mouth,

See the triangle on the 15m, then breaks that zone and goes way past down the next zone, I just knew it would spring back up, you gotta think 'Composite Man', but that's by the by.

This is a setup to always keep an eye on, it will get you into a 'trending' market at the right areas.


Small bug fix, slight inconsistencies between charts (edit - wrong file)

Nothing doing today really, tried a couple of shorts, edged a tiny profit.

Indicator showing it's worth though, from under the top zone to under the bottom thin zone.

I have a tiny account, but in percentage terms I'm up 25% in 3 weeks, so pretty happy, especially since at least a 3rd of my losses are just bad trading.

Zone to zone, done for the week, about 8% on the week, quit while ahead, happy days.

Can you share the template ??