Yes, I pull fibs from the daily high to low or low high, depending on overall trend on the daily with one color.
I if cant find a trend then go out to the weekly to see one. I only use the 50% and 61% fib area.
Then I go to the 4hr and pull another fib in that direction with another color fib, on the 4hr i look for confluence, like 200ema, .00, other support and resistance, candle formations.
My screen is only 200ema and an indicator that shows all the double zero areas .00.
Remember all the big boys use 4hr and daily to trade. Nothing less than 4hr. Also remember that you have bigger stop losses and longer trades.
make sure that you keep you screen simple and easy for the 4hr
Lenn: how do u enter that trade?upon touch of the 200ema or the 50fibo?
no, 50% fib, but having another confluence gives me another confirmation.
There were over 650 pips last week with 6-8 trades, with very little downdraw.
Is high speed trading possible with Metatrader and can I program everything in c# and debug in visual studio?
The answer is yes within the bounds of MetaTrader. The core of the Metatrader4 is a timer based pseudo-event driven model, the same appears to be true of MetaTrader5. Reading between the lines of the help and experimenting with the platform it can be seen that there is a minimum 600ms boundary for sending individual commands sequentially. The reason for this appears to be that there is a timer based context switching between individual tasks, hence the old chestnut "Trading context" error when running a lot of tasks. What is really happening is that the main thread of the application is occupied with tick calls "which has the priority" and the application must wait before it can process any more commands, this is the product of a 1990's synchronous programming mindset.
If it was possible to bypass this timer then the advantages would be extraordinary, that is exactly what I have done with the HST API. In bypassing the 600ms restriction, commands can be queued in 6ms. or ONE HUNDRED times quicker. One of the problems with this is that the EA's do not wait for polling of the tick queries but process commands immediately, requiring a rewrite of the EA in some instances to take advantage of the transaction speed, one of my EA's effectively emptied the account in a matter of seconds by sending commands too quickly.
So how did I do this?. the basic principle of the API is to remove all processing from the platform itself, its only task being to recive prices and open and close positions. This is not a particularly easy task as all of the functions of MetaTrader need to be duplicated (rewritten) and run outside of the platform itself. One of the side effects of this approach is that it gives the programmer fine grained control of what happens and when. Another advantage is that it becomes easy to extend the functionality of MetaTrader with things such as "Virtual" methods.
the "Virtual" methods in the HST API send commands on a JIT basis meaning that the broker only sees the trade at the very last second and there is no prior warning or stops to give clues to the operation.
Why should I be concerned about this? There is much chatter on message boards about brokers intervening in trades and the way to go is ECN. Dont beleive it, it makes no difference they all do it. I have proven this on an ECN account, the broker, who I will not name but suffice to say is a prominent ECN broker. It came to my attention that the TCP/IP disconnects occur under specific conditions and would coincidentally happen when I was on a losing position and waiting for an upturn. The platform would be disconnected, the position would be wiped out and then it would be re-connected, very suspicious!.
If this activity was common to everyone who had an account then the disconnects would be all at different times depending upon the SL or TP and free margin levels of each trader. This means that no trade would ever occur as the platforms of every trader would be too busy connecting and disconnecting. The assumption therefore is that it can only be a universal block of code on the server that disconnects "The Individual account" under certain conditions. The solution, two individual accounts running on two different machines with the same internet connection and different IP's running the same EA. When running the test I discovered by changing Stop levels and trading free margin on one account it would disconnect and the other would not. "Bingo", the broker is running a general purpose program that will disconnect an individual account under certain conditions, it would be ridiculous to assume they have someone sitting pressing buttons on the other end messing up your trade for a couple of bucks it had to be programmatic.
Most traders would change the broker at this point but I elected to turn this into an advantage?. The broker knows ahead of time 10 to 15 minutes what the prices are going to be. It is obvious that the program disconnects the terminal when the price is going to move against you. It would be a risk to the broker if he waited until the last minute to disconnect the trader as the trend may reverse again. What his program does is, if it sees a ten to fifteen minute solid trend moving in the opposite direction disconnect the trader "At the beginning of the trend" wait for the trend to wipe out the trade and then reconnect. What advantage could I gain from this?. The answer is that in my particular case with this particular broker the disconnect occurred at trend reversals at prices reasonably close to the high or low of the day. To take advantage of this I knew if the broker disconnected my terminal that the price was going to move in the opposite direction and that the disconnect happened at the beginning of the reversal trend, so I know what is going to happen and for approximately how long. To test the theory I wrote an EA that seeded the system with a trade with the right parameters for a disconnect, then waited, if it did not disconnect the trade was successful, if the terminal was disconnected the EA checked that the time between disconnects and connects was less than 10 minutes, if this was the case the delta between the disconnection time and ten minutes was the known duration of the trend. Upon reconnection, the EA closed all trades and opened one big trade in the reverse direction with the maximum possible lots effectively "betting the farm". When it reached the delta, close the position and take the profit as this was the assumed last known end of the trend. After running this EA the profits were consistent "case proven".
What many will say is what if the broker changes the program, of course this is a possibility, but they would have to change it for "everyone", making changing it extremely difficult for the broker.
I now run this simple EA and make consistent profits relying entirely upon the brokers dirty tricks, the obvious question most will ask is how can I do this?. The answer is simple if you attempt this with MQL you will have difficulty because you dont have fine control of timing when sending commands there is a 600ms minimum window. the only reason I could do this is because of the HST API. I am currently waiting for the broker to catch on. which will happen sooner or later, whose only recourse would be to close my account however I do have concrete evidence proving foul play, all trades are in my database, until then I will just keep slowly milking the profits.
This is just one of the tricks I employ made possible by the HST API, there are many more such as stop hunting and turning it to your advantage, please dont ask me to send you the code, I have given you a head start, do it for yourself.
I can help you along alittle futher with your system her place the daily pivots on your chart and watch for price to consolidate at the pivot level
then wait for price to breakout of that consoliadtion at the pivot points take the direction of the break
and pay close attention the normal ranges of the moves on the pivot points at M1-M3 or M2-M4 and if it starts out at the Central Pivot
then most of time target S1 or R1 and if it does start at Central Pivot most times it will be a range bound day bouncing several times off the S-1 to central and R-1 to central pivot giving several 50-100 pip trading
oppurtunies in 1 day I specialize in the EUR/USD and even on days it is in tight range
if my market bais is right I'll catch atleast 50 pips but I also trade from 8pm Tokoy open till the 11:30am ST London close so I am a trade aholoc I do nothing but eat sleep and trade forex from 8pm Sunday till 4pm Friday
if your brand new I would suggest you specilize in one pair at first get the just of that pair I mean really know it inside and out then add more pairs and learn them inside and out as you progress
in your trading carrer and become an discpline instinctive trading professional once you get to that level you only need one or two different trading set-ups for the range and trending market conditions and you'll make a very nice living in forex.
I started trading a mini account with $5000 and every1000 pips I made I moved up a mini lot till I got to 10 mini lots then I went to 1 standard lot you'll be suprised how fast you move up in size once you become discpline in your style and only take A++ trades by being patient and following a
business plan to the T once you get into the bigger volume you may want to look for a forex broker that offers a active trader pip spread discount that really will cut down the cost of business and help with your ROI and
P@L people don't realize how high a spread they pay in forex becuase it isn't considered a so called commission but it is and if your on a broker
that average spread is 2-3 pips once your get to the standard contract size 1 lot is a $20-30 commission alot of brokers have an active trader program
where if you place atleast $10 million in forex volume a month then the cut the spreads to a fraction such as .1-.2 pips spread which cut your cost of business down greatly.
When you become a true forex professional and start trading in size as your account balance moves up the 2-3 pip spread business model just cost to much out of ROI and your volume will easly excede the 10 million volume requirment. Heres to your new forex carrer