I know it's an old thread and the idea proved to be a failure, but let me plot my experience with a similar approach.
I didn't read any of the mentioned references on this thread, but once I learnt coding EA's, I dropped down to M1 charts and coded an EA to do the following:
1- Spot a fixed horizontal level for the day to trade it [I used previous day's high and low]
2- If price went from below the level to above it I opened a long order
2- if price went back below this level, I close the long and open a short
I used M1 bars to enter and exit, if M1 closed above the level I buy, when M1 close below the level I sell
Now this idea proved to be bad because my TP which was 20-30 pips when it gets hit and I win this final trade,, I already lost more on the smaller losses of 1-2 pips + commissions.
So I looked then for another solution, which is adding the previous losses to the next lot size, and that was doable because I have a fixed TP, so when I lose 2 pips, I convert those 2 pips to lots, and add them to the initial lotsize.
It worked well, until a day came where price couldn't hit my tp during the same day,, like all progressive lot size strategies, lots accumulated exponentially and it was just luck that saved my ass.
And I started the search for a level that when used as a reference point, price can move 30 away from it in the same day to make sure that I don't get much of the small losses, but I couldn't and abandoned the idea.
Hi NorthTrader, do you have a way to watch actual DOM and Time and Sales for spot forex, or do you mean forex futures? On my MT4 platfrom the only alternative to what is DOM in futures is the tick flow chart, which I still find very informative given the spread variation and patterns that form, and I'm using this to time entries. The MT4 DOM tool seems to be useless though. Please share any insights or technical know-how you have.
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MT4 Dom reflects the trading activity of only that specific brokerīs clients.
