@ OAPDave & @ parisboy Some very good discussions being developed here. Really good to see it. Time to retire for the day so I'll be back again tomorrow. Good trading, Masterrmind.............
- #2,381
- Edited 10:27am Jul 26, 2018 10:14am | Edited 10:27am
- Joined Jan 2015 | Status: Trader | 5,146 Posts
- #2,387
- Jul 27, 2018 6:54am Jul 27, 2018 6:54am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Correctly constructed Gann Grid based on Murrey might be interesting ? my effort is only a rough attempt ? {image}
I'll look into this more over the weekend, time permitting.
In any case a chart worthy of trading cannot be a cluster of multiple lines with limited significance otherwise this might lead to confusion.
I prefer having only 'key' lines appear on the chart, in other words always seek to apply the minimal number of lines necessary to effect a trade setup.
The only exception to this might be a chart with a system of bars or candles that are easy to follow and the lines they intersect with are reasonably spaced apart.
Otherwise its better to simply follow PA on an almost naked chart with bars or candles and mark it up with typical areas of S&R, supply and demand.
The idea is to not over step the line in the sand that would indicate too many lines are drawn on the chart.
Perhaps a discretionary affair, one chart might appear perfect by Trader A only to be rejected by Trader B !
I'd leave the final decision to the trader but would certainly post a few examples that in my opinion appear to be on the wrong side of tradeable.
Note: A fishing net might catch plenty of fish but will an infinite number of lines on the chart catch plenty of pips !!
Masterrmind...............
Master your Mind then Master your Trades
- #2,388
- Edited 3:36am Jul 29, 2018 3:18am | Edited 3:36am
- Joined Jan 2015 | Status: Trader | 5,146 Posts
- #2,389
- Jul 29, 2018 6:49am Jul 29, 2018 6:49am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Agreed but with that said with the 4 day set you could always drop down to your favoured 15 min for scalping mode with PA Here is a 16 day with 4 day and the use of Andrews Pitchfork on the 8 days for trend-lines also in scalp mode ? {image} {image}
I've had a bit of a think about setting up a Murrey Type Trading Frame and although simple enough to code yet somewhat time consuming there is not really any point in re-inventing the wheel so to speak.
Put simply, the MT5 Gann Grid can be aligned to form the angled lines and then a cycle finder in MT5 can be applied as a series of vertically equidistant lines and all this saved as a tpl set to 16 days (and set the start date to the first trading day in Week 1 or Week 2 of October each year) and used on any chart whenever needed.
One thing missing though would be the Circles of Conflict but not sure who uses them anyway and if they do how useful they might be.
Dropping down in TFs is easy enough, all thats needed is a fixed set of lines and levels in the MML Grid and the lower TF will simply show a higher level of PA detail and higher candle count per day especially if its M15 or lower at M5.
Just create a chart the way you like it then save it as a tpl and apply to other TFs.
Masterrmind.............
Master your Mind then Master your Trades
- #2,390
- Jul 29, 2018 7:22am Jul 29, 2018 7:22am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
GBPUSD [D1: Outlook]
An example only.
You could be right OAPDave, it might bounce off that 1.29 middish level.
This coming week might unveil more information.
Masterrmind..............
An example only.
You could be right OAPDave, it might bounce off that 1.29 middish level.
This coming week might unveil more information.
Masterrmind..............
Master your Mind then Master your Trades
- #2,391
- Jul 29, 2018 7:31pm Jul 29, 2018 7:31pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
GBPUSD [D1: Outlook] An example only. {image} You could be right OAPDave, it might bounce off that 1.29 middish level. This coming week might unveil more information. Masterrmind..............
Previous Week
Upcoming Week
Note 1: All times shown are in GMT+0.
Note 2: Only perceived to be High Impact News Events are shown
Source: https://www.mql5.com/en/economic-calendar
Gather the data, analyze it to some extent over previous week(s) and then attempt to form a bias on the likely direction of GBPUSD that fits in with your potential entry or current position.
Form an opinion about the likely impact that certain upcoming events might have on your current position dependent upon trade time horizon.
No economic data analyst gets the direction right, all of the time, only some of the time.
The objective here is to get the direction right most of the time and always manage our risk (potential and ongoing).
Masterrmind.............
Master your Mind then Master your Trades
- #2,392
- Jul 29, 2018 11:21pm Jul 29, 2018 11:21pm
- Joined Nov 2015 | Status: Trader | 2,525 Posts
GBPUSD [D1: Outlook] An example only. {image} You could be right OAPDave, it might bounce off that 1.29 middish level. This coming week might unveil more information. Masterrmind..............
I think the attached indicator will be helpful in plotting hypothetical trade lines to know instantly what is at stake in terms of R:R, SL and TP.
The indicator produces instantly the margin requirements based on the selection of risk on equity or Balance of account.
By default , it prints three horizontal lines - entry price, TP and SL based on 1:1 risk reward ratio.
You can manually move all the three lines to figure out your own hypothetical entry, TP and TP lines and the printing pips, dollars and R:R as text on the lines.
I don't have mql file.
Practice makes a person perfect
- #2,393
- Jul 29, 2018 11:27pm Jul 29, 2018 11:27pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Hi Masterrmind, I think the attached indicator will be helpful in plotting hypothetical trade lines to know instantly what is at stake in terms of R:R, SL and TP. The indicator produces instantly the margin requirements based on the selection of risk on equity or Balance of account. By default , it prints three horizontal lines - entry price, TP and SL based on 1:1 risk reward ratio. You can manually move all the three lines to figure out your own hypothetical entry, TP and TP lines and the printing pips, dollars and R:R as text on the lines....
What would be far more useful would be one that is able to plot out multiple entries (not just one entry).
Might be useful checking around for a possible informative indicator that can perform this function otherwise I'll consider coding one up.
I must say though that time is precious and I am heavily involved in the MTTTM/Quad MT5 EA and Indi project at this time.
Masterrmind..............
Master your Mind then Master your Trades
- #2,394
- Jul 29, 2018 11:49pm Jul 29, 2018 11:49pm
- Joined Nov 2015 | Status: Trader | 2,525 Posts
Practice makes a person perfect
- #2,395
- Jul 30, 2018 12:35am Jul 30, 2018 12:35am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Chart with pricelines dimmed. {image}
However, not including the lines on the chart I have already added in risk calculation algo into my MML_Grid-MTTTM indicator.
I suppose a dashboard showing all open positions data (as above) on the 1 chart would be simple enough to create.
One probably already exists.
Masterrmind.............
Master your Mind then Master your Trades
- #2,396
- Jul 30, 2018 1:35am Jul 30, 2018 1:35am
- Joined Nov 2015 | Status: Trader | 2,525 Posts
{quote} No doubt it is useful for single entries especially the visible lines on the chart. However, not including the lines on the chart I have already added in risk calculation algo into my MML_Grid-MTTTM indicator. I suppose a dashboard showing all open positions data (as above) on the 1 chart would be simple enough to create. One probably already exists. Masterrmind.............
Pls treat it as a bird in hand worth two in the bush. Thank you.
Practice makes a person perfect
- #2,400
- Aug 1, 2018 9:22am Aug 1, 2018 9:22am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
The question is : how to determine the "best" reading / operative Fractal of Price for a specific Timeframe {image} {image}
Trading back to the mean (4/8 MML central pivot) of a predefined trading range (MML Trading Frame) in much the same way as mean reversion.
Reward to Risk is good from these outer boundaries or SD's (OB or OS zones).
Focus on the symbols that typically (or are now) exhibit a mean reverting tendency.
Masterrmind............
Master your Mind then Master your Trades