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  • #1,781
  • May 18, 2020 2:00pm May 18, 2020 2:00pm
Quoting AndyJY
Hello! I'm new to Forex Factory and I love the positive vibes from this thread. I've been reading and catching up on all the comments. So far I am only on Page 18. GBPUSD 1H - Short Position from ADR High The Price tested the Previous Daily Open and attempted for the Day High but was unable to close above. On the M15 Chart, the PA has been bouncing off of the ADR High which is starting to look like Resistance. The Price from H1 - W1 are all below the SMA. Although the RSI is still 54.. It is a risky trade. I went in a little late but I set my TP...
Hi

As you say, it's an ADR trade so always a bit more risky. But it's valid, yes. To begin with though, you might want to stick to channel crosses until you master those.
  • #1,782
  • May 18, 2020 8:03pm May 18, 2020 8:03pm
Quoting karun
{quote} It depends on the TF you are trading. If you are on M1-M30, then I would think that at least 2 of those time frames need to be in the direction of your trade + RSI supporting the direction. Similarly if you are on H1+ then at least 2 from H1-W1 time frame need to be in the direction of your trade + RSI. That is the basic criteria, Laura can confirm.
Thank you
  • #1,783
  • May 18, 2020 9:17pm May 18, 2020 9:17pm
I saw Laura's post on using the strategy tester to obtain historical values of the CompRSI (or TrendStrength-RSI) indicator and I have another solution I'd like to offer. It involves the use of a utility indicator called Snapshot_PipBull which I have attached to this post. You attach the indicator to a chart & it automatically takes a picture of the chart at the close of every candle. It stores the pictures in the chart terminal folder. You can view the pictures by clicking as follows: File/Open Data Folder/MQL4/Files. The program creates a folder under the Files folder. You stop the picture-taking process by simply removing the indicator from your chart. The chart doesn't have to be open for the process to work; it can be minimized on the taskbar but your computer must be on.
The original Snapshot indicator has been around for many years but I don't think it gets discussed much because it really only adds value when you have an indicator, like CompRSI or TrendStrength-RSI , that leaves no visible record of it's readings.
I did not create the original Snapshot indicator, nor did I change the picture-taking part of the program. I made some minor changes to make it easier to manage the picture files. With my version, when you add the indicator to a chart it adds 2 labels to the chart. It adds "Snapshot_PB" and a chart-time stamp. Those labels let you know the program is taking pictures. When you remove the indicator from the chart to stop the picture-taking process, the chart-time stamp disappears but the "Snapshot_PB" label remains to remind you that the pictures are stored as described above. After you've reviewed the pictures you can go & remove the label.
The chart that I attach the Snapshot_PipBull indicator to is the RoadMap Dashboard chart created by Hanover. I want to be clear that I use two sets of the RoadMap Dashboard:

  1. The first one I use to identify possible set-ups for trading purposes
  2. The second one has been tweeked to display CompRSI (orTrendStrength-RSI) values.

I've attached a screenshot showing the dashboard settings I use for Snapshot.

I personally have both of my dashboards attached to separate charts and both have a 5 min. time-frame. I think that is plenty fast! I don't recommend using a chart set to a one-minute time-frame for use with Snapshot.
I open the RoadMap Dashboard when I start up my computer first thing in the morning. I attach the Snapshot_PipBull indicator to the 2nd dashboard & let it run. I stop trading around Noon ET (5 PM GMT) so I remove the indicator from the dashboard so it doesn't continue to add files I don't need. That way when I review my charts later in the day & want to know the value of the CompRSI for a particular currency pair at a particular time, all I have to do is open the proper snapshot file. Hope this helps!

Attached File(s)
File Type: ex4 snapshot_PipBull.ex4   12 KB | 323 downloads
Attached Image (click to enlarge)
Click to Enlarge Name: RoadMap Dashboard Settings.GIF Size: 363 KB
  • #1,784
  • May 19, 2020 12:54am May 19, 2020 12:54am
Quoting Pip Bull
I saw Laura's post on using the strategy tester to obtain historical values of the CompRSI (or TrendStrength-RSI) indicator and I have another solution I'd like to offer. It involves the use of a utility indicator called Snapshot_PipBull which I have attached to this post. You attach the indicator to a chart & it automatically takes a picture of the chart at the close of every candle. It stores the pictures in the chart terminal folder. You can view the pictures by clicking as follows: File/Open Data Folder/MQL4/Files. The program creates a folder...
Thank you. Not optimal but another solution.

Because the Composite RSI (1).ex4 doesn't work good, the values are not correct. What we need is the idea I proposed here https://www.forexfactory.com/showthr...6#post12946826
Anything above the line is an uptrend, below the line is a downtrend.
  • #1,785
  • May 19, 2020 1:16am May 19, 2020 1:16am
Quoting Degolep
{quote} Thank you. Not optimal but another solution. Because the Composite RSI (1).ex4 doesn't work good, the values are not correct. What we need is the idea I proposed here https://www.forexfactory.com/showthr...6#post12946826

Hi, you can backtest with correct values with another version of Comp RSI MTF. Nothing new needed. Hanover posted solution in this post. But it was not clearly said how to run it, made some digging on the net Probably for hanover it is basic knowledge, but for me it was not. Not sure if Laura shared this one what hanover had linked and what I am using now. It stores value after every bar close of your timeframe. But after every indicator setting change, or platform restart, values are reset. See in image attached how to make backtest with strategy tester and get correct values. I am running this indi to get stored real time values in daily trading too, however you need to wait for some bar closes to see differences compared with another versions. Hope it helps, play with it.
Attached Image (click to enlarge)
Click to Enlarge Name: not_repainted.png Size: 34 KB


EDIT: indicator attached, I renamed it, that it could not mix with other versions.
Attached File(s)
File Type: ex4 Han not repaint Composite RSI.ex4   19 KB | 415 downloads
  • #1,786
  • May 19, 2020 3:58am May 19, 2020 3:58am
Anatomy of a Trade (2)

As people seemed to find the process of walking through a trade helpful, I'll try to do so again using this Dax position I just closed. I'll attempt to explain my thought process as the trade progressed.

Attached Image (click to enlarge)
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I've labelled the lines in the order they were drawn.

Line 1 is a retracement line. Channel was under SMA and CompRSISelect was negative. I wanted to get short as soon as the short-term retracement was over.

After I entered, I waited for a couple of highs to be formed and drew line 2. This was to be my 'master' trendline and stop me from being shaken out of the trade too early. However, I knew it wouldn't be the trendline which got me out of the trade. It was too shallow and would allow the trade a little too much breathing room.

Once price started accelerating in my favour, I drew line 3 (a speed line). I then had a decision to make when 3 was broken. I could have banked my profit and walked away but I felt the trade would benefit from a little more breathing room.

Price rallied and then fell again, allowing me to quickly draw in line 4. This would now replace line 2 as my 'master' trendline. I made a conscious decision at that point not to allow price to break line 2 without banking my profit.

The acceleration in decline permitted me to add line 5 (a speed line). When that was broken, I again had a decision to make. Do I take my profits or see how it reacts to line 4? I decided to wait, as a break of 4 would still allow me a decent profit and it allowed the trade to breathe a bit, with the potential to fall further.

As it turns out, 4 was then broken and I exited with 47 points profit.

With hindsight, the optimal place to exit would have been the break of 5. However, we must be prepared to give up a little profit if we are to allow trades to play out. So, i'm happy enough with the decision. As it happens, price went on to break 2 so I'm comfortable with my process.

I hope this trade anatomy helps. We consciously and unconsciously make a lot of decisions when a trade is running and I think it's useful to sometimes set these out from start to finish.
  • #1,787
  • May 19, 2020 4:05am May 19, 2020 4:05am
Quoting LauraT
Anatomy of a Trade (2) As people seemed to find the process of walking through a trade helpful, I'll try to do so again using this Dax position I just closed. I'll attempt to explain my thought process as the trade progressed. {image} I've labelled the lines in the order they were drawn. Line 1 is a retracement line. Channel was under SMA and CompRSISelect was negative. I wanted to get short as soon as the short-term retracement was over. After I entered, I waited for a couple of highs to be formed and drew line 2. This was to be my 'master' trendline...
That's got to be worth a like
  • #1,788
  • May 19, 2020 4:10am May 19, 2020 4:10am
Back to trading. Quick short and now done for the. morning. back for the US open later. Laura's lines rule okay
Attached Image (click to enlarge)
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every Saint has a past. Every Sinner has a Future
  • #1,789
  • May 19, 2020 4:32am May 19, 2020 4:32am
Quoting LauraT
{image} Run of the mill channel cross. Waited for retracement (sometimes I can be patient!) to get in. Exited when my speed line was broken.
Just looking at charts and old posts now and saw the FTSE today.

Don't see FTSE on FF very often Laura and saw this chart. I think you would have made short work of it if you had seen it
Attached Image (click to enlarge)
Click to Enlarge Name: FTSE.png Size: 444 KB
every Saint has a past. Every Sinner has a Future
  • #1,790
  • May 19, 2020 4:35am May 19, 2020 4:35am
Quoting turnip15
{quote} Just looking at charts and old posts now and saw the FTSE today. Don't see FTSE on FF very often Laura and saw this chart. I think you would have made short work of it if you had seen it {image}
It does indeed look like a tasty opportunity
  • #1,791
  • May 19, 2020 4:38am May 19, 2020 4:38am
Here's a chart I haven't annotated from a trade I just closed.

Attached Image (click to enlarge)
Click to Enlarge Name: UsaIndSb620M1.png Size: 54 KB


Should be self-explanatory following my post above. Point of sharing this trade is to remind you that sometimes you just have to take what the market offers, even if it's less than you hoped or expected. Hopes and expectations should always be secondary to reality.

As it turns out, I only netted 25 points from the trade. Now I move on to the next opportunity.
  • #1,792
  • May 19, 2020 4:45am May 19, 2020 4:45am
Hey family i have been a member of FF for many years and would like you guys to know that a major part of trading success is mindset, so here i have found something that might aid you in your trading that is completely free. i hope you all male many pips

Inserted Video
  • #1,793
  • May 19, 2020 4:53am May 19, 2020 4:53am
European indices gapped up at the open. Maybe it's because of Powell speaking later and other red events on the FF calendar?
every Saint has a past. Every Sinner has a Future
  • #1,794
  • May 19, 2020 5:42am May 19, 2020 5:42am
DE30 1 min

Went short at break of first trade line - used fib expansion to set profit target (having a 'hard' target meant I didnt have to keep staring at the screen and could get on with other things). Prob the longest I've ever been in a trade on a 1 min chart - 1 hr and 20 mins! As the trade was playing out and it moved into profit I was wondering what your take is Laura on trailing stops, moving to b/e etc?

Attached Image (click to enlarge)
Click to Enlarge Name: cT_cs_1100207_DE30_2020-05-19_11-37-47.png Size: 385 KB
  • #1,795
  • Edited 6:16am May 19, 2020 5:47am | Edited 6:16am
Quoting Wellington
DE30 1 min Went short at break of first trade line - used fib expansion to set profit target (having a 'hard' target meant I didnt have to keep staring at the screen and could get on with other things). Prob the longest I've ever been in a trade on a 1 min chart - 1 hr and 20 mins! As the trade was playing out and it moved into profit I was wondering what your take is Laura on trailing stops, moving to b/e etc? {image}
Nice trade - your patience was rewarded

I'm personally not a fan of moving stops to BE as I feel in the long run it will limit profit. A trailing stop is a different matter - that could be fine as long as it doesn't get in the way of the natural rhythms of the instrument. Really a matter of personal preference though - I prefer to actively manage my trades and close out manually.
  • #1,796
  • May 19, 2020 5:51am May 19, 2020 5:51am
USDCAD M5
Current trade
Notes on chart
Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADM5.png Size: 73 KB
  • #1,797
  • May 19, 2020 5:56am May 19, 2020 5:56am
GBPUSD M5
Similar setup
Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM5.png Size: 82 KB
  • #1,798
  • May 19, 2020 6:02am May 19, 2020 6:02am
Quoting Nikl
USDCAD M5 Current trade Notes on chart Cheers {image}
Good old confluence -often overlooked-when several things come together ( levels and moving averages and price reaction etc). Nice trade.

EDIT: Note to self - leave the computer alone and get outside in the sunshine.
every Saint has a past. Every Sinner has a Future
  • #1,799
  • May 19, 2020 6:08am May 19, 2020 6:08am
Quoting LauraT
{quote} Nice trade - your patience was rewarded I'm personally not a fan of moving stops to BE as I feel in the long run it will limit profit. A trailing stop is a different matter - that could be fine as long as it doesn't get in the way of the natural rhythms of the instrument. Really a matter of personal preference though - I prefer to actually manage my trades and close out manually.
Gotcha - thank you
  • #1,800
  • May 19, 2020 6:43am May 19, 2020 6:43am
Good old Oil M1 again!
Channel cross
Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: XTIUSDM1.png Size: 83 KB
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