Biting the Big Apple - XAUUSD M1 trading London close / NY open

Hi mate.

Firstly, well done on a fantastic week. Even though you still face some emotional challenges you are improving day by day.

I suggest that when you have had a win (or a loss) you consider removing yourself from the screen for a period of time, do something rewarding, and then either come back OR wait until the following day.

Get in the habit of rewarding yourself for NOT trading, and this will slowly rewire that part of your brain that feels it needs to be in front of the screen all the time. It will take time and consistent practice, but it is worth the effort.

Hi thread.

I had a question from a member about why the V4.0 alert arrows were showing on XAUUSD, but not on EURUSD.

After thinking about this the answer ended up being a simple fix...

Because the decimal place for XAUUSD is different to most standard pairs, you need to change the 'Gap' setting to a much lower value. The arrows will display on standard pairs but when the screen is zoomed in you won't see them because a 25 pip gap on a standard pair is a significant distance away from current price.

So, if the default gap value is '25' for XAUUSD, try changing it to '0.5' for standard pairs and see whether that is more suitable. You might need to try a few different values to find one that seems right.

Hello to you all and welcome to a new trading week!

I am pleased to announce that the much-anticipated (by me at least) BTBA V4.0 is ready to share (professionally coded version).

I am naming this latest version 4.5 to keep it totally separate from the interim V4.0 version released last week.

PLEASE NOTE there are TWO versions I am providing:
- V4.5 (with exit alerts)
- V4.5 (NO exit alerts).

The reason for this is I have taken note of some comments in here recently and it seems that the earlier V4.0 with all the additional features is not as popular as I expected it might be and many people prefer the simpler version, so I thought it best to offer a stripped back version without exit alerts.

I am also including versions of the Tick - Volume Indicator, the Waddah Attar Explosion Indicator and the Currency Strength Lines (modded) indicator, so everything you need is in one place.

I won't be adding Template files here, it is your responsibility to arrange the screen how you prefer and create your own Template from that.

Notes regarding the V4.5 update:

The default 'look and feel' of the V4.5 (no exit alerts) will look the same as previous versions. This means that the default option when you first open it only has the current TF alerts appearing (White and Black arrows).

If you are then interested in adding a higher TF alert arrow to show added confluence you can easily do so in the settings by changing the 'Show Entry Alerts' input to 'Show All Entry Alerts', OR otherwise you can select to only show the Higher TF entry alerts by selecting 'Show Only Strong Entry Alerts'.

Both types of alerts will appear overlaid in a way that makes BOTH arrows visible if they occur at the same time. The current TF arrows (White and Black) are smaller and will appear on top of the higher TF arrows (Blue and Red) which are slightly larger.

There has been one minor change in the Default values used for the TVI inputs, which have changed from 13 / 13 / 3 to 21 / 21 / 5. This has the effect of smoothing out some of the signals when I have been testing, (but of course you are welcome to play with these values to your heart's content).

The 'Only Show First Entry Arrow?' code has been fixed and is now functioning as expected. This helps to 'de-clutter' the screen, if that is your preference.

The 'Show Coloured Candles' function is also working, although this feature has been designed for use with the Higher TF feature enabled. Therefore the candle colours are dependent upon whether a Higher TF alert has been triggered or not.

This feature will display THREE candle colours, as follows:
- WHITE - for Higher TF Buy alerts;
- BLACK - for Higher TF Sell alerts, and;
- GREY - for candles that are in-between.

This is a useful feature as a change to a GREY colour suggests a possible reason to consider exiting a trade.

Lastly, I fixed a bug in the code which prevented you from using decimals when changing the 'Alert 'Gap' away from candle, pips' input. You can now input '0.5' pips for example, if that is your preferred gap away from the candle High or Low (useful for when you are using the BTBA on standard pairs, for instance).

IF you are considering using this version on anything other than XAUUSD, please change the arrow 'Gap' input to a lower value to ensure the arrows appear on the screen, otherwise you will most likely not see them as they will be positioned too far away from the candles. A value of '0.5' or '1' is a good place to start.

And IF you are using this on anything other than XAUUSD, and after you add the indicator to the chart window you don't see any arrows appearing, change to a higher TF and change back again and they should appear.

Below you will see various screenshots detailing what you can expect from the basic (NO exit alert) version.

I look forward to some feedback - if anybody finds some bugs please let me know, I have not found any so far.

That's it for now - have a great week ahead (and trade safely!)

Thank you very much Kriklea for your Master Piece , greatly appreciated :-)

Hi kirk, what better news to start this trading week than with a BTBA update¡¡¡¡¡¡¡¡¡¡¡, and the one I was most looking forward to, you are not the only one excited, it's like being at Christmas again. Thank you very much and I hope you have an excellent trading week.

Thanks MalvernTrust and LinuxBoy97, your comments are greatly appreciated.

I am so relieved to have this project finalised and released out into the world now, I can rest!

I will not be trading today due to other commitments (dinner with friends).

Good trading everyone!

Kirk I'm just using the standard settings and casn't get the arrows to show - what have I missed?

Hi silversurfer.

I think you need to rename your indicator files and remove the (1) and (2) from them.

Always make sure you delete any existing versions of indicators and replace old with new. The BTBA indicator is searching for a specific file name and is not finding it.

Thx

Hi kirkleaforex, I'm giving your new version a test side by side with the older version and I've noticed something.

On V4.5 (no exit alerts) I have it running on 2 charts, M5 and M1 with the same settings. It's set to show all entry alerts with the higher time frame default M5.

On the M1 chart I got alerts for both M1 and with M5 arrows overlayed but when I checked on the M5 chart there were no alert arrows on that bar. It gave M5 alert arrows on the M1 chart, but not the M5 chart so I'm not sure why it did that?

Hi mrdfx, thanks for your question.

It is hard to say without seeing images of what you saw at that moment. If / when it happens again perhaps you can send me some screenshots in a private message and I will know more?

My first thought is that the indicator is set to calculate White / Black arrow alert data based on the close of each current TF candle (in your case it is the M1 chart). This means if the indicator is placed on the M1 chart it will calculate OHLC data at the close of each M1 candle, but if it is placed on the M5 chart it will keep calculating OHLC data until the close of that M5 candle.

Therefore it's possible that at certain times during the formation of the M5 candle the right conditions were available to trigger an M5 alert on the M1 chart (Blue / Red arrow), but by the close of the M5 candle the conditions may no longer have been there for an M5 alert on the M5 chart (White / Black arrow).

If the code was written in a way that it allows lower TF alerts (i.e. M1) to trigger based on higher TF (i.e. 5-minute) OHLC data we risk the alerts triggering too late, i.e. they will only appear at the close of every higher TF candle. At least this way you have the option of getting into a position earlier.

In the below screenshot there is a classic example of how this happens at times. I have the M1 CSL (modded) and the M5 CSL (modded) indicators in separate windows.

Notice where I have highlighted the 2 Red Sell arrows on the chart window, but at the same time the M5 CSL (modded) indicator is showing XAU is actually stronger than the USD? That is because it CLOSED stronger by end of that M5 candle. It is only able to show OHLC data for that 5 minute period, (not individual 1 minute periods).

During that M5 period there were two individual M1 periods where the M5 CSL (modded) would have been indicating XAU was weaker than USD, so it printed two sell alert arrows accordingly.

Those M1 sell alert arrows won't disappear if the M5 CSL (modded) closes and still indicates XAU strength (that would be considered 'repainting' - nobody wants that!) But in this case those two sell alert arrows ended up being a precursor for what was to follow immediately after, which was a nice drop of around 40 pips.

Hi traders, today's operations, I feel calm and I feel that I am making great strides with my psychology, today I touched sl and just close the screens reevaluate the operation; live today fight tomorrow.

15/01 -1%
Have a great start of the week ¡¡

LinuxBoy97, nice work, mate.

It is worth a lot that you accept a 1% loss today and take a break until tomorrow. Staying in front of the screen would not have taught you anything valuable.

I hope you enjoy your time away from trading for the remainder of today, and if you find you are thinking about trading and you feel like you want to come back to your screen and try again, I hope you will stop and distract yourself.

You might eventually decide to NOT trade at all on Mondays, and you might start your trading week on Tuesday! Who knows what lies ahead in your future? But as long as YOU are in control of your emotions in each moment, there will always be a 'tomorrow' available for trading.

Hi Kirk, Thank you again for your very good strategy and your kind heart. I also used version 4.5 with exit alerts and the same thing happened to me. I sent a screenshot.

I did not have good deals today. I worked in Time London with version 3.2 and Time New York with version 4.5! I need to concentrate more. I need to work on comparing the two!

It seems that many wrong signals are appearing in the range market.

mehrdad1968 I can't tell from your screenshot what is happening because you don't have the higher TF arrows appearing on your M1 chart.

I suggest removing the Supply Demand Pro indicator for a start so the blue and red arrows triggered by that indicator don't confuse things.

Then make sure you have selected the correct input to show ALL alert arrows, not just the 'Weak' (M1) alert arrows (I probably need a better name for these alerts...!)

Once you have this set up correctly you can then monitor what is happening between the M1 and the M5.

mehrdad1968, Mondays are not the best days to trade, regardless of the strategy you use. You could get lucky but I know many traders prefer to take Mondays off and start their trading week on Tuesdays when the markets tend to be more reliable and less choppy.

Also, please note the code is slightly different between versions 3.2 and 4.5, so you shouldn't try and compare the signals as they won't be exactly the same. It is best to choose ONE indicator version and stick with it.

I did what you said, I think it has been corrected. I will check again. Thank you for your reply

No problems, mate.

Now you can put your Supply Demand Pro indicator back on your chart if you want, but I would definitely think about changing the alert arrow colours for either the Supply Demand Pro indicator arrows or the BTBA higher TF arrows so there is no confusion.

I would also check that your TVI indicator tickR, tickS, and tickU values to match the BTBA values, i.e. 21, 21, 5. Right now your TVI has values of 13, 13, 3. They should be the same otherwise you might be wondering why there is a White Buy arrow on your chart window but the TVI indicator below is not Blue.

This is MY fault though as I just realised I uploaded the TVI indicator with the incorrect values! SORRY!