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Attachments: Simple 4 Hour System
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Simple 4 Hour System

  • #181
  • Jun 21, 2007 5:39pm Jun 21, 2007 5:39pm
Quoting DaveB
Marketsnipers, re: colour of lines, I altered the code ie the colour from yellow to red but this made no difference, the line just reverted back to its original colour after about one minute.
Dave, I tried to recreate your problem, but mine works fine. Perhaps you need to remove the indicator from chart, modify it, then reattach. All I did was change Yellow to Red in two places: Hope that helps.

if (Weekly_SR_Levels==true)
{
ObjectCreate("WR1_Line", OBJ_HLINE,0, CurTime(),WR1);
ObjectSet("WR1_Line", OBJPROP_COLOR, Red);
ObjectSet("WR1_Line", OBJPROP_STYLE, STYLE_DASHDOTDOT);
if(ObjectFind("WR1_Label") != 0)
{
ObjectCreate("WR1_Label", OBJ_TEXT, 0, Time[5], WR1);
ObjectSetText("WR1_Label", " Weekly R1", 8, "Arial", Red);
}
else
{
ObjectMove("WR1_Label", 0, Time[5], WR1);
}
  • #182
  • Jun 21, 2007 5:51pm Jun 21, 2007 5:51pm
Hello Marketsnipers,
Thank you for posting your simple system. I find it very easy to understand and use. I won't go into detail right now, but I've made some minor adjustments and get my signals from a shorter time frame while using the 4Hr as a trend indicator. That's the beauty of this system. It's Simple and easily modified.
  • #183
  • Jun 22, 2007 2:09am Jun 22, 2007 2:09am
Hi Micro-MiniMe, thanks for your reply to pivot lines, it worked.
  • #184
  • Jun 22, 2007 3:49am Jun 22, 2007 3:49am
Well Dave, your problem is solved before I could get to it. I am glad.

Quoting DaveB
Hi Micro-MiniMe, thanks for your reply to pivot lines, it worked.
Bullish Attitude!
  • #185
  • Jun 22, 2007 3:50am Jun 22, 2007 3:50am
I apologize Biker for getting your question wrong. DaveB answered for you and all I can add to it is, If not what he mentioned, the other thing I would do is take the trade and lose my money on it. Simple.

Pay more attention to the damiani. My advise. It works.

Quoting biker883
In fact it doesn't help as it does not answer the question, whatever the time frame was hourly the sequence could be present on a 4 hours graph as on the one attached. I also understand that you don't trade that pair, it is only for tha case study as the situation could exist in any pairs.

So what action would you have taken ?

Thanks in advance.
Bullish Attitude!
  • #186
  • Jun 22, 2007 3:51am Jun 22, 2007 3:51am
You are welcome. I am glad it works for you.

Quoting Micro-MiniMe
Hello Marketsnipers,
Thank you for posting your simple system. I find it very easy to understand and use. I won't go into detail right now, but I've made some minor adjustments and get my signals from a shorter time frame while using the 4Hr as a trend indicator. That's the beauty of this system. It's Simple and easily modified.
Bullish Attitude!
  • #187
  • Jun 24, 2007 8:15pm Jun 24, 2007 8:15pm
Marketnsiper,what do you think in this picture?Im thinking that it is a good opportunity to sell this pair.
Attached Image (click to enlarge)
Click to Enlarge Name: EURCHF.jpg Size: 67 KB
Sorry about my english...
  • #188
  • Jun 25, 2007 2:18am Jun 25, 2007 2:18am
Appologies, I am not marketsnipers but would like to comment. You really need Damiani Volatameter indicator set up in order to confirm whether the market is trending or flat. If you look at 100sma it is rising towards the price action and may therefore provide support for an uptrend depending ofcourse wherethe candle closes in relation to the 100. Also it looks like price is being supported at Weekly 1. Overall the conditions are not yet clearly defind for either a short/long position. You may ofcourse have your own opinion.

Regards
Dave
  • #189
  • Jun 25, 2007 3:20am Jun 25, 2007 3:20am
I have to thank you once again Dave, you have answered it correct. However, the eurchf picture has changed now. Take a look.

Quoting DaveB
Appologies, I am not marketsnipers but would like to comment. You really need Damiani Volatameter indicator set up in order to confirm whether the market is trending or flat. If you look at 100sma it is rising towards the price action and may therefore provide support for an uptrend depending ofcourse wherethe candle closes in relation to the 100. Also it looks like price is being supported at Weekly 1. Overall the conditions are not yet clearly defind for either a short/long position. You may ofcourse have your own opinion.

Regards
Dave
Bullish Attitude!
  • #190
  • Jun 25, 2007 10:27am Jun 25, 2007 10:27am
Quoting DaveB
Appologies, I am not marketsnipers but would like to comment. You really need Damiani Volatameter indicator set up in order to confirm whether the market is trending or flat. If you look at 100sma it is rising towards the price action and may therefore provide support for an uptrend depending ofcourse wherethe candle closes in relation to the 100. Also it looks like price is being supported at Weekly 1. Overall the conditions are not yet clearly defind for either a short/long position. You may ofcourse have your own opinion.

Regards
Dave
Man,look the macd----->>down and the volamenter---->green above of the other lines.
Attached Image (click to enlarge)
Click to Enlarge Name: ENTRADAEURCHF.jpg Size: 86 KB
Sorry about my english...
  • #191
  • Jun 25, 2007 10:54am Jun 25, 2007 10:54am
I am short eurchf.
Bullish Attitude!
  • #192
  • Jun 25, 2007 11:21am Jun 25, 2007 11:21am
Quoting marketsnipers
I am short eurchf.
What about the big bullish trendline the market almost hit ?
  • #193
  • Jun 25, 2007 1:10pm Jun 25, 2007 1:10pm
Quoting marketsnipers
I am short eurchf.
me too
Sorry about my english...
  • #194
  • Jun 25, 2007 3:10pm Jun 25, 2007 3:10pm
Yep guys, conditions were met good luck on the trade, tho at present price seems to be bouncing between Daily 1 support and 100sma.
  • #195
  • Jun 25, 2007 3:17pm Jun 25, 2007 3:17pm
this is buy ??????????? 1.6532 ?????
byebye costly moments.
  • #196
  • Jun 26, 2007 2:20am Jun 26, 2007 2:20am
I do not trade trendlines nor do I understand them.

Quoting TiKin
What about the big bullish trendline the market almost hit ?
Bullish Attitude!
  • #197
  • Jun 26, 2007 2:22am Jun 26, 2007 2:22am
Dave, I do not use the Daily SR, so you outta forgive me.

Quoting DaveB
Yep guys, conditions were met good luck on the trade, tho at present price seems to be bouncing between Daily 1 support and 100sma.
Bullish Attitude!
  • #198
  • Jun 26, 2007 5:31am Jun 26, 2007 5:31am
Quoting marketsnipers
I do not trade trendlines nor do I understand them.
A trendline is a continuation in time of older supports or resistances, in other word if you have a daily trend line that means it is usually harder for the market to penetrate than an hourly trend line. Your trade could go down but as you see, the daily trend line (also well defined on 4H chart) as been stoping that from happening so far. However, if it would succeed in busting this trend line going down, the market could then use this trend line to propulse itself far down. Prudence has prevented me from entering this trade, but there is still room for a decision might it go up or down.

I must say that I am a little puzzled that our beloved thread starter does not understand TL. I think more that you are joking .

Concerning the daily support business, that is not quite right as we are also on a 4H support but there is no daily support here but at 1.6418.
Attached Image
  • #199
  • Jun 26, 2007 8:28am Jun 26, 2007 8:28am
When I said, I do not understand them, I did not mean I have never heard of them. I meant, I do not know how to use that effectively. You think I need to know every indicator or tool ro succeed here?

Secondly when Dave mentioned Daily support, he did not mean the Daily chart, rather the Daily Support line provided by the Pivot indicator. It doesn't hurt to ask questions, does it? It does hurt to jump to wrong conclusions.

Thanks

Quoting TiKin
A trendline is a continuation in time of older supports or resistances, in other word if you have a daily trend line that means it is usually harder for the market to penetrate than an hourly trend line. Your trade could go down but as you see, the daily trend line (also well defined on 4H chart) as been stoping that from happening so far. However, if it would succeed in busting this trend line going down, the market could then use this trend line to propulse itself far down. Prudence has prevented me from entering this trade, but there is still room for a decision might it go up or down.

I must say that I am a little puzzled that our beloved thread starter does not understand TL. I think more that you are joking .

Concerning the daily support business, that is not quite right as we are also on a 4H support but there is no daily support here but at 1.6418.
Bullish Attitude!
  • #200
  • Jun 26, 2007 8:36am Jun 26, 2007 8:36am
No sweat
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