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Texas-2-Step: An Odyssey

  • #41
  • Nov 20, 2024 3:19am Nov 20, 2024 3:19am
Quoting ozziedave
{quote} How are you determining swap.
The broker does that, many articles are available on how that is done, good luck.

But I think you want to know how I am reading the Swap for each pair.

Swap for any instrument can be checked by Right Click on it in the Market Watch, then read it in the Specification.

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Also, it is much easier to use an indicator as I do, put it on every chart, like this:

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I punched this data into Excel to work out which pairs were Sell, Buy, or Avoid.

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  • #42
  • Nov 20, 2024 3:40am Nov 20, 2024 3:40am
Quoting ozziedave
{quote} How are you determining swap.
Follow up from last post: if you understood all that, try looking at Price Action in a different way, be patient, you really want to see those, in this case, RED days, see what happens.

I'm sure this could help day traders, I already said, it will screen out a few suspect pairs, be patient, stalk that price action, let me know if anything makes sense, but no guarantees, cheers.

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  • #43
  • Nov 20, 2024 5:42am Nov 20, 2024 5:42am
Quoting Erebus
{quote} The broker does that, many articles are available on how that is done, good luck. But I think you want to know how I am reading the Swap for each pair. Swap for any instrument can be checked by Right Click on it in the Market Watch, then read it in the Specification. {image} Also, it is much easier to use an indicator as I do, put it on every chart, like this: {image} {image} I punched this data into Excel to work out which pairs were Sell, Buy, or Avoid. {image}

Thanks Erebus, That was helpful.
  • #44
  • Nov 21, 2024 1:40pm Nov 21, 2024 1:40pm
Quoting ozziedave
{quote} Thanks Erebus, That was helpful.
Well, that's the theory, the market seems to have a quite BRUTAL and opposing opinion at this point in time; I just don't get this JPY strength, with USD strong, Gold going up, stock markets going up, Bitcoin close to 100K, should be RISK ON, and so much EUR news, late on a Friday, hang on!

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  • #45
  • Nov 21, 2024 2:13pm Nov 21, 2024 2:13pm
An example of the messed-up JPY trades; can only wait for the next long surge. And I missed many EUR pairs that should have been in short.
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  • #46
  • Nov 21, 2024 6:19pm Nov 21, 2024 6:19pm
Please post MT4 template and Currency Strength indicator,
Thank you
  • #47
  • Nov 22, 2024 12:15am Nov 22, 2024 12:15am
Quoting rcbarlow
Please post MT4 template and Currency Strength indicator, Thank you
I am reluctant to share Templates:

1. Since Brokers introduced prefix and suffix, because they cause many problems, you still need to go into the Settings.

2. You need the 2 indicators in your MT4 already, and how hard is it to apply 2 indicators?

It's a very beginner, basic level of using MT4, but if you have a specific problem, let me know.

CSM attached, enjoy, but don't tell Too Slow, it's a copyright of TRO, ha ha ha.

Attached File(s)
File Type: zip Currency Strength Giraia 28 pairs TRO 1.1 BT OWL.zip   59 KB | 396 downloads
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  • #48
  • Nov 22, 2024 8:12am Nov 22, 2024 8:12am
Thank you, Are there any special settings you use on either indicator?
  • #49
  • Edited 4:02pm Nov 22, 2024 3:51pm | Edited 4:02pm
Quoting rcbarlow
Thank you, Are there any special settings you use on either indicator?
Apart from the basic computer skills and knowledge of Metatrader 4, the ability to read and understand English is required to follow along.

This is from Post # 1 -

NOTE: I have tweaked the settings on PPST to 2 / 1 / 60

Which was repeated later, and I thought was quite comprehensive, Post # 18 -

Texas-2-Step: An Odyssey | Forex Factory

MACD is Default settings, that's it.

You are, of course, free to experiment with any and all settings for both indicators; if they show you something better, on YOUR charts, please share.

Have a nice weekend.

It takes a lot for me to IGNORE you, but you can try.
  • #50
  • Nov 23, 2024 9:21am Nov 23, 2024 9:21am
Very nice thread. I rly apreciate it. Kinda what i am doing but instead of macd i am using ao which basicly gives 95% of the same entries. Also the thread somehow reminds me that i am on the right path. Good trading to all!
  • #51
  • Nov 23, 2024 2:47pm Nov 23, 2024 2:47pm
Quoting coloroffeels
Very nice thread. I rly apreciate it. Kinda what i am doing but instead of macd i am using ao which basicly gives 95% of the same entries. Also the thread somehow reminds me that i am on the right path. Good trading to all!
Thanks for the support, method not doing well at the moment, bad timing I guess, catch the next turn!

AO, interesting, you mention entry, do you use any other indicator? Show a chart whenever you want.

I ask because, as I explained, the MACD is Step 1 - Market Condition, and Step 2 is the possible entry levels shown by PPST.

Cheers.
It takes a lot for me to IGNORE you, but you can try.
  • #52
  • Dec 8, 2024 4:47pm Dec 8, 2024 4:47pm
Quoting Erebus
{quote} Follow up on the AUDUSD what to watch: we can see the conundrum of AUD vs USD strength, this might not be decided until the Aussie Unemployment Rate / Employment Change on Thursday, or the later USA Core Retail Sales m/m / Retail Sales m/m / Unemployment Claims or combination of both. Here is the Daily, will it prevail? And the 4-Hour, Tradingview = {image} {image} Metatrader 4 {image} Metatrader 5 = {image}
Hi Erebus:
Could you please point me to where I could download the Spread Screener for MT4?
Thank you very much.
Pax
  • #53
  • Edited 7:13pm Dec 8, 2024 6:56pm | Edited 7:13pm
Quoting pax
{quote} Hi Erebus: Could you please point me to where I could download the Spread Screener for MT4? Thank you very much. Pax
1. Where have you looked thus far?

Cheers

Update: Now I remember, a month ago I had a lot of computer issues, had to re-install MT4 a few times. Since then, I have not been able to find that indicator, not even in the Market tab or on the MQL5 website. Very strange, I wonder if that was the cause of some issues.

Sorry.

It takes a lot for me to IGNORE you, but you can try.
  • #54
  • Edited 7:25am Dec 9, 2024 6:49am | Edited 7:25am
Quoting Erebus
{quote} 1. Where have you looked thus far? Cheers Update: Now I remember, a month ago I had a lot of computer issues, had to re-install MT4 a few times. Since then, I have not been able to find that indicator, not even in the Market tab or on the MQL5 website. Very strange, I wonder if that was the cause of some issues. Sorry.
Thanks Erebus.
Pax

Update: I found it and posted here just in case someone wants it.
Attached File(s)
File Type: ex4 Spread Screener and Candle Timer for MT4.ex4   65 KB | 169 downloads
  • #55
  • Jan 12, 2025 1:20pm Jan 12, 2025 1:20pm
Any updates on this Texas two step? As a beginner ive been scouring through these and a number of other sites. It seems like this site provides alot of help for newbies like myself here in the states. Im currently trying to understand 2 different approaches with indicators, #1 I have Bill williams indicators on TV and MT4... the numerous indicators on the charts seems confusing now. They are slowly starting to make sense in regards to one another as confirmations, 2nd confirmations, Exit indicators, volume indicators ect... The more i look at each one together telling a story, the more an "Obivous" my buy or sell move will be. granted some arent so obvious and i lose, some are and i win. But as i read through this thread, I have become intrigued on the 2 Indicator approach and am curious if you have thrown this strategy in the garbage? or have continued on with it making imporvments and potentialy some extra pips in your pocket.
Im a father of 3. Husband of 1. Full time plant worker and home owner. Nothing would please My family and myself more than to be able to figure out more of this forex and get some supplemental income to help out.
Thanks for all yalls hard work throughout the years for us new people to piggy back off of.
Trying to learn how to learn how to teach a robot how to learn
  • #56
  • Jan 24, 2025 11:12pm Jan 24, 2025 11:12pm
Quoting Webb1003
Any updates on this Texas two step? As a beginner ive been scouring through these and a number of other sites. It seems like this site provides alot of help for newbies like myself here in the states. Im currently trying to understand 2 different approaches with indicators, #1 I have Bill williams indicators on TV and MT4... the numerous indicators on the charts seems confusing now. They are slowly starting to make sense in regards to one another as confirmations, 2nd confirmations, Exit indicators, volume indicators ect... The more i look at each...
Sorry for slow, very slow reply. Not thrown in garbage, simply there are a few weeks at the end of each year where many people just do not trade over Xmas and New Year's, plus this time around, there were a few extra volatile weeks due to Trump being elected.

And for myself, I had some issues to deal with, now I'm looking for a broker with an easy setup for non-expiring demo to use as an example.

The method still works, here is the Gold on Daily and 4-Hour, quite clear that trading long the last 2 weeks was the way to go, that Daily level is 2,660, now it's at 2,770. Note also the gyrations from the middle of November until into January, okay for gold scalpers but that is how most of the FX was also, not worth the hassle.

I shall start keeping my eyes on the charts, I'm thinking that GBP and NZD could be starting a trend transition the next few weeks, let's see.

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  • #57
  • Jan 25, 2025 5:35pm Jan 25, 2025 5:35pm
AUDCAD - Prepare for week of January 27 to 31, 2025

Daily level broke last week for long, 0.90, with other price action such as close above 50EMA, trendline breaks, also on 4-Hour

Beware for early week retracements, news announcements, and Trump tweets!

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**Disclaimer**: This is NOT forex trading advice. It is solely my opinion. Always conduct your own research and consult with a professional before making any trading decisions.
It takes a lot for me to IGNORE you, but you can try.
  • #58
  • Jan 25, 2025 5:52pm Jan 25, 2025 5:52pm
Quoting Erebus
AUDCAD - Prepare for week of January 27 to 31, 2025 Daily level broke last week for long, 0.90, with other price action such as close above 50EMA, trendline breaks, also on 4-Hour Beware for early week retracements, news announcements, and Trump tweets! {image} {image} **Disclaimer**: This is NOT forex trading advice. It is solely my opinion. Always conduct your own research and consult with a professional before making any trading decisions.
My research: This post.
Professional: You (you have a red diamond by your name, that has to mean something)

Going long on audcad with life savings! "Babe some guy posted in a forum that audcad was going up I swear!"
Trying to learn how to learn how to teach a robot how to learn
  • #59
  • Jan 25, 2025 6:07pm Jan 25, 2025 6:07pm
Quoting Webb1003
{quote} My research: This post. Professional: You (you have a red diamond by your name, that has to mean something) Going long on audcad with life savings! "Babe some guy posted in a forum that audcad was going up I swear!"
Standby, 27 more pairs to analyze yet, patience grasshopper.

It takes a lot for me to IGNORE you, but you can try.
  • #60
  • Jan 25, 2025 6:20pm Jan 25, 2025 6:20pm
AUDCHF - Prepare for week of January 27 to 31, 2025

Daily level broke last week for long, 0.56820, with other price action such as close above 50EMA, trendline breaks, also on 4-Hour

Beware for early week retracements, news announcements, and Trump tweets! And quite a choppy pair, take care.

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**Disclaimer**: This is NOT forex trading advice. It is solely my opinion. Always conduct your own research and consult with a professional before making any trading decisions.
It takes a lot for me to IGNORE you, but you can try.
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