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Dollie's Safe Pips Indicator

  • #761
  • Dec 18, 2007 1:09am Dec 18, 2007 1:09am
Forex Friends: I just got back from my holiday for the holidays. Went to see friends and family and now I'm back to post and get back to trading. Didn't think about trading much at all which is good for me so I could have some time off. Golfer it looks like you have your answers. Great to see all the activity.
  • #762
  • Dec 18, 2007 5:15am Dec 18, 2007 5:15am
Good to have you back Pip. I am going to the bahamas next week and can't wait to escape the cold. I live in NE USA and am tired of these blizzard conditions. I can't wait to be in warm weather even if it is only for 4 days.

Anyway... here is a perfect scalp I just got out of. I am really growing fond of the Laguerre and MTF ADX. There is another thread (Imran's 5min Scalp) that focuses on the Lags. He uses them as actual entry and exit. I prefer to use them to tell me the general direction of the move and use Dollie as my entry and exit. If I never mentioned, I have my Laguerre set to .60 & the min set to -.05 & max 1.05. I am very confident when the Laguerre is running flat at either extreme. As for the MTF ADX, I really am not taking a trade unless I have confirmation from the 5, 15min & 1hr. There have been a few counter trend moves I have taken successfully but don't recommend that until you are comfortable trading with the trend.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd1218.gif Size: 38 KB
  • #763
  • Dec 18, 2007 5:38am Dec 18, 2007 5:38am
here is an example of a counter trend trade. I didn't take this but it did jump out at me. Look how Daily Pivots, Supports and Resistance all come to play if you were to consider this.

No I won't go long unless the price is above the 60 EMA or short unless the price is below the 60 EMA. As I have been using the 200 and 60 EMA I hesistate to go against the 200 EMA but have noticed that when there is a good separation between the 2 you can take advantage of a quick scalp using the 200 EMA as support/resistance.

Add a knowledge of Pivots, Support/Resistance and a complete trust of your indicators and you can really be successful at counter trend moves. I'm not there yet but it does seem promising.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1218countertrend.gif Size: 52 KB
  • #764
  • Dec 18, 2007 6:14am Dec 18, 2007 6:14am
attached is another CT move. I still am not comfortable taking these but I do see a move between the EMAs a few times a day that taken alone could be quite profitable.

On the chart you'll see the ADXs wouldn't be in my favor and the price was below the 60 EMA but above the 200 EMA. Dollie and Lags were in my favor and you'll see how the price finds support at the 200 EMA and seems to be a great TP setting.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdct.gif Size: 40 KB
  • #765
  • Dec 18, 2007 8:04am Dec 18, 2007 8:04am
Quoting pip pirate 2
Forex Friends: I just got back from my holiday for the holidays. Went to see friends and family and now I'm back to post and get back to trading. Didn't think about trading much at all which is good for me so I could have some time off. Golfer it looks like you have your answers. Great to see all the activity.
Hi PP2

yes, thanks. Working hard on it.

I am so glad you did enjoy your holiday - I hope you will do the same now with trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #766
  • Dec 19, 2007 6:46am Dec 19, 2007 6:46am
attached are two quick scalps taking advantage of the relationship between the 60 and 200 EMA. I am not taking these trades just yet (I still only go with the surest setup - Dolli, Lag. & ADXs in my favor) but like said yesterday, I see this move a few times a day and those alone could be quite profitable once you get used to this price action.

You'll see in the charts that these trades do have Dollie in their favor as well as the Lag but don't have all the ADXs and are below the 200EMA and both EMAs are sloping downwards.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd1219.gif Size: 46 KB
Click to Enlarge Name: eurjpy1219.gif Size: 46 KB
  • #767
  • Dec 19, 2007 8:18am Dec 19, 2007 8:18am
Quoting Golfer
Hi Mh

The attachment as promised. It may change in future after EyeV's lecture. I hope it helps/works.
Hi Golfer,

Why is it that for the LSMA you use the vale 10 for Rperiod instead of 5?
  • #768
  • Dec 19, 2007 9:29am Dec 19, 2007 9:29am
I have had a request for my particular template so I am going to list my indicators and their settings (I can't program). Unfortunately I do not have set entry or exit rules. I go be feel. Newcomers, Please do not throw this on a chart and start trading today. Watch the indicators and get a feel for them. You might want to make some changes to fit your style. Finally, I have taken components from Imran's 5min Scalping System (the 60 & 200 EMAs & Lag). Please read his thread and PDF to get a feel for those indicators. You will see that I don't use the Lags the same way.

I use Original Dollie as my primary entry and exit. The only difference is I set my LSMA to 10. I feel it gives a better flow. Please refer to the beginning of the thread for those indicators.

In the price screen I use the 200 (aqua) & 60 (magenta) EMA. I also have the Auto Pivot Indicator which gives me Support and Resistance lines. I also have the Fast Guppy MAs plotted. I am always adding things to this window (Slow Guppy, Kelter Channels, TD Lines, Slope Directional Movement) but have stuck with the EMAs & Pivot. Again, please read Imran's thread. He explains the 60 & 200 EMA very well and how to use them.

I use the Laguerre. I set the gamma to .60 with a fixed min at -.05 & 1.05 with leves at .75 & .25. I use this differently from Imran. He uses Lags as entry and exit. I use it more as a confirmation tool and really prefer entering a trade when the Lag is at either extreme running flat.

Finally, I use the MTF ADX. I keep that set to default and wait until I have confirmation from the 5min 15min & 1hour.

See the attached chart. This will be a perfect setup. I scalp the 1min charts because it fits my personality.

I hope this helps.
Attached Image (click to enlarge)
Click to Enlarge Name: Perfect1.GIF Size: 41 KB
Attached File(s)
File Type: ex4 ###Auto Pivot.ex4   15 KB | 318 downloads
File Type: ex4 ADX MTF.ex4   14 KB | 330 downloads
File Type: ex4 GMMA Short.ex4   3 KB | 404 downloads
File Type: ex4 Laguerre.ex4   3 KB | 369 downloads
File Type: ex4 Keltner Channels.ex4   3 KB | 386 downloads
  • #769
  • Dec 19, 2007 11:22am Dec 19, 2007 11:22am
Quoting jcblcs79
I have had a request for my particular template so I am going to list my indicators and their settings (I can't program). Unfortunately I do not have set entry or exit rules. I go be feel. Newcomers, Please do not throw this on a chart and start trading today. Watch the indicators and get a feel for them. You might want to make some changes to fit your style. Finally, I have taken components from Imran's 5min Scalping System (the 60 & 200 EMAs & Lag). Please read his thread and PDF to get a feel for those indicators. You will see that I don't use the Lags the same way.

I use Original Dollie as my primary entry and exit. The only difference is I set my LSMA to 10. I feel it gives a better flow. Please refer to the beginning of the thread for those indicators.

In the price screen I use the 200 (aqua) & 60 (magenta) EMA. I also have the Auto Pivot Indicator which gives me Support and Resistance lines. I also have the Fast Guppy MAs plotted. I am always adding things to this window (Slow Guppy, Kelter Channels, TD Lines, Slope Directional Movement) but have stuck with the EMAs & Pivot. Again, please read Imran's thread. He explains the 60 & 200 EMA very well and how to use them.

I use the Laguerre. I set the gamma to .60 with a fixed min at -.05 & 1.05 with leves at .75 & .25. I use this differently from Imran. He uses Lags as entry and exit. I use it more as a confirmation tool and really prefer entering a trade when the Lag is at either extreme running flat.

Finally, I use the MTF ADX. I keep that set to default and wait until I have confirmation from the 5min 15min & 1hour.

See the attached chart. This will be a perfect setup. I scalp the 1min charts because it fits my personality.

I hope this helps.
Hi Jc

That will done fine, thanks for all your trouble. I really do appreciate it.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #770
  • Dec 19, 2007 11:31am Dec 19, 2007 11:31am
I have been scalping this pair all morning for a total of 40 pips and thought I was doing well (see first chart for a move I got). Anyway, I got curious of why this pair was moving so much and sure at 4:30am Eastern Time there was a RED FLAG news event that supports this move.

I do not pay attention to news releases as much as I should and honestly don't know what most of these are (as in today's case) but it is clear that fundamental anaylsis has a huge impact on price action. The second chart I posted is the 1hour GBP/USD from 4am to present. You can clearly see how the news release affects price but how Dollie also supports this move. I am not patient enough to trade the 1hour charts but clearly 1 or 2 moves like this a week would make it all worth it (less stress and less commission I pay to MT Trading).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd1219.gif Size: 39 KB
Click to Enlarge Name: gpbusd1hour1219.gif Size: 40 KB
  • #771
  • Dec 19, 2007 12:28pm Dec 19, 2007 12:28pm
  •  Derm
  • | Joined Aug 2007 | Status: It's all about The Pips | 42 Posts
Quoting jcblcs79
I have been scalping this pair all morning for a total of 40 pips and thought I was doing well (see first chart for a move I got). Anyway, I got curious of why this pair was moving so much and sure at 4:30am Eastern Time there was a RED FLAG news event that supports this move.

I do not pay attention to news releases as much as I should and honestly don't know what most of these are (as in today's case) but it is clear that fundamental anaylsis has a huge impact on price action. The second chart I posted is the 1hour GBP/USD from 4am to present. You can clearly see how the news release affects price but how Dollie also supports this move. I am not patient enough to trade the 1hour charts but clearly 1 or 2 moves like this a week would make it all worth it (less stress and less commission I pay to MT Trading).
Hi Jake,

The news event this morning was that The BOE voted 9-0 for the last rate cut. Quite often this vote can be 5-4, 6-3, 7-2 etc. As it was 9-0 this indicates that there is a high probability that rates will be cut again in the near future.

You can find a calender of main news rvents here on ForexFactory: http://www.forexfactory.com/calendar.php

Hope this helps

Derm
  • #772
  • Dec 19, 2007 12:32pm Dec 19, 2007 12:32pm
Thanks Derm...

do you or does anyone have a reliable website that gives detailed explanation of these news events so I can learn what these events are. FF gives a brief explanation but I would like to know more.

Thanks.
  • #773
  • Dec 19, 2007 12:44pm Dec 19, 2007 12:44pm
  •  Derm
  • | Joined Aug 2007 | Status: It's all about The Pips | 42 Posts
Quoting jcblcs79
Thanks Derm...

do you or does anyone have a reliable website that gives detailed explanation of these news events so I can learn what these events are. FF gives a brief explanation but I would like to know more.

Thanks.

Jake,

Try http://www.dailyfx.com/calendar/. If you click the event it will give you a definition of that event. Also gives links to the relevant page and address of the release, although I have found FF to be the quickest source of finding release unless you want to pay for Reuters.

Derm
  • #774
  • Dec 19, 2007 1:47pm Dec 19, 2007 1:47pm
Thanks for the link. That is what I was looking for.
  • #775
  • Dec 19, 2007 1:53pm Dec 19, 2007 1:53pm
Quoting gsilverl
Hi Golfer,

Why is it that for the LSMA you use the vale 10 for Rperiod instead of 5?
Hi Gs

I really cannot remember. I think I received the indicators from Dollie and just saved them. I didn't really played around with the settings. I was just following Dollie's advice.

This is how I use them currently and it is working.

Sorry that I cannot answer your question.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #776
  • Dec 19, 2007 3:55pm Dec 19, 2007 3:55pm
  •  Derm
  • | Joined Aug 2007 | Status: It's all about The Pips | 42 Posts
Quoting jcblcs79
Thanks for the link. That is what I was looking for.
Jake

Just a word of caution from personal experience.

I wanted to learn as much as possible when I first started trading the Forex market. I soon realised that economic data had a major influenece on the markets and would try and take in as much information as possible as all currencies are inextricably linked.

Even though I mainly trade EUR/JPY & GBP/USD I soon found myself trying to absorb data from so many countries that I just got totally bogged down. Spent more time reading and reserching and bugger all time trading. There are just so many news announcements to concentrate on that have an effect on the market.

Now, each Sunday evening I print of an 'Econonmic Data Sheet' for the week. It's on my wall in my office and each morning I make a note of the times of releases which are considered important. I won't enter a trade a good hour before 'important' news. On the rare occasions I happen to be in a trade I make sure I have a stop in place.

Hope this helps

Derm
  • #777
  • Dec 20, 2007 4:07am Dec 20, 2007 4:07am
My first try with Jakes' scalping system. I did enter too late (first price tag) and I should have entered 10pips earlier when Isma entered the safe zone. The price move down 14 pips (10pips nett)(second price tag). At that point I would have taken half my profit but I couldn't follow the trade live.

My Swiss Army EA moved my stoploss to break even after eight pips in profit. My stoploss was then triggered at break even (third price tag).

Hopefully not too bad for a first try.
Attached Image (click to enlarge)
Click to Enlarge Name: 20071220 1min jc trade 1.gif Size: 25 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #778
  • Dec 20, 2007 6:28am Dec 20, 2007 6:28am
Looks good Golfer. I would have entered that trade as well if I was awake. Everything looked good, EMAs were separated, Dollie looked good, ADXs were in your favor as was the Laguerre.

It is a shame you couldn't have traded this live and secured some of those pips. When I trade, especially early in my day I take those 10 pips and run. The only time I ever stay in a trade is if I switch to the 5min chart and see how that looks, then I make the decision to stay in or get out.

Anyway... I just got up and am pissed off that I didn't get up at 4am like I had planned especially with the USD pairs all moving so much. I hope it continues the rest of the morning.
  • #779
  • Dec 20, 2007 7:36am Dec 20, 2007 7:36am
Quoting jcblcs79
Looks good Golfer. I would have entered that trade as well if I was awake. Everything looked good, EMAs were separated, Dollie looked good, ADXs were in your favor as was the Laguerre.

It is a shame you couldn't have traded this live and secured some of those pips. When I trade, especially early in my day I take those 10 pips and run. The only time I ever stay in a trade is if I switch to the 5min chart and see how that looks, then I make the decision to stay in or get out.

Anyway... I just got up and am pissed off that I didn't get up at 4am like I had planned especially with the USD pairs all moving so much. I hope it continues the rest of the morning.
Hi J

Tx. But luckily I don't mind wasting a few pips at this stage. Just trying to get the feel for this system and try to match it with my 5min (Phillip), 15min (Dollie) and 4h (Phillip) systems. Looking very encouraging.

The rest of the day was very choppy on my 3 pairs (EUR, cable and EY) - difficult to get a nice entry. A few high risk trades could haven given you 10pips.

I think we in South Africa is very luckily when it comes to the trading session - nice to catch the London and US sessions. I don't mind missing the Aus and Asian sessions - I haven't really seen nice big movements there. But I could be wrong.

Enjoy the trading.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #780
  • Dec 20, 2007 7:54am Dec 20, 2007 7:54am
Well I hope my variation gets you many green pips and although I am very happy with this system I'm sure I'll be posting charts in the near future with something new on them (and something taken off) but Dollie will surely be there.

I read through countless posts (on different threads) a day and I always find people asking for a sure entry point. That is what is so great about Dollie's orginal setup. Once you decide what way the price is going, Dollie is so clear about entry (and exit).
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