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forexlion

  • #1
  • First Post: Feb 7, 2008 10:23am Feb 7, 2008 10:23am
Finally decided to post everything in 1 single thread instead of having everything in different threads.

I will either link here the existing threads or provide code for obtaining the charts.


My first damn post


Why in the heaven's name GJ have to be so damn accurate ??
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  • #2
  • Feb 7, 2008 10:24am Feb 7, 2008 10:24am
My second damn post


The method to get the series above.

Fib Series is as follows

0 0 1 2 3 5 8 13 21 34 55 89 144 233 and so on

here each number is a sum of previous two numbers.

2+3=5
3+5=8
5+8=13

and so on

Now lets say Monday's close was 100

the levels become
100
101
102
103
105
108
113
121
134
155
189
244

and so on

we take the value of fib series in pip terms and either add to get upper levels or subtract to get lower levels.
  • #3
  • Feb 7, 2008 8:11pm Feb 7, 2008 8:11pm
My third damn post


Trade plan for friday, feb 08, 2008


We have GJ closer to Support 1 on weekly and the 4 hour chart also suggests a possible trend to Pivot which may or may not happen.

So now since we know what to expect, we will get back to daily series and do what the series and the combination of 5 min and 15 min charts suggest.
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  • #4
  • Feb 8, 2008 5:16am Feb 8, 2008 5:16am
My fourth damn post


GJ wakes up, goes up exact 144 pips then drops dead.
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  • #5
  • Feb 8, 2008 9:45am Feb 8, 2008 9:45am
Trying to understand what GJ might try in the next week.


If we see the daily charts using monthly pivots, GJ hit monthly S1 twice, bouncing back cleanly to Pivot.

It is kind of showing resistance to going down at a full pace, though a lot of traders do expect lower moves.

As long as weekly S1 of this current week holds we might see a small move to 211 or 212 area if it happens, but this is just a guess. Its like shooting an arrow into thin air.

The 4 hour charts are not fully formed as yet to confirm this thought.

But what happens if the current week S1 is broken and broken cleanly with 50 or more pips, well then we can hazard a move back to monthly S1.

Tread carefully.
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  • #6
  • Feb 8, 2008 8:22pm Feb 8, 2008 8:22pm
The Fibonacci Series

Now that we have seen the fibonacci series in action and seen the power of it, its time to learn how to use them in detail.

The basics is explained in "My Second damn post" above, so I will not g into it again.

We will discuss the programmatic view here, where to start the series.


Every currency pair has a fixed pattern, which it follows consistently, the need is to locate this pattern and follow it.

GJ follows daily series, weekly ratio's and weekly pivots [GJ does not follow daily pivots at all]


The method:

Start with the previous day close, you can either get this value from

Tools >> History >> Forex >> GBPJPY >> Daily

in mt4 or you can click on the diamond yellow icon next to expert advisors on your mt4 platform to open the metaeditor for direct code access.

File >> New >> Custom Indicator

Give it a name

Then scroll down to where it says

//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
//----
This is where you will write your code
//----
return(0);
}
//+------------------------------------------------------------------+


To get the previous day close we use the previous candle close value on daily with

iClose(Symbol(),PERIOD_D1,1);

You can either alert this value with

Alert(iClose(Symbol(),PERIOD_D1,1));


or you can proceed further and code it as an indicator itself.

// Initialize variables
double sr[10], CD;
string slr[10];

CD = iClose(Symbol(),PERIOD_D1,1);


double AA = 8;
double BB = 13;
double CC;

//Calculate the levels
for (i=ArraySize(sr);i>=0;i--)
{
CC = AA + BB;
sr[i] = CD - CC * Point;
slr[i] = "- "+DoubleToStr(CC,0);
AA = BB;
BB = CC;
}

//Put them as horizontal lines on the chart
for (i=ArraySize(sr);i>=0;i--)
{
drawLine(sr[i],DoubleToStr(sr[i],4),Green,1);
drawLabel(slr[i],sr[i],Green);
}
  • #7
  • Feb 9, 2008 1:17am Feb 9, 2008 1:17am
The story of the ant and the grasshopper is perhaps pretty old, we have all heard it, but what is the relation in forex ??

Well the entire story applies fully well to fx.

Money Management & Consistency.

Lets take a story to explain this.

  1. Suppose someone started trading fx with an initial investment of $1000
  2. There are 20 trading days in a month [5 x 4 weeks]
  3. The person concentrates on earning just 50 pips in a day.
  4. Money Management says use the lowest possible margin to trade, so the person starts with 0.1 Lot which uses $100 margin on interbankfx servers at 1:100 leverage on GBP/JPY
  5. At 50 pips a day and $1 per pip, in a month he earns $1000

wow 100% returns

The grasshopper comes and says you are joking, this way you will be a billionaire in no time.

Month 1 : 100% $2000 balance
Month 2 : 100% $4000 balance
Month 3 : 100% $8000 balance
Month 4 : 100% $16,000 balance
Month 5 : 100% $32,000 balance

and so on

The ant says no, there is 1 more principle in trading and that is Consistency.

I started with 0.1 lot size and i will stick to 0.1 lot size only, and concentrate on 50 pips per day only

The ant says

Month 1 : Balance $1000 50 pips x 20 days 100% profit so end balance $2000
Month 2 : Balance $2000 50 pips x 20 days 50% profit so end balance $3000
Month 3 : Balance $3000 50 pips x 20 days 33% profit so end balance $4000
Month 4 : Balance $4000 50 pips x 20 days 25% profit so end balance $5000
Month 5 : Balance $5000 50 pips x 20 days 20% profit so end balance $6000
Month 6 : Balance $6000 50 pips x 20 days 17% profit so end balance $7000

So in 6 months I have got 700% account increase, or in other words my margin has gone from 1000 pips to 7000 pips, making my trades even safer each month.


Moral of the story:

Margin management and consistency pays more than you can imagine

Winter came the grasshopper vanished, the ant lived on ......

In trading I never bother what the grasshoppers say about me and my style of trading, i keep pipping http://www.talkgold.com/forum/images/smilies/smile.gif

  • #8
  • Feb 16, 2008 2:05am Feb 16, 2008 2:05am
Quoting forexlion
The Fibonacci Series

Now that we have seen the fibonacci series in action and seen the power of it, its time to learn how to use them in detail.

The basics is explained in "My Second damn post" above, so I will not g into it again.

We will discuss the programmatic view here, where to start the series.


Every currency pair has a fixed pattern, which it follows consistently, the need is to locate this pattern and follow it.

GJ follows daily series, weekly ratio's and weekly pivots [GJ does not follow daily pivots at all]


The method:

Start with the previous day close, you can either get this value from

Tools >> History >> Forex >> GBPJPY >> Daily

in mt4 or you can click on the diamond yellow icon next to expert advisors on your mt4 platform to open the metaeditor for direct code access.

File >> New >> Custom Indicator

Give it a name

Then scroll down to where it says

//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
//----
This is where you will write your code
//----
return(0);
}
//+------------------------------------------------------------------+


To get the previous day close we use the previous candle close value on daily with

iClose(Symbol(),PERIOD_D1,1);

You can either alert this value with

Alert(iClose(Symbol(),PERIOD_D1,1));


or you can proceed further and code it as an indicator itself.

// Initialize variables
double sr[10], CD;
string slr[10];

CD = iClose(Symbol(),PERIOD_D1,1);


double AA = 8;
double BB = 13;
double CC;

//Calculate the levels
for (i=ArraySize(sr);i>=0;i--)
{
CC = AA + BB;
sr[i] = CD - CC * Point;
slr[i] = "- "+DoubleToStr(CC,0);
AA = BB;
BB = CC;
}

//Put them as horizontal lines on the chart
for (i=ArraySize(sr);i>=0;i--)
{
drawLine(sr[i],DoubleToStr(sr[i],4),Green,1);
drawLabel(slr[i],sr[i],Green);
}

The indicator is attached here, as per requests received in pm messages.
Attached File(s)
File Type: mq4 Fibonacci_series.mq4   4 KB | 530 downloads
  • #9
  • Mar 30, 2009 6:50am Mar 30, 2009 6:50am
I downloaded the indicator and this is what it comes to my MT4, it doesnt look like as what it shows in your graph, pls advise
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Click to Enlarge Name: FiboSeries.JPG Size: 157 KB
  • #10
  • Last Post: Mar 30, 2009 7:06am Mar 30, 2009 7:06am
Quoting forexlion
Finally decided to post everything in 1 single thread instead of having everything in different threads.

I will either link here the existing threads or provide code for obtaining the charts.


My first damn post


Why in the heaven's name GJ have to be so damn accurate ??
Good luck ForexLion!!
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