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New Mouteki Method...

  • #321
  • Sep 7, 2008 5:47pm Sep 7, 2008 5:47pm
  •  itguy
  • | Joined Sep 2006 | Status: 110..220....Whatever it takes | 39 Posts
Quoting forexgenius
Has anyone tried using the Fiblevels indicator graciously supplied by Itguy?

It does not allow me to tell it what direction the trend is. It automatically places the fib sequence based on it's own analysis which is normally based on the current candle, not the overall trend. Does anyone else have this challenge?

I am also unable to bring it up when the market is not active. I could not use it the entire weekend to practice with the charts. I do not mind drawing the lines manually, I was just testing the indicator .

When it figures out the right trend, it is great.
Unfortunately as an indicator it requires ticks to recalculate the line levels. I could make one that works while markets are closed if people want it.

The first option in the indicator is uptrend=false if you change it to true it will place the fib zones accordingly.

Here's the non compiled version.
Attached File(s)
File Type: mq4 Fib Levels.mq4   12 KB | 557 downloads
  • #322
  • Sep 7, 2008 6:38pm Sep 7, 2008 6:38pm
Quoting itguy
Unfortunately as an indicator it requires ticks to recalculate the line levels. I could make one that works while markets are closed if people want it.

The first option in the indicator is uptrend=false if you change it to true it will place the fib zones accordingly.

Here's the non compiled version.
Itguy:

Once we change the uptrend value to true, does this mean that the indicator will only draw lines for LONG ?

I just want to know to see if two versions should be compiled, one called fiblevels for long and one called fiblevels for short. This way we can choose which indicator we will apply to a particular situation.

If you can place this into one indicator, it would be great, if not, I am sure that it won't be a bother for us to choose the right indicator to the chart.

Speaking for myself, I would appreciate a version that does not need the market to be open to be used. I do practice a lot on the weekends. I have only been trading Forex since January 2008. I have been trading live since March 2008. I know that I still have a lot to learn.

Thanks for your help and the source code for the indicator.
  • #323
  • Sep 7, 2008 6:38pm Sep 7, 2008 6:38pm
Quoting G550
Hi Mouteki-

On the Forex Truth 4 video, you've outlined a "plan" for the dollar/yen to move to the upside. But if you look at the weekly, there is a huge move down with the latest retracement coming up to the 50 fib and so far that level has been honored as you say. Now we have the weekly showing downside potential and the daily showing upside potential.

How do you deal with these two potentially conflicting directions and time frames?

BTW, I attempted to post questions on your site but after I submit them, I don't see them anymore. And many thanks to your generosity!!
Here is a weekly yen chart. Notice we've retraced to the 987 level and just below that the 38.2 fib retracement Form there you would expect the pair to go up as long as both of those areas are respected.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy analysis t31.gif Size: 28 KB
  • #324
  • Sep 7, 2008 7:41pm Sep 7, 2008 7:41pm
Hi Ozziedavid, regarding the last chart it does show a nice uptrend, however, if you do a weekly study from 06/17/07 high, it shows a perfect downtrend with the last swing being right at the 50% retracement with rejection/resistance. Not to mention this is also the 1597 level from the 06/17/07 high. So, who's right, we dont know. We need to figure out how to overcome these conflicts so we all can get on the rightside of the trend.
  • #325
  • Sep 7, 2008 8:05pm Sep 7, 2008 8:05pm
Quoting rocky
Hi Ozziedavid, regarding the last chart it does show a nice uptrend, however, if you do a weekly study from 06/17/07 high, it shows a perfect downtrend with the last swing being right at the 50% retracement with rejection/resistance. Not to mention this is also the 1597 level from the 06/17/07 high. So, who's right, we dont know. We need to figure out how to overcome these conflicts so we all can get on the rightside of the trend.
Hey Rocky,

That was my point a few posts back. Depending where you start your "0" fib zone from you can be looking at the chart in both an up or down mode. I based my starting point on the fact that Mouteki started at that point on his video and if you look closely we've broken past the last swing high in the down trend on the weekly chart which signifies a trend change..
  • #326
  • Sep 7, 2008 11:14pm Sep 7, 2008 11:14pm
Here is my take on the EUR. Take a look at the weekly chart. We've effectively had a trend reversal signal with a close below the white dashed line @ 1.4366. We've broken the 1597 level and it looks like we're starting to retrace. I pulled a fib retracement (orange fib) and we'll see if price retraces and respects the 38.2 fib or 987 fib zone. If it does we will more than likely move down to the 2584 fib zone. If that happens it will be a 1500 pip move...Damn!!! Keep in mind people that this is a weekly chart so these moves may take days to complete.

Now the $64,000 dollar question is ..where does one think about entering the market. Looking forward to Mouteki's entry strategy.
Attached Image (click to enlarge)
Click to Enlarge Name: eur analysis t32.gif Size: 25 KB
  • #327
  • Sep 8, 2008 12:33am Sep 8, 2008 12:33am
Hey Mo tks for all the info. Really good stuff for my tool kit.
The more obstacles I overcome the better man I become.
  • #328
  • Sep 8, 2008 1:09am Sep 8, 2008 1:09am
Quoting ozziedave
Here is a weekly yen chart. Notice we've retraced to the 987 level and just below that the 38.2 fib retracement Form there you would expect the pair to go up as long as both of those areas are respected.
Thanks for the chart and your comments, Dave. But what if you drew a retracement from the top of 124 to the bottom, essentially going the other way? How do you know to ignore the set up going south?
  • #329
  • Sep 8, 2008 1:10am Sep 8, 2008 1:10am
Quoting rocky
Hi Ozziedavid, regarding the last chart it does show a nice uptrend, however, if you do a weekly study from 06/17/07 high, it shows a perfect downtrend with the last swing being right at the 50% retracement with rejection/resistance. Not to mention this is also the 1597 level from the 06/17/07 high. So, who's right, we dont know. We need to figure out how to overcome these conflicts so we all can get on the rightside of the trend.
That's exactly what I was asking! Thanks for bringing this to light as well.
  • #330
  • Sep 8, 2008 1:57am Sep 8, 2008 1:57am
Quoting G550
Thanks for the chart and your comments, Dave. But what if you drew a retracement from the top of 124 to the bottom, essentially going the other way? How do you know to ignore the set up going south?
On the weekly (long term) chart we've reversed the down trend. Now as the time frames get bigger the more power the event has. In this case price has traded up through the last peak of the down trend.

Now how do you know to draw the Zib zones from the bottom. The simple answer is to watch for a point on the daily chart that looks like a reversal point. Start pulling fib retracements on your 4 hr or 1 hr chart. If the retracements are being respected then plot your fib zones and watch to see if the fib expantions are being taken out on the way to the next fib zone. If I understood Mouteki he doesn't even get interested in the pair until it reaches the 610 fib zone. I assume the reason for this is the zones between 610, 987 and 1597 are very large and if price starts bouncing from fib zone to fib zone there is alot of profit to be made.
Attached Image (click to enlarge)
Click to Enlarge Name: yen trend t32.gif Size: 34 KB
  • #331
  • Sep 8, 2008 2:55am Sep 8, 2008 2:55am
Hey Guys,

We're back. Hope everyone had a great weekend and are ready to get into a new week of trading.

A lot of people have been asking questions about when I decide to enter the market and such so I put together a video on a current move that I've been watching with the NZD/CHF using the Fibonacci techniques that we've been going over in our videos.

It should be up shortly...(uploading)

Let me know what you think,

-Mouteki
  • #332
  • Sep 8, 2008 5:20am Sep 8, 2008 5:20am
Quoting moutekitrader
Hey Guys,

We're back. Hope everyone had a great weekend and are ready to get into a new week of trading.

A lot of people have been asking questions about when I decide to enter the market and such so I put together a video on a current move that I've been watching with the NZD/CHF using the Fibonacci techniques that we've been going over in our videos.

It should be up shortly...(uploading)

Let me know what you think,

-Mouteki
Thank you for another great video. I have to admit that all the confusions that I had about using fibs has cleared up alot. I dont know if you do trade the 15min charts but I got a very good move today.

I wanted to know who's data feed your using because I could not find NZD/CHF on FXDD.

Thanks

Peace
  • #333
  • Sep 8, 2008 5:49am Sep 8, 2008 5:49am
Wow,

great video , I was just looking at that pair yesterday ...

What I learned is that it doesn't matter where the current move is to use that method , the only thing matters is that I can recognise a fib retracement \ zones \ expansions being rspected , if I can recognize it , that means that there is harmony at that currency and it can be a potential trade .

I would just have to wait for a nice entry zone which is a fib retrace level , and then I'll be able to put stop and target prices ..
correct me if I'm wrong,
Thanks ,
Barak
  • #334
  • Sep 8, 2008 6:23am Sep 8, 2008 6:23am
Quoting Barak's pip
Wow,

great video , I was just looking at that pair yesterday ...

What I learned is that it doesn't matter where the current move is to use that method , the only thing matters is that I can recognise a fib retracement \ zones \ expansions being rspected , if I can recognize it , that means that there is harmony at that currency and it can be a potential trade .

I would just have to wait for a nice entry zone which is a fib retrace level , and then I'll be able to put stop and target prices ..
correct me if I'm wrong,
Thanks ,
Barak
Hey Barak,

I think that's the general idea...good on ya.
  • #335
  • Sep 8, 2008 6:55am Sep 8, 2008 6:55am
Does anybody know if I am doing anything wrong when clicking onto the Video links as they are very small and I can hardly see the chart. Any help would be much appreciated. Thank You.
  • #336
  • Sep 8, 2008 6:58am Sep 8, 2008 6:58am
Quoting Spice Girl
Does anybody know if I am doing anything wrong when clicking onto the Video links as they are very small and I can hardly see the chart. Any help would be much appreciated. Thank You.
Click again on the right top corner of the screen and it will enlarge slightly and gives a clearer picture.
  • #337
  • Sep 8, 2008 7:00am Sep 8, 2008 7:00am
Outstanding thread Mouteki, just gave it a 5 rating (highest). Keep up the excellent work which is very much appreciated.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #338
  • Sep 8, 2008 7:13am Sep 8, 2008 7:13am
Quoting CTGUY
Outstanding thread Mouteki, just gave it a 5 rating (highest). Keep up the excellent work which is very much appreciated.
oh dam what a fool I was didn't rate this thread. Gud to see experienced blokes like you still learning more and more. What happens is that once ppl find success they start thinking that they have become 'THE ALMIGHTY'!!!
AND MOST IMPORTANTLY THANKS MOUTEKI FOR GUIDING US IN THIS MEAN WORLD
  • #339
  • Sep 8, 2008 7:14am Sep 8, 2008 7:14am
Quoting Spice Girl
Does anybody know if I am doing anything wrong when clicking onto the Video links as they are very small and I can hardly see the chart. Any help would be much appreciated. Thank You.
Hi Spice
Underneath the name "viddler" on the player, bottom right corner, is an icon with 4 arrows pointing out. click on that icon to make the video full screen.
dave
Is it Break Time yet?
  • #340
  • Sep 8, 2008 7:18am Sep 8, 2008 7:18am
hi ,

I think it was video 4 that Mouteki talked about the usd\jpy going up , he took the 0 zone from the last low in the weekly chart , now , I looked at it from up to down and it looks great - respect of all the important zones perfectlly - so the qeustion , again , is which direction shall we see this pair going to ? the trend direction down , or maybe it reversed and it's going up ?
Attached Image (click to enlarge)
Click to Enlarge Name: $8.gif Size: 51 KB
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