Charting and Trading Daily Reversal Points

well unless I did something wrong, I've had absolutely no trades.

I have 5 pending trades only and none were hit.

Same here but I only loaded the EA up on the USDJPY at settings:

UR = 101.00
LR = 96.0
TH = 150
LTP = 102.0
STP = 95.0

So far, on my charts price has hit a high of 99.13, low of 97.89 and currently around 98.44 so I know why it hasn't triggered yet. Its almost identical to yesterday's bar high/low. I'm sure we'll see more of this in the future, all part of price action.

Hey Blackwolf....I will answer your questions below.

I hope this has been helpful

Crap, I put great answers by your questions and not the whole thing showed up...darn it

I don't know...maybe you did to something wrong as there were some trades triggered today. Maybe you can double check your settings and get back to me.

Damon

LOL! Too funny. The same thing just happened to me on another thread I was responding to. Weird, huh?

Altough these may be good support and resistence levels, the are a little out of the reach of UsdJpy for one day. As well is your t/p settings, the EA will keep you in for a while if it can, but as the market slows down by the end of the day and into the next day will most likely stop your trade out.

However, this may be your strategy and it is a good one as you let the trailing feature work to its full potential. You'll remember that I set the t/p too close yesterday with GbpUsd and too 76 pips, when the EA would have kept us in for well over 300 pips.

Just an FYI type of thing.

Yeah...real funny..... It is okay...I will go over it again. Hopefully I will remember and never to that again

Okay...I will give it anotherrrrrrr shot .

I reposted your questions and will try again.

1) my daily charts are so radically different from yours making it difficult to even see where you are coming up with your projections. Our bars don't align (due to broker differences) and that means that your fractals and lines will be different than mine, rendering comparisons useless. So given this, are you just trying to find out which method of finding the daily reversal points is more accurate amongst us all - assuming that we all use different methods of doing so? I am not sure the difference in charts will mater much here. You really need to trade what you see on your chart, and yes, if we come up with a method that is better at picking reversal points, then we should most definitely switch to that.

2) it would help if you explain how and why you are coming up with your projection numbers. If I knew that, it might make more sense to me. Should we be copying your numbers into the EA or should we be coming up with our own using our own interpretations? Sounds like the latter is true, no? I am taking a realistic approach to where price might get today and then reverse. For that I am using trend lines and murrey math lines. And for know, I would encourage you to copy my numbers and you should keep copying my numbers until you think I am wrong. We shouldn't just put different numbers for the sake of doing so. I think it will also be easier once you see how the EA works.

3) you've been at this a lot longer than the rest of us so it comes second nature to you. It's brand new to us. You didn't say why you use Murray Math, why not daily fib pivot points or other S/R methods? What makes this one more significant to you? Educate me (us), please. Personally, me and fibs don't mesh. Quite frankly I have charted them lots of times, but they make no sense to me and so I have just found other methods. Murrey math lines and trendlines work well for me because they make sense to me, because I can see they make sense to me. daily pivot points might work equally as well, but I think I already have enough lines on my chart

4) As you know, I've been trying to master Volume Spread Analysis these past few weeks and as such my brain tells me that you can't second guess where price is going unless you are looking at price action and volume (at least up until now, I never could with consistency and accuracy). I'm having to unlearn what I've learned so far about VSA in order to get my brain to go back to guessing and estimating where price is going next. That's hard for me because it feels like I'm going going backwards. Side Note: Up to this point I've been learning how trade VSA on a 15M TF but I've recently learned that you can do it on a Daily TF as well. So, while I understand and appreciate your earlier point about full time job = less face time with MT4, I'm not sure that's entirely true now. But I do sincerely want to help you dial this one in so enough about that subject. In a sense, you are right. As we are trying to predict/determine where a price might stop and reverse. We never know where that place will be and so we use the tools that we have to pinpoint those locations. On the other hand, you are not right because the EA does not predict its entry. It uses pure price action and volume to determine an entry point based upon the recent movements of the market. You tell it where to start looking, and at that point it waits for price action and volume to move in the direction of our pending order and it is there to enter the trade. If price action and volume do not reverse, it is likely the EA will not get us in a trade. However, if price fakes us out, we may get in a trade, but our stops will be tight.

I hope this has helped you out a litlle bit

Damon

THANK YOU! That helps a lot

1st I want to say that I have switched brokers to FXDD, but I will still be charting on IBFX as their daily bars close at different times and it will take me a while to get used to it. Who knows...maybe I will never quit charting with IDFX.

UR = 1.3895
LR = 1.3680
LTP = 1.4030
STP = 1.3550
TH = 100

UR = 127.20
LR = 125.10
LTP = 129.00
STP = 124
TH = 100

Set 2

LR = 122.75
LTP = 126.50
TH = 100

Blackwolf. L3, Flapper, Time Freedom, Freddy FX, AZ Jeff,...check your e-mail for a new version. Did I miss anyone?

Ur = 99.90
Lr = 98.55
Ltp = 100
Stp = 98.50
Th = 60

Ok, got it, locked and loaded with your settings.

UR = 136.50
LR = 133
LTP = 137
STP = 133
TH = 150

2nd Set

UR = 140.45
STP = 136.50
TH = 150

UR = 1.2930
LR = 1.2705
LTP = 1.2950
STP = 1.2650
TH = 70

2nd Set

UR = 1.3175
STP = 1.2900
TH = 70

. Let's hope we have a good day

I have changed from trading EurUsd instead to AudUsd. It will be a much better pair for reacting to our reversal points. I have to wait a while longer as this pair is ver close to a decision point. I will get to it as soon as I can.

Update with today's results....

GbpJyp -20
EurJpy -62
EurJpy -2
UsdCad -35 pips
GbpUsd +61 pips
EurUsd -34 pips
EurUsd +43 pips
UsdJpy currently still open with +4 pips locked in.....

Okay, today we took a loss of -45 pips unless we do not get stopped out with UsdJpy as it keeps moving up. Not a bad day considering how chaotic the market was early in the day. We are still up a fair amount of pips for the week.

I will be back in 20 or so with the settings for AudUsd.

Enjoy!

UR = .6580
LR = .6475
LTP = .6650
STP = .6450
TH = 70

2nd Set
LR = .6360
LTP = .6525
TH = 70

Just to let you know that you should be able to now use the MM strategy in this newest version of the EA. That was the change to this version. We have a few other tidbits in the works, but it seems the EA is performing as it should.

The 2nd thing is to have the EA on the 15M TF. I wonder L3, if that is why you did not get any trades to trigger today>

Happy testing, and by all means tell me if you think one of my ranges is wrong . I'll be happy to fire you

Let the fun begin!