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Exceptional day, will it continue ?

  • #81
  • Jul 15, 2009 10:48am Jul 15, 2009 10:48am
Quoting Limstylz
Yes, I am aware....
My fault...should have sat down and typed everything out from page one...lol...

Firstly...the EA and the hammers/walls have nothing to do with each other. The h&w is my price based trading. The EA checks for trade probabilities i.e.

a) Possible change in trend,
b) Extension in range of bars,
c) More tick per bar (activity) in relation to range,
d) Bounces on support/resistance line (i.e. pivot)

So the 11 conditions the indicator/EA scans for have nothing to do with the h&w. I guess it can be programmed in but I have tried before and there are just to many variables in price action. Nothing like the eyes and brain to process this.

So you trade your price action. The indi/EA will alert you of other conditions which might be conductive to your price based trading. Example:

Market is ranging in narrow range, you get up and walk away. While away the indi/EA spots a slight change in trend and momentum as well as an increase in the price range. It sets of the alert and calls you. You take your seat, see that price is busy heading for a breakout through a wall, you place your trade, get entered, manage it, bank your profits and get up and walk away. The indi/EA will call you if there is any further action.

Get the idea?
  • #82
  • Jul 15, 2009 10:57am Jul 15, 2009 10:57am
Quoting mike_85
the EA and the hammers/walls have nothing to do with each other. The h&w is my price based trading. The EA checks for trade probabilities i.e.

a) Possible change in trend,
b) Extension in range of bars,
c) More tick per bar (activity) in relation to range,
d) Bounces on support/resistance line (i.e. pivot)

So the 11 conditions the indicator/EA scans for have nothing to do with the h&w.
Thanks for your response... It's much clearer now... so your indicator just calculates probability and then you use H&W as your strategy for entry/exit. Got it.

I had presumed that your H&W were coded as well. Thanks for clearing that up for me.
  • #83
  • Jul 15, 2009 11:13am Jul 15, 2009 11:13am
Quoting Limstylz
Thanks for your response... .
Just to clarify on the signals while we are making everything so clear now

The signals is when the indi/EA calls. These calls however turned out so well that you can trade from them, and that is what the spreadsheet in post 1 was all about. I was amazed at how by just scanning for several conditions I could actually get good entries as well.

The aim was just to get an overall probability and not an exact entry. So my aim with this thread is to firstly introduce the h&w and then how to use the indi with that. Why?

The indi alone will not help you in your trading (lol...the way it flies now you might just retire on it..jokes) but the h&w is one of those things you can still use 10 years from now (hopefully, the way the NFA is going we will all be trading on a monopoly board). That forms the foundation. The indi makes live easier.

Seems like we are all on one page now...
  • #84
  • Jul 15, 2009 11:14am Jul 15, 2009 11:14am
Hi Mike 85,

Thank you for your patience and willingness to share. I understand H&W as I only trade price action. Will the indicator that you are working on be able to "indicate" that there is sufficient momentum in the market to move price to a determined profit target (eg. 15 pips or beyond). I ask because so often, a breakout occurs (fractals) or a pin bar (hammer) trade is taken that goes nowhere. However, if an indicator could not only tell when when the conditions are appropriate for trading but show momentum, trade success probability would increase. What exactly will the indicator do? Thank you.

fxpilot
  • #85
  • Jul 15, 2009 11:23am Jul 15, 2009 11:23am
Quoting fxpilot
Will the indicator that you are working on be able to "indicate" that there is sufficient momentum in the market to move price to a determined profit target (eg. 15 pips or beyond).
I doubt if anything can show this. Price action cannot even show this until you get your failure or loss of momentum. An indicator will most probably only pickup on this a bar or three later.

Think of it of driving on a highway. If there is nobody driving in the same direction as you but lots of traffic in the opposite direction then the there is a good chance that something is wrong up ahead. What? I don’t know and neither will you until it might be to late.

Same with the indi. It cannot tell you what is around the bend but it can tell you in which direction most drivers are going. How many will take the next off-ramp….who knows….So the indi will tell you all are driving south…but not for how far…get it?

Edit: Just wanted to add on that the indi will show you as the drivers get off the highway i.e. loss of momentum.
  • #86
  • Jul 15, 2009 11:26am Jul 15, 2009 11:26am
Quoting mike_85
I doubt if anything can show this. Price action cannot even show this until you get your failure or loss of momentum. An indicator will most probably only pickup on this a bar or three later.


[font=Arial][size=2][font=Arial]Think of it of driving on a highway. If there is nobody driving in the same direction as you but lots of traffic in the opposite direction then the there is a good chance that something is wrong up ahead. What? I don’t know and neither will you until it...

Thank you Mike, I understand. Looking forward to your PDF.
  • #87
  • Jul 15, 2009 11:39am Jul 15, 2009 11:39am
Truly fascinating thread. Stated with absolute clarity, in a way that even I can understand.

Following with great interest. Thank you, Mike.
  • #88
  • Jul 15, 2009 11:50am Jul 15, 2009 11:50am
Let's wait till Monday when Mike will start giving all the information we require. He needs time to complile all the information and need not be duplicating them here now. Let's leave him to spend all the time available to compile the PDF etc.
Good job, Mike.
  • #89
  • Jul 15, 2009 11:57am Jul 15, 2009 11:57am
Quoting Jimmy Jones
If you don't mind me asking, what time frame do you usually trade these hammers and walls off of? Just to clarify, I mean when you trade manually, I noticed you said the indicator is looking for these across all time frames, but when you do it indicator free, are you just scanning many time frames all day looking for these hammers?
Hi Jimmy,

Missed your post sorry. Lets split this answer in two. H&W and Indi.

H&W: I trade any time frame. It all depends on how the market is moving and what setups are offered. I prefer the hour. If I however do not see a nice setup on the hour but I can see that price is heading up i will drop down to the 15 or even 5 to look for a setup in the direction of the hour. If the markets are ranging I will drop to the 15 or 5 as well and shoot in both directions. In such a case my money man. change, I will cover this in the upcoming doc.

Indi: The nice thing about the indicator is that it is not time frame bound. Because of the fact that it scans all the time frames it gives the same information no matter on which time frame you are. This means you will see the same on the 5 min as what you see on the hour. It is really time frame independant yet it is time dependant. More confusion

Meaning: if a signal is generated on the 5 min chart say at 14:00:01 then this same signal will be on all time frames at that exact same spot. So if you put the EA on an hour chart and your friend does so on the 5 min you both will get the same signal at exactly the same time (taking into account of course that you have the same price feed).
  • #90
  • Jul 15, 2009 12:05pm Jul 15, 2009 12:05pm
Quoting jaaccl
Let's wait till Monday when Mike will start giving all the information we require. He needs time to complile all the information and need not be duplicating them here now...
I agree, though I welcome all your questions I also think it might be better that we wait for Monday. Currently you guys are in the dark and I sit with all the golden eggs. Once you have the document then you have a base to ask questions from.

I'm aslo concerned that we might start to confuse everything more. If you however have a question you are still welcome to fire away and ask.
  • #91
  • Jul 15, 2009 12:45pm Jul 15, 2009 12:45pm
I'm patiently waiting impatiently...
  • #92
  • Edited 7:54am Jul 16, 2009 6:02am | Edited 7:54am
Updated figures in green

Here are the trades for today from around 8am GMT as well as the results so far:

Trades: 18
Winners: 11
Losers: 7

Winner reaching TP1: 5 and TP2: 6 TP1 2, TP2 9
Net pips taken 254 after (35 pips per stop x 7 losses). Net pips 378
Cheers

PS: Only ran it on GU. EU, EJ, GJ
  • #93
  • Jul 16, 2009 9:15am Jul 16, 2009 9:15am
Great job mike85, I just want to thank you for sharing your knowledge to all here. There is a lot of bad info out there and you have it right. Thanks so much. Mr D,
Jesus my Lord
  • #94
  • Jul 16, 2009 9:36am Jul 16, 2009 9:36am
Thanks Mike... following this thread with great interest!

  • #95
  • Edited 10:42am Jul 16, 2009 10:19am | Edited 10:42am
Mike,

Does the EA/indi/scanner you are working on have the capability of scanning all pairs?

Keep up the good work
  • #96
  • Jul 16, 2009 11:31am Jul 16, 2009 11:31am
This is such an exciting and interesting thread, Mike. Thanks a million for working this out. I look forward to seeing the document you're producing!

Cheers,
Ed from Columbus, OH
  • #97
  • Jul 16, 2009 11:43am Jul 16, 2009 11:43am
Quoting mike_85
Updated figures in green

Here are the trades for today from around 8am GMT as well as the results so far:

Trades: 18
Winners: 11
Losers: 7

Winner reaching TP1: 5 and TP2: 6 TP1 2, TP2 9
Net pips taken 254 after (35 pips per stop x 7 losses). Net pips 378
Cheers

PS: Only ran it on GU. EU, EJ, GJ
Hi Mike!

for now all I can say is EXCITING!!!

till when we have the PDF and digest it, we are eagerly waiting

thanks in advance

kos
John 3:16 - From THIS love no power on earth can me sever.
  • #98
  • Jul 17, 2009 9:01pm Jul 17, 2009 9:01pm
Hi, Mike!

I just found about this forum and I'm very interested with your experiences this month. Could you please count me in? I don't know much about coding and I'm still new in forex but I'm willing to help anything I could..

Thanks,
LCH
  • #99
  • Jul 18, 2009 2:40am Jul 18, 2009 2:40am
Hello Mike

I have been following this thread silently since the beginning,I appreciate your good work and i am waiting patiently for your hammer&walls pdf

Exduff
  • #100
  • Jul 20, 2009 12:24pm Jul 20, 2009 12:24pm


kos
John 3:16 - From THIS love no power on earth can me sever.
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