Hi volan, and welcome to Forex Factory, THE best Forex forum on the web!
PF stands for Private Forum. It is a paid subscription service that is scheduled to begin on Jan 1st. It is headed up by James16, an amazingly successful trader with 20 years of trading experience. The PF came about because of James16 generous contributions on the thread on this forum called James16 Chart Thread. The readers of that thread were (and are) so excited about the profitable trading info that James16 shared there that they asked for more indepth training. In response, James16 has put together a team of traders who will be teaching in the PF when it opens. The subscription is $99 per month, cancellable at any time. The information available in the PF would cost you thousands elsewhere. And much of the information that will be available is simply not available anywhere else. In addition to reading posts by James16, you may also wish to read posts by the other PF instructors, Fijitrader, ElectricSavant and Diallist (that's me). You'll be interested to know that my part of the PF will focus on a version of the 4hour tunnel method developed from the model by a group of traders known as Team Aphid, which I've bent to my liking and have been trading live with great success.
Hope this answered your question, and again, welcome to the Factory!
Dial
- #122
- Nov 28, 2005 10:27am Nov 28, 2005 10:27am
- Joined Sep 2004 | Status: Trader | 1,464 Posts
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
- #123
- Nov 28, 2005 11:15am Nov 28, 2005 11:15am
I'm stopped out on the swissie position! Film at 11.
I'll update bonehead journal thread tonight!
HJ
I'll update bonehead journal thread tonight!
HJ
from heavy's earlier position...this time i'm just gonna stick to the charts without any specific trades.
i will try and follow this throughout the day at the 4h intervals: 0800, 1200 and 1600 whenever i can. i think i can modify it to suit my taste as well.
ok next chart...be advised i'm just a noob on this system so i'm gonna just trade it using small amounts and adapt it over time.
http://img400.imageshack.us/img400/3...chf21gh.th.png
HeavyJ -"Posterboy for Spellchecker!"
"Will work for pips!"
- #124
- Nov 28, 2005 1:02pm Nov 28, 2005 1:02pm
- Joined Sep 2004 | Status: Trader | 1,464 Posts
I'm stopped out on the swissie position! Film at 11.
I'll update bonehead journal thread tonight!
HJ
I'm not pinging on you Heavy, ol' buddy
, I'm just using your post to make a point to newbies who may be reading this thread who have stars in their eyes over the backtest results of the V4 model and who also still believe they are somehow immune from the dangers of high leverage. I'd be willing to bet a couple of pips that there are readers of this thread who are in pain right now because they entered the recent V4 trades with far, far to large a position size.It is a good thing that the market occasionally punches us in the nose, to remind us to keep our guard up at all times. You know the saying, "Just when you thought it was safe to go back into the water...."
Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
And what entry were you planning to make in your bonehead journal? Are you implying that you somehow made a mistake? The large market move that stopped out V4 trades today (mine included) is exactly why it is so important to always set a stop (as you obviously did, nothing boneheaded about that at all!), and to properly limit one's risk with conservative position sizing and minimization of leverage.
I'm not pinging on you Heavy, ol' buddy
It is a good thing that the market occasionally punches us in the nose, to remind us to keep our guard up at all times. You know the saying, "Just when you thought it was safe to go back into the water...."
Dial
I actually do not think I'm a Bonehead.....some might.....but my mother likes me!
The bonehead trader is the name of my journal thread....thats all.
Maybe I can change the name to "Recovering Bonehead Trader"
Tell you what. I'll start a new Tunnel Chart thread idf someone doesn't beat me to it!
I know that Charles speaks the truth about the possibillity of pain from these positions lost this morning. please know that I never meant to rub in salt.
Dial has warned us how difficult entry can be under these very conditions. i view this as valuable training if not "profitable"
Actually while i lost out this time. I'm not convinced I made a bad entry.
When I disect my trades I hope traders on this sight will offer insight and rebuke if necessary. I not only want to cover my trades (entry/exit strategy) in the journal but my approach to position size, risk, MM ect. any one else who wants to post is of course welcome.
I may be lost in the Tunnel.....but I am searching for the light at the end
Good Journey!
HJ
HeavyJ -"Posterboy for Spellchecker!"
"Will work for pips!"
Same story here too. 
However I did book 10 pips but I came in too late to move the other half to BE so I took the slide along with the rest.
The big move came ater housing report at 1500 gmt which normally isnt big news. But sometimes even a small report can be used by the strong hands to push the market around.
I might take the tunnel to the daily timeframe and experiment there - might do better than 4h. But I will still check with you guys on the 4h and see how you're doing.
However I did book 10 pips but I came in too late to move the other half to BE so I took the slide along with the rest.
The big move came ater housing report at 1500 gmt which normally isnt big news. But sometimes even a small report can be used by the strong hands to push the market around.
I might take the tunnel to the daily timeframe and experiment there - might do better than 4h. But I will still check with you guys on the 4h and see how you're doing.
And what entry were you planning to make in your bonehead journal? Are you implying that you somehow made a mistake? The large market move that stopped out V4 trades today (mine included) is exactly why it is so important to always set a stop (as you obviously did, nothing boneheaded about that at all!), and to properly limit one's risk with conservative position sizing and minimization of leverage.
I'm not pinging on you Heavy, ol' buddy
It is a good thing that the market occasionally punches us in the nose, to remind us to keep our guard up at all times. You know the saying, "Just when you thought it was safe to go back into the water...."
Dial
Always good to review all trades, good, bad and plain ugly!
Why not keep this thread going as a general discussion and carry on using yours for trading? If you want ask me or Dial to change the name (if you can't do it).
Keep the faith dude..
Why not keep this thread going as a general discussion and carry on using yours for trading? If you want ask me or Dial to change the name (if you can't do it).
Keep the faith dude..
Actually while i lost out this time. I'm not convinced I made a bad entry.
When I disect my trades I hope traders on this sight will offer insight and rebuke if necessary. I not only want to cover my trades (entry/exit strategy) in the journal but my approach to position size, risk, MM ect. any one else who wants to post is of course welcome.
I may be lost in the Tunnel.....but I am searching for the light at the end
Good Journey!
HJ
- #128
- Nov 28, 2005 2:31pm Nov 28, 2005 2:31pm
- Joined Sep 2004 | Status: Trader | 1,464 Posts
My bro' Dial has a good point.
I actually do not think I'm a Bonehead.....some might.....but my mother likes me!
The bonehead trader is the name of my journal thread....thats all.
Maybe I can change the name to "Recovering Bonehead Trader"
Tell you what. I'll start a new Tunnel Chart thread idf someone doesn't beat me to it!
I know that Charles speaks the truth about the possibillity of pain from these positions lost this morning. please know that I never meant to rub in salt.
Dial has warned us how difficult entry can be under these very conditions. i view this as valuable training if not "profitable"
Actually while i lost out this time. I'm not convinced I made a bad entry.
When I disect my trades I hope traders on this sight will offer insight and rebuke if necessary. I not only want to cover my trades (entry/exit strategy) in the journal but my approach to position size, risk, MM ect. any one else who wants to post is of course welcome.
I may be lost in the Tunnel.....but I am searching for the light at the end
Good Journey!
HJ
I forgot about the Journal thread you had started, and didn't realize that's what you were referring to. Sorry.
Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
- #129
- Nov 28, 2005 2:44pm Nov 28, 2005 2:44pm
- Joined Sep 2004 | Status: Trader | 1,464 Posts
Same story here too.
However I did book 10 pips but I came in too late to move the other half to BE so I took the slide along with the rest.
The big move came ater housing report at 1500 gmt which normally isnt big news. But sometimes even a small report can be used by the strong hands to push the market around.
I might take the tunnel to the daily timeframe and experiment there - might do better than 4h. But I will still check with you guys on the 4h and see how you're doing.
What makes me mad is I almost reversed the EUR and GBP last night, but I told myself "No, the 8 SMA hasn't changed slope yet, and besides, it would be against the weekly trend", so I was a good boy and obeyed the system rules. But, for the benefit of you newbies reading this thread, if I had broken the rules and reversed my trades and made a pile of money on todays big move, it would have been a bad thing. Why? Because being rewarded for breaking the rules of your system only reinforces your inclination to break them again in the future. This will only get you burned in the long run. Better to keep to the rules and have an occasional disappointment, than break the rules and suffer major disaster!
Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
- #130
- Nov 29, 2005 12:44am Nov 29, 2005 12:44am
- Joined Aug 2005 | Status: steady and consistent | 977 Posts
Congrats on the 10 pips Iso! I came out a winner too in spite of the major reversal. I had already TP'd at 144 on GBP with 29 pips, and got stopped out on EUR with a profit of 83 pips. (I know, I know! I cheated and broke the 50 pip rule to enter, but only because I liked the technicals well enough to do so).
What makes me mad is I almost reversed the EUR and GBP last night, but I told myself "No, the 8 SMA hasn't changed slope yet, and besides, it would be against the weekly trend", so I was a good boy and obeyed the system rules. But, for the benefit of you newbies reading this thread, if I had broken the rules and reversed my trades and made a pile of money on todays big move, it would have been a bad thing. Why? Because being rewarded for breaking the rules of your system only reinforces your inclination to break them again in the future. This will only get you burned in the long run. Better to keep to the rules and have an occasional disappointment, than break the rules and suffer major disaster!
Dial
great wisdom
P.S. I was deadly stopped at 50 pips.
kiss the trend
I hafta agree with Dial you sound like a smart guy and a fast learner. Your posts and humour are some of the best on the forum. I dunno why you do yourself down with the "bonehead" comments though?
Still maybe we all need to take a leaf out of your book to keep ourselves humble and modest. I think Mr Market kicks my ass when my ego heads for the clouds!
Still maybe we all need to take a leaf out of your book to keep ourselves humble and modest. I think Mr Market kicks my ass when my ego heads for the clouds!
Hey Dude! All your "bonehead" comments always make me smile, 'cause you are anything but! Fact is, your progress as a trader seems to be scary fast! I'm really impressed with your obviously intelligent insights, and especially so because you moderate it with your humor and great attitude. I think you are a major asset to this forum, HeavyJ. I'm glad you are here.
I forgot about the Journal thread you had started, and didn't realize that's what you were referring to. Sorry.
Dial
Man if only I had your monthly pip scores then I would be really happy!
I quite agree that breaking your system in the middle of a trade, although tempting at the time and sometimes successful, is sheer madness in the long run. If things don't work out then you kick yourself for not following your system.
I find that if you get caught in that mindset and sometimes you will pick up flaws or potential improvements like this then jot them down and research them seperately and then perhaps redevelop and retest your system if required.
I quite agree that breaking your system in the middle of a trade, although tempting at the time and sometimes successful, is sheer madness in the long run. If things don't work out then you kick yourself for not following your system.
I find that if you get caught in that mindset and sometimes you will pick up flaws or potential improvements like this then jot them down and research them seperately and then perhaps redevelop and retest your system if required.
Congrats on the 10 pips Iso! I came out a winner too in spite of the major reversal. I had already TP'd at 144 on GBP with 29 pips, and got stopped out on EUR with a profit of 83 pips. (I know, I know! I cheated and broke the 50 pip rule to enter, but only because I liked the technicals well enough to do so).
What makes me mad is I almost reversed the EUR and GBP last night, but I told myself "No, the 8 SMA hasn't changed slope yet, and besides, it would be against the weekly trend", so I was a good boy and obeyed the system rules. But, for the benefit of you newbies reading this thread, if I had broken the rules and reversed my trades and made a pile of money on todays big move, it would have been a bad thing. Why? Because being rewarded for breaking the rules of your system only reinforces your inclination to break them again in the future. This will only get you burned in the long run. Better to keep to the rules and have an occasional disappointment, than break the rules and suffer major disaster!
Dial
- #134
- Edited 6:56pm Nov 29, 2005 6:31pm | Edited 6:56pm
- Joined Sep 2004 | Status: Trader | 1,464 Posts
First, please keep in mind that the Vegas document outlines a trading model, not a trading system. Therefore, the answers I will give are based on the system I trade that is derived from the Vegas model.
This is not explicitly stated in the Vegas documents. However a careful reading of the document and the back test tables reveals clues that it is indeed the case that the trend has reversed as soon as the momentum decreases from one week to the next. I had compiled a list of those clues and emailed them to a friend, but we have both lost our copies, so I can't provide them now, nor do I feel like going back through the document again. But yes, as soon as the momentum decreases, the trend is considered to have changed. But, it is very important to understand that the system is most vulnerable to losses during trend changes. This is because momentum, as defined here, is a lagging indicator. Price action should be your first clue that a trend change signal is about to occur. In other words, price action will say the trend is now up, while the vegas momentum indication will still say down. It is for these reasons that I personally use discretion during trend changes to see the true trade direction. In between trend changes however the momentum indicator is right on 90% of the time. And that is really all we need it for, not for an exact delineation of the trend, but simply to put the odds in our favor. For this purpose, it works very well.
I would also suggest you look a few posts back in this thread at the discussion between myself and Isotonic regarding the times when an increase in momentum can indicate a trend change. This is not mentioned in the Vegas document at all. It is something I observed while actually trading the system.
This is another shortcoming of the Vegas document. They simply say to enter the trade when the slope changes. But that begs the very question you are asking, "how much?". Please refer to my post number 26 of this thread where I explain the concept of the neutral line and two ways to enter a trade after the neutral line is crossed. First, by entering on the close as you mentioned, or second, by setting a trailing entry a fixed number of pips from the neutral line.
Okay, before answering your question, and to avoid confusion because of some statements I've made in other posts, I want to mention that I compute momentum using the current week (as yet unclosed), and the week prior to the current week. Vegas does it differently. They use the first and second closed weeks counting back from the current week. Therefore, in the Vegas model, the trend signal will only change after close on Friday. The way I do it, the trend signal can occur mid-week.
That said, to answer your question: If the momentum is less than 500 pips, then any amount of decrease from one week to the next will mark a trend change. But, according to Vegas, if the momentum is greater than 500 pips, then the criteria to consider the trend to have changed is different and can be either of these two scenarios:
(1) The momentum decreases by more than 10 pips between the first and second most recently closed bars.
or
(2) The momentum decreases by any amount for BOTH the first and second AND second and third most recently closed bars.
Personally, I have yet to encounter a momentum of greater than 500 pips so at this point I have doubts about the validity or need for this rule. So for me, the jury is still out on this rule. When in doubt, look to price action.
Yes. Please refer to my post number 13 of this thread. Please read first the comments at the top of the post made by Team Aphid as to why price is ignored and then look at the image at the bottom of that post that shows how the upper and lower bounderies are derived from the SMA's only and not price.
Iso, I defer to your wisdom on this question.
I played with the spiggy breifly but didn't like it. As I recall, it shows a trend indication on the four hour chart, but it is derived from the weekly chart which also has to be open as I recall. The spiggy trend indicator only changes at the close of the week. This did not serve my needs as I look for intraweek trend changes. The remaining indicators were of no value to me, but may be to others (at least they are to spiggy 
: )
Hope this helps a little.
Dial
1) The Vegas document states that as the difference between the 21EMA and 5SMA increases on the weekly chart then momentum is increasing, then as the difference decreases you've reached your medium-term top and price will start to drop. If the difference between 21 and 55 is getting smaller, does this signal a change in direction? If so should we be looking to make trades in that direction instead of the previous direction? To clarify, let's say the 21 and 55 MAs are going up and separating, then they start to come together, but they're still pointing up; what do we do? Are we still looking for long positions or are we looking for short positions?
I would also suggest you look a few posts back in this thread at the discussion between myself and Isotonic regarding the times when an increase in momentum can indicate a trend change. This is not mentioned in the Vegas document at all. It is something I observed while actually trading the system.
2) For entry timing, let's say that the 21 and 5 on the weekly charts are going up and separating so we're looking for long positions. Then we go to the 4h chart and look at he 8 SMA. We wait for it to drop a little (preferably through the 55, but not necessary) and then for it to "hook" back up. Then we enter long. Do we enter as soon as it hooks up or do we have to wait unti the bar closes to confirm (or even wait and see what the next bar is doing)?
3) The 1st filter is on the weekly charts. It says that if the difference between 21 and 5 MAs are greater than 500 pips, "then the pip difference from the prior week must change by more than 10 pips, or just go lower over 2 consecutive weeks. tp sogma; a trend change". What does the stuff in quotes mean?
That said, to answer your question: If the momentum is less than 500 pips, then any amount of decrease from one week to the next will mark a trend change. But, according to Vegas, if the momentum is greater than 500 pips, then the criteria to consider the trend to have changed is different and can be either of these two scenarios:
(1) The momentum decreases by more than 10 pips between the first and second most recently closed bars.
or
(2) The momentum decreases by any amount for BOTH the first and second AND second and third most recently closed bars.
Personally, I have yet to encounter a momentum of greater than 500 pips so at this point I have doubts about the validity or need for this rule. So for me, the jury is still out on this rule. When in doubt, look to price action.
4) The 2nd filter is on the 4hr chart. It says that if price and the 2 MAs are within 50 pips then go to technicals. Is this the 50 pips "exclusion zone" I've read about in this thread?
5) Iso was kind enough to post some indicators, but I'm not sure what they're for. Would Iso or someone else be kind enough to explain them?
5.1) The 1st indicator "tun_lines" puts a red line on my chart. What is it?
5.2) The 2nd indicator "tun_macd" puts a grey macd histogram on my chart. I thought that MACD was supposed to show convergance/divergance of 2 MAs but they don't seem to follow the convergance/divergance of the 5/21MAs tha I have plotted. Can someone please explain?
5.3) The 3rd indicator is also a MACD histogram. This one is yellow. I don't know what it is.
5.4) The 4th indicator "tun_sma_line" puts a white line on my chart. What is this?
6) At the following website http://www.freewebs.com/mswilson/ there are indicators by someone called "spiggy" It looks like 2 of the indicators are to be used on weekly charts and 2 on 4hr charts. Has anyone used these indicators and can you please tell me what they are?
: )Hope this helps a little.
Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
OK here goes:
5.1) The 1st indicator "tun_lines" puts a red line on my chart. What is it?
These serve to highlight the "exclusion zones" for price if the 50 pip rule is invoked. When the rules is not valid the lines should disappear. You should get a pair of lines when the rules is invoked.
This implements post #13 from Dial.
5.2) The 2nd indicator "tun_macd" puts a grey macd histogram on my chart. I thought that MACD was supposed to show convergance/divergance of 2 MAs but they don't seem to follow the convergance/divergance of the 5/21MAs tha I have plotted. Can someone please explain?
The default settings plot the weekly MACD for the 5 & 21 MA. Most of the illustrations here overlay the weekly on the 4h chart which might explain the confusion.
Check back with the weekly again and see if they work. The indicator was adapted from existing MT4 code so should be correct.
5.3) The 3rd indicator is also a MACD histogram. This one is yellow. I don't know what it is.
This measures the weekly change between MACD bars in 5.2 and plots them also as as histogram.
5.4) The 4th indicator "tun_sma_line" puts a white line on my chart. What is this?
This puts in the close of the bar 8 bars back from the current bar (bar 0) on the 4h chart and extends it right to the current bar - the neutral line.
It just implements post #26 by Dial to help you judge when the 8sma crosses the neutral line to help filter price action.
------------------------------------------------------------------------
Just a quick note:
I'd like to point out finally that none of the code is exhaustively tested so there may be some bugs left. However none of the code is that complex either so I'm confident they are mostly correct.
As per usual report back any bugs for me to check...
5.1) The 1st indicator "tun_lines" puts a red line on my chart. What is it?
These serve to highlight the "exclusion zones" for price if the 50 pip rule is invoked. When the rules is not valid the lines should disappear. You should get a pair of lines when the rules is invoked.
This implements post #13 from Dial.
5.2) The 2nd indicator "tun_macd" puts a grey macd histogram on my chart. I thought that MACD was supposed to show convergance/divergance of 2 MAs but they don't seem to follow the convergance/divergance of the 5/21MAs tha I have plotted. Can someone please explain?
The default settings plot the weekly MACD for the 5 & 21 MA. Most of the illustrations here overlay the weekly on the 4h chart which might explain the confusion.
Check back with the weekly again and see if they work. The indicator was adapted from existing MT4 code so should be correct.
5.3) The 3rd indicator is also a MACD histogram. This one is yellow. I don't know what it is.
This measures the weekly change between MACD bars in 5.2 and plots them also as as histogram.
5.4) The 4th indicator "tun_sma_line" puts a white line on my chart. What is this?
This puts in the close of the bar 8 bars back from the current bar (bar 0) on the 4h chart and extends it right to the current bar - the neutral line.
It just implements post #26 by Dial to help you judge when the 8sma crosses the neutral line to help filter price action.
------------------------------------------------------------------------
Just a quick note:
I'd like to point out finally that none of the code is exhaustively tested so there may be some bugs left. However none of the code is that complex either so I'm confident they are mostly correct.
As per usual report back any bugs for me to check...
I also played with the spiggy stuff and some of seemed to be redundant. Like plotting the MA's on the weekly - why not use MT indicators instead?
Also the backtesting although useful for future reference showed a loss when I ran it on a number of pairs which serves to illustrate how most purely mechanical systems fail miserably unless you do 2 things:
1. use your common sense with the signals they generate and make your own decisions on top - mechanical discretion
or
2. build purely mechanical systems like Merlin does and then you might stand a chance of success. This takes time to learn and expertise to implement but it can be done to great effect as Merlin can testify.
(Plus I didn't like the colour schemes spiggy chose.
)
Also the backtesting although useful for future reference showed a loss when I ran it on a number of pairs which serves to illustrate how most purely mechanical systems fail miserably unless you do 2 things:
1. use your common sense with the signals they generate and make your own decisions on top - mechanical discretion
or
2. build purely mechanical systems like Merlin does and then you might stand a chance of success. This takes time to learn and expertise to implement but it can be done to great effect as Merlin can testify.
(Plus I didn't like the colour schemes spiggy chose.
)I played with the spiggy breifly but didn't like it. As I recall, it shows a trend indication on the four hour chart, but it is derived from the weekly chart which also has to be open as I recall. The spiggy trend indicator only changes at the close of the week. This did not serve my needs as I look for intraweek trend changes. The remaining indicators were of no value to me, but may be to others (at least they are to spiggy
Hope this helps a little.
Dial
I've had a quick look at the link and I think it refers to v2 and not 3 (quite what the differences are I'm not sure).
Anway from the text file given below I've checked against the code and it looks like the optional stuff is junk, The weekly indicator is the same as the macd_grad I've done. They jury is still out on the 4h mandatory strategy tester (at least thats what I think it is). Still I might keep that for the future.
Anyway I like the colour swapping on his weekly gradient so decided to do the same for my indicators. (Nothing like "borrowing" an idea, is there!?)
Heres a quick screenshot: I've painted the gradient a lighter shade of the momentum colours (just to be a tart!: )
http://img456.imageshack.us/img456/3...dcad6nl.th.gif
Don't forget to pick up the new toys in the attachment.
Anway from the text file given below I've checked against the code and it looks like the optional stuff is junk, The weekly indicator is the same as the macd_grad I've done. They jury is still out on the 4h mandatory strategy tester (at least thats what I think it is). Still I might keep that for the future.
Anyway I like the colour swapping on his weekly gradient so decided to do the same for my indicators. (Nothing like "borrowing" an idea, is there!?
)Heres a quick screenshot: I've painted the gradient a lighter shade of the momentum colours (just to be a tart!
: )http://img456.imageshack.us/img456/3...dcad6nl.th.gif
Don't forget to pick up the new toys in the attachment.
Thanks Iso, I really appreciate you're explanation.
Further to my comment about spiggy's indicators, In case anyone is interested, here is another link to his indicators (at least I think they're his) http://www.lightpatch.com/forex/mt_y...-V2/Readme.txt
In there is a readme.txt file that explains his indicators. The text of the readme follows. Thanks again to everyone for discussing the 4hr tunnel.
Description
===========
This implementation of the new 4 Vegas system for MT4 is organised as follows:
4hVegasMetaTraderWeeklyChart.mq4 (Optional)
-------------------------------------------
Places the Moving average lines on the Weekly chart. It does not produce any calculations, only visualises the MA lines for information purposes.The green line in the main window is the EMA21 and the blue line is the SMA5.
4hVegasMetaTraderWeeklyIndicator.mq4 (Mandatory)
------------------------------------------------
Calculates the trend according to the divergence of the SMA5 and EMA21. Publishes a weekly variable of the trend to be used in the 4h chart. The variable is calculated from Sunday to Sunday.The blue line in the child window is the difference between the SMA5 and the EMA21. The Green and Red histogram bars are the *change* since the last measurement. If the bar is green, the week is a bull week, if the bar is red, the week is a bear week.
4hVegasMetaTrader4hCTD.mq4 (Optional)
-----------------------------------
Shows the state of the weekly trend variable in the child window on the 4hour chart. For information only.
4hVegasMetaTrader4hChart.mq4 (Mandatory)
--------------------------------
Uses the weekly variable to confirm the direction of the trade, and then enters or exits based on the MA crossovers.On the ENTRY the brackets show the entry price, on EXIT, the brackets hold the P/L
Using it
========
1) Open a weekly chart. Place the "4hVegasMetaTraderWeeklyIndicator.mq4" (and optionally "4hVegasMetaTraderWeeklyChart.mq4") on it
2) Open a 4H chart for the same symbol. Place "4hVegasMetaTrader4hChart.mq4" (and optionally "4hVegasMetaTrader4hCTD.mq4") on it.
3) Use the "PrintTags" option to print trade information - beware there is lots and without a good monitor you will not see much!Thanks and credit to go to the Vegas team.
