The Dance

I can see this just getting better and better. You have done a great Job Clay well done

Clay
Congrats...this is no suprise to me. First of all you have taken strict control over your thread...which on this forum can be difficult. If you can keep this up, the thread, your message and probably quite a few traders will learn how to trade profitably. Secondly I know all of the time spent managing this thread has got to cut into your trading a little. With that said I do believe also that the best way to master anything in life is to teach it to others...and you my friend are doing one hell of a job.

So hopefully this is paying off and begining to show on your own trading success rate.

I am just reminded of another good thread that I followed from the begining "The Art of Trading MA's" that was being administered by someone we all know...that seemed to get overrun by people who didnt have the common courtesy to just sit back, listen and learn from someone that had obviously perfected a trading strategy and was making money on a consistant basis.

But i guess that's human nature...don't let that happen here...you have a good group following you and from what i see, everything we need right here in front of us with the strategy that you have provided.

Remember the cream always rises to the top!!!

eclayf,
Thank you very much for starting this thread. I have only had time to skim through your manual, which was excellent. I really enjoyed the document on your journey thus far, and found it very encouraging/inspiring.

I look forward to working through the documentation you have provided, and hopefully adopt it with some changes I may need to work for me.

Thanks again for your effort, and I look forward to contributing.

Not to worry, again, welcome and we do appreciate your input. Thank you for the editing!

Looking forward to your new posts and the skills I know you bring to all this demonstrated by what you've already done, and the great respect you show in your response.

Thank you again my friend.

God bless

Hi Clay,

Its very nice to see the thread passing milestones one by one...Surely this thread will definitely go long way....Hurahh....

BTW ...I am having some problems with scricpts in my meta trader. When I tried to execute sell script (not only sell script) some times meta trader removing the script without executing the script. I can see it in the journal tab(see attached). Actually it worked in the morning but now its not working. You got any idea of whats happening? I ve also attached my options settings in platform.

Any help would be much appreciated.

Suranga

It is, and when I follow my OWN rules, I do amazingly well, like the week I had a 70% increase in the account. When I don't the market makes me pay for it!

BUT, my "peace" when trading and my confidence is now light years ahead of where it was because I KNOW this works better than anything I have ever worked with, and works in more market conditions than anything I have ever worked with as well.

Thank you for the kind words and welcome to the thread. Good to have you.

Hi Suranga. To be honest I have no idea what that entry means, but I would assume it's when the script is finished and MT4 then "removes" it so it doesn't "lock" that action.

I have had times, with a script that had an error that in trying to execute another script, I would continuously get a "are you sure you want to terminate the Script XXX" error message. I assume that when I DON'T get that error, MT4 has been removing the executed scripts properly and logging it.

That's the best I can offer. Sorry.

Hmm.. I might reinstall and try again.. Thanks for your help Clay

Suranga

I've been working on using the "Equivalents" a bit and trying to find a way to use them to keep us OUT of the really bad areas, but to get us IN the RIGHT direction earlier. The attached image shows what I am working on and the attached Zip file has a template and an indicator that I used to accomplish this.

The MAIN issue when we tried using the "equivalent" lines for all three charts on one, was that we lost the time frame specific P/A and candles and all the info that represented, leading to some bad trades that ate all our profits away. This setup is an attempt to KEEP all that P/A and to use the "equivalents" in a slightly different way.

You can see clearly on the charts that MT4 has a problem, that for us would be pretty huge. On the higher TF's it does NOT give a true representation of where the lines actually "hit" and often that creates a "false" signal on M15 for us as price really hasn't "gotten there" yet. BUT if we use the P/A from H1 and D1, along with the equivalents to give us more "exact" levels of S/R and the ones MT4 draws on H1 and D1 more as "warning" lines from which to START to make the decision to exit or enter, with M15 being the FINAL decision "fine tune" of it all.

The image posted has a trade I just finished using this setup, and the zip with the template and the indicator is also here. YOU MAY need to increase the size (thickness) of the lines in the additional "MA_colored" indicator to get the same look and feel.

Enjoy and let me know what you think of it.

Here is a trade I took today off the steep M5 angle touch (EMA10). My target was the round number (got 28 pips).

Kostas

P.S. The M15 had a nice two bar reversal and touch of the 35/10 and confluence at the M5 35/50 (this happened 4 M15 bars earlier than my trade). I took that trade for 10p but I didn't feel confident to stay in for the rest of the move (90 pips!!!). Clay, could you comment on that trade since the angle of the M15 35 at that point was only 9 degrees?

I would need a bit more info Kostas1,,, perhaps you could place a vertical line in the chart at the bar you used to take the trade? or an arrow or something so I can see what you are talking about?

Thanks

Clay,
I thought the arrows that MT4 places for the trade are visible (blue arrow for entry, yellow for exit, blue dotted line traces the two arrows). If you expand the chart they can be seen both on M15 and M5.
In any case, I changed the chart in my post and added some comments. My question refers to the angle at the two M15 bar reversal and if this would be a good trade to hold on according to the rules.

Cheers,
Kostas

Sorry 'bout that. I'm pretty tired tonight. Not much sleep lately.

The 50 is turning up a bit in that area, as is the 35. The retrace bar is a very long bar, and those sort almost always retrace a bit at the close of them, giving you a decent place to enter with pretty good expectancy of a bounce of at least a few pips, giving you a chance to move to BE early. The angle is pretty low, but the overall trend agrees in all three charts.

Not the best entry "by the rules" BUT by "discretion" it was a great entry. Same on the second entry, but I would have hesitated a bit because of the length of the SL required. THE KEY on that one is that you have TWO bars in a row that cannot go short and both of them are pretty long bottom wicks.

Often when you have multiple longer wicks in a direction, the trade will continue opposite them, just like this one did.

Here's the thing about all this. One COULD spend a ton of time writing all of the possible permutations of P/A, but that would NOT leave room for people to learn to use discretion in trading. THAT is also a purpose in The Dance.

It is NOT intended to be an "end all and be all" of trading, but to be a SOLID strategy from which to GROW your OWN trading strategies. That is exactly what you are doing. You are takingg what is "here" and adding it to things you ALREADY know, and using The Dance to increase your OWN profitability based on discretion.

THAT is the goal. It's wonderful to teach "my" strategy, but ultimately YOU have to build your OWN business model out of all the things you find about FOREX and make it 'yours."

If everyone traded The Dance exactly "by the rules" they would do really well, as everyone can already see. BUT THEY WILL DO MUCH BETTER as their OWN discretion begins to kick in.

I'll never forget the day Endroute said to me, "Have you noticed that you are starting to see really good setups independent of the lines and the normal rules?" I was amazed, but he was right.

I even tried trading totally "naked" in the Sim once and did reasonably well, to be honest. I would NOT recommend it to anyone here yet, but it would be a fun exercise after you start to "see" things on the chart. When that happens, then one day, open the Simulator, use a normal MT4 chart with the black background and the normal grid lines and just sit and watch and try to trade off ONLY and EXCLUSIVELY the P/A as you see it.

It's a really fun exercise to do.

That is also part of trading to me, learning to have real fun doing it. NOT being "risky" in live accounts, but having FUN learning to trade, and takiing everything you "learn" and apply it to the charts in front of you.

For example, I studied the Median Line strategy here on FF presented originally by Alan Andrews in the 50's and here by Justcatalin (http://www.forexfactory.com/showthread.php?t=76597) at his thread. Today, there are times I can "see" the "median line" very clearly in P/A, but not always.

When you start to "see" things like that, you are starting to "get there" and will soon be doing VERY well,,, IF you are patient and stick to some basic rules to protect you while you learn.

Thanks Clay,
I missed the fact that all charts agreed. If I had seen that I would have probably stayed with my first trade. So your observations are still valuable to me. Have a great weekend and catch some sleep man.

Kostas.

Hi Clay,

My charts do not have the RN shading. I downloaded everything, maybe caused by my 5 digit charts. Any ideas?
Thanks for all your help.

pipsacker

Pipsacker right click on your chart and go to indicator list then open Round Numers Beige and edit the gridspace to 250 for D1 it needs to be 500

Hope that helps

Windows 7 includes it's own screen capture tool called "snipping tool". It allows images to be edited and saved in a variety of formats and also has simple drawing and highlighting tools. The program is found via the start menu. It doesn't have a text facility though.

Tried that, Juneman. All I get is the moving averages, nothing else on the list.
Thanks.

pipsacker

Yep, it's the 5th digit that's causing ALL the problems. There is a setting that allows you to change the lines that appear. Find the Round Numbers Beige Indicator by right clicking the chart and clicking the link "Inputs" and play with the "grid space" number until you get it to show correctly. Should be 25 on normal charts on M15, probably 50 on 5 digit borkers.

That means that D1 will ALSO need to be changed, probably to 100 or something. You'll have to play with it a bit to get it set properly.