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Attachments: Vegas Wealth Builder - Part I
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Vegas Wealth Builder - Part I

  • #121
  • Jan 26, 2006 1:54am Jan 26, 2006 1:54am
Quoting vegas
Dave,
No, I don't wait for a reversal day that closes. I wait for the market to get to the fibs and then I look for market action that tells me a reversal day has a high probability on that day.
I'm a bit of a newbie at your method and I'm still trying to understand the reversal day and 50% retracement. After the market gets to the approperiate fib level on the daily chart, are you looking for that days candle to give you some type of reversal pattern? You also spoke about the range (high/low) of the Asian market to the open of the British market looking for a reversal. Sorry but I'm a bit confused about when the reversal day takes place and when I should be looking for the 50% retracement.

Dave http://www.forexfactory.com/forexfor...cons/icon5.gif
Dave If you can't swim with the sharks stay out of the water!
  • #122
  • Jan 26, 2006 5:34am Jan 26, 2006 5:34am
Vegas,

I would appreciate if you would look at the Chart below and tell me if I am heading in the right direction or off a cliff.

Thanx for your help

HJ
Attached Image
HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #123
  • Jan 26, 2006 8:12am Jan 26, 2006 8:12am
Heavy J, this is what I need to get a grasp of the system. VISUALS! (Too much brain abusing as a youngster!)

THANKS!

Now waiting for the ones who know to answer.
  • #124
  • Jan 26, 2006 9:05am Jan 26, 2006 9:05am
Quoting vegas
Dial,
To get an S&P chart in metatrader 4, do the following: 1) with your charts up, go up-top to tools>history center and then click on the daily S&P 500 to import the daily information. 2) Then go to file>open offline and a box pops up. Click on S&P 500 and the daily cash chart will now be opened. It will be updated every day after the close. Sometimes you have to close the app and then get backin to get the update.
Thanks Vegas! There must be something wrong with my MT4 setup. When I go to History Center, all I can see is a Forex folder containing 19 currencies. There is nothing there for S&P 500. This is true on both of my computers.

I got my MT4 by downloading the client from www.metaquotes.net. Did you get yours from a different source? Maybe that is the difference.

Thanks Vegas!

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #125
  • Jan 26, 2006 10:41am Jan 26, 2006 10:41am
Hi,

At what point do you move your stop to BE? After the first 1/2 of the position makes its way back to the tunnel? Or do you start moving your stop little by little while price is making its way to the tunnel.

Thanks,

Scott
Still haven't found what I'm looking for...
  • #126
  • Jan 26, 2006 11:03am Jan 26, 2006 11:03am
Quoting diallist
I got my MT4 by downloading the client from www.metaquotes.net. Did you get yours from a different source? Maybe that is the difference.


Dial
I got mine from www.strategybuilderfx.com. It's a demo feed, and the demo never expires. They have several currencies and they also have S&P-500, DJI, NQ100, gold and a few other goodies.

Check it out!
  • #127
  • Jan 26, 2006 1:16pm Jan 26, 2006 1:16pm
Quoting downunderdave40
I'm a bit of a newbie at your method and I'm still trying to understand the reversal day and 50% retracement. After the market gets to the approperiate fib level on the daily chart, are you looking for that days candle to give you some type of reversal pattern? You also spoke about the range (high/low) of the Asian market to the open of the British market looking for a reversal. Sorry but I'm a bit confused about when the reversal day takes place and when I should be looking for the 50% retracement.

Dave http://www.forexfactory.com/forexfor...cons/icon5.gif
I'll give a kick at this Dave because I would like to know if I understand it too.
You watch on the daily chart for a trade to meet your first set of parameters ie;
Jan 23 the GBP broke the third fib line.
Then you go to the hourly chart and look for the Japan open(1AM GMT Jan 23 on chart)
and look for a reversal ,5AM GMT Jan 23 on the chart.Draw your FIB from the low to high and when it breaks the 50 % retacement enter the trade short.
  • #128
  • Jan 26, 2006 1:18pm Jan 26, 2006 1:18pm
I've been studying VWB and I think I see a setup. I was wondering if someone could confirm for me.

Attached is the daily GBP/USD. It looks like the price is around the 3rd fib line and it also looks (to me) like a reversal candle setup.

I've taken an idea from Vegas' 4-hr method and I've put in multiple entries and I'm going to take multiple exits. I work all day so it's hard for me to keep an eye on price action so I've put in staggered entries and it is my intention to have my entried stopped in as long as price is going "my way" and take profit whenever the price crosses a fib line. I'm doing that in order to "lock in" profit and as Dial has pointed out in a previous post, price does not always cross the tunnel.

http://img99.imageshack.us/img99/7073/cable8lr.th.jpg

[img=http://img99.imageshack.us/img99/7073/cable8lr.th.jpg]
  • #129
  • Jan 26, 2006 2:40pm Jan 26, 2006 2:40pm
Hi Vegas,

I have been studying your 4H and VWB daily for some time. It looks great and accept my bunch of thanks for all your efforts in sharing it.

I would like to know what % of your account you risk for entries getting thru VWB daily. I understand that these positions could stay for couple of days if it runs in your direction. If suppose, I'm planning to do just the VWB daily, you might do only a couple of trades in a month. I'm curious to know what % of my capital I could risk for these entries.

Thanks !
Shan
  • #130
  • Jan 26, 2006 3:25pm Jan 26, 2006 3:25pm
Greetings Vegas,

Quoting vegas
accrete,

I hope my response to dialist isn't what prompted your post. If it is, then I apologize for being unclear to everyone, especially you.
No your response did not prompt my post. I felt i needed to share that since i had posted so many tweaks, that i in no way wished anything more than just maybe some light bulbs going in our fellow reader's noggins as to how great-and-powerful your concept of using price action combined with FIBO levels away from a mean-average.

Quoting vegas
To everyone, including accrete, I want to make it perfectly clear that your "2 cents" on VWB, the tunnel methods, or the fibs are valuable. Nobody, especially me, has all the answers. So, please keep plugging away.
I'm humbled to be able to hook up and be a part of such a terrific group of people and able to glean so much from you all !

Cheers
  • #131
  • Jan 26, 2006 4:16pm Jan 26, 2006 4:16pm
Quoting volan
I got mine from www.strategybuilderfx.com. It's a demo feed, and the demo never expires. They have several currencies and they also have S&P-500, DJI, NQ100, gold and a few other goodies.

Check it out!
Thanks volan! That did the trick!
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #132
  • Jan 26, 2006 6:08pm Jan 26, 2006 6:08pm
Quoting volan
I've been studying VWB and I think I see a setup. I was wondering if someone could confirm for me.

Attached is the daily GBP/USD. It looks like the price is around the 3rd fib line and it also looks (to me) like a reversal candle setup.

I've taken an idea from Vegas' 4-hr method and I've put in multiple entries and I'm going to take multiple exits. I work all day so it's hard for me to keep an eye on price action so I've put in staggered entries and it is my intention to have my entried stopped in as long as price is going "my way" and take profit whenever the price crosses a fib line. I'm doing that in order to "lock in" profit and as Dial has pointed out in a previous post, price does not always cross the tunnel.

http://img99.imageshack.us/img99/7073/cable8lr.th.jpg

[img=http://img99.imageshack.us/img99/7073/cable8lr.th.jpg]

I have absolutely no idea about the VWB because I havent read the file yet, but...
Attached Image
  • #133
  • Jan 26, 2006 6:15pm Jan 26, 2006 6:15pm
Hey WTB

Looks like it's heading down. Nice pin bar, confluence and hit the 365 ma and headed right back down...........I think anyway



Quinn
I started out with nothing, and I've got most of it left!
  • #134
  • Jan 26, 2006 6:24pm Jan 26, 2006 6:24pm
Quoting diallist
Thanks volan! That did the trick!
Glad I could finally help someone.
  • #135
  • Jan 27, 2006 4:45am Jan 27, 2006 4:45am
Huge thanks to Vegas.

I'm using MT and have a question for anyone with MT programming experience. I've seen other indicators that have data info in the upper left hand corner of the chart such as previous high and low, previous and current day range, and I would like to add the 50% (for the retracement) if possible.

I would like to keep all the info that the current VWB indicators provide. I would also like to add the other info, but not the rest of the indicator(s). I'm just trying to stick to the original indicators without adding a bunch of lines that probably won't get much use.

Is it possible to do this? At this time, I have no experience with programming. I plan on going through the tutorials, but since I'm just starting, learning to trade is the top priority. High and low can be found in the data window, and range can be figured out easily enough, but I'm just trying to make it as easy as possible (especially using various currencies).
  • #136
  • Jan 27, 2006 8:17am Jan 27, 2006 8:17am
jkjk, try these. the shimodax indicator is for your LDN and US session ranges. time set to 0 if you're using GMT MT4. Change the colors(1 and 2 different than 3 and 4 to differentiate the sessions.)

The prev hi/lo is self explanatory. I think the time is set to 0. (I don't use this)

Both should bring up your highs/lows in the left hand corner of your chart.

I also included a cam. Set it to 0 if MT4. This should also give you #'s on your chart.

Cheers,

ktrade
Attached File(s)
File Type: mq4 SDX- 8h.mq4   9 KB | 753 downloads
File Type: mq4 Previous Highs And Lows.mq4   4 KB | 774 downloads
File Type: mq4 camarilladt1.mq4   16 KB | 670 downloads
  • #137
  • Jan 27, 2006 10:17am Jan 27, 2006 10:17am
Just wondering how many people moved their stops to "break even" based on the fact that news was coming out on the dollar?

After getting up to 90 pips on the GDP and 65 on the EUR, I was very tempted to do so, but held tight. I guess the real question is, when are you guys moving your stops to "break even" based on VWB? For me, I’m waiting for a full ATR move on the dailies, before adjusting my original stop loss.
  • #138
  • Jan 27, 2006 10:39am Jan 27, 2006 10:39am
I got taken out at b/e. I was up over 100 at one point. Next trade. Glad it worked out for you. Could you explain more with the atr.

Thanks,

David
  • #139
  • Jan 27, 2006 10:49am Jan 27, 2006 10:49am
Quoting Anpar
Just wondering how many people moved their stops to "break even" based on the fact that news was coming out on the dollar?

After getting up to 90 pips on the GDP and 65 on the EUR, I was very tempted to do so, but held tight. I guess the real question is, when are you guys moving your stops to "break even" based on VWB? For me, I’m waiting for a full ATR move on the dailies, before adjusting my original stop loss.
My VWB GBP/USD short got stopped out on the 90 something pip upward spike this morning. Fortunately, I had moved my stop to breakeven yesterday.

I re-entered at a better price this morning and am already 100 pips in the money!!

Just out of curiosity, did anyone else get stopped out at breakeven or perhaps a small loss on a trailing stop? Just curious how everyone is doing the VWB.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #140
  • Jan 27, 2006 10:53am Jan 27, 2006 10:53am
Quoting davidl
I got taken out at b/e. I was up over 100 at one point. Next trade. Glad it worked out for you. Could you explain more with the atr.

Thanks,

David
ATR = Average True Range (ATR) is simply a moving average of true range calculated over a number of days. True Range and Average True Range are common volatility measurements. The larger the True Range, the greater the volatility of the stock.

I currently use a 14 period ATR, currently the daily ATR for GBP is 123 pips and 90 for the EUR. With this in mind, I will not move my Stop to break even until price moves atleast 123 GBP or 90 EUR pips in my favor.
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