Monster Muncher Manual Trading Discussion: Compliments SH

Hi Steve

By the way thankyou very much for your encouraging & helpful post #178.

I like this currency meter/ news combination

CHF is showing strength now.

I entered GBPCHF at 154.95 & exited around 3-6 mins later at 154.46 for a very quick 49 pips.

CHFJPY & USDCHF & AUDCHF & NZDCHF all had nice moves at the same time.

I currently have an open position in AUDCHF lets see if it will go down to weekly S1.

Hey Ian,

Good trades man. GC went nuts to the downside. Was watching that one earlier but my focus has been on JPY pairs so missed it.

Nasty bounce off that 50% level on Jpy pairs. But offered reasonable re-entry for shorts. Most Jpy pairs in the right place IMHO.

Aud/Chf looks good

Keep up the good trades!

Hi Steve

It was post #177 that was very helpful.

Yes JPY pairs looking interesting now.

I have been using this currency meter for a few months.

The thread is over at Forex TSD. "IN10TION NewsReader"

http://www.forex-tsd.com/news-signal...ewsreader.html

Hi Steve

Today has been another really nice day for the red ATR line on M15 or M30.
GBPCHF awesome. GBPUSD & GBPJPY & USDCHF were all movers too with the red ATR on M15.

From 1 hr 30 before London open was when I started to monitor the M15 & the red line had set up nicely on the 4 pairs.

The currency meter I attached was very useful today, just 4 candles on the M15 on GBPCHF & I received close on 100 pips.

It is late now here in Japan, but I think the GBPCHF may continue down to weekly S1.

I know almost for certain the red ATR line at the start of the week = pips.
What I have been working on is a trending template for the lower time frames, especially M15 for enabling nice high probability entries after a point of confluence sets up.

With the attached indicators & template in MT4 you can see what I have been working on thus far.


happy pipping

Yeah you said it, red line means pips at the beginning of the week. After that you're on your own, lol. But it starts my week out +100 or 120 every week, so I count it all as worth the trouble.

I've been working on different stuff with fractal channels and Supertrend to cover the rest of the week. Also a trending system, no countertrend.

Good luck this week-

All the big ones, GY, GU, EU, EJ, all under red line. So you know where I'm at.

I figured I'd post what I've been working on here. I could start another thread for this but whatever.

I've given this system a very cheesey name, trendstar.

The point of this system is to try and get in at the start of new trends based on the hourly charts.

There is an exact method for doing so, but the rules can be stretched a little after some practice. The exact method applies to textbook type entries which don't always happen, although when they do it is certainly a good idea to take advantage of them.

So the basic process is to wait until Supertrend changes color after a long run. Say it changes from Bull to Bear, or Blue to Red as the chart shows.

The next step is to wait for a fractal break in the indicated direction.

So Supertrend color changes from Blue to Red, I'm waiting for a low fractal break.

Low fractal break occurs, next step is to wait for a pullback to or behind the 21 ema.

Sell at or behind the 21 ema.

Supertrend line can be your ultimate SL.

Basic idea is: new trend just established, get into it on first pullback.

You can also use it to try and get in on a trend in motion by waiting for another pullback behind the 21 ema.

Chart, indies and template below.

Here are my trades for trendstar so far. We'll see how they go.

I'm out +55 on GU, and +57 on GC. GU is going to be hitting major 4hr support at 1.5500. It might break but I'll take the profits.

I'm up EA +15, letting that run, but set SL to BE +2.

Trendstar looks good so far.

Hi Steve

thankyou for posting your new idea. I have been experimenting with it for hours. the candles are made up from williams% candles and labtrend.

HMA non repaint & HMA histo is also non repaint both coded by mladen from Forex TSD. the supertrend nrp is also coded by the same coder. mladen is an excellent gifted coder.

the HMA set to 30 method 2 looks interesting in comparision to the supertrend.

rule 1 : top or bottom of fractual channel is touched.

rule 2 : 21 ema crosses HMA 30 method 2 at the same time the candle crosses both MA.

rule 3 : HMA changed colour to correct colour for the trade direction on the H1 or M30.

these charts show a nice move just happened on GBPCHF on M5. M30 had the HMA change colour correctly.

also of interest was that price hit the yellow ATR line on H1 with breakout ea and reversed.

First thanks Ian for sharing your mods on trendstar. I think I get the gist of what your trying to say:

1) high fractal touch
2) HMA changes red
3) price crosses down through MA's

= sell position. Opposite for buys.

I think thats fine as long as it leads you to only trade with the larger trend.

Trendstar has been hitting positions accurately left and right. If you look through the history though, you can see you will get stopped out from time to time. No magic here, but it does seem pretty solid-a fine beginning!

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I'm going to be sharing some historical price workups for certain pairs. I've done three so far. EJ, EU, and GU.

These show color coded price levels based on original opening price, historical high, and historical low of the respective pairs.

These are not really systems in themselves-they are meant to add to whatever system you might be working with. With study a system might be developed out of them-but for now I'm just using them as added feature.

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So historical Opening, High and Low are the red lines. Then I placed lines between them at 50% levels, these are the Bisque colored lines. Then between each of these new levels I placed another set of lines at the 50% mark.

The idea is that as you go down the line, the levels get less important, so some price levels are more magnetic and important than others. Price tends to move through the less important levels to the more important levles.

At the very least, they can help take profit strategies.

The ranks of the lines are printed in text form on the chart according to their colors, from most important to least important.

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hi steve

amaziing things what you share here! thanks for all this

you also have a template for UsdJPY....?

i tried to figure your lines out but something is missing...too much colours...can you explain again how you come to this lines?

thanks for sharing

regards

lodol

Hi lodol,

I haven't done UJ yet. You can do the workup yourself. Here is how:

1)Go to your monthly chart on UJ, and find opening price of first candle. Mark it with a red line.

2)Mark the historical high and historical low with red lines.

3)Place lines halfway between high and opening, and low and opening. Make those lines a different color (the same as each other but different than red)

4)Place lines halfway between each new level and make them a different color (the same as each other but different than previous level lines).

5)Continue the process until the lines are around 100 points apart, or keep going as long as you want.

Each new 50% level gets a different color. New 50% levels are less important than previous 50% levels.

Thanks for posting!

hi steve

thanks for quick answer...perfekt i will do it like this....

when you have time you can also explain me the logic behind.........smile

that a 50% level of a high and low should be strong i understand but why all other 50 should also be strong??

and what are your blue numbers on the right side?

thanks again for this thread ...i really appreatiate your work

all the best

lodol

Blue numbers are ultimate fibs. That is a fib from the historical low = 0% to the historical high = 100%. When you have an ultimate fib level correspond with another price level it makes it stronger, especially 38.2, 50, and 62.8 fibs.

50% levels are always important. But the more you slice up the chart by adding more 50% levels, they become less and less important.

This is why I color coded them. So you can see that some levels are more important than others. First 50% levels have more pull than say 4rth rank 50% levels. But still 4rth rank might become a support/resistance level and come into play.

Any level has the power to stop price and reverse it, just some are more likely to. This why they are ranked by color.

hi steve

thanks for answer ...i understand..... i will colour my way through...smile

regards lodol

Hi lodol,

I had a chance to a historical workup on UJ. Here you go...

This is just some long term UJ analysis.

Chart shows most of the action taking place between light green line on top and olive line on bottom.

These massive spikes are most likely intervention related. Japan doesn't want UJ falling to new lows, hurting exports.

But check out the massive gap between the high fractal and the low fractal on the Daily Chart.

This implies that after some correction there will be further selling.

If I was a long term trader looking to buy and hold UJ, I would want to get in at Daily Support level, 83.46. I've marked this level in yellow. It is a 50% level between my two historical price levels, the violet and olive.

I'm trading against the H1 on this one, but with the H4. Even for the H1, I'm buying on the right side of the 21 EMA.

This is a RR trade.

Aside from that I'm see this pattern of accumulation taking place just below important Monthly and Weekly support levels, which I boxed in green.

hi Steve

Thankyou for posting some historical price workups for some pairs. excellent.

Sorry it was 3.50am when I finished posting that last post. I really needed to post some more charts of the specific setup on H1 (but the 7 attachment limit was reached for my post). & I was trying to preserve my train of thought before going to sleep. The trendstar template you posted set off a trigger of creativeness for me, so I ran with that to see what I could create.

here are some more charts & thoughts.

I srcolled through AUDJPY on H1 & I discovered something very interesting.
I even set up an EA that was in my MT4. I had to use a LMWA 30 period for this as the EA did not have HMA, but it turned out to work nicely on a few short tests I did on AUDJPY H1.

these charts speak my main idea, much clearer than I can explain it.

Here are 2 examples on GBPUSD.
these are big charts, please left click on them 1 or 2 times for the correct size.

1. Sept 14 from around the times 6:00 fractual channel touch
& 11:00 - 13:00 at 154 price level for the cross.

a touch of the fractual channel occurs.
followed by ema21 crossing HMA 30 method 2.
the bar closes up above the cross
a higher low is formed, (HMA is green at 12:30 on M30) then lift off.



2. Sept 21 from around the times 8:00 fractual channel touch
& 15:00 - 18:00 at 155.50 price level for the cross.

a touch of the fractual channel.
followed by ema21 crossing HMA 30 method 2.
2 bars close down below the cross
a higher low is formed, then the bar goes up through the crossed MAs & 155.62 -155.70 entry zone as price clears the last 4-5 bars highs.
(HMA is green on 18:00 bar on M30) then lift off.

Finally the last 2 M30 charts posted I put on a HMA 15 method 3 with a 240 minute setting showing the H4 trend. In both cases it turned green & started moving up before the major price move took place.

If you get time to run through a trendstar trade explaining in more detail that would be much appreciated for me to understand clearer what you are seeing.

happy pipping

Ian