Tunnel Vision. Independent Signals & Positioning Recommendations.

Everyone,
This post isn't in response to anything VWB or VWB Part II, but I feel I should share my experience with the 50% retracement rule I mentioned in Part II.

I don't care what the method is, or what technical indicators you have on your screen. Short-term salpers or daytraders, swing-traders, whatever the case may be.

When I was on the floor I saw more locals become non-locals [translation: Would you like a hot apple pie with the whopper meal?] by ignoring this rule than ALL OTHER of their failings COMBINED. It has been my experience that traders invest more in hope than any other single thing in the world.

Some people say that religion is in decline. Obviously, they have never talked to traders who get caught on the wrong side of half-way back. They pray more than anyone.

Every now and then the prayers are answered and the market does come back and maybe they even make a buck. All this does is reinforce a very bad habit and the cycle starts all over again.

So please, even if you don't use VMB or the tunnel methods, take this rule and figure out how it fits into whatever method or model you're using. I promise you will save yourself a lot of heart-ache by incorporating it into your trading.

Everyone,

Some people are experiencing problems with the MT4 demo from strategybuilderfx. Seems the plugins are in a *.ex4 format instead of mq4 which the vegas plugins are coded. How do they convert?

Help tech gurus in the crowd.

By no means am I a guru but thought I could provide an overview for those new to Metatrader files and programming.



For Metatrader4 (StrategyBuilderFX4) the *.mq4 file is the text form (can be read and edited) of all scripts, indicators or experts. The *.mq4 file can be read and changed with any word processor or the MetaEditor. The *.ex4 file is the compiled form (executable but not readable).



Because the *.mq4 is a text file you can read the code thus learn how the program works. You can also change the program to add whatever magic your programming skills will allow, from simple color changes to complex algorithms. To perform the functions of the program the text file must be compiled. A *.mq4 file must be compiled to create the *.ex4 file.



If you only have the *.ex4 file without its *.mq4 file (source code) you will not be able to see how the program works or have the opportunity to add your own magic. While a programmer with the expertise and appropriate tools can recreate the source code (decompile the program) this is just not possible for the rest of us. The magic stays locked inside, but you get to use the program.



When you receive a *.mq4 file, place or save it into the appropriate folder for the function for which it was designed. That is:



Expert: …\StrategyBuilderFX4\experts\

Indicator: …\StrategyBuilderFX4\experts\indicators\

Script: …\StrategyBuilderFX4\experts\scripts\



1. Open it with the MetaEditor (StrategyBuilderFX_Menu:Tools:MetaQuotes Language Editor)

2. Compile the file. (MetaEditor_Menu:File:Compile)



The *.ex4 file is created and accessible from the navigator (StrategyBuilderFX_Menu:View:Navigator). In addition there are alternative ways to access the indicators (StrategyBuilderFX_Menu:Insert:Indicators and the toolbar).



When you receive a *.ex4 file, place it into the appropriate folder for the function for which it was designed. These are the same as with the *.mq4 file. If you have only the *.ex4 file, you will not be able to read or edit it. Once it is in the proper file and StrategyBuilderFX has been restarted the functions of that file will be accessible through the navigator or indicator menus.



Forex-TSD http://www.forex-tsd.com/ is a great resource and forum for those who wish to learn more. The Metatrader Development Course provides several short lessons which are a great aid to understanding the programming of Metatrader.



Hap

Everyone,

3rd fib line hit at 1.7421. Buy stop lowered on 7 contracts to 1.7468. This protects against a reversal day [50%] since profit objective has been reached.

Just a little VT indicator of my interpretation the Vegas OPEN RANGE {good movie btw, like Bowie, to be enjoyed @ Maximum Volume}

Due to the changes in the marketplace that Vegas discusses in VWB II, I have incorporated some additional inputs for research flexability.

Bemac,

COuld you post Open Range on VT

Hi A_Z,

I did them all @ ~ the same time.

VTSystems {official VT Forum} Post #8 at
http://forum.vtsystems.com/index.php...ic=3075&st=0&#

Visualtradingcharts{VT Open Forum}
http://www.visualtradingcharts.com/f...hp?p=9378#9378

Everyone,

Short still 7 contracts Cable. Lowering my buy stop to 1.7445 on all 7.

I have that as 30 pips from the 3 pm chicago open? (spot)

HeavyJ

Hi Folks,
For those of you that dnlded VT Open Range.
The default 24 Hr Session Start Time is set to 15 {3:00 pm Server/CET/Chicago Time.}

I just read this from Vegas
"Just to show you I'm human, I screwed up. It's 3:00 p.m. PACIFIC TIME [my time] and 5:00 p.m. CHICAGO TIME that the open takes place."

It's a simple fix.
Open the Indicator Properties Window [by right clicking on the Indicator and selecting "Properties"]

Change the 24 Hr Session Start Time to 18
Edit* Change the 24 Hr Session Start Time to 17 S/B 18* End Edit
Click "Set as Default"

Done.

Bemac,

I downloaded the Open range indicator(DORF), I tryed placing on a daily chart, but nothing shows up. I.m pretty familiar with VT as I 've been using it for a couple of years. Any suggestions?

Thanks, Al

Hi Al, I think it may be due to the combination of Timeframe and Loaded Bars you have on your chart.
If you have the time to try it, put it on a 30 min USD/JPY with 1500 bars and please let me know if that works.

Couple of things to check.

1) It will only function on timeframes Less than 1 Day.

2) It requires minimum of 2 days Data to calculate.

3) It may take a while to load, depending on how many bars you have on your chart.

Bemac,

I set my bars to 1500 bars, works fine on USD/JPY 30 MIN. Tryed on EUR 4hr, nothing

Thanks for yout help,
Al

Hi Al,

On any 4hr Chart there Will Not Be a bar that Starts or Ends at 18:00 hours.
If you change the"Session Start Time" input from 18 to 16 or 20, it will plot, albiet not based on Chicago CME Close.

You may want to try applying both 16 & 20 to see which you prefer.

Hi Bemac,

Got it working. Thanks for your help.

Al

Hello Claude,

I've enjoyed reading your posts. I'm just getting into the one-hour and read that you woudn't mind sharing the TS code. I use TS 8.1 will it work for this version?

Yes, it should work in TS 8.1 the only thing to be changed is sell and buy orders this is the comparison

2000i TS 8.1

Buy = Buy
Sell = Sell Short
ExitLong = Sell
ExitShort = Buy to cover

I'll just need a little bit of time to clean up the code, because I played with it quite a bit from when I originally wrote it.

I experimented. I'll bring it back to its original form for you.

Below is the code for 2000 I simply change the syntax. As explained above I've also provided a picture to explain to few things. This should reproduce the original one-hour tunnel as Vegas had explained it. ((To my understanding))

if you see any discrepancies, please let me know. Also, if you modify the code, as I have and come up with something interesting let us know.

If you need changes done and are not certain of how to accomplish this are quite a few TradeStations users here that would probably be happy to help.

System name. 1 Hour tunnel
________________________________-

input:
Decimal(4),
FastMA(144),
SlowMA(169),
NoTradeTime(1701);


var:
tunneltop(0),tunnelBottom(0),
profit55(0),profit89(0),
profit144(0),profit233(0),
profit377(0),profit55s(0),
profit89s(0),profit144s(0),
profit233s(0),profit377s(0),
TradeTime(0);


tunneltop = Maxlist(XAverage(H,SlowMA),XAverage(H,FastMA));
tunnelBottom = Minlist(XAverage(L,SlowMA),XAverage(L,FastMA));

TradeTime = iff(Time>NoTradeTime,1,0);

{entry conditions}
if C < tunnelTop And TradeTime=1 then Buy 5 Contract tunneltop Stop;
if C > tunnelbottom And TradeTime=1 then Sell 5 Contract tunnelbottom Stop;

{exit conditions}
If MarketPosition = 1 then
ExitLong ("TTop")tunnelbottom Stop;
If MarketPosition = -1 then
ExitShort("TBot") tunnelTop Stop;


{defying the middle of the tunnel and set profit limits with Fib#}
if Decimal=2 then profit55 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.55;
if Decimal=4 then profit55 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.0055;
if Decimal=2 then profit89 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.89;
if Decimal=4 then profit89 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.0089;
if Decimal=2 then profit144 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 1.44;
if Decimal=4 then profit144 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.0144;
if Decimal=2 then profit233 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 2.33;
if Decimal=4 then profit233 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.0233;
if Decimal=2 then profit377 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 3.77;
if Decimal=2 then profit377 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.0377;
if Decimal=2 then profit55s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.55;
if Decimal=4 then profit55s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.0055;
if Decimal=2 then profit89s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.89;
if Decimal=4 then profit89s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.0089;
if Decimal=2 then profit144s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 1.44;
if Decimal=4 then profit144s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.0144;
if Decimal=2 then profit233s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 2.33;
if Decimal=4 then profit233s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.0233;
if Decimal=2 then profit377s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 3.77;
if Decimal=2 then profit377s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.0377;


{********Long Fib profit-taking Exit*************}
If MarketPosition = 1 And CurrentContracts = 5 then begin
ExitLong ("Lfib55") 1 Contract at profit55 Limit;
End;
If MarketPosition = 1 And CurrentContracts = 4 then begin
ExitLong ("Lfib89") 1 Contract at profit89 Limit;
End;
If MarketPosition = 1 And CurrentContracts = 3 then begin
ExitLong ("Lfib144") 1 Contract at profit144 Limit;
End;
If MarketPosition = 1 And CurrentContracts = 2 then begin
ExitLong ("Lfib233") 1 Contract at profit233 Limit;
End;
If MarketPosition = 1 And CurrentContracts = 1 then begin
ExitLong ("Lfib377") 1 Contract at profit377 Limit;
End;

{*********Short Fib profit-taking Exit*********}
If MarketPosition = -1 And CurrentContracts = 5 then begin
ExitShort ("Sfib55") 1 Contract at profit55s Limit;
End;
If MarketPosition = -1 And CurrentContracts = 4 then begin
ExitShort ("Sfib89") 1 Contract at profit89s Limit;
End;
If MarketPosition = -1 And CurrentContracts = 3 then begin
ExitShort ("Sfib144") 1 Contract profit144s Limit;
End;
If MarketPosition = -1 And CurrentContracts = 2 then begin
Exitshort ("Sfib233") 1 Contract profit233s Limit;
End;
If MarketPosition = -1 And CurrentContracts = 1 then begin
ExitShort ("sfib377") 1 Contract profit377s Limit;
End;



__________________

A truly wise man, always has more questions than answers.

How many questions must a wise man have more than answers to be considered truly wise? I only ask because I don't have the answer. But I'm hoping you don't answer because then I'll be down one question and up one answer.

Thanks Bud. You Rock.

I revised the code replacing orders per your instructions above (TS 2000 to TS 8.1). Verifying code required "next bar" be added so as an example "Buy 5 Contract tunneltop Stop" was changed to "Buy 5 Contract next bar tunneltop Stop". The code verifies, but nothing plots.

Any help would be appreciated. Below is the revised code:

{System name. 1 Hour tunnel - revised for TS 8.1}


input:
Decimal(4),
FastMA(144),
SlowMA(169),
NoTradeTime(1701);


var:
tunneltop(0),tunnelBottom(0),
profit55(0),profit89(0),
profit144(0),profit233(0),
profit377(0),profit55s(0),
profit89s(0),profit144s(0),
profit233s(0),profit377s(0),
TradeTime(0);


tunneltop = Maxlist(XAverage(H,SlowMA),XAverage(H,FastMA));
tunnelBottom = Minlist(XAverage(L,SlowMA),XAverage(L,FastMA));

TradeTime = iff(Time>NoTradeTime,1,0);

{entry conditions}
if C < tunnelTop And TradeTime=1 then Buy 5 Contract next bar tunneltop Stop;
if C > tunnelbottom And TradeTime=1 then Sell 5 Contract next bar tunnelbottom Stop;

{exit conditions}
If MarketPosition = 1 then
Sell ("TTop")next bar tunnelbottom Stop;
If MarketPosition = -1 then
Buy to cover("TBot") next bar tunnelTop Stop;


{defying the middle of the tunnel and set profit limits with Fib#}
if Decimal=2 then profit55 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.55;
if Decimal=4 then profit55 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.0055;
if Decimal=2 then profit89 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.89;
if Decimal=4 then profit89 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.0089;
if Decimal=2 then profit144 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 1.44;
if Decimal=4 then profit144 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.0144;
if Decimal=2 then profit233 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 2.33;
if Decimal=4 then profit233 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.0233;
if Decimal=2 then profit377 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 3.77;
if Decimal=2 then profit377 = ((tunnelTop-tunnelbottom)/2)+tunnelbottom + 0.0377;
if Decimal=2 then profit55s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.55;
if Decimal=4 then profit55s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.0055;
if Decimal=2 then profit89s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.89;
if Decimal=4 then profit89s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.0089;
if Decimal=2 then profit144s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 1.44;
if Decimal=4 then profit144s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.0144;
if Decimal=2 then profit233s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 2.33;
if Decimal=4 then profit233s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.0233;
if Decimal=2 then profit377s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 3.77;
if Decimal=2 then profit377s = ((tunnelTop-tunnelbottom)/2)+tunnelbottom - 0.0377;


{********Long Fib profit-taking Exit*************}
If MarketPosition = 1 And CurrentContracts = 5 then begin
Sell ("Lfib55") 1 Contract next bar at profit55 Limit;
End;
If MarketPosition = 1 And CurrentContracts = 4 then begin
Sell ("Lfib89") 1 Contract next bar at profit89 Limit;
End;
If MarketPosition = 1 And CurrentContracts = 3 then begin
Sell ("Lfib144") 1 Contract next bar at profit144 Limit;
End;
If MarketPosition = 1 And CurrentContracts = 2 then begin
Sell ("Lfib233") 1 Contract next bar at profit233 Limit;
End;
If MarketPosition = 1 And CurrentContracts = 1 then begin
Sell ("Lfib377") 1 Contract next bar at profit377 Limit;
End;

{*********Short Fib profit-taking Exit*********}
If MarketPosition = -1 And CurrentContracts = 5 then begin
Buy to cover ("Sfib55") 1 Contract next bar at profit55s Limit;
End;
If MarketPosition = -1 And CurrentContracts = 4 then begin
Buy to cover ("Sfib89") 1 Contract next bar at profit89s Limit;
End;
If MarketPosition = -1 And CurrentContracts = 3 then begin
Buy to cover ("Sfib144") 1 Contract next bar profit144s Limit;
End;
If MarketPosition = -1 And CurrentContracts = 2 then begin
Buy to cover ("Sfib233") 1 Contract next bar profit233s Limit;
End;
If MarketPosition = -1 And CurrentContracts = 1 then begin
Buy to cover ("sfib377") 1 Contract next bar profit377s Limit;
End;