'Vegas Wealth Builder Part II'

Quoting 5MinuteStudent

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xspowerx,

Thank you for the alert.

Here is a newer version without the m.

If you find any other problems, let me know.

Regards,

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Quoting xspowerx

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I entered long GBPUSD before Vegas was able to explain why he didn't go long..

Anyways I am up and looking to book half profits now and make this a free trade. After this is done I will move my remaining positions stop to break even. I know its not by the tunnel yet but this isn't showing real strength right now.

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Quoting rjb1024

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Someone has previously asked if an MT4 indicator existed which could indicate a potential reversal. Here is my first draft of this indicator (see attached chart). I welcome any feedback and enhancements. The indicator must be attached to a 4-hour chart and will not work an any other timeframe (at the moment).
Cheers
rjb1024

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Quoting rjb1024

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Someone has previously asked if an MT4 indicator existed which could indicate a potential reversal. Here is my first draft of this indicator (see attached chart). I welcome any feedback and enhancements. The indicator must be attached to a 4-hour chart and will not work an any other timeframe (at the moment).
Cheers
rjb1024

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Quoting erikcw

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Thanks for the indicator! Your chart example looks great. For some reason though I can't get t to work on my charts. It's showing up in my active indicators list. But nothing on the chart.

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Quoting MrMajik

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There is already an indicator that gives reversals called SilverTrend. It works in all time frames

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Quoting Shorediver

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Me too xspowerx,
I got tired of waiting (must work on that) and took 70 pips and half the position off this am.... In a free trade now and will have an easier time waiting.

Thanks to Vegas and everyone here!

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Quote

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Dialist,

In all my years of trading, both on the floor and off, it never ceases to amaze me how people ALWAYS want to complicate something if they can possibly find a way.

When I was on the floor, I used to have people stand near me mumbling all day about how in 1948 March wheat put in this same kind of formation as Swiss was about to, and that we were about to go down 150 pips. Did they sell? Nope, because some 2-4-6-8-10 oscillator they had in their pocket just came in with a veto override. When the market finally went down, how many were they short? None, that's how many. They pay so much attention to the indicators, they have lost their ability to listen to price.

Here in Las Vegas, I used to golf with a doctor, who when he found out who I was, begged me to teach him how to trade. He said it could not be that simple. A month later he had Yen charts going back 20 years taped on his living room walls. His wife was appalled. Since he was a doctor, his superior brain power would win the day and he was bound to "clean-up". Once again, ignore price action at your peril.

In any type of trading endeavor [forex, stocks, anything] all that you can hope for is the marble game. Five marbles in a bag; 4 white and 1 red. You pick a marble. If you pick white you win $200, and if you pick red you lose $100. Here's my point: if I played this game with you [and I'm certain you would if I agreed] would you then start dreaming up other "conditions" that would have to be present in order to play the game, e.g. we must play at your house or only in daytime between 9 - 5 pm.?

KISS [Keep It Simple Stupid] always has been and always will be the preferred method to make money.

I said in VWB that you would come to find implementing this tough. Why? Because the market will be MOST bullish at the top and MOST bearish at the bottom, and your emotions and brains will get in the way of you making money.

As I write this, gbp/usd has put in a reversal day at the outer fib number. The market has been very bullish lately, with "experts" all over the place predicting future price action. All I know is that I got my signal and I'm short [like I described in a past post] with stop above the reversal high.

Will I be right? I don't care, because I did what I am supposed to do. I am simply picking marbles out of a bag. __________________
vegas

Quoting rjb1024

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As suggested by forum members, here is a new version of my MT4 Reversal Indicator which will work on 1-hour and 4-hour charts. It will place a yellow arrow on the latest reversal. As per Vegas, there are 3 criteria to identifying a reversal. Use this indicator in conjunction with careful price action observation.
To save/compile/load indicator do the following:-
1. Click on mq4 file and save it to a temp folder on your local pc
2. In windows explorer, double click on the saved mq4 file to open Metaeditor
3. In Metaeditor, click File/Save-As and navigate to your experts/indicators folder
4. Click Compile button in Metaeditor
5. Open Metatrader4/Custom-Indicators and drag rjbReversal onto Main Chart

Cheers
rjb1024

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