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ICCE. Bemac's Fib. Reverse Engineered

  • #1,661
  • Nov 5, 2011 11:51pm Nov 5, 2011 11:51pm
Thanks very much Bemac for your work on this system. I've found it to be an extraordinarily useful tool.

Here is my idea for GC.. Any comments greatly appreciated.
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  • #1,662
  • Nov 6, 2011 4:53am Nov 6, 2011 4:53am
Quoting beebolbod
Forgive me for asking what may be a daft question, but isn't this giving almost exactly the same result as looking for PPZ and drawing those in manually?
Personally I think that there is a subtle but nonetheless significant difference between the two methods. The difference in my opinion is that an ICCE box relates to the tempo (pips per time period) of the market that it is applied to. That is why the diagonals also act as PPZ's when they are aligned with the past price action.

Apart from that, I use the multiple levels to add a little more granularity, which can be useful if you missed an entry off of an ICCE level. They can also be useful if you want to drop down in timeframes...

Quoting Pinbar
So you are drawing this on the daily TF, not going to the higher TF and working down?
Hi PB - Whilst I used the Daily in this example, I would normally use the top down approach. In fact, most of my demo ICCE trades have been on the 1hr using a daily box.

Regards

Aiden
  • #1,663
  • Nov 6, 2011 11:21pm Nov 6, 2011 11:21pm
Quoting One day!
Personally I think that there is a subtle but nonetheless significant difference between the two methods. The difference in my opinion is that an ICCE box relates to the tempo (pips per time period) of the market that it is applied to. That is why the diagonals also act as PPZ's when they are aligned with the past price action.

Apart from that, I use the multiple levels to add a little more granularity, which can be useful if you missed an entry off of an ICCE level. They can also be useful if you want to drop down in timeframes...



Hi PB - Whilst...
Thanks 1D

Yes, I am looking to use the TD approach on the weekly and monthly TF then move down to the daily and wait for any possibly Break Through & pullbacks or rejections with PA.
  • #1,664
  • Nov 7, 2011 4:44pm Nov 7, 2011 4:44pm
ok, thanks for all the advice and responses.... i've tried to take in what you've written but now i cant see the wood for the trees..... I think i've found an area on EU daily which certainly picks out some significant areas.... whether it's 'right' or not i have no idea.

In fact, this leads me to thinking, Is there a right? I can see from experimenting that quite a few boxes will turn out different but significant ppz. Obviously there are 'wrongs' but how can i be sure i have drawn 'THE' box and not just 'A' box.

Here's my chart.... paint it black.
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  • #1,665
  • Nov 7, 2011 10:00pm Nov 7, 2011 10:00pm
When I Enter a Gold Trade, I'm usually in it for a week or more. This year I was in one for Months.

When I Enter a Gold Trade, I have aready observed how I can apply J16 & everything else I have in my arsenal.
Before I settle on a TP I find "The Logical SL"
Once I calculate The Risk, Then I look to The Move I am willing to Speculate on.
Is the Potential Benifit Worth the Potential RISK.
RISK.
RISK.
Benifits are Easy to deal with.
Be Cruel on RISK Limits.
Do That Before You Enter & "Stand Sure" by your descisions.

Let the Losers go & the Winners Run... ...at/to Pre Entry Determined Targets.

If you Buy with No Target, When will you Sell to Cover?

B
  • #1,666
  • Nov 7, 2011 10:04pm Nov 7, 2011 10:04pm
Quoting beebolbod
ok, thanks for all the advice and responses.... i've tried to take in what you've written but now i cant see the wood for the trees..... I think i've found an area on EU daily which certainly picks out some significant areas.... whether it's 'right' or not i have no idea.

In fact, this leads me to thinking, Is there a right? I can see from experimenting that quite a few boxes will turn out different but significant ppz. Obviously there are 'wrongs' but how can i be sure i have drawn 'THE' box and not just 'A' box.

Here's my chart.... paint it...
I know. Anit that confusing when they all have information to offer.

I normaly find consolidation of PA by switching to a Line On Close Chart.

B
  • #1,667
  • Nov 7, 2011 10:23pm Nov 7, 2011 10:23pm
The Gold Trade?

Currently Flat.
But still Bullish
Long TP hit today & avoided the euphoric "I Won, I Trade More" & stepped aside.
I see X T suggesting Short Gold is not, perhaps, the best play right now &, For My Style, I agree.
You see, I exited my Longs because I forsaw resistance just below where we currently are @ ~1,790 & therfore, obvously, expected a Fall in Price from there.

Why wouldn't I Scalp Sell @ my Long TP?
I'm in this for the Cargo Not the Ego.

Gold Daily:
It's up to you to figure out which two lines I will be watching for PA.
Attached Image (click to enlarge)
Click to Enlarge Name: _ nov 7 daily i'l play these 2.gif Size: 33 KB


Zoom In:
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B
  • #1,668
  • Nov 7, 2011 10:43pm Nov 7, 2011 10:43pm
Ok I need to get braver at saying what I am doing and why because I would have loved for you to be saying that you did what I did (and more importantly for the same reasons), instead of the other way around!!

I guess my having done it means I am at least learning something........

And why I am chicken I do not know, you are all so supportive
  • #1,669
  • Nov 7, 2011 11:31pm Nov 7, 2011 11:31pm
Quoting CathS
Ok I need to get braver at saying what I am doing and why because I would have loved for you to be saying that you did what I did (and more importantly that it worked ), instead of the other way around!!

I guess my having done it means I am at least learning something on repetition.

And why I am chicken I do not know, you are all so supportive
Hey Cath,
The reality is that the total accumulation of All we say is a mere contribution to Who you Are.

I'm not selling ICCE. {ICCE is &, by mandate, will always be availeable for free}
I'm promoting Trust. Trust in You.
B
I have no access, nor do I care to see , your Trading History. My Objective is purely to see cargo grow.

Cathy, I no longer get to post as regular as iI would like to But I sure would like to know the Q.s you have that I might, someday, answer them.
BIG JUMPP:
ICCE attempts to Indicate Future Price.
HUGE Diff between that & PA.
Marry the two to Maximise Benifit. {ADD CARGO To Your Hold.}

Hang arounnd the thread for a while. I intend to revisit Trading under Duress & how I used ICCE.

Knuts kinda on the line with my latest Gold Call but then again,... they said I was nuts calling Gold to 1,600 from 1,4000 back in april.

Bill

BOTTOM LINE:
CathS is one of theBest Things that happened to this thread in the last while.
I say 'Welcome'

I'm In.

BMc
  • #1,670
  • Edited 4:58am Nov 8, 2011 4:44am | Edited 4:58am
Quoting Bemac
I know. Anit that confusing when they all have information to offer.

I normaly find consolidation of PA by switching to a Line On Close Chart.

B

You mean the traditional manner of finding S&R, not with a TL, as in the chart below.

Bill, do you not use a trend line that dissects a consolidation area as Tiaforex mentioned?
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  • #1,671
  • Nov 8, 2011 4:50am Nov 8, 2011 4:50am
Quoting Bemac
consolidation of PA by switching to a Line On Close Chart.

B
Cheers.... that in itself is a great tip.

Are there any rules/guidelines to how many periods of info i should be looking to get into my box?

Also, when i'm looking to draw box on say weekly, when i drop down i lose the box plus all the fibs..... anyone know what i'm doing wrong?
  • #1,672
  • Nov 8, 2011 5:01am Nov 8, 2011 5:01am
Quoting beebolbod
Cheers.... that in itself is a great tip.

Are there any rules/guidelines to how many periods of info i should be looking to get into my box?

Also, when i'm looking to draw box on say weekly, when i drop down i lose the box plus all the fibs..... anyone know what i'm doing wrong?
Works fine on my MT4 platform.

Which indicator are you using the grid or the J16 version?
  • #1,673
  • Nov 8, 2011 5:16am Nov 8, 2011 5:16am
Do we include the entry and exit bars of the consolidation area and do we use the higest and lowest close of that box?
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  • #1,674
  • Nov 8, 2011 5:53am Nov 8, 2011 5:53am
Quoting Pinbar
Do we include the entry and exit bars of the consolidation area and do we use the higest and lowest close of that box?
I could be completely off track here, but I picture the boxes as more of a simple consolidation area in the past that results in fibs and trendlines that follow later price action.

You then use the resulting fibs and trendlines from the ICCE box as a guide to likely pa or pivot points for future price action around trades that you have entered using later entry criteria - I am not sure that the consolidation area needs to specifically qualify as a trading opportunity.

So I am thinking that the specific ICCE rules (if there are any) can be bent to get a better fit to the later price action. This is my take on it anyway, and I am now trying to get a handle on J16 entry points to use along areas that the ICCE box in the past indicates, without making sure that the consolidation area was necessarily tradeable. Please correct me if I am wrong, back to the drawing board for me then!!



Also I am with Beebolbod re woods and trees, having trained fundamentally it is taking some time for my little brain to accept that technicals work so well, but the trust is there and I am excited for what it means for my future!!


Bemac thankyou so much, again I hope to live up to your confidence, you have certainly changed my attitude and given me confidence that was previously non-existent. (I was so excited I showed my children your comments; all they had to say was how boring was I using my real name, why couldn't I be creative like everyone else!! - they sure keep it real lol!!).
  • #1,675
  • Nov 8, 2011 6:07am Nov 8, 2011 6:07am
Quoting Pinbar
Works fine on my MT4 platform.

Which indicator are you using the grid or the J16 version?
I'm using the one at the beginning of Bemacs thread.... i've seen so many versions.... but a J16 version? not seen that one.

Acutally the box does stay on the chart but resets to a default position whenver i change TF. It doesn't stay in the range i specify on the higher TF......hmmmm, i'll fidlle about with it again.
  • #1,676
  • Nov 8, 2011 6:10am Nov 8, 2011 6:10am
Quoting Pinbar
Do we include the entry and exit bars of the consolidation area and do we use the higest and lowest close of that box?
With this chart, I would move the box back somewhat as I don't think there is enough data to get to line up with the fibs and trendlines. Where I have it isn't perfect either, so I will keep "fiddling" to see if there is a better fit, maybe on a daily even. I guess I would like to see more points where things line up to give me more confidence in it.

Any constructive criticism will be gratefully accepted
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  • #1,677
  • Nov 8, 2011 6:16am Nov 8, 2011 6:16am
Quoting beebolbod
I'm using the one at the beginning of Bemacs thread.... i've seen so many versions.... but a J16 version? not seen that one.

Acutally the box does stay on the chart but resets to a default position whenver i change TF. It doesn't stay in the range i specify on the higher TF......hmmmm, i'll fidlle about with it again.
It used to do it for me too, using the ICCE from this thread, but now it doesn't which is maybe random or maybe a result of my "fiddling" - I wish I could help more than that sorry!!
  • #1,678
  • Nov 8, 2011 6:18am Nov 8, 2011 6:18am
Quoting CathS
I could be completely off track here, but I picture the boxes as more of a simple consolidation area in the past that results in fibs and trendlines that follow later price action.

You then use the resulting fibs and trendlines from the ICCE box as a guide to likely pa or pivot points for future price action around trades that you have entered using later entry criteria - I am not sure that the consolidation area needs to specifically qualify as a trading opportunity.

So I am thinking that the specific ICCE rules (if there are any) can be bent...

I wouldn't be so sure about that Cath.

I reconstructed one of Bemacs charts on silver that he posted.
The left vertical line is set at 2010/05/17 00:00 time
The Right vertical is set at 2010/08/30 00:00 time
The top horizontal is at 19.15
The bottom horizontal is at 17.42

Take a look at how Bill is using the highest close of resistance and the lowest close of support in consolidation area.
Attached Image(s) (click to enlarge)
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  • #1,679
  • Nov 8, 2011 6:22am Nov 8, 2011 6:22am
Here are the ones I am using, one is the grid the other the J16 version.
I hope bill does not mind them being posted here.

I turned off the right center and left lines in the J16 version so, you will have to turn them on again in the control panel.
Attached File(s)
File Type: mq4 Bemac Grid ICCE.mq4   44 KB | 332 downloads
File Type: mq4 Bemac ICCE J16.mq4   33 KB | 358 downloads
  • #1,680
  • Nov 8, 2011 6:36am Nov 8, 2011 6:36am
Quoting Pinbar
I wouldn't be so sure about that Cath.

I reconstructed one of Bemacs charts on silver that he posted.
The left vertical line is set at 2010/05/17 00:00 time
The Right vertical is set at 2010/08/30 00:00 time
The top horizontal is at 19.15
The bottom horizontal is at 17.42

Take a look at how Bill is using the highest close of resistance and the lowest close of support in consolidation area.
hmmmm, very good! And he has mentioned that all closes must be within the box (a rule that was broken to suit ), and looking back at mine that seem to work , the closes are all pretty much within the box too - I guess the terminology threw me - I put the boxes where they "look good", and as it happens they work best when the closes are contained....... go figure!!!
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