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Vegas Wealth Builder - Part I

  • #301
  • Apr 6, 2006 7:30am Apr 6, 2006 7:30am
Quoting dof
EUR / CAD ?
What do you think?
Euro/Cad......which model are you using?
i love this it keeps getting broader!
thanks in advance
GOD IS NOT SHORT OF CASH
  • #302
  • Apr 18, 2006 5:42pm Apr 18, 2006 5:42pm
an observation and question. GBP/USD has surpassed the 3rd fib level and is headed for the 4th. Definitely time to sit up and take notice. At this point there is no trade because there is no price action on the daily to tell us the market is exhausting itself.

Now the question. Do we have to wait for daily price action to show us this, or can we already be moving down to say a 4 hr. chart to look for signs the market might be exhausted?

Obviously, a pin bar on the daily tommorrow would be a trade signal to be considered, which leads to another question. Say tommorrow the market heads north again, but during the day comes back down, and forms a pin. If I'm watching during the day and I see the market shoot up, then come back down past 50% of its high for that day, is this the 50% retracement rule vegas is talking about.

If it is, then I think I've got the concept of what his 50% retracement rule is, and at that point might start entering partial positions before the pin has completely formed, therby giving me a head start into the trade.

If anyone thinks I am close here, please let me know.
As always, thanks in advance.
Jimmy
Attached Image
  • #303
  • Apr 19, 2006 2:56am Apr 19, 2006 2:56am
Does anyone have a clue why my chart looks like this. It looks like there are no buy and sell points. Im using vwb model on Vtrader. Im using 1hr chart as described in vwb. Infact all my 1hr charts look like that but when I move to higher time frame is when I can take a look at them and guess whether I need to buy or sell


ALSO I tried to use vegas model on MT4 and its been over an hour and the attachement file (vegas currency Daily) is still compiling.
Attached Image
  • #304
  • Apr 19, 2006 3:53am Apr 19, 2006 3:53am
Quoting dangerman
an observation and question. GBP/USD has surpassed the 3rd fib level and is headed for the 4th. Definitely time to sit up and take notice. At this point there is no trade because there is no price action on the daily to tell us the market is exhausting itself. etc..
These are my thoughts exactly, waiting for a clear Reversal candle to be fully formed or a 50% retracement from a high today once the range has bee around 60 pips... Just have to be patient as hard as that is..
  • #305
  • Apr 19, 2006 3:59am Apr 19, 2006 3:59am
Quoting dangerman
an observation and question. GBP/USD has surpassed the 3rd fib level and is headed for the 4th. Definitely time to sit up and take notice. At this point there is no trade because there is no price action on the daily to tell us the market is exhausting itself.

Now the question. Do we have to wait for daily price action to show us this, or can we already be moving down to say a 4 hr. chart to look for signs the market might be exhausted?

Obviously, a pin bar on the daily tommorrow would be a trade signal to be considered, which leads to another question. Say tommorrow the market heads north again, but during the day comes back down, and forms a pin. If I'm watching during the day and I see the market shoot up, then come back down past 50% of its high for that day, is this the 50% retracement rule vegas is talking about.

If it is, then I think I've got the concept of what his 50% retracement rule is, and at that point might start entering partial positions before the pin has completely formed, therby giving me a head start into the trade.

If anyone thinks I am close here, please let me know.
As always, thanks in advance.
Jimmy
Dude, just my two cents,

Don't anticipate where the market is going or what the market will do (although I sometimes do it too but right now I'm not doing it so I think I'm on the right frame of mind.. hehe)...
Know your signal, wait for it and let the market do its thing...

Well, if you're not anticipating the market, then my humble apologies.

Regards,
East
  • #306
  • Apr 19, 2006 6:05am Apr 19, 2006 6:05am
Quoting eastmaels
Dude, just my two cents,

Don't anticipate where the market is going or what the market will do (although I sometimes do it too but right now I'm not doing it so I think I'm on the right frame of mind.. hehe)...
Know your signal, wait for it and let the market do its thing...

Well, if you're not anticipating the market, then my humble apologies.

Regards,
East
Well said East, never trying to anticipate where the market is going and always letting the market come to us.

MM
The greatest achievements are those that benefit others....
  • #307
  • Apr 19, 2006 8:06am Apr 19, 2006 8:06am
Quoting eastmaels
Dude, just my two cents,

Don't anticipate where the market is going or what the market will do (although I sometimes do it too but right now I'm not doing it so I think I'm on the right frame of mind.. hehe)...
Know your signal, wait for it and let the market do its thing...

Well, if you're not anticipating the market, then my humble apologies.

Regards,
East
Thanks, any two cents are always welcome. If I get enough two cents, and keep putting them in my trading account I'll be in good shape.

I didn't think I was trying to anticipate where the market was going, I was trying to anticipate implementing Vegas' entry strategy if the market did show signs of a reversal.

But, having read your response, I'm not so sure I wasn't anticipating a little!

East, thanks for making me THINK.

Jimmy
  • #308
  • Apr 19, 2006 8:13am Apr 19, 2006 8:13am
Quoting lachie74
These are my thoughts exactly, waiting for a clear Reversal candle to be fully formed or a 50% retracement from a high today once the range has bee around 60 pips... Just have to be patient as hard as that is..
lachie,

Thanks for your response.

I am really wondering if I'm fully understanding Vegas' 50% retracement rule, and from what you said I think I am. Yesterday's price action has no relation to the 50%. The 50% retracement would based on today's price action once the market has had at least a 60 pip range.

Or that scenario might not happen at all today, and we need to wait until tomorrow, or the next day, or the next, etc.

Jimmy
  • #309
  • Apr 20, 2006 2:08am Apr 20, 2006 2:08am
Quoting dangerman
lachie,

Thanks for your response.

I am really wondering if I'm fully understanding Vegas' 50% retracement rule, and from what you said I think I am. Yesterday's price action has no relation to the 50%. The 50% retracement would based on today's price action once the market has had at least a 60 pip range.

Or that scenario might not happen at all today, and we need to wait until tomorrow, or the next day, or the next, etc.

Jimmy
That's my understanding after rereading it a few times..

I'm in now, 2 textbook Vegas setups overnight.

sold EURUSD 12352.5
Bought USDCHF 12695.5

Watching AUDUSD, GBPUSD and EURJPY for solid reversal signs..
  • #310
  • Apr 21, 2006 7:20pm Apr 21, 2006 7:20pm
Attached is an Excel spreadsheet as outlined in Vegas Weath Builder II

All you have to enter is the daily open, high, & low and it will calculate the rest automatically.

I don't have sundays in the spreadsheet as I don't trade on weekends, but you can delete the date, open, high, & low information and put in whatever days and currancy pair information you want, it will still calculate the same.

Let me know if you think I need to change anything.
Attached File(s)
File Type: zip Average Ranges.zip   287 KB | 885 downloads
  • #311
  • Apr 21, 2006 7:51pm Apr 21, 2006 7:51pm
I had same problem after I downloaded new version of VT. I found out what you need to do is click on the 6th icon down in the first column in the rt. hand section of the VT navigator window labeled "symbols". Then a window opens up - click on the arrow symbol.




Quoting varunk666
Does anyone have a clue why my chart looks like this. It looks like there are no buy and sell points. Im using vwb model on Vtrader. Im using 1hr chart as described in vwb. Infact all my 1hr charts look like that but when I move to higher time frame is when I can take a look at them and guess whether I need to buy or sell


ALSO I tried to use vegas model on MT4 and its been over an hour and the attachement file (vegas currency Daily) is still compiling.
  • #312
  • Apr 21, 2006 10:30pm Apr 21, 2006 10:30pm
Quoting varunk666
Does anyone have a clue why my chart looks like this. It looks like there are no buy and sell points. Im using vwb model on Vtrader. Im using 1hr chart as described in vwb. Infact all my 1hr charts look like that but when I move to higher time frame is when I can take a look at them and guess whether I need to buy or sell


ALSO I tried to use vegas model on MT4 and its been over an hour and the attachement file (vegas currency Daily) is still compiling.
I do. I wrote it.
The Indicator you have on your 1Hr Chart is designed to be applied to a Daily Chart Only.
You may want to check this one out instead. It is designed to show Daily Tunnel Indicator on Timeframes down to 30 min.
***Note*** You will have to set your Bars On Chart "History" to a minimun of 2000 bars.

http://www.visualtradingcharts.com/f...hp?p=9141#9141

I would suggest you may want to read the thread also for more insight into the indicator.
If you have any problems with it, you can ask me there.

Bemac
  • #313
  • Apr 29, 2006 3:58pm Apr 29, 2006 3:58pm
A few currencies are starting to reach their max fib levels!
  • #314
  • Apr 30, 2006 11:04am Apr 30, 2006 11:04am
I was looking for metatrader broker that has cad.jpy and eur.cad data charts.
Can someone point me to the right direction?
  • #315
  • Apr 30, 2006 6:24pm Apr 30, 2006 6:24pm
Can someone help me out here. I have been going over this Daily VWB and it seems good until I hit a few long/strong trends. Check out the attached pic. I see so many trend reversals. Am I doing something wrong here? Everything in this chart tells me to short, but obviously I would have lost.

BTW I'm very new to FOREX.
Attached Image
  • #316
  • May 18, 2006 4:20pm May 18, 2006 4:20pm
During a strong trend when the price is riding the outermost fib lines, what might appear to be a reversal can sometimes be a headfake and leave you watching the price continue in its original direction. According to Vegas' rules, if you have 2 losing trades at the outer fibos (assuming you have based your trades on the potential of the reversal, i.e. speed, daily hi/lo, 50% retracement) then it verifies that the trend is too strong to use the VWB on and you should let the price return to the tunnel before considering any VWB trade action. Repeated attempts at catching a reversal in a situation like this will not be friendly to your trading acct. Remember Vegas' roulette story?

If you use good money management, then the 2 losses you incur should be miniscule in comparison to a winning VWB trade when it does happen.

I'm still learning also, but I think I've explained this correctly. Maybe someone else can chime in and correct me if I've mis-stated any aspect of this.

Quoting twinchell
Can someone help me out here. I have been going over this Daily VWB and it seems good until I hit a few long/strong trends. Check out the attached pic. I see so many trend reversals. Am I doing something wrong here? Everything in this chart tells me to short, but obviously I would have lost.

BTW I'm very new to FOREX.
  • #317
  • May 18, 2006 4:37pm May 18, 2006 4:37pm
Hello,

Is it possible to adapt the Vegas 4 Hour Tunnel strategy for Oanda ? Because Oanda doesn't have 4 hour time frame, but only 3 hour time frame. Did any of you try this ? Any results ?

Thanks !
  • #318
  • May 18, 2006 5:39pm May 18, 2006 5:39pm
Quoting cezz_ro
Hello,

Is it possible to adapt the Vegas 4 Hour Tunnel strategy for Oanda ? Because Oanda doesn't have 4 hour time frame, but only 3 hour time frame. Did any of you try this ? Any results ?

Thanks !
Oanda does not have the capability to create the fib lines etc that the Vegas indicator calls for. What I did was open a demo MT4 acct and use it for charting and use Oanda to place the trades. I use the StrategybuilderFx ver of mt4 as it does not expire.
In trading, there is no bullshit. You either make money or you don't.
  • #319
  • May 19, 2006 12:35pm May 19, 2006 12:35pm
Quoting bonmeister
During a strong trend when the price is riding the outermost fib lines, what might appear to be a reversal can sometimes be a headfake and leave you watching the price continue in its original direction.
During strong trends, I'd be very cautious to trade the VWB model. In my opinion, it works best in ranging or mildly trending markets, but in heavily trending markets it's risky because pullbacks off extreme fib lines seldom reach the tunnel before contueing stubbornly onto new highs.
  • #320
  • May 20, 2006 2:24am May 20, 2006 2:24am
Quoting WTB
During strong trends, I'd be very cautious to trade the VWB model. In my opinion, it works best in ranging or mildly trending markets, but in heavily trending markets it's risky because pullbacks off extreme fib lines seldom reach the tunnel before contueing stubbornly onto new highs.
This is spot on. The key is to move SL to BE as soon as possible. This still may not be possible is some situations, but it will decrease amount of losing trades.

Andrew.
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