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Attachments: EJ_4H method
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EJ_4H method

  • #301
  • Edited 11:15am May 17, 2006 11:09am | Edited 11:15am
Well - I believe we're now seeing the long awaited reversal for the dollar...

EUR/USD has fallen 200 pips in the first 4 hour bar alone.

Ibo - any advice on how to trade this? We know that any unnaturally long bar needs to be dealt with in a careful manner, since a correction of such frothy trading is to be expected.

The 30M chart's dual stochs are both showing oversold, while the 4H chart's stochs are heading down from overbought. My personal tack would be to wait until the price has corrected up (and the 30M stochs are back at 'overbought') then go short...



- Ian
  • #302
  • Edited 12:24pm May 17, 2006 12:18pm | Edited 12:24pm
Quoting iboersma
Well - I believe we're now seeing the long awaited reversal for the dollar...

EUR/USD has fallen 200 pips in the first 4 hour bar alone.

......................

- Ian
agreed. lets sell on strength!
the next a few bars will be critical, but since it has broken the yellow line, you can't go much wrong if you sell near the yellow 55sma line. of course, if you're an agreesive type, you could sell earlier.
  • #303
  • Edited 3:57pm May 17, 2006 2:36pm | Edited 3:57pm
Quoting chinplant
agreed. lets sell on strength!
the next a few bars will be critical, but since it has broken the yellow line, you can't go much wrong if you sell near the yellow 55sma line. of course, if you're an agreesive type, you could sell earlier.
No doubt. I'm more of the conservative type (with my money, at least) so I'm going to hold out until I see some decent retracing back up. If it retraces back to the 38% Fib from this morning's 200-pip drop, that would end up being right around the 55SMA at approx. 1.2785... The test is if the price breaks the S1 pivot level since that is now resistance...


In addition, there will be a lot of anxious sellers who've been waiting in the wings to short the EUR so the price may not get there, but like you said, only the next few bars will tell.


- Ian
  • #304
  • May 17, 2006 3:36pm May 17, 2006 3:36pm
Hello

After days now there is close below yellow line. I just add one thing to iboersma's comment. There are differences between supports and resistances regarding their importance. In fact they have types. Here price found a support at S1 weekly and is going to make a retrace. But any bounce does not means sell-off market. I have told this days ago. KEY LEVEL is 1.2660. I don't discuss why and how we should find the key levels, because it refers to the types of the sup/resis. Totally Ian has a good common sens of the market. SO, buyers look at close again above yellow line and sellers will be confirmed by any close below 1.2660. SO the zone between 1.2660 and 1.2690 is the errancy zone and each execution in this is not recommended. In fact you should watch out your positions when price is in this area to close in time if you see reversing signs.

Chinplat, well done. I think it is better that you give some explanation on how the kids should use this and what are the parameters. If you don't like to publish it for public and just want to work with some programmers let me know then I will make an environment that you can complete it.

Good trading,
Ibo

Quoting iboersma
No doubt. I'm more of the conservative type (with my money, at least) so I'm going to hold out until I see some decent retracing back up. If it retraces back to the 38% Fib from this morning's 200-pip drop, that would end up being right around the 55SMA at approx. 1.2785... The test is if the price breaks the S1 pivot level since that is now resistance...


In addition, there will be a lot of anxious sellers who've been waiting in the wings to short the EUR so the price may not get there, but like you said, only the next few bars will tell.


- Ian
  • #305
  • Edited 4:15pm May 17, 2006 4:09pm | Edited 4:15pm
Hi Ibo,

Thanks for the insight. We will keep close eye on 1.2660 which is about 100 pips away. Also note that the angle of yellow is about to turn south.

I have no problem to make it public as I'm a firm believer of knowledge sharing. It's my intention to work together to improve the EA so we will all be laughing to the bank.

I attached it now to this thread. Any corrections, suggestions or enhancements by other co-traders will be most welcome. However, I do want to keep track of changes to avoid having too many versions flying around which severs no good to the method itself.

Enjoy!
Attached File(s)
File Type: mq4 EJ_4H v1.0.mq4   4 KB | 506 downloads
  • #306
  • May 17, 2006 6:34pm May 17, 2006 6:34pm
Quoting chinplant
Hi Ibo,

Thanks for the insight. We will keep close eye on 1.2660 which is about 100 pips away. Also note that the angle of yellow is about to turn south.

I have no problem to make it public as I'm a firm believer of knowledge sharing. It's my intention to work together to improve the EA so we will all be laughing to the bank.

I attached it now to this thread. Any corrections, suggestions or enhancements by other co-traders will be most welcome. However, I do want to keep track of changes to avoid having too many versions flying around which severs no good to the method itself.

Enjoy!
chinplant,

Thanks very much for the indicator. I tried to apply this to the chart, but it does not appear to work. Are you having this trouble as well?

Thanks

MIke
  • #307
  • May 17, 2006 8:48pm May 17, 2006 8:48pm
IBO,

I have a question...as an example, take a look at the attached GBP/USD chart. This is a 1-hour chart which shows a blue buy signal arrow. On the 4-hour chart, no blue arrow exists but the price action appears to be up at least in the immediate short term.

Can I use a 8SMA / 55SMA on the 1 hour chart? How would you analyze this particular situation? To me, it would appear that we have some bullish action after today's sell off...

Thanks

Mike
Attached Image
  • #308
  • May 17, 2006 8:53pm May 17, 2006 8:53pm
Quoting chinplant
Hi Ibo,

Thanks for the insight. We will keep close eye on 1.2660 which is about 100 pips away. Also note that the angle of yellow is about to turn south.

I have no problem to make it public as I'm a firm believer of knowledge sharing. It's my intention to work together to improve the EA so we will all be laughing to the bank.

I attached it now to this thread. Any corrections, suggestions or enhancements by other co-traders will be most welcome. However, I do want to keep track of changes to avoid having too many versions flying around which severs no good to the method itself.

Enjoy!
Chinplant,

Thanks for your hard work on the EA for EJ_4H. It looks great to me. I'm going to put it to work on some demo accounts I've got to see what results I get. I'll keep you posted...

Regards,

Ian
  • #309
  • May 17, 2006 9:50pm May 17, 2006 9:50pm
Hello Chinplant
Even I cannot attach it to my
chart.
Senbanda
  • #310
  • May 17, 2006 10:05pm May 17, 2006 10:05pm
Quoting senbanda
Hello Chinplant
Even I cannot attach it to my
chart.
Senbanda
Senbanda and others,

You're going to have to be more specific about what you are doing to attach the EA as I had no problem attaching it to my charts.

I would recommend grabbing the .mq4 (source code) that Chinplant just posted, saving it to your Experts directory in the MetaTrader directory, opening it up with MetaEditor, and compiling it. Once you do this, you should be able to see it in the MetaTrader Navigator pane under "Expert Advisors".

If you can provide more detail about what you're doing, that will help us to help you...

- Ian
  • #311
  • May 17, 2006 10:46pm May 17, 2006 10:46pm
Hello Ian
I saved it to my computer and then attached it to C:/ProgramFiles/MetaTrader4/Experts/Indicators.
I do not know any other way.
When I attached EJ_4H trend and indicator before
the above method worked.
Your help will be greatly appreciated.
Thank you
Senbanda
  • #312
  • May 18, 2006 1:13am May 18, 2006 1:13am
Hello Ian and all,
Totally forget the signals on smaller time frames, 55/8SMA as I have said before does not suitable for H1. This is a topic that I will cover generally for thread members and advancely for private members.

I prefered make snaps to remind you some basics.
In smaller time frames when you are expecting a swing then a break you should play 123 pattern, regarding important levels like fibo, PP and H/L swings.



Quoting ForexMike
IBO,

I have a question...as an example, take a look at the attached GBP/USD chart. This is a 1-hour chart which shows a blue buy signal arrow. On the 4-hour chart, no blue arrow exists but the price action appears to be up at least in the immediate short term.

Can I use a 8SMA / 55SMA on the 1 hour chart? How would you analyze this particular situation? To me, it would appear that we have some bullish action after today's sell off...

Thanks

Mike
Attached Image
  • #313
  • May 18, 2006 1:15am May 18, 2006 1:15am
This is showing that Still we don't have any close below yellow line, so it is better to watch out this more.
Attached Image
  • #314
  • May 18, 2006 1:19am May 18, 2006 1:19am
A confluence of at least 4 indicator. So you can see how it could be a key level.
Attached Image
  • #315
  • May 18, 2006 1:21am May 18, 2006 1:21am
This is H1 chart. We just want to see the close below white line to confirm a sell signal.
Attached Image
  • #316
  • May 18, 2006 1:25am May 18, 2006 1:25am
Also Ichimoku illustrates a resistance at its band.

All these were not signals, this is just a comment for Ian's question.

ATB,
Ibo
Attached Image
  • #317
  • Edited 6:44am May 18, 2006 6:35am | Edited 6:44am
Quoting senbanda
Hello Ian
I saved it to my computer and then attached it to C:/ProgramFiles/MetaTrader4/Experts/Indicators.
I do not know any other way.
When I attached EJ_4H trend and indicator before
the above method worked.
Your help will be greatly appreciated.
Thank you
Senbanda
Senbanda,

Do this:

1) Download the .mq4 file that Chinplant posted yesterday for the EJ_4H EA. You will be prompted to either Save it or Open it. Select Open. Your computer should recognize it as a MetaTrader file and open your MetaEditor automatically.

2) You will now see the source code open in your MetaEditor application.

3) At the top of MetaEditor, you will see a File menu option. Click that and select Save As. Navigate to the Experts directory in your MetaTrader directory (not Indicators). Save it there. Now go to the top menu bar of MetaEditor and click the Compile button. At the bottom of the screen you should see a message after doing this that says "no errors".

4) Close and restart your MetaTrader application.

5) Go to the Expert Advisors section of your navigator panel and you should see the EJ_4H EA there.

Let me know if this doesn't work for you.

- Ian
  • #318
  • May 18, 2006 7:22am May 18, 2006 7:22am
Quoting eurusdtrader
Also Ichimoku illustrates a resistance at its band.

All these were not signals, this is just a comment for Ian's question.

ATB,
Ibo
Ibo,

I don't know much about the use of the Ichimoku Kinko Hyo indicator or how it actually functions, but it looks like it is a pretty accurate indicator of support and resistance. Can you explain your method of using this in addition to pivots and Fib levels for determining trade "breakouts" from resistance and support?

Thanks,

Ian
  • #319
  • May 18, 2006 9:31am May 18, 2006 9:31am
Ian,
Ichimolu is good for daily and higher charts. Its bands as form precedently sometimes is not bad to be checked.

Never forget your analysis. PRICE is the best indicator. Always define channels and sup/resis. Then you have a field with signs, imagine that you have a city without traffic signs, what will happen? You will get confused.

A simple trend line analysis is attached. Get the complete snap in the zipped format.

Rgds,
Ibo

Quoting iboersma
Ibo,

I don't know much about the use of the Ichimoku Kinko Hyo indicator or how it actually functions, but it looks like it is a pretty accurate indicator of support and resistance. Can you explain your method of using this in addition to pivots and Fib levels for determining trade "breakouts" from resistance and support?

Thanks,

Ian
Attached Image
  • #320
  • May 18, 2006 9:36am May 18, 2006 9:36am
Trend Lines
Attached File(s)
File Type: zip eurusd-tls2.zip   15 KB | 465 downloads
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