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EJ_4H method

  • #321
  • May 18, 2006 10:36am May 18, 2006 10:36am
Hello Ian
I think I got it.
Does it show a line at1.2954
and a lower line at 1.2676?
Thank you very much
Sebanda
  • #322
  • May 18, 2006 10:36am May 18, 2006 10:36am
Quoting eurusdtrader
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
Thanks, Ibo.

Yes, I do sometimes get lost in forest with all the myriad technical indicators there are out there. Thanks for reminding me of the value of re-focusing on the basics like trend lines.

Best,

Ian
  • #323
  • May 18, 2006 10:41am May 18, 2006 10:41am
Quoting senbanda
Hello Ian
I think I got it.
Does it show a line at1.2954
and a lower line at 1.2676?
Thank you very much
Sebanda
Senbanda,

My EA doesn't show any lines when I load it. You will know that it loaded correctly by looking at the top RIGHT portion of your chart. If you loaded it, but either do not have the "Expert Advisor" toggle button on the top menu bar selected, or do not have the "Allow Live Trading" option selected in the Properties of the EA itself, you will see a little face with a frown . If you loaded it and have set it up to allow for live trading (via the Properties of the EA) and have the Expert Advisor button selected (on the top menu bar), the smiley face will have a big smile.

Are you confusing the Expert Advisor with one of the indicators by chance?

- Ian
  • #324
  • May 18, 2006 11:11am May 18, 2006 11:11am
Hello Ian
Yes Smily face is there. May be the
lines were drawn by me to find the
Support and Resistance
Thank you again
Senbanda
  • #325
  • May 18, 2006 9:20pm May 18, 2006 9:20pm
Can someone explain to me how the STOCH chart works? I read thorugh the part of the document that talks about it and have a general understanding but I would like a better explanation, else can someone point me in the right direction. Thanks.
  • #326
  • May 18, 2006 9:52pm May 18, 2006 9:52pm
Ibo,

Looks like we are now possibly in a channel going down.....

It broke lower TREND line

Resistance now is 1.2875ish ??

Please verify...

thanks
"We are the superior beings, we obey no one!"
  • #327
  • May 18, 2006 11:55pm May 18, 2006 11:55pm
Quoting migamb
Can someone explain to me how the STOCH chart works? I read thorugh the part of the document that talks about it and have a general understanding but I would like a better explanation, else can someone point me in the right direction. Thanks.

I don't have much experience with this, but if you look on your metatrader chart under the help category, then Analytics, then technical indicators; there's a list of the indicators that come with metatrader and their definitions.

Here is what it says about the Stochastic Oscillator -

Stochastic Oscillator

The Stochastic Oscillator Technical Indicator compares where a security’s price closed relative to its price range over a given time period. The Stochastic Oscillator is displayed as two lines. The main line is called %K. The second line, called %D, is a Moving Average of %K. The %K line is usually displayed as a solid line and the %D line is usually displayed as a dotted line.

There are several ways to interpret a Stochastic Oscillator. Three popular methods include:

 

  1. Buy when the Oscillator (either %K or %D) falls below a specific level (for example, 20) and then rises above that level. Sell when the Oscillator rises above a specific level (for example, 80) and then falls below that level;
  2. Buy when the %K line rises above the %D line and sell when the %K line falls below the %D line;
  3. Look for divergences. For instance: where prices are making a series of new highs and the Stochastic Oscillator is failing to surpass its previous highs.

Calculation

The Stochastic Oscillator has four variables:

 

  1. %K periods. This is the number of time periods used in the stochastic calculation;
  2. %K Slowing Periods. This value controls the internal smoothing of %K. A value of 1 is considered a fast stochastic; a value of 3 is considered a slow stochastic;
  3. %D periods. his is the number of time periods used when calculating a moving average of %K;
  4. %D method. The method (i.e., Exponential, Simple, Smoothed, or Weighted) that is used to calculate %D.

The formula for %K is: %K = (CLOSE-LOW(%K))/(HIGH(%K)-LOW(%K))*100

Where:
CLOSE — is today’s closing price;
LOW(%K) — is the lowest low in %K periods;
HIGH(%K) — is the highest high in %K periods.

The %D moving average is calculated according to the formula: %D = SMA(%K, N)

Where:
N — is the smoothing period;
SMA — is the Simple Moving Average.

  • #328
  • May 19, 2006 4:50am May 19, 2006 4:50am
bigballer,
I think I was late, as you can see now it is exactly new born reistance

Quoting bigballer
Ibo,

Looks like we are now possibly in a channel going down.....

It broke lower TREND line

Resistance now is 1.2875ish ??

Please verify...

thanks
  • #329
  • May 19, 2006 5:13am May 19, 2006 5:13am
Wouldn't we have to wait until the 8 MA is above the 55 MA to even consider a sell according to the design of the indicator?
  • #330
  • Edited 10:21am May 19, 2006 9:36am | Edited 10:21am
Quoting eurusdtrader
bigballer,
I think I was late, as you can see now it is exactly new born reistance
Yes it is now!!! The pivot point that now appears on the chart is only 15 pips from what I estimated....

Well I made some nice pips of it...

Hope some others did too

thanks
"We are the superior beings, we obey no one!"
  • #331
  • May 19, 2006 11:59pm May 19, 2006 11:59pm
Has anyone developed an indicator that alarms when a arrow shows up on the chart?
  • #332
  • May 20, 2006 8:40am May 20, 2006 8:40am
Here is a trade I took the other day:

Bought on 5/18 @ 1.5494 and sold the morning of 5/18 1.5567 for a 73 pip gain. The red and green horizontal lines on the chart designate where I entered and sold. The green arrow shows the point at which I entered – second blue bar above the 8SMA (white line).

This would be a buy signal per EJ’s method as the 8SMA (which is sloping up (white line) is below the 55SMA (yellow).

Although the price crossed and closed above the 55SMA, I did not wish to stay in the trade for the price movement seemed to be loosing some steam, and the 55SMA is a resistance level. I could have put a trailing stop, just in case the price keep moving up, but just took the profit. As you can see the price came right back down to the 55SMA.

Mike
Attached Image
  • #333
  • May 20, 2006 2:27pm May 20, 2006 2:27pm
Quoting iboersma
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
Could someone explain once again what this indicator does? I am also still having some issues getting this to work.

I followed the instructions but still having some issues. I use other indicators for MT4, but not sure why this one is giving me trouble.

Once I am in metatrader and double click on this indicator - nothing happens. Usually, a text box would appear where you can select variables then it will be applied to the chart.

Thanks

Mike
  • #334
  • May 20, 2006 3:12pm May 20, 2006 3:12pm
Mike, it's not an indicator but an EA for autotrading. It's saved to your "experts" file - not your "experts- indicator" file. Save. restart, open navigator, find under experts and drag to your chart. You should see a happy face w/o smile. When the markets are open , you'll see a happy face in the top right corner of your screen telling you it's operational. Oh, make sure in your options settings you've allowed "live trading".

k
  • #335
  • May 20, 2006 3:57pm May 20, 2006 3:57pm
Quoting ktrade
Mike, it's not an indicator but an EA for autotrading. It's saved to your "experts" file - not your "experts- indicator" file. Save. restart, open navigator, find under experts and drag to your chart. You should see a happy face w/o smile. When the markets are open , you'll see a happy face in the top right corner of your screen telling you it's operational. Oh, make sure in your options settings you've allowed "live trading".

k
Thanks for the follow-up K. Now..I have it working! .

Does this send off an alarm when the variables are met..? How is this working for those that are using it?

Thanks to Chinplant for putting this together and sharing...

Mike
  • #336
  • May 20, 2006 6:02pm May 20, 2006 6:02pm
Here is a view of the USDJPY daily chart. Clearly this pair has been is a descending channel; however, as you can see, the price broke out of the channel. The signal is a buy.

I am not advocating a buy here, but using this pair as an analysis. The red line (113.33) is meant to represent the last support level back in January. The question is, can the price get there?

A view of the 4-hour chart is next..



Attached Image
  • #337
  • Edited 8:29pm May 20, 2006 6:09pm | Edited 8:29pm
The price crossed above the yellow 55SMA line and the 8SMA is trending up. Again, can we get to the 113 level? Look at the last 3 blue bars…the price has closed at the 111.70 level on all three bars…looks like we are in consolidation mode. The STO is showing overbought..The price could retreat back downward….IBO, what additional anaysis can employ here...thanks!
Attached Image
  • #338
  • Edited May 22, 2006 2:16pm May 21, 2006 4:24am | Edited May 22, 2006 2:16pm
Hello fellow traders,

EJ_4H Method part IV is likely to be published until the next weekend (27/28 May). This is a bit different from the 3 previous because is a flash back to the main view of the system. This will give you some facts about the using systems and strategies and the differences between winner and loser traders.
I fact this is one step upper that give you better view that how to enter, execute and exit. Complete aspects of the system that give you the ability that have a clear decision in any time of the market is the last step. After covering all needs for that we will have such back to the main question: How we should enter, manage and exit a trade?


Wishing a nice weekend.
Ibo
  • #339
  • May 21, 2006 5:56am May 21, 2006 5:56am
my reading of the USDJPY chart above is that there may be a consolidation or slight retracemenut to the 55MA, but that an uptrend has begun, by virtue of the yellow line levelling off.
TRADE FOR SWAP
  • #340
  • May 21, 2006 8:47am May 21, 2006 8:47am
Hi Ibo

Looking forward to the next part. Keep up the good work.


Quoting eurusdtrader
Hello fellow traders,

EJ_4H Method part IV is likely to be publish until the next weekend (27/28 May). This is a bit different from the 3 previous because is a flash back to the main view of the system. This will give you some facts about the using systems and strategies and the differences between winner and loser traders.
I fact this is one step upper that give you better view that how to enter, execute and exit. Complete aspects of the system that give you the ability that have a clear decision in any time of the market is the last step. After covering all needs for that we will have such back to the main question: How we should enter, manage and exit a trade?


Wishing a nice weekend.
Ibo
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