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Trading EURUSD only

  • #11,621
  • Nov 10, 2012 8:18am Nov 10, 2012 8:18am
Quoting aerotrade
i noticed that i use only bar open and also large TF - i do not think that metatrader is a good software (very limited ) for automated trading and prefer to consider coding EA as an entertainement and part of the trading learning/improvement process - but i am studing closely a trading software called Multicharts
use closed bars.
  • #11,622
  • Nov 10, 2012 8:23am Nov 10, 2012 8:23am
Quoting stevewalker
does not work

read the thread
http://www.forexfactory.com/showthread.php?t=167720

in details you will find your answer
TY i already consider the software as it is i.e. something that is not a turn key solution but just a source of inspiration that give sometime good hints
Sic Transit Gloria Mundi ~ Thus passes the glory of the world
  • #11,623
  • Nov 10, 2012 8:29am Nov 10, 2012 8:29am
it is called "BAR OPEN"
code uses the last bar close
FYI
Quoting XharpScalper
use closed bars.
  • #11,624
  • Nov 10, 2012 8:29am Nov 10, 2012 8:29am

GL
Quoting aerotrade
TY i already consider the software as it is i.e. something that is not a turn key solution but just a source of inspiration that give sometime good hints
  • #11,625
  • Nov 10, 2012 9:16am Nov 10, 2012 9:16am
Aerotrade, until those clues start getting visible on the chart I am short. I was long and short and have absolutely no attachment to either side. It is just that I trade from daily charts so it takes different size of moves to give me clues and plus my MA's.
Regarding volumes there is no volume data on FX market hence we cannot know what smart money are up to. We only can see price action, waves and momentum and trade form this. so far there is no a single price action that says price is reversing. Pull back is not reversal...
Generally speaking big things have big momentum. It takes something equally big and also time to reverse trend. I draw TL's on my chart but mostly I do not use them for trading decisions.

Quoting aerotrade
you are 100percent right from the DOW theory viewpoint we are making new lows and then we are in a downtrend ...

what i am telling is a bit different i.e the volumes are telling that the smart money ( ''they'') is going into EUR Side (spanish baillout or a greek thing or the fiscal cliff concerns or whatever the reason)....

an other clue is on the weekly and the daily chart with RSI 2 period (applied to open) that is telling us that the monday daily candle is likely to close positive and that the week have also good probability to close...
  • #11,626
  • Nov 10, 2012 10:38am Nov 10, 2012 10:38am
Quoting shiko
Aerotrade, until those clues start getting visible on the chart I am short. I was long and short and have absolutely no attachment to either side. It is just that I trade from daily charts so it takes different size of moves to give me clues and plus my MA's.
Regarding volumes there is no volume data on FX market hence we cannot know what smart money are up to. We only can see price action, waves and momentum and trade form this. so far there is no a single price action that says price is reversing. Pull back is not reversal...
Generally speaking...
just sharing a sort of top down analysis that make me think that the price level qualify to be a reversal zone and . i will open a position accordingly , indeed it s a risky bottom picking strategy and not an all-in . If the down move continue then the stop of that position will be hit . and whatever the trends during the week i will also apply my breakout strategy my trend following strategies both directions .

after concerning volume indeed i use tick volume as a proxy for volume and trust those datas because of many studies on that particular topic and also because of my experience in using volume that improved significantly my trade results . the era of MT4 market makers reflecting its costumer activity is over and that now with true ECN DMA tick volume reflect the activity of a liquidity pool witch is connected to other liquidity pools and give a good picture of actual volumes ...


''Is Forex volume reliable?

There is a common misconception that volume cannot be used reliably in Forex trading for two reasons: firstly, there is no central exchange and therefore no official volume data. Secondly, when you’re looking at volume data on your Forex platform, you’re actually seeing “tick volume”, and not actual volume traded, such as the volume with a stock chart.

“Tick volume” measures the number of times the price ticks up and down. This is an excellent indicator of the strength of activity in any given bar. But also, the correlation between tick volume and actual volume traded is incredibly high. In 2011, Caspar Marney, head of Marney Capital and ex-UBS and HSBC trader, conducted an analysis of actual volume and tick volume in Forex. He used data from eSignal, EBS and Hotspot. For the pairs he studied, he calculated the correlation between tick volume and actual volume is over 90%.''
Sic Transit Gloria Mundi ~ Thus passes the glory of the world
  • #11,627
  • Nov 10, 2012 12:54pm Nov 10, 2012 12:54pm
I really wonder the length of next post
Quoting aerotrade
just sharing a sort of top down analysis that make me think that the price level qualify to be a reversal zone and . i will open a position accordingly , indeed it s a risky bottom picking strategy and not an all-in . If the down move continue then the stop of that position will be hit . and whatever the trends during the week i will also apply my breakout strategy my trend following strategies both directions .

after concerning volume indeed i use tick volume as a proxy for volume and trust those datas because of many studies on that particular...
  • #11,628
  • Nov 10, 2012 1:03pm Nov 10, 2012 1:03pm
ok

here why it is defending the down move

it is testing each level of old weekly High
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  • #11,629
  • Nov 10, 2012 2:23pm Nov 10, 2012 2:23pm
below 2692 it may rolldown
now it is standing the edge of the cliff

or

it may reverse

time will tell
  • #11,630
  • Nov 10, 2012 3:04pm Nov 10, 2012 3:04pm
coding & programming is my profession & hobby.
I like to do that. especially during the nights. gray cells works better

still working on some improvments
  • #11,631
  • Nov 10, 2012 4:47pm Nov 10, 2012 4:47pm
I am actually working on waves
coding & learning. form me the best of learning.
waves basicly coded & stored into 2 dimensional array.
now code should learn how to determine if the wave is corrective or impulsive ( I am learning most of wave struructure from infinitus so credit goes to him )
to do this I should look smaller TF s & for doing that I should add alot of lines into DLL upload data & check lower TF s wave structure.
will not complete this week.
  • #11,632
  • Nov 10, 2012 5:12pm Nov 10, 2012 5:12pm
Ticks will not say were there more buyers or sellers. it will show that this particular level attracts interest form traders. Applying this thing you can take contra trend trades at every s/r area cause each one can be reversal point however bar mean reversal usually there is signs that trend reversing. for now there is none. Speculative trades usually based upon such things as H&S or reversed one, double/triple tops/ bottoms, higher lows in down trend and visa versa and time spent at some level. currently it is not even a speculation. I wonder how many pips and % are you going to risk to see you are right or wrong and what's your target if any. Usually I would understand if you take this trade saying I am going to look for some pips cause obviously such levels can produce good reaction. But saying in advance you think it is reversal level because there is some tick activity here. so waht? such activity happens at all important levels saying nothing about whether this level will be reversal point. I think we are too close to previous range area and unless there is some seriously bad news for USD I think trend will continue down. There is saying,:" Trend is your friend until it bends" and I see no bend yet

Quoting aerotrade
just sharing a sort of top down analysis that make me think that the price level qualify to be a reversal zone and . i will open a position accordingly , indeed it s a risky bottom picking strategy and not an all-in . If the down move continue then the stop of that position will be hit . and whatever the trends during the week i will also apply my breakout strategy my trend following strategies both directions .

after concerning volume indeed i use tick volume as a proxy for volume and trust those datas because of many studies on that particular...
  • #11,633
  • Nov 10, 2012 5:13pm Nov 10, 2012 5:13pm
More than you would consider proper for very short term trader

Quoting stevewalker
I really wonder the length of next post
  • #11,634
  • Nov 10, 2012 5:14pm Nov 10, 2012 5:14pm
I actually have been working on curves

Quoting stevewalker
I am actually working on waves
coding & learning. form me the best of learning.
waves basicly coded & stored into 2 dimensional array.
now code should learn how to determine if the wave is corrective or impulsive ( I am learning most of wave struructure from infinitus so credit goes to him )
to do this I should look smaller TF s & for doing that I should add alot of lines into DLL upload data & check lower TF s wave structure.
will not complete this week.
  • #11,635
  • Nov 11, 2012 3:06am Nov 11, 2012 3:06am
he he

Quoting shiko
More than you would consider proper for very short term trader
  • #11,636
  • Nov 11, 2012 3:06am Nov 11, 2012 3:06am
best hobby ever
Quoting shiko
I actually have been working on curves
  • #11,637
  • Nov 11, 2012 3:34am Nov 11, 2012 3:34am
Quoting stevewalker
ok

here why it is defending the down move

it is testing each level of old weekly High
Hallo Stevewalker, please, i would like if you can considerer your weekly chart because i see the pattern of a cap and think is a bullish pattern, see you the same, i'm wrong?

thanks and Regards to all members
  • #11,638
  • Nov 11, 2012 3:39am Nov 11, 2012 3:39am
Quoting stevewalker
ok

here why it is defending the down move

it is testing each level of old weekly High

Attached Thumbnails
Sorry d'ont show your chart in me last post, i mean your weekly chart and i see a big tass, if break the top if would be a big up move.
  • #11,639
  • Nov 11, 2012 4:03am Nov 11, 2012 4:03am
hi mel3

@ weekly chart price is just over lhe last high before low
the actual situation is if price break last SUP @ 2692 or not.
Patterns formations are not important anymore.


the important point is the strenght of 2692. this will most probably make the desecion of MKT. BULL/BEAR

Quoting mel3
Hallo Stevewalker, please, i would like if you can considerer your weekly chart because i see the pattern of a cap and think is a bullish pattern, see you the same, i'm wrong?

thanks and Regards to all members
  • #11,640
  • Nov 11, 2012 4:47am Nov 11, 2012 4:47am


Quoting stevewalker
best hobby ever
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