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  • #9,241
  • Nov 19, 2012 6:04am Nov 19, 2012 6:04am
Quoting tp0440
Mine is a bit different with regards to bollinger. I have it very dark to be able to clearly see other lines. I also comeneted last possible entries and differences to TDI.

BR
dee50 : "Thank you. That is really interesting. I will give these a go."

This is really interesting, guys ! Ihave been trying RSI 14 with MA 5 and 60. This was after reading some posts (perhaps by dee50).

I think the indies are not able to catch the trend because of the very short up and dn moves : these days the PA is crazy. Anyway,both of you, Pls see PM - may be something of interest !

Regards,

Vilas.
  • #9,242
  • Nov 19, 2012 6:55am Nov 19, 2012 6:55am
PHx62

Sometime I see that you are using stochastic with just one yellow line that turn to brown when it reaches over sold or bought areas, how can I add one with exact properties that you use ?
I Have Learned to Take Some Losses to Make Profits
  • #9,243
  • Nov 19, 2012 9:13am Nov 19, 2012 9:13am
Quoting tp0440
Mine is a bit different with regards to bollinger. I have it very dark to be able to clearly see other lines. I also comeneted last possible entries and differences to TDI.

BR
tp0440 sorry for the stupid question but how do you create that custom indie? I know you have told us the indie settings in your previous post but how do I create a custom indicator like that? Anyone can teach me?
  • #9,244
  • Nov 19, 2012 4:23pm Nov 19, 2012 4:23pm
Quoting rsg10z
guys i have 2 questions.

another question. looking at phx62 charts i often saw he opened trade in the middle of the candle (and not waiting until the close of that candle). Personally i believe this is extremely difficult for me because often the price move in opposite direction after the candle close. For example, the candle breaks tripple bottom but then the candle gets rejected and form a pin bar later. How do you know if it won't get rejected, how can you have such confidence to simply open the trade in the middle of the candle? (and not waiting...
When I open a trade later than the open of the candle, it is usually because I need to see it break a previous high (or low) or break a resistance area or some other consolidation point. When I open a trade before the TDI has crossed, it is because I have seen something in price action to tell me price is reversing. In your example, a triple bottom indiacates that price has run out of steam and may be reversing, so even though another candle may break below it, most of the time it will not continue in that direction, so I make an entry and monitor to see where price goes.....most of the time it works. Hope this helps.
  • #9,245
  • Nov 19, 2012 4:26pm Nov 19, 2012 4:26pm
Quoting TheScorpS
PHx62

Sometime I see that you are using stochastic with just one yellow line that turn to brown when it reaches over sold or bought areas, how can I add one with exact properties that you use ?
The only indicator I currently use on my charts in an indicator window is the TDI, which has a yellow line but it does not change color. I have some EMA's on my chart that change color depending on the direction of the trend at the time. If you can give me a post where you saw a chart with stochastics, I will be happy to look at it and explain. Thanks
  • #9,246
  • Nov 19, 2012 10:12pm Nov 19, 2012 10:12pm
Trades so far this week on the EU H1 time frame....3 scalp trades and 1 bounce trade off the 200EMA. Notice how price bounces off the 200EMA or consolidates and then pushes through the 200EMA (circled areas). I did not follow my rules and traded a bounce off the 200 without any other confirmation and lost 10pips...should have waited for a color change and/or TDI cross....just a wake up call to follow the trading plan. Notice also price is bouncing off the 38.2 fib on the latest move up but the H4 200EMA is the red line at the top of the chart. Price should also consolidate there if it reaches that far. There could be some interesting moves between the H1 & H4 200EMA's unless news moves the market through one or the other.
Off to bed until London.
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  • #9,247
  • Edited 5:04pm Nov 20, 2012 4:47pm | Edited 5:04pm
Quoting rsg10z
tp0440 sorry for the stupid question but how do you create that custom indie? I know you have told us the indie settings in your previous post but how do I create a custom indicator like that? Anyone can teach me?
Hi.

Sorry for late reply, I'm not really active last few days as I have lots to do.
And note: there's not stupid questions. Only stupid people. If I know how, I'll try to help.

You have 3 options:
- coding (you need to be a programmer), so I take it you'll pass this one
- MT4 builder, where you can create EA or indicator by clicking and creating logical expressions
- but my indicator as seen in the picture is created in MT4 by drag and drop principle. Do following:
1. Take RSI indicator and put it normally in the main window
2. Take for example moving average and drag and drop it to the RSI indicator window
- After you do this, you can get for close options 2 new options
a. first indicator data
b. last indicator data
Note: if you want to build indicator based on RSI, always first apply RSI and than other functions
- In stated case, take moving average, select simple 7, close on first indicator data and you'll get trade signal line (red in TDI)
- Do the same again, select SMA 34, apply to close first indicator data and you'll get yellow line from TDI
- You can do similar process with bollinger band and play around

As I stated, RSI in TDI indicator is already smoothed by factor 2, which is the reason why it's slower. I also used EMA instead of SMA for what you understand as red and yellow line and for bollinger I used deviation 1, which is much less and different application than with TDI.

Note: if you don't understand what you are doing, don't experiment with this on live trading. Just a word of caution. You can do this ,try it, test it on demo and if you like what you see, continue from there.


BR
  • #9,248
  • Nov 20, 2012 9:15pm Nov 20, 2012 9:15pm
Hello Everyone,

Just reading and catching up with how this thread is progressing.

If you are experimenting with RSI and trying to curve fit a system,.
Here is one which you can try out.

http://www.forexstrategiesresources....-fozzy-method/
you wil find a pdf documenting this Fozzy RSI as well as some indicators.

Google ..."Fozzy" , ... "Fozzy trading system", ... "Fozzy forex system" .... and you find an interesting amount of RSI based system available.

Good Trading!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #9,249
  • Nov 21, 2012 12:35am Nov 21, 2012 12:35am
Quoting Phx62
The only indicator I currently use on my charts in an indicator window is the TDI, which has a yellow line but it does not change color. I have some EMA's on my chart that change color depending on the direction of the trend at the time. If you can give me a post where you saw a chart with stochastics, I will be happy to look at it and explain. Thanks
Thanks for your continues support
I saw the stochastic indicator in one of your chart that was compiled into a pdf of the trades that you took in the past, I'm reading this pdf and its such a great pdf to practice on real time trades which were taken using this strategy, if the stochastic isnt needed in anyway in this strategy then there's no need to use it to keep the chart simple as possible.
I see that youre using EMA 200, and other EMA or SMA, which one are you using, and in what way they can help us in trading this strategy?
I'm looking to be on the wright way and path especially since I saw that you are doing great trades with this strategy

I Have Learned to Take Some Losses to Make Profits
  • #9,250
  • Edited 7:09am Nov 21, 2012 5:38am | Edited 7:09am
Hi guys

This is a follow up chart just to show the importance of market harmonics and also to reinforce that it will be difficult to succeed if you just take all TDI crosses without looking at the overall market structure.

Make sure you understand well the concept of Support and Resistance, Trends, etc... and then use TDI as a confirmation tool.
I have been in that path and this is what really works.
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  • #9,251
  • Nov 21, 2012 8:20am Nov 21, 2012 8:20am
Out for +50 pips. Nothing fancy. TDI cross long. Just held on to it until my stochs went OB which coincided with 100% Fib, I would normally target 89% fib, but momentum was strong so I held.
Attached Image (click to enlarge)
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Cut your Losers short and let your Winners run.
  • #9,252
  • Nov 21, 2012 10:40pm Nov 21, 2012 10:40pm
Quoting dee50
Out for +50 pips. Nothing fancy. TDI cross long. Just held on to it until my stochs went OB which coincided with 100% Fib, I would normally target 89% fib, but momentum was strong so I held.
dee50, beautiful trade!

I would like to share my GBPJPY H4 trade.
I did not enter right atfter the TDI cross, but waited for closing the price above BRN of 130.000. I set my SL just below my fast ema (it would have been wiser to put it below, when it is a long). TP just below Fib 161.6% which practically is the same as the RN 131.500 :-)

take care,
thrax
Attached Image (click to enlarge)
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  • #9,253
  • Nov 21, 2012 10:51pm Nov 21, 2012 10:51pm
Quoting munirpt
Hi guys

This is a follow up chart just to show the importance of market harmonics and also to reinforce that it will be difficult to succeed if you just take all TDI crosses without looking at the overall market structure.

Make sure you understand well the concept of Support and Resistance, Trends, etc... and then use TDI as a confirmation tool.
I have been in that path and this is what really works.
Thanks for your support, I have downloded the ebook about price action which you provided in earlier post, I just would like to know if I can undestand price action reading it.

or you may have another way of uderstanding price action, or another ebook

Also do you think that reading (Price Action Charts Bar by Bar by Albrook) would be ok for me since I'm only beginner and been studying Forex for 1 month only.
I Have Learned to Take Some Losses to Make Profits
  • #9,254
  • Nov 22, 2012 5:19am Nov 22, 2012 5:19am
Quoting TheScorpS
Also do you think that reading (Price Action Charts Bar by Bar by Albrook) would be ok for me since I'm only beginner and been studying Forex for 1 month only.
I have tried to read Al Brooks. There is no doubt that he is an excellent trader, but he knows squat about educating. I could not understand what the hell he was on about!!!!

Price Action. A misused and misunderstood term. It means different things to many people. Learn Support and Resistance. Candle Reversal Patterns. 123 Pattern (ABCD) Higher High, Higher Low and Lower High, Lower Low. And that is really all you should start with get a good grip on these and you have most of the tools that you need. The rest is just flash. I know so much about so many things that I have a hard time making a decision I am just too clever for my own good. Donīt make the same mistake. Follow Munirīs advice, he keeps it simple and therefore effective!!!!!
Cut your Losers short and let your Winners run.
  • #9,255
  • Nov 22, 2012 6:38am Nov 22, 2012 6:38am
Quoting dee50
I have tried to read Al Brooks. There is no doubt that he is an excellent trader, but he knows squat about educating. I could not understand what the hell he was on about!!!!

Price Action. A misused and misunderstood term. It means different things to many people. Learn Support and Resistance. Candle Reversal Patterns. 123 Pattern (ABCD) Higher High, Higher Low and Lower High, Lower Low. And that is really all you should start with get a good grip on these and you have most of the tools that you need. The rest is just flash. I know so much about...
This is all I really need to hear , just that clarification, am on the road to learning what you just have mentioned

Thanks
I Have Learned to Take Some Losses to Make Profits
  • #9,256
  • Nov 22, 2012 6:49am Nov 22, 2012 6:49am
Quoting TheScorpS
This is all I really need to hear , just that clarification, am on the road to learning what you just have mentioned

Thanks
This is an example of PA Trading. This is how I traded this morning because of the Holiday. Using the following. Nothing fancy nothing really technical. 40 Safe pips in a crappy market.

Breakout
Divergence
Trend Line
BRN
S&R

PS. Forgot to mention, you also have 123īs and ABCDīs on the chart. If you want to mark up achart for youre self as practice, I traded a 5min this morning.
Attached Image (click to enlarge)
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Cut your Losers short and let your Winners run.
  • #9,257
  • Nov 22, 2012 7:03am Nov 22, 2012 7:03am
Quoting dee50
This is an example of PA Trading. This is how I traded this morning because of the Holiday. Using the following. Nothing fancy nothing really technical. 40 Safe pips in a crappy market.

Breakout
Divergence
Trend Line
BRN
S&R
Excellent trade, dee50!

I post my USDCHF H4 trade
I entered short after bearish rotation in price and closing below .94000. My TP1 was just above RN .93500 and TP2 just above Fib 161.8, and I set for the rest TP3 just above RN .93000. The SL already set to positive.

Perhaps I am shy with my TPs, but I do not hurry :-)

take care,
thrax
Attached Image (click to enlarge)
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  • #9,258
  • Nov 22, 2012 7:17am Nov 22, 2012 7:17am
Quoting thrax
Excellent trade, dee50!

I post my USDCHF H4 trade
I entered short after bearish rotation in price and closing below .94000. My TP1 was just above RN .93500 and TP2 just above Fib 161.8, and I set for the rest TP3 just above RN .93000. The SL already set to positive.

Perhaps I am shy with my TPs, but I do not hurry :-)

take care,
thrax
Nothing wrong with your TPīs. If in doubt apply AB CD or use the fib expansion tool available in MT4 I think you will find that you are pretty much on the mark.
Cut your Losers short and let your Winners run.
  • #9,259
  • Nov 22, 2012 7:28am Nov 22, 2012 7:28am
Quoting thrax
Excellent trade, dee50!

I post my USDCHF H4 trade
I entered short after bearish rotation in price and closing below .94000. My TP1 was just above RN .93500 and TP2 just above Fib 161.8, and I set for the rest TP3 just above RN .93000. The SL already set to positive.

Perhaps I am shy with my TPs, but I do not hurry :-)

take care,
thrax
Question for you with your fib plotting. I was under the impression that fibs are plotted from left to right, or from an older bar to a newer bar. do you reverse the plotting from high to low to low to high once price reverses after a small pull back?
  • #9,260
  • Nov 22, 2012 10:54am Nov 22, 2012 10:54am
Quoting illlili
Question for you with your fib plotting. I was under the impression that fibs are plotted from left to right, or from an older bar to a newer bar. do you reverse the plotting from high to low to low to high once price reverses after a small pull back?
Hi,

I draw Fib between the previous week's high and low. Actually it is indifferent that you draw it from right to left or vice versa. Hope this helps.

Take care, thrax
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