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Price Action in Day Trading by Dadas

  • #501
  • Apr 5, 2013 4:06pm Apr 5, 2013 4:06pm
Quoting ejiexe
I hope everyone have a nice week? My CHFJPY is still running. You advice me earlier not to try and stop a moving train. I will close when PA tell me to do so or when it hit my TP. I remember you said that when price hesistate to go any further then we watch for PA to tell us if that is all the market wanted to give. But the train has not get to my destination yet. The daily PTECZ of 10/8/2011 is my target. I am targeting the closing price of that candle which 105.56. So my TP is set to 105.50 which is a Round Number. About another 76 pips to go....
OK, now you are the Master of your own situation!
I would not leave my trade over the weekend if I could take this kind of Pips.
We do not know what can happen on Market Open.
And, you do not see this:
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy-h4-fxsalt-ltd.png Size: 58 KB


The H4 did not close, but it is the weekend!

Have a nice weekend!
Trade the facts, not opinions.
  • #502
  • Apr 5, 2013 4:09pm Apr 5, 2013 4:09pm
Quoting Dadas
We have not had any feedback from ejiexe how his CHFJPY trade closed. {image} On the M30 we see a PTECZ. However, the Market was slow and the situation was clear on M5. The M30 PTECZ looks like this on M5: {image} Notice Candle_Index = 16 {image} Until this moment the price was moving up steadily. This Candle the price suddenly bounced back. So, this is a signal, that the trend is ending. We can move the upper border of the PTECZ to the High level: {image} Thus, if we have not closed, yet, we must look for close as high as possible. Especially,...

I can see what you meant. My platform closed earlier @ 104.67 while another broker similar to yours closed @ 104.11 area creating a CSCZ on daily.

This now created a playing field for monday. I will be looking to add to my long position on monday.

I will still have to reread and study the thread again from the beginning so that I can get all the basis very clearly.

I am only using your words as you say it. I am still a newbies just following every word you said.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #503
  • Apr 6, 2013 2:06am Apr 6, 2013 2:06am
Quoting ejiexe
I don't want to confuse people. I don't want to start prempt as well. Market will do whatever it will do. I am trying to figure out what price does at each of the CSCZ. Master has warned also about prempting as well. PA must lead the way. So I don't need to assume but I must see the fact right in front of me. I will keep this in mind. {image} {image}
To me, it will not rise. It is in a dangerous situation. Let see when the marker opens...
  • #504
  • Edited 3:25am Apr 6, 2013 3:05am | Edited 3:25am
Red Herring & ejiexe

STOP!

This thread has one rule which will not be broken!

We do not think what the price will do!
We do not assume what the price will do!
We do not predict what the price will do!
We do not fortell what the price will do!

Stop! You are programming your mind!

Stop! You are programming other people's minds!

ejiexe - remove your chart with prediction!

NO PREDICTION! NO DISCUSSION about prediction.

The PTECZ will tell. The Price Action will tell.
Trade the facts, not opinions.
  • #505
  • Edited 7:57am Apr 6, 2013 3:24am | Edited 7:57am
A new release of the Custom_Zone_Candle_with_Index.mq4 !

Now, added the PTECZ_Candle indicator!

On the chart, it looks like this:
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy-h1-fxsalt-ltd.png Size: 56 KB


The little diamond under the Candle indicates the PTECZ Candle.

In the Custom_Zone_Candle_with_Index parameters window, now:
Show_PTECZ_Candle = true - will show the little diamonds under PTECZ Candles,
PTECZ_Candle_Tf = 60 - input the Tf you want to see PTECZ Candles from,
PTECZ_Candle_Tf = 0 - will shows PTECZs from current chart Tf,
PTECZ_Candle_ArrowColor - choose your favourite color,
PTECZ_Candle_ArrowOffset - depending on brokers digits, change so the diamonds do not cover other indications like the Candle_Index.

When cursor over diamond, also you will see the Candle Index number.

Then, you can use the Custom_Zone_Candle to plot the PTECZ in Zone Candle style!
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy-h1-fxsalt-ltd-2.png Size: 56 KB
Attached File(s)
File Type: mq4 Custom_Zone_Candle_with_Index.mq4   13 KB | 365 downloads
File Type: ex4 Custom_Zone_Candle_with_Index.ex4   10 KB | 279 downloads
Trade the facts, not opinions.
  • #506
  • Apr 6, 2013 3:32am Apr 6, 2013 3:32am
Quoting ejiexe
I don't want to confuse people. I don't want to start prempt as well. Market will do whatever it will do. I am trying to figure out what price does at each of the CSCZ. Master has warned also about prempting as well. PA must lead the way. So I don't need to assume but I must see the fact right in front of me. I will keep this in mind. {image} {image}
Yes, you need to see the facts! NOT THE FUTURE!

You are assuming, you are plotting your scenario.

This has nothing to do with facts.

Facts will be seen when Market Opens!

You MUST see NOTHING before it is there!

You MUST see THE FACTS when they are FACTS!
Trade the facts, not opinions.
  • #507
  • Apr 6, 2013 3:56am Apr 6, 2013 3:56am
New indicator has problem, For me, the indicator on the chart does not show and
When switching from one time to another time MetaTrader is closed.
Persian Gulf forever
  • #508
  • Edited 7:58am Apr 6, 2013 4:20am | Edited 7:58am
Using the new Custom_Zone_Candle_with_Index.mq4 for PTECZ:

1. Open your chart on your favourite refference Timeframe.
2. For H1 input PTECZ_Candle_Tf = 60, you will see this picture:
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy-h1-fxsalt-ltd-4.png Size: 58 KB

3. Let's assume we are at the pointed Candle, we do not see the future:
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy-h1-fxsalt-ltd-3.png Size: 59 KB

If we had already set:
Custom_Zone_Candle_Tf = 60
Custom_Zone_Candle_Index = 1
Pause_Custom_Zone_Candle = false
The Custom_Zone_Candle_with_Index is following, and now will highlight PTECZ like this:
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy-h1-fxsalt-ltd.png Size: 60 KB

4. We set:
Pause_Custom_Zone_Candle = true
Now, the PTECZ will stay, and a new one will not highlight.
The little diamonds will show new PTECZs.
Obviously, when there are a number of diamonds in a sequence, like in picture,
the price is Consolidating. We just watch the Price Action in the PTECZ and in relation
to the PTECZ. There is no need to highlight the other PTECZs, unless you want to
enter even earlier.
5. We switch to ie. M15 (our entry Timeframe), we should see this:
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy-m15-fxsalt-ltd-2.png Size: 56 KB


Thus, we can see Price Action and make our decisions.

If anyone sees a different picture on the M15, ie. more diamonds, please
download Custom_Zone_Candle_with_Index.mq4 again!

PS.
In the fixed version you will only see the diamonds on the PTECZ_Candle_Tf chart.
Switching to smaller Tfs, the diamond will not show until you change PTECZ_Candle_Tf,
if you need to see smaller Tf PTECZ, of course.
Attached File(s)
File Type: mq4 Custom_Zone_Candle_with_Index.mq4   13 KB | 376 downloads
File Type: ex4 Custom_Zone_Candle_with_Index.ex4   10 KB | 275 downloads
Trade the facts, not opinions.
  • #509
  • Apr 6, 2013 4:26am Apr 6, 2013 4:26am
Quoting parsfx
New indicator has problem, For me, the indicator on the chart does not show and When switching from one time to another time MetaTrader is closed.
Sorry, parsfx, but the new version of
Custom_Zone_Candle_with_Index.mq4
does not have problem!

It works fine on my old computer with Windows XP.

If it works on my computer, it will work on other computers, too.

I was writing about that you must first have your quotations data downloaded for every Timeframe.
You must simply click every Timeframe until it updates the data.

Then you can put the indicator on the chart.

If the Show_Candle_Index was working, Show_PTECZ_Candle must work, too!

PS.
I double checked, downloaded the file from FF and ran it.
Everything working FINE!
Trade the facts, not opinions.
  • #510
  • Apr 6, 2013 4:34am Apr 6, 2013 4:34am
Dadas, Thanks a lot for the update! Just downloaded, will check it for sure.

Cheers,
  • #511
  • Edited 7:55am Apr 6, 2013 4:56am | Edited 7:55am
Sorry Guys, it is just me LOL!

There was a small mistake with deleteing old data.

Fixed now, I will update the other posts.

EDIT: files updated.
Attached File(s)
File Type: mq4 Custom_Zone_Candle_with_Index.mq4   13 KB | 376 downloads
File Type: ex4 Custom_Zone_Candle_with_Index.ex4   10 KB | 296 downloads
Trade the facts, not opinions.
  • #512
  • Apr 6, 2013 5:11am Apr 6, 2013 5:11am
A little word of excuse!

It is just me, you have, probably, noticed.

But, it works like this:
I wake up in the morning and I have an idea.
I eat breakfast and start making the idea true.
Then, I overlook something, but I check, 2-3-4-10 times.

I share too quickly, and then you may get the unchecked version first.

Nevertheless, the final working version is always there.


Just, remember, that like all indicators, this one is not ideal, either.

There might be some situations this indi might not show.

It is to help You, not to decide for You!
Trade the facts, not opinions.
  • #513
  • Apr 6, 2013 6:01am Apr 6, 2013 6:01am
OK, just for clear vision, let us see again how this could work:

It is 4 April, 2013 9:00 in the morning GMT+1.
I switch on my computer, run MT4, I have my template with:

Custom_Zone_Candle_Tf = 60
Custom_Zone_Candle_Index = 1
Pause_Custom_Zone_Candle = false

I see this picture:
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpyh1.png Size: 56 KB

So, the train is running fast.
I will not jump into a fast train, because I can get run over!
I do not know if the price is at its top or not?
So, I wait for a new PTECZ.

At 12:00 noon, a new PTECZ appears:
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpyh1_01.png Size: 56 KB


I switch to M5 and see this:
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy-m5-fxsalt-ltd.png Size: 55 KB


You tell me where the best Entry is?!
Trade the facts, not opinions.
  • #514
  • Apr 6, 2013 6:20am Apr 6, 2013 6:20am
The further we take it, the better it gets!

First, D1 chart,
Custom_Zone_Candle_Tf = 1440
PTECZ_Candle_Tf = 1440

We identify the PTECZ as Index 7 - because it was the Ending PTECZ of Bearish trend!

Custom_Zone_Candle_Index = 7
Pause_Custom_Zone_Candle = false
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy-d1-fxsalt-ltd.png Size: 58 KB


We switch to H1 being at the time as in post above.
We follow the steps from post above.
Trade the facts, not opinions.
  • #515
  • Apr 6, 2013 6:30am Apr 6, 2013 6:30am
The further up, the better the view!

First, MN chart,
Custom_Zone_Candle_Tf = 43200
PTECZ_Candle_Tf = 43200

We identify the PTECZ as Index 2

Custom_Zone_Candle_Index = 2
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy-mn1-fxsalt-ltd.png Size: 55 KB


Switch to H1
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy-h1-fxsalt-ltd-2.png Size: 55 KB
Trade the facts, not opinions.
  • #516
  • Apr 6, 2013 6:43am Apr 6, 2013 6:43am
I just thought of a hint:

If someone is working on an older computer, go to:
Tools -> Options -> Charts
There, in Bars on chart choose the lowest value ie. 5000 !

This will make it easier for the older computers.
They will have less data to process.
Trade the facts, not opinions.
  • #517
  • Apr 6, 2013 7:23am Apr 6, 2013 7:23am
Quoting Dadas
A new release of the Custom_Zone_Candle_with_Index.mq4 !{image} {file} {file}
Hi Dadas,
Its real nice that your new indicator can highlight the PTECZ candle.
Have been practicing on the CHFJPY chart, but it all seems to depend on the TF.
Using 30M PTECZ the breakout has already ocurred on the 5M chart.
There has even been pullback to the CZ for short entry.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chfjpym30.png Size: 34 KB
Click to Enlarge Name: chfjpym5.png Size: 36 KB
  • #518
  • Apr 6, 2013 7:38am Apr 6, 2013 7:38am
Hi Eagle Pip..

I might be mistaken but I think your post is exactly what Dadas is pointing out here... My understanding is that you should use the 30 min PTECZ and when the candle closes switch to the 5 min and enter on the pullback to the CZ...just like on your charts.... Maybe Dadas could confirm to us...... Interesting thread but I am still struggling to identify entry point but working on it....

Blinkers.......
  • #519
  • Apr 6, 2013 7:54am Apr 6, 2013 7:54am
Custom_Zone_Candle_with_Index.mq4
UPDATE UPDATE UPDATE UPDATE UPDATE

PTECZ_Candle_Tf = 0 now works, will show PTECZs of current chart Tf.
PTECZ_Candle_BarsBack = 500, shows PTECZs to 500 Candles back.
You can change this value as you wish.
The limitation is for older computers, will work better.

Files on previous posts, updated.
Attached File(s)
File Type: mq4 Custom_Zone_Candle_with_Index.mq4   13 KB | 399 downloads
File Type: ex4 Custom_Zone_Candle_with_Index.ex4   10 KB | 302 downloads
Trade the facts, not opinions.
  • #520
  • Apr 6, 2013 8:07am Apr 6, 2013 8:07am
Quoting fxblinkers
Hi Eagle Pip.. . My understanding is that you should use the 30 min PTECZ and when the candle closes switch to the 5 min and enter on the pullback to the CZ.. Blinkers.......
I was actually referring to Dadas post #517, where he showed on a Mn chart that the trend seemed to be Bullish.
On the 5M it is a totally different scenario.
EP
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