hi i couldn't found ALL PAIR button in BDM chart.
i loaded BDMv1.04 . it some weird.
i loaded BDMv1.04 . it some weird.
Attached Image (click to enlarge)
the tails/wicks went through your htp/hsl but price did NOT[candle body}......you need the candle body to go through/touch your htp/hsl etc etc.................seller 9 made it very clear in his videos that (re the wicks) price does not go there !!!{I think its the basket price mathematics that cause it}
I know the wicks almost seem to grow outa nowhere sometimes, but they seem to be very dynamic, and respond to the news and such, if you even
carefully observe the different basket charts you can see that in numerous occasions they respect support and resistance, a fact which could hardly be argued as
being coincidental.
Its likely they are only relatively accurate, but not completely bullocks either.
I'm loving the progress of this thread, but I am also noticing some difficulties, some of which I am guilty of at times as well.
There are really two major scenarios you encounter when trading fibs that will cause you not to get the results you want while trading with them.
The first of which will burn you, and the second of which will significantly reduce your profitability.
The first one is failing to recognize the trend reversal. There are no fancy tricks to avoid this one, and it will bite hard if we are not careful.
The only way to avoid this is to watch price action carefully and think about what it has done historically, to stop hoping for the direction we want it
to go in but instead open our eyes to see where it is really going.
Yesterdays nights price action on both baskets but especially the buy basket (the first pic) was an excellent example of that.
The red vertical line like always is the basket create time, so any bars before that was past price action we observed after building the basket.
Observe that huge upward wick, (this is one of the reasons why I feel the wicks on the Basket Writer still have a degree of accuracy)
remember what that means, that is all selling pressure, and remember your staring at a basket chart, not an individual, relatively easily manipulated single currency.
That huge wick means alot, there is a lot of selling pressure over a large number of currencies.
Look at the strength of price as it started trying to move towards that wick.
Exactly, not much strength at all.
The likely hood of price exceeding that wick in the short term is very unlikely, remember that's where the big money positions are.
Thus we have to realize that price is likely to drop in the short term.
Thus we have to recognize that their is a short term fib that is likely calling the shots, I have drawn it in white.
And its so interesting because this is a pretty textbook trend reversal, long wicks, and occurring after a session beginning or end.
That is also very important to consider, the effects of sessions on price action.
We have to be very studious to watch out for these moments.
But if you properly pin point them, your in for a good low risk opportunity,
look at how the price reacted to the white fibs, it reacted much weaker on the yellow fibs
(This would have been one of the few times I would counter trend trade)
Since now we have changed our focus, we can now use our trusty fibs to enter at a great price.
The sell basket manifested similar attributes
but if you look at the large wicks, they extended in both directions showing a large amount of indecision,
this basket thus should have been a no trade for that particular day.
You see, the fibs pretty much always work, its our focus that doesn't always work.
I will talk about the second scenario likely tomorrow if I have time, a scenario that HotPotato is already improving with his
fib indi, but I have a request in mind that will hopefully make things a little easier.
There are really two major scenarios you encounter when trading fibs that will cause you not to get the results you want while trading with them.
The first of which will burn you, and the second of which will significantly reduce your profitability.
The first one is failing to recognize the trend reversal. There are no fancy tricks to avoid this one, and it will bite hard if we are not careful.
The only way to avoid this is to watch price action carefully and think about what it has done historically, to stop hoping for the direction we want it
to go in but instead open our eyes to see where it is really going.
Yesterdays nights price action on both baskets but especially the buy basket (the first pic) was an excellent example of that.
The red vertical line like always is the basket create time, so any bars before that was past price action we observed after building the basket.
Observe that huge upward wick, (this is one of the reasons why I feel the wicks on the Basket Writer still have a degree of accuracy)
remember what that means, that is all selling pressure, and remember your staring at a basket chart, not an individual, relatively easily manipulated single currency.
That huge wick means alot, there is a lot of selling pressure over a large number of currencies.
Look at the strength of price as it started trying to move towards that wick.
Exactly, not much strength at all.
The likely hood of price exceeding that wick in the short term is very unlikely, remember that's where the big money positions are.
Thus we have to realize that price is likely to drop in the short term.
Thus we have to recognize that their is a short term fib that is likely calling the shots, I have drawn it in white.
And its so interesting because this is a pretty textbook trend reversal, long wicks, and occurring after a session beginning or end.
That is also very important to consider, the effects of sessions on price action.
We have to be very studious to watch out for these moments.
But if you properly pin point them, your in for a good low risk opportunity,
look at how the price reacted to the white fibs, it reacted much weaker on the yellow fibs
(This would have been one of the few times I would counter trend trade)
Since now we have changed our focus, we can now use our trusty fibs to enter at a great price.
The sell basket manifested similar attributes
but if you look at the large wicks, they extended in both directions showing a large amount of indecision,
this basket thus should have been a no trade for that particular day.
You see, the fibs pretty much always work, its our focus that doesn't always work.
I will talk about the second scenario likely tomorrow if I have time, a scenario that HotPotato is already improving with his
fib indi, but I have a request in mind that will hopefully make things a little easier.
- #265
- Mar 20, 2015 2:21am Mar 20, 2015 2:21am
- | Commercial User | Joined Nov 2013 | 4,947 Posts
info@metacharttools,com
- #266
- Mar 20, 2015 6:11am Mar 20, 2015 6:11am
- | Commercial User | Joined Nov 2013 | 4,947 Posts
info@metacharttools,com
- #268
- Mar 20, 2015 6:35am Mar 20, 2015 6:35am
- | Commercial User | Joined Nov 2013 | 4,947 Posts
{quote} thanks HP! this is great help me.
With notepad create a file in MQL4/files and call it something like "all24.txt"
The file should look like this
Inserted Code
28 EURUSD GBPUSD EURAUD EURCAD EURCHF EURGBP EURJPY EURNZD GBPAUD GBPCAD GBPJPY ..... .....
First line is number of pairs consecutive lines state the pairs.
You can use any sequence of pairs so you can group them anyway you want.
Use groups of eight (max charts on screen).
Use "all28" as the basketname in BDM and use the prev/next buttons to navigate through the 28 pairs 8 pairs a time.
info@metacharttools,com
- #270
- Mar 20, 2015 7:02am Mar 20, 2015 7:02am
- | Commercial User | Joined Nov 2013 | 4,947 Posts
info@metacharttools,com
{quote} Here is a tip. With notepad create a file in MQL4/files and call it something like "all24.txt" The file should look like this 28 EURUSD GBPUSD EURAUD EURCAD EURCHF EURGBP EURJPY EURNZD GBPAUD GBPCAD GBPJPY ..... ..... First line is number of pairs consecutive lines state the pairs. You can use any sequence of pairs so you can group them anyway you want. Use groups of eight (max charts on screen). Use "all28" as the basketname in BDM and use the prev/next buttons to navigate through the 28 pairs 8 pairs a time. {image}
Thanks!
I'm loving the progress of this thread, but I am also noticing some difficulties, some of which I am guilty of at times as well. There are really two major scenarios you encounter when trading fibs that will cause you not to get the results you want while trading with them. The first of which will burn you, and the second of which will significantly reduce your profitability. The first one is failing to recognize the trend reversal. There are no fancy tricks to avoid this one, and it will bite hard if we are not careful. The only way to avoid this...
Excellent post... will be looking out for the "to be continued..." post
Yesterday I made a nice profit on the reversal on several baskets after the aftermath of the FED statement.
However, I thought that after the currencies came back on track (where they'd left off before the FED) they would continue the down trend a liitle more... I was wrong and I took a bashing this morning... lost about 40% of yesterday's hard-earned profit
... and why? Didn't look hard enough for a possible trend reversal!Lesson: DO NOT RUSH INTO A TRADE - TAKE YOUR TIME AND DO YOUR DUE DILIGENCE OR ELSE... DOH!
Green pips to all!
- #275
- Mar 20, 2015 9:05am Mar 20, 2015 9:05am
- | Commercial User | Joined Nov 2013 | 4,947 Posts
info@metacharttools,com
- #277
- Mar 20, 2015 9:32am Mar 20, 2015 9:32am
- | Commercial User | Joined Nov 2013 | 4,947 Posts
info@metacharttools,com
- #278
- Mar 20, 2015 10:06am Mar 20, 2015 10:06am
- | Commercial User | Joined Nov 2013 | 4,947 Posts
I will talk about the second scenario likely tomorrow if I have time, a scenario that HotPotato is already improving with his
fib indi, but I have a request in mind that will hopefully make things a little easier.
info@metacharttools,com
- #279
- Mar 20, 2015 3:19pm Mar 20, 2015 3:19pm
- | Commercial User | Joined Nov 2013 | 4,947 Posts
info@metacharttools,com
This was a risky trade but i did not want to end the week with a losing trade. Entered at the red line before London open and of course the price reversed. At one point the basket was at a $80 loss but i noticed that the price bounced off the 50 fibo. So i stopped BT without closing the trades, changed the magic number and entered another short on the bounce. Closed the second batch of trades, stopped the EA, changed the magic back and close the original trades. No losses this week. {image}
More next week.
How is next version of the kopra with the fibs going? Making good progress?