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Hanover - can you help me with MT4 qs please? 4 replies

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  • #361
  • Oct 15, 2015 4:48am Oct 15, 2015 4:48am
Quoting hanover
{quote} {quote} The Move_SL_to_BE code is there***, but the problem is the order selection (by order number, currency pair, magic number, comment, P/L, ....???), and integrating it into something that meets your requirement. Hence there would be more programming involved, and I'm too busy with trading and other projects to take on any work. Moving to BE is an operation performed by many traders, I'd be surprised if -- out of the millions of third party EAs out there -- nobody's coded anything suitable. But if you can't find anything else, your best...
Yea I saw that one in the thread and it was close but not quite what I was looking for. I'll keep searching and testing until I can find one that gets the job done.
"Mrrraggglhlhghghlgh"
  • #362
  • Oct 16, 2015 6:44am Oct 16, 2015 6:44am
Hello Master Hanover,

Please may I get your guidance?

I have lot of patience but experience very little or better to say none.

For now I am observing only how does pairs behaviour after the open price of each day and when I see gone 200pips or more high or low, I draw the horizontal line if it is up 200pips and put text the line sell, if 200pis down put text the line buy passed few hours when I observe both has gone against me.

Please need your support

1) Method how to select 1 or max 2 pair to trade for interlay trading.
2) Method find retrace point

Thank you in advance for your help

Another question I am curious how people PM you I do not find message option in your profile


Regards,
Moti
  • #363
  • Oct 16, 2015 9:06am Oct 16, 2015 9:06am
Quoting Motiram
Hello Master Hanover, Please may I get your guidance?........
Moti,

First, I'm a retired programmer, not a professional forex trader.

It is difficult to answer other people's questions about trading strategy, if the questions are unrelated to your own strategy. For example, if somebody asks "how do you trade profitably using Murrey math?" then, because I have never used Murrey math before, the only honest answer I can give is "I don't know". The only way a trader can find out if a strategy works is to test it for himself. It's important to satisfy yourself that a strategy is profitable, if you're going to trade it with total confidence.

If I understand correctly, you are waiting until price moves 200 pips in a day above or below the open, and then you are selling or buying, respectively. You would need to test this for yourself, to find out the extent to which this kind of overbought/oversoldness creates a directional bias. I don't believe there is a formula to find a retrace point that will work every time; there are too many complex factors acting simultaneously -- for example: macroeconomics, money flows, response to news, orderflow, self-fulfilling technical prophecies, trapped trader behavior, the need to maintain triangular equilibrium (e.g. GBPJPY = GBPUSD x USDJPY), effect of other markets, etc. Every day there is a different mix of traders whose agendas differ from day to day. So any retrace point will probably always be different.

Earlier today I made 24 pips selling NZDUSD. My rationale was that NZD is overbought (look at the daily chart), it had reached a resistance level, had made a double top on the M15 chart, and that NZD should be falling as RBNZ will probably cut interest rates at the end of this month. I sold at a supply zone that would have allowed me to exit for a 15 pip loss if price had moved against me. Next week I might make a trade for completely different set of reasons, perhaps because of a news announcement or because of a different technical patterns. I'm a discretionary trader; I don't use a rote system. Hence perhaps your question would be better answered at a professional who trades more methodically.

Sorry I can't be more helpful.

I have disabled PMs because I get too many programming requests, and I have gotten tired of replying with this message.

David
  • #364
  • Edited 10:46am Oct 16, 2015 10:32am | Edited 10:46am
Quoting hanover
{quote} Moti, First, I'm a retired programmer, not a professional forex trader.David
Firstly, I appreciate your help Master David, for taking a time and answering my post.
I wish you every success in you life.
Quoting hanover
{quote}The only way a trader can find out if a strategy works is to test it for himself. It's important to satisfy yourself that a strategy is profitable, if you're going to trade it with total confidence.
I have a lack of confidence because of not having any strategy.
Quoting hanover
{quote}If I understand correctly, you are waiting until price moves 200 pips in a day above or below the open, and then you are selling or buying, respectively. You would need to test this for yourself, to find out the extent to which this kind of overbought/oversoldness creates a directional bias. I don't believe there is a formula to find a retrace point that will work every time;
That is it! 70% fails so risk/reward ratios is 7:3
Quoting hanover
{quote} There are too many complex factors acting simultaneously -- for example: macroeconomics, money flows, response to news, orderflow, self-fulfilling technical prophecies, trapped trader behavior, the need to maintain triangular equilibrium (e.g. GBPJPY = GBPUSD x USDJPY), effect of other markets, etc. Every day there is a different mix of traders whose agendas differ from day to day. So any retrace point will probably always be different.
As you said, it is true all are going in different directions so there is no Top or Bottom, when I think it is max up of the day (and think I found the TOP and as I give a short it start climbing and I realise it was still on Bottom or visa versa)

Please can you explain (e.g. GBPJPY = GBPUSD x USDJPY)?

Quoting hanover
{quote}Earlier today I made 24 pips selling NZDUSD. My rationale was that NZD is overbought (look at the daily chart), it had reached a resistance level, had made a double top on the M15 chart,
I checked today NZDUSD chart so you check Daily & 15M chart to decide to trade or not? What indicator do you use to find resistance level or it is "double top"
Quoting hanover
{quote}And that NZD should be falling, as RBNZ will probably cut interest rates at the end of this month.
Where do you get this information?
Quoting hanover
{quote}I sold at a supply zone that would have allowed me to exit for a 15 pip loss if price had moved against me. Next week I might make a trade for completely different set of reasons, perhaps because of a news announcement or because of a different technical patterns. I'm a discretionary trader; I don't use a rote system.
What indicator do you use for supply & demand zone?
Quoting hanover
{quote}Hence perhaps your question would be better answered at a professional who trades more methodically.
Sorry I can't be more helpful.
I am honoured to get your help it is very positive I am very great full to receive your guidance.
Quoting hanover
{quote}I have disabled PMs because I get too many programming requests, and I have gotten tired of replying with this message.
It is fair I respect you decision.

Have a great weekend

With Kind Regards,
Moti
  • #365
  • Edited 2:53pm Oct 16, 2015 2:20pm | Edited 2:53pm
Quoting Motiram
Firstly, I appreciate your help.......
Moti,

If you are trying to trade the same way that I do, I think you're making a mistake.

1. I've been trading forex, on and off, for almost 10 years now, but I'm not a pro trader. I've never worked for a bank, fund or prop firm; I trade from my home computer, using only my own money. I don't have formal qualifications in finance or economics; my background is in software development, and games of chance. If you want advice from pro traders, you should ask your questions in a thread like this one.

2. I don't trade using a specific strategy. Everything that I do is highly interpretive and the reasons that I take a trade differ from one day to the next. For example, I look to pair fundamentally strong and weak currencies against each other, and one sentence in a speech from a bank governor could completely change my perception of whether a currency is strengthening or weakening.

Now to answer your questions:

I get my fundamental info and a news feed by subscribing to a paid service (I can't mention its name outside the commercial forum). My approach to FA is quite similar to that employed by jakeparkin in this thread.

It's true that I use daily and M15 charts. Daily because I understand that it's viewed and acted upon by many institutional traders, and M15 because I've found it to be the optimum TF for the use of climax volume candles. I simply use MT4's crosshairs to locate support and resistance levels.

I believe in concepts, not indicators. For example, if the concept of strength/weakness is a robust one, then it doesn't matter what strength indicator you use; and if the concept lacks robustness, then it shouldn't be part of your strategy, anyway. But if you feel that, for whatever reason, there is some advantage in seeing the indicators that I'm currently using (including the S/D and better volume), you will find them all here and here.**

The two S/D indys that I use are 'SS_SupportResistance_v07 (1)' and 'II_SupDem v2'. The latter is a horrible repainter. Hence the way I use it is very interpretive, as I filter out what I believe are weak S/D areas using my own discretion. I also manually plot some S/D zones that the indys overlook. For some good info on S/D, see this post. Also these two threads here and here. However, all of this material is very specialist and is way ahead of where I'm at. I taught myself S/D just by watching how price behaves, live, around these zones.

About triangular equilibrium: AAABBB x BBBCCC = AAACCC. If you take (e.g.) GBPUSD's current price and multiply it by USDJPY's, you will always get GBPJPY's. This is significant because, if you're trading GBPJPY, it can move for reasons other than TA or FA, i.e. merely to keep the equilibrium intact. This interdependence makes forex a complex market to trade, but also creates opportunities that are not as directly available in other markets.

Have a good weekend also.

David

**[EDIT] I've updated the attached zip file with the latest versions of the relevant indicators. The latest Plot News software can be downloaded from here.
Attached File(s)
File Type: zip Indicators etc.zip   1.2 MB | 971 downloads
  • #366
  • Oct 16, 2015 4:36pm Oct 16, 2015 4:36pm
Quoting hanover
{quote} Moti, Now to answer your questions: I've updated the attached zip file with the latest versions of the relevant indicators. The latest Plot News software can be downloaded from here. David
Master David, you cannot imagine how much happy I am , I take my hats off for your help and time you have devoted to find the links and giving me most valuable information also thank you for giving a indicators with template I am speechless and very grateful with your kind support

AAABBB x BBBCCC = AAACCC. I am amazed

If it is possible for you, can you PM me and give a name of news and fundamental info paid service centre.

I see your Preferred Forex Broker: is Pepperstone are you working with them at present?

I wish you every success for the future.

Once again thank you very much for all.

With Kind Regards,
Moti
  • #367
  • Oct 27, 2015 2:12pm Oct 27, 2015 2:12pm
Quoting Motiram
If it is possible for you, can you PM me and give a name of news and fundamental info paid service centre. I see your Preferred Forex Broker: is Pepperstone are you working with them at present?
I have had accounts with both Pepperstone and AxiTrader over the last few years. Neither have ever cheated me.

The economic info/news feed is part of a paid mentorship course. I'm not necessarily endorsing the mentorship (although it's probably fair to say that his opinions are as good as anybody else's). Instead, I use it mainly because it saves me a lot of legwork, by having a summary of different news items (from sites like bloomberg, forexlive, centralbanknews, efxnews, etc), plus a printed/audio news feed, all in the one place. Arguably expensive though. He's easy to find as he also provides a free trading signals forum in the Giants section of Forex Peace Army.
  • #368
  • Edited 3:49pm Oct 28, 2015 1:39pm | Edited 3:49pm
Quoting hanover
one sentence in a speech from a bank governor could completely change my perception of whether a currency is strengthening or weakening.
A good example in the FOMC press release issued about 40 mins ago. Interest rates remain unchanged but EURUSD has fallen more than 150 pips. Why?

Read the statement. FOMC removed comments about global developments potentially hindering growth, and also stated that the US economy has been expanding at a moderate rate, the housing market has continued to improve and that the slack in the labor market has diminished since early 2015. All very bullish for USD; hence my view is that USD has strengthened fundamentally, and the only question is the extent to which this bullishness has now (already) been priced in.

This again highlights the value of having a good audio news feed. All of the italicized info in the previous paragraph was available within the first minute following the announcement. EU fell ~70 pips in the first minute, and has fallen another 90 pips in the 40 mins since, while the spread was at its 'normal' size. Plenty of time for the discerning reader to make some $$$.

Hopefully this drives yet another nail in the coffin of all those simple minded folk who believe that price movement is completely random. How come the sudden 150 pip fall coincided with an important news release, and not at any other (random) time?

And hopefully it also helps to dispel the myth that price movement on all TFs is the same, or that a "good system" should be able to make profits equally well on any TF. A sudden 150 pip fall to the trader who is scalping the M1 timeframe is massively significant; whereas to the position trader it is virtually unnoticeable as it is easily absorbed into the one weekly candle.
  • #369
  • Oct 29, 2015 6:45pm Oct 29, 2015 6:45pm
Hi Hanover,

I appreciate your remarks and generally this would be a correct statement, but looking hindsight at the development of the EURUSD chart we have now retraced 50% back again from the low (i.e. 90 pips): http://screencast.com/t/rWGxdMBX

So it depends on the time horizont that you want to trade the audio news feed. For the short term sentiment this certainly played out well with the audio feed, but using TA could still prove to be a good entry point 36 hours after the statement due to this retracement. Possibly now even with less risk/volatility, once the midterm direction of the new trend has been established!

Question: Could somebody please point out which free audio news service has the best and fastest trade news? I am not interested in any delays and both www.financialjuice.com and www.newsstrike.com provide free live audio news, so there wont be any delay there! But the question is how quick or fast do they provide the news compared to Ransquawk, Trade the News, Benzinga and all the other competitors out there. I couldnt find my answer on the web so I hope somebody can answer from experience using these free audio news streaming sites.
  • #370
  • Oct 29, 2015 11:22pm Oct 29, 2015 11:22pm
Quoting revinco
I appreciate your remarks and generally this would be a correct statement
Um, but it was a correct statement -- at the time I posted, price had fallen 150 pips, as traders frenetically sought to exploit the very bullish news release. It's very common for there to be a subsequent correction over the next 1-2 days, as price re-stabilizes itself, and traders take their profits.

Everything else being equal, the EUR is fundamentally weak as Draghi stated that the QE program would be re-examined, and possibly extended, in December; and the USD strong, with the increased possibility of an earlier rate hike. But price never moves in a straight line; macroeconomics are merely one driver; and we must allow sentiment to play itself out. And of course the above fundamentals may be trumped by even more significant outcomes, at any time.

Sorry, but I don't have any experience with the free news feeds.
  • #371
  • Oct 30, 2015 11:30pm Oct 30, 2015 11:30pm
Quoting awcharts
I was wondering if anyone know what the blue line indicator is at the bottom of the chart? I searched all over but without any success. Hanover is very knowledgeable so I thought I would try here. I know the stepped looking blue line basically mimics the RSI line; i find it helpful.
I can only guess, but the blue line could be a higher timeframe RSI. Like you say, it is oscillating between the same values as the RSI plots in the same window. When you put a higher TF indicator on a chart, it will display in stepwise fashion because its value changes only once for every X data points in the base chart's TF. For example, if the base chart is H1, and the MTF indicator is H4, its value changes only once in every 4 candles.
  • #372
  • Edited 8:09am Nov 6, 2015 7:56am | Edited 8:09am
Hi there hanover,

I have a trading system based on candle formation and momentum which is 100% mechanical with no discretion. I have made great returns using it but the problem with me is i am not fast enough to set the orders(some orders) and i am not disciplined enough to follow my own rules. I would like to share it with you and after backtesting it you will agree with me that it is one heck of a system. Yes, i do want it to be turned to an EA and I understand you don't do these things because so many have failed but have a look first and then you may decide. No martingale, no lot progression just OHLC.

The rules are fairly simple but to code it, that is a whole another story but yes everything is in place. I only need someone who can translate it. I'll add you on skype.

I have written the rules with pictures to explain it.

https://gyazo.com/f33b2bfdf45c4b213fd7532c55390183
https://gyazo.com/b973f54dcbb9ebcb89fdf6b0fbe9dd8e

If you wonder what happened next, i just can't follow my own rules thus destroying a somewhat great track record. The great thing is if someone or something can follow my rules to the T then the results would have been amazing.
  • #373
  • Nov 18, 2015 5:34am Nov 18, 2015 5:34am
Quoting Cobra
Hanover Would like to discuss an EA here on FF which you had positive comments about.............
Cobra,

I've sent you an e-mail. Please feel welcome to delete your post (if you don't want your e-mail address to remain public).

David
  • #374
  • Dec 18, 2015 5:25pm Dec 18, 2015 5:25pm
Quoting hanover
@amitkk: indicator attached. {file}
may i ask anyone here: what is the difference between both indicators stated above & here?

Regards.
  • #375
  • Dec 18, 2015 6:07pm Dec 18, 2015 6:07pm
Quoting redwed
may i ask anyone here: what is the difference between both indicators stated above & here?
It is the same indicator. The one attached to the post '@amitkk' is a later version as it was posted in 2014, while the original was posted for PeterE back in 2010.
  • #376
  • Dec 18, 2015 6:21pm Dec 18, 2015 6:21pm
Quoting hanover
{quote} It is the same indicator. The one attached to the post '@amitkk' is a later version as it was posted in 2014, while the original was posted for PeterE back in 2010.
Thanks for the speedy reply. This is one of my favorite tool.
  • #377
  • Dec 18, 2015 11:40pm Dec 18, 2015 11:40pm
Dear hanover
i need some code to can download history of news calender
can you share with me your code or give me some suggest for get the history data ?
did you use RSS or just read all news calender pages?
best regards
  • #378
  • Dec 19, 2015 11:40am Dec 19, 2015 11:40am
Quoting nanoc2
Dear hanover i need some code to can download history of news calender can you share with me your code or give me some suggest for get the history data ? did you use RSS or just read all news calender pages? best regards
Here is an app that downloads historical FF calendar pages.
  • #379
  • Dec 20, 2015 3:33am Dec 20, 2015 3:33am
Hi Hanover,
I despair of backtesting Renko charts in mt4. Do you know any good guides that explain every step in detail?
Thanks for your help.
  • #380
  • Edited 12:59pm Dec 20, 2015 7:24am | Edited 12:59pm
Quoting TimeRider
I despair of backtesting Renko charts in mt4. Do you know any good guides that explain every step in detail?
Sorry, but I've never used Renko charts.

You could try posting your question in some of the Renko chart threads.
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