nanningbob wrote:The only issue I see left is some big hidden behind the scene decides to support the Euro out of the blue. Much like SNB support the CHF and refused to let it rise. So watch the fun, this doesnt happen that often.
Very true but even if so the Risk/Reward for me is better then 1/3... Now to see if I can take advantage of the 1 hour chart for a few pips until mid-day
Maybe this has already been discussed, but the thread has become so big that I'm unable to find any reference to it.
One of the key points is the 2 MA of the monthly chart. You translate this to a 240 MA on a 4 hour chart.
I don't want to dispute the use of the 240 MA, but it has absolutely nothing to do with the monthly 2 MA.
The monthly 2 MA is based on the close of the last 2 months and doesn't look at the 29 days in between.
Because of the use of al the daily values the 240 MA has a big smoothening effect compared to the monthly 2 MA.
In opinion you could go 3 ways.
1 Stick with the 240 MA, because it works, but lose the origin talk about the monthly 2 MA.
2 On the first of each month determine the monthly 2 MA and use this value for the whole month.
3 On the 4 hour chart take the close of 30 and 60 days ago, use the average and update every 4 hours.
Maybe this has already been discussed, but the thread has become so big that I'm unable to find any reference to it.
One of the key points is the 2 MA of the monthly chart. You translate this to a 240 MA on a 4 hour chart.
I don't want to dispute the use of the 240 MA, but it has absolutely nothing to do with the monthly 2 MA.
The monthly 2 MA is based on the close of the last 2 months and doesn't look at the 29 days in between.
Because of the use of al the daily values the 240 MA has a big smoothening effect compared to the monthly 2 MA.
In opinion you could go 3 ways.
1 Stick with the 240 MA, because it works, but lose the origin talk about the monthly 2 MA.
2 On the first of each month determine the monthly 2 MA and use this value for the whole month.
3 On the 4 hour chart take the close of 30 and 60 days ago, use the average and update every 4 hours.
The 240 represents a dynamic 2MA on the monthly. It is the last 60 days on a chart. That is equivalent to the 2MA. You mention that the 2MA is static on a monthly, that is because it only moves with the beginning for every month however if it was set to show the last 60 day, in other words it moved daily based on the last two months then you would get a similar dynamic as the 240 on the 4H chart. You would literally have a moving monthly 2MA. There is no such thing, at least not on an Empty4 so you go to a lower chart to get approximately the same thing. 2x4 = 8 and would move weekly on a weekly chart representing the last 2 months or 8 weeks on a weekly. It would represent the last 8 weeks. The 240 is an approximation of price action trend for the last 2 months. Being a dynamic indicator makes it work. So it is not a stretch to say it is the same as a 2MA on a monthly. The only difference is on a monthly you cant change the start and end of the month. You can on a 4H or Daily or any other lower TF. Good question though.
Bob,
have just analyzed EURUSD setup.
1. Do you usually wait for prev bar with RSI signal closed before placing pending order?
2. Since 10.5 available, when the plan is to trade from line to line (no strong trend formed yet), do you go to H1 for placing the pending order?
rebyte2 wrote:I'm all pending up on EURCAD, as it seems to be failing to hold the BO from the channel I mentioned in an earlier post.
If i'm wrong, then i will cut any entries quickly.
I wouldnt worry too much about the Euro going up anytime soon. It has to have a reason to go up and there just isnt one right now. If if some big boys jump in to prop it up that still doesnt change that there is little out there to make it move up. Euro will keep taking hits until it solves its debt problems not just refinance and kick the can further down the road.
phover wrote:From now, I'll continue to test the 10.4 method for a while. Will post my panel if that could interest some people. I have to study back my own code (God!!) and debug it but it is very usefull to monitor trades and control them.
Cheers guys and talk to you later!
Martin
Yes please Martin. There are some good dashboards here already, but yours are something special.
Thanks for your kind words, too.
Read the effing manual, ok?
Afterprime is the official SHF broker. Read about them at https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?p=175790#p175790.
I still suffer from OCCD. Good thing, really.
Anyone here feeling generous? My paypal account is always in the market for a tiny donation. pianodoodler@hotmail.com is the account.
To see The Weekly Roundup of stuff you guys might have missed Click here
My special thanks to Thomas (tomele) for all the incredible work he does here.
etheldreda wrote:Bob,
have just analyzed EURUSD setup.
1. Do you usually wait for prev bar with RSI signal closed before placing pending order?
2. Since 10.5 available, when the plan is to trade from line to line (no strong trend formed yet), do you go to H1 for placing the pending order?
thank you
-ethe-
Hi Bob,
I attached my EURUSD chart below. I have a question about the pending order(s). As marked by dark gray line on the chart, the RSI was top-flat. I waited for bar closed. On the very next bar, if I place a pending order, usually it will be on point B.
Do you also place an order or pending order on point A?
thank you
-ethe-
You do not have the required permissions to view the files attached to this post.
etheldreda wrote:Bob,
have just analyzed EURUSD setup.
1. Do you usually wait for prev bar with RSI signal closed before placing pending order?
2. Since 10.5 available, when the plan is to trade from line to line (no strong trend formed yet), do you go to H1 for placing the pending order?
thank you
-ethe-
Hi Bob,
I attached my EURUSD chart below. I have a question about the pending order(s). As marked by dark gray line on the chart, the RSI was top-flat. I waited for bar closed. On the very next bar, if I place a pending order, usually it will be on point B.
Do you also place an order or pending order on point A?
thank you
-ethe-
Why wait for a bar to close, jump on in the water if fine. I am up 3% already today and still have 15+ live trades going. I have never understood the wait until the bar is closed idea. You think price is sitting there going. Wait a minute guys, we cant go down until the top of the hour so lets wait here until then. Price has been moving all afternoon and your waiting for a 4H bar to close????
