Hi Team, I don't know if this will help, but I would like to share how I am using NB's and Steve's great tools. I created a chart with several steps in the process I look at to making the trade.
I have added one additional tool to help me with visuals. That is the TMA bands. I actually set these up in a dual band fashion, with the inside band ATRMultiplier set to 1.618 and the second band ATRMultiplier set to 1.272. All other settings left on default. Obviously, if recognized, these are fib settings. I use these as a visual (and sound / message) alert to possible overextended and reversal conditions. I am not suggesting for any one else to use these or to change what you are doing. I am merely sharing with you what works for me.
1. I placed vertical lines on the daily CSS to show me the separations for each movement of the lines. Its a visual thing for me.
2. After looking at the values, I look at the top pair, which in this attached example is JPY. From there I start looking for JPY trades. There were several of interest... NZDJPY, AUDJPY, USDJPY.
3) I confirmed vertical bars on H4 are red.
4) I confirmed Sto was in upper zones. I use value > 80 as Upper zone, and < 20 as Lower zone. (Just one of my quirky ways)
5) In the attached example, price was trading above the DP.
6) I placed SS order 2-3 pips under the DP.
7) I placed my TP at 50 pips.
For my practices, I use the MPTM as a back up trade manager. I find that at 3-4 am I tend to slow down and my reflexes are not as quick as they were when I was 30 years younger (I live in the eastern time zone - Miami- so I have to adjust my sleep patterns and have done so for the last 15 years).
I set the shirt protection to my risk level for the master account. I allow the MPTM to monitor all trades.
TP is set to 150 pips in case of blowout market reactions. When market moves 50, break even is setup to +5 pips.
When I set the SS order, I also place a TP level 50 pips from entry. I know this is counter to the 150 TP set in the MPTM, but I find that it works (at least for me).. and here is why.. When in the trade, I monitor the Sto and a few other items, but mostly the Sto. If price is moving near the TP level (50 pips), and the Sto moves into the opposite zone (while price is moving to the TP level) and even begins to flip or turn up in the opposite zone, then I prefer to close the trade and take the gains, if any. I find that if I don't, the market will move strong against the position (30-50%+). I don't like giving back pips, even if it means missing out on the longer runs. I would prefer to exit, then look for re-entry. If market moves near the TP and STo is not in the opposite zone, and if I am awake to see the market, then I will move the TP to the next .50 level.
I have a few peculiar trade practices around xx.00 and xx.50 levels. Example: I subtract the spread from the levels. I also account for the natural price points (which I learned from GANN principles), such as . 00, .15, .35, .50, .65, and .85. These are referred to as Natural Price Reaction levels, and markets do have a tendency to react and have reversals at these levels. So I pay attention to them and consider them on my TP placement level. For example, if the nearest TP level is .50, I will subtract the spread from .50 and enter TP at .45. Or if TP level is, example, .85, then I will place TP at .80 or 3-5 pips from the natural level. I learned long ago from working at a Forex Dealer Trade Desk that the market can be moved above and then reverse around the .50 and .00 levels. I call this the over/under trade and fully expect it on each move near .50 and .00. These are natural levels used by traders for stops and the crims know this and use it to their advantage.. now you know also.
Using the above on Tuesday Asian going into Wednesday London and pre-New York (based on eastern time), I traded NJ, AJ, UJ based on the above outline. The NJ example chart attached is a markup of the process.
Hope this will be of benefit to someone here.
Thank you for taking the time to read.
May the pips fly to you all....
Cheers.
pss..Since my original posting, I have received requests for the TMA.mq4. I have added the bands indicator as a followup to my original posting. This indi is readily found on google search. I am not the originator of the mq4 nor am I here to try to promote their use. Only sharing what I use and if it can be of help to someone, here it is. Cheers |
