| stevehopwoodforex.com https://www.stevehopwoodforex.com/phpBB3/ Print view |
|
| Gann Ribbon 10.7 System https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=3524 |
Page 7 of 37 |
| Author: | slowkey [ Mon Apr 14, 2014 8:01 pm ] |
| Post subject: | Gann Ribbon System |
I do not know of any black box stuff posted on the forums but if it was truly black box you would not be able to compile it.  Glad it is working now. Doug |
|
| Author: | SWG123 [ Mon Apr 14, 2014 10:10 pm ] |
| Post subject: | Gann Ribbon System |
Wow Doug, sorry to hear about your health problems, sounds like you've been to hell and back. Hope the remission continues indefinitely. Cheers, Steve |
|
| Author: | SWG123 [ Mon Apr 14, 2014 10:31 pm ] |
| Post subject: | Gann Ribbon System |
If there's anyone confused about oceans, skies and lakes, try this: press F8 and deselect "Chart on Foreground". Hides all candles behind indecision, so only trade when they reappear, using your normal entry criteria. At least that's how I've been looking at it - please shoot me down if I'm wrong Doug, still getting my head round it. Ocean is below all the ribbons, sky is above all the ribbons, lakes are in-between the ribbons. |
|
| Author: | slowkey [ Tue Apr 15, 2014 2:13 am ] |
| Post subject: | Gann Ribbon System |
It is one of those analogies that you make and realize that it is causing more confusion than knowledge  It was not original with me though because I remember John using it. Yes Steve you got it correct although I trade with my candles in the foreground but it may be helpful to some to have them hidden. I really need to get a few videos done on the basics. I will try to get them done with in the next 3 days. With Bobs indicator I will have to look at some of these alarms. I do not think we need exit alarms on the lower time periods when we have such good charts. While I like to trade counter trend I need to look at what the indicator is calling counter trend. I really do not know how best to adjust this indicator because I really have not read all of Bobs stuff on it yet We want to know entry and observe if volume is present. Indicators can reset and fool you but volume does not lie. Truthfully I do not trade when that little Power rating chart is 10 or less on the 4 hour. As it goes higher than the currencies that are strong naturally rise to the top of the left hand column. Since it is done by absolute value it does not mater if slope is negative or positive. So if AUD is strong it rises. There is a fellow working to build a better indicator that does a little better job at this and I gave him some input. I hope he is able to pull it off. My thought are this. 10.7 plus will make for a complete system all the way up to the weekly. 10.7 on the lower time periods will need vetting. Will it really have an advantage over a regular stoch. If you are active in the market do you need all these alarms. Can I make this indicator do what I want it to do. Will it play nice. I really have to read and re-read Bobs description of it use. What I expect might happen it that there will be some currencies that just trade best on an hour or four hour period. Others may be better day trading on the 15 or 30 minute. It may be the indicator will be best used on the higher time periods were it will give you solid signals less frequently but not freak you out with so many alarms. The ribbons are not as confusing to me because I studied them years ago based on a minute scalping setup. Oh the horror  However I was led to believe they could not be done on any other time period. That system used a dual trend CCI and some other indicators. This kind of reliance on a CCI gets complicated and some people spend more time trying to figure out the indicators than trading the chart. So the ribbons actually have room to breath on the higher time periods. That means there is more that can be learned from them. They are less reliant on indicators. I really believe I could trade the chart with just the Volume indicator and Ribbons. However a cycle indicator can give us some hints of overbought, oversold, and or divergence. it is easy to use for most people and the volume will keep it honest. I liked using that CSS indicator on the charts but as you go down in time it is subject to noise. There is no way to adjust it really. I tried blowing it up in size but doing so clips off the peaks. I think if you can get your head around the idea that the market must have some momentum. Volume must be showing some increase. If you can read the white and red bars at least on the volume indicator than that will give you an idea of a move beginning or ending. What happened before. Would you expect price to move even farther from the mean or counter trend some. What would that look like on the chart. Price leads and gray followed by the blue followed by the green might result in a pause or slight consolidation. A counter trend move back over the gray, blue, green etc could occur. I think there will come a time when we can look at chart ribbons, look at an indicator, look at volume and recognize the entry. Exits are pretty easy because you have pivots, round numbers, edges and you actually get to see rejection by a time period, pivot or round number and know this is a good time to take profit. Now consolidation and range will be trade-able. The 15 minute will become the standard time period to do that on because with the 15 minute you have a 5 minute shadow ribbon. That becomes our support and resistance in range trades. Of course there will always be tight accumulation consolidation that can not be traded accept for a break out strategy. So lets look at the chart below and I will not write on it. I will talk about it. Can you identify Trend ... Bullish or was it really. Strong CSS is a given. I would use the indicator if it always looked like this. Before the trade even starts what do you see in the volume indicator. A period of low volume on Friday and now Monday followed by Mondays two exhaustion climax down bars White. A big Red bar. Think Start of up trend. This all before entry. Now enter and there is a fall off in volume but price has already picked up some momentum. Than volume picks up again as traders join in. Always think about what could be going on. Price crosses the ribbon at where the X crossover is located on the Grey but it is an elongated area but that is ok. So what next. Price crosses blue and Bobs average and Green. Than smacks into the four hour edge that is just not going to be penetrated. So what next. All the other ribbons will get to the brown four hour eventually. Time a day. As the day gets into the US afternoon and Aussie session low volumes doom price from getting past that four hour. Time of week coming off the weekend usually makes for a slower Monday. What else do I know. I can tell one thing for sure. I do not even remember when I imaged this chart. However if you look to the left of the chart where you cannot really see. I guarantee you would have seen that there was a counter trend trade probably into the ocean below just by how the ribbons followed price. It is a visual trading method. The more you look at the charts the more you will notice. In reality if you are trading intraday the only ribbons that will be of much consequence most of the time is the 240 and down. Videos will be good because I will open a chart and just pick it apart. I will not cherry pick them but go through them as I find them. Above I would have taken profit at the four hour when it rejected. Thanks for your kind words Steve. Everyday is a joyful experience. Happy Trading Doug |
|
| Author: | slowkey [ Tue Apr 15, 2014 1:12 pm ] |
| Post subject: | Gann Ribbon System |
Steps to take ... The start of a more complete manual and a script for the videos. I wanted to enjoy the process of trading and still make pips. So this system is the result of that aim. 1. I look at CSS and then the power rating chart. What is strong and what is weak? 2. Why is this the best period to trade? Go through the time periods and see how the candles look in relationship to each time period. Look at the big picture on the larger time periods. Are we in a huge move, retrace or horizontal consolidation? Just how much noise or chop is there? What are the ribbons telling us about this noise? 3. Take advantage of all the controls on the Empty4 platform. Zoom in and zoom out vertically compress whatever it takes to see the big picture. 4. Where is price in relation to the ribbons? Is it beginning a move, in the middle of move or finishing a move? 5. Is there a lot of noise on the chart and given what you have looked at so far would you trade this on a big period or an intraday period? 6. I look at all the time periods on each pair. I leave the chart on the most trade-able time period. I think I have about 22 pairs on my setup at the moment. I trade a lot of pairs like Bob does. 7. Now what pair should I trade and I go back to my thoughts on what is strong. I look at my Power ratting chart and ask is it even worth trading right now intraday. If I have a setup on a higher chart that will not matter as much. 8. So if it is 2200 US est. for instance and there is a move in AUD I go to those charts to trade. 9. I know the concept of risk on and risk off trading… Do you? Look it up and learn it. After the late 90s the world became flat economically and now this is an important concept to know when trading currency. The most important fundamental analysis you can learn. Once learned you will be able to look at the power rating chart and tell if the world is risk on or off. An amazing concept to learn. While occasionally not correlated the commodity currencies literally trade based on this fundamental concept. So the Asian session may start off normally with trading dominated by Asian commodity pairs than at the flip of a switch everybody gets cold feet and the JPY becomes very strong as a safe haven and so does CHF. Than you may find the USDJPY the tradable pair but it varies. One of the most talked about fundamental analysis concept discussed daily. It is not going away. 10. So now I look in detail at a chart. What is trend? Single most important technical concept you can know. What is the day candle telling you? Is it a counter trend day so far or a trend day so far? 11. Now where is price in relationship to the Gray primary ribbon? Is the ribbon chasing after price and the others following or are we in a setup? If it is a big trend move on a higher time period we could get in a position based on a retrace possibly. If it is a nice intraday setup than that is different. On the other hand you might be on the edge of a lake that is about 50 pips across or have an ocean below or a sky above. The latter will happen when the ribbons will get more consolidated or traders are taking a pause to decide what next allowing this to happen. It opens up the sky and or the ocean. So what is it about this ordered pair thing? Well if you look at the charts the fastest ribbons are the 5 minutes and then 15 minutes on up. So that is how they should trade. When you start thinking about ribbons properly though they are very solid and if you had no price on the chart you could still trade an ordered pair trade. The shadow ribbon moving first and then the grey would not get you in very fast or precisely but this is price being traded on these time periods and not some gimmick and to Bob on that big time period he is trading his entry is not coming yet till the move gets to him. If the move dies on the four hour Bob is not moving. However the intraday traders just did some pips. So there would be a beginning and an end. (Grey for you UK spellers He He). 12. Volume … I cannot over emphasize its importance. Stochastic… we will get this solved and nail this too. I will have one of those moments where I do my best thinking. Laying down to sleep and serendipity speaks Why volume? Because there will be some signature bar or buildup of volume. The hardest thing to do is have the perfect ribbon setup, have a nice Stochastic setup and find there is no volume signature or build up and not trade. The reason it will happen though is because you will get excited and jump the gun and enter a trade because you are not putting any weight on volume. Volume is where you get your momentum. Volume is where you tell if other traders are getting ready to pull the trigger. Also sometimes not so much in the US but I have noticed in the UK on news releases it will tell you somebody has inside information and there likely position. Why is this? Because if you have read anything by traders inside the banks they will tell you they do not dump a yard into the market at once. That is a billion dollars folks and It could be a much bigger amount of money. Generally they will unload that in small portions. Sometimes they will get a call from a client and it is even a bigger amount more than they can handle themselves so they have a standard way they speak to each other over a phone. A short hand like quote. They are very good at this and will unload to many other banks. The point being is that all the volume does not appear at once but these signature bars are important. Than they will play some themselves because if they dump 20 yards into the market via other banks none of those other banks knows this but the bank who needed to meet the clients request and guess what they now know also where the market is going. So they use there inside knowledge to get in on the action. All legal and done by all the big banks. So as this money is slowly dumped into the market you will see the volume build and price will now have to respond to supply and demand. So volume is very important. Why debate it. 13. Once you have a legit entry and are in to a position the ribbons make exits easy. I am not going to go through that again. I do not think that will cause you problems. Always try to move your stop to make the trade a free one once there is room for the trade to breath. Money is margin. Margin generates interest on your investment. Do not risk margin longer than necessary and you will never be a looser in the long run. If you made a mistake and entered a bad trade just get out and save your margin for the next. Now on the larger time periods I have stayed in if trend was in my favor and recovered but that does tie up your margin. I have also had a lot of success with recovery trades but the whole idea of building this system was to do away with any need to do this. I think when actively trading setting an alert by right click- trading-alerts when you have the pointer pointing to the location you want to know about if price strikes it is better that buy stops or sell stops because there will be a proper decision made to trade or not to trade. However buy or sell stops with a tight stop on entry can be helpful. 14. Exit at a rejection or loss of momentum due to low volume. On the four hour and up I will show you what some big moves look like on these chart and you will know better when to stay in a position. This is where Bobs 10.7 plus will excel on these higher time periods. 15. I hope this helps and as I do videos I will run through these steps in order and no doubt think of other things to mention. PDF same as above. |
|
| Author: | slowkey [ Tue Apr 15, 2014 1:32 pm ] |
| Post subject: | Gann Ribbon System |
One of the problems I have with traditional charts is that they do not answer the right questions. They are also boring to trade. That is why I built the ribbons and use volume. I can ask questions and get answers. If I can not get them it is because they are still to come at the right edge of the chart. Happy Trading Doug |
|
| Author: | rosst [ Tue Apr 15, 2014 2:41 pm ] |
| Post subject: | Gann Ribbon System |
Thank you for taking the time to post your system. I am looking forward to your videos because I need to see what you are talking about to understand. I hope you will share the same template you use in your videos so we can follow along. Thanks again... |
|
| Author: | slowkey [ Tue Apr 15, 2014 6:23 pm ] |
| Post subject: | Gann Ribbon System |
Yes I will definitely be making up the package for the videos. I am not going to get rid of the old but I am moving the system to a Main template that used to be called the analysis template. There will be two templates just a choice between candles only difference. I like the HA candles and I also know candlesticks well. There should be choice in how you see price and it saves you time worrying how to change the charts. I am also curious how smoothed HA would work with this system. I do not like the idea usually but it may work very well with a system like this. However for now just the two. So there will be a new bundle with indicators but docs come later so I can get them revised for 10.7. I will be using the stochastic for sure but not sure about the alarms on the lower time periods. I like what Bob has done with the Stochastic. If you are intraday trading you really probably do not need alarms as much you need to be able to read the stochastic. I sit at a local restaurant and I talk to a young guy every so often that is just really terrific. Getting his MBA finished in May. He said he wants me to sit down with him and explain all this to him. I asked him if he had 5 years. Just in jest. I said I would. So I need to communicate all of this information. I need to do it well between naps. Some traders may be struggling with basic trading ideas. Others may just be overwhelmed by the charts and the system. So I really appreciate the input rosst because when I hear this I get an idea what people may be struggling to understand. This is all very new. The ribbons are scaled and accurately represent time periods. They are alive. Like I say the only other person I have seen do this was John Edwards on the 1 minute. Because I created them I have an advantage but I keep seeing new things every day. I am starting to get a much simpler understanding of how to explain them but they are still revealing themselves to me. The energy I put into this thread is because these Ribbons are solid. I have looked at enough systems over the years to know that this system will have strong legs. I have to run now and do a bunch of errands. I will move a Gann bundle to my main computer. Start testing the microphone later. I am divorce for years now so I have a lot of daily task to do and I cannot put off any longer but there should be time to get some videos up and you watching. I have done videos before so that is not an issue. Thanks for participating There are no dumb questions please ask them. Some will make me smile more though  Doug |
|
| Author: | slowkey [ Wed Apr 16, 2014 12:29 am ] |
| Post subject: | Gann Ribbon System |
Videos one or more tomorrow. I am deep into looking at 10.7 right now and the indicators. The first video will just look at the ribbons themselves. I than will cover as many as necessary to explain each part of the chart and my thinking. Than the indicators. Than I will decide after some feed back what next. Happy Trading Doug |
|
| Author: | slowkey [ Wed Apr 16, 2014 4:26 am ] |
| Post subject: | Gann Ribbon System |
See post one for the new Gann_Bob_10.7 template. If you down load and install 10.7 you can use it. It will be used for the videos and will become the Main template in the complete system that is now starting to come together quickly. It will be used for illustrations in docs when I get around to a major revisit of them. Newbies start with this template because the others will now become obsolete but all the information in the post about the ribbons will not change. However with going to an integrated approach for the purposes of trading we need to go to this new template. This does not effect the clean bundle. That template is for traders using other approaches and is fine. I will have a new bundle up tomorrow. The old bundle will remain because it can be adapted by those using it and liking it. However I will not be investing more time into it. |
|
| All times are UTC | Page 7 of 37 |
|
Powered by phpBB® Forum Software © phpBB Limited |
|