Home Site Map About Us Privacy Policy Advertise (pdf) Contact Us
 
 
You need to register separately on the Chart Forum
- see Chart Forum Help
Edit Profile Profile Help Help
Forum Rules Forum Rules Advanced Help/Instructions Advanced Help
Search Last 1|3|7 Days Latest Posts Latest Posts
Search Search Forum Tree View Tree View
   

Forex Made Easy - Ingots Rainbow Strategy.

Chart Forum » Forex & Bonds » Forex Made Easy - Ingots Rainbow Strategy.

««  Previous  Next  »»


 
Thread Start New Thread 
Last Poster Posts Pages Last Post
         

Author Message

Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2101
Registered: 05-2004

Rating: N/A
Votes: 0


Monday, March 31, 2008 - 09:19 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



In response to a couple of people who have contacted me regarding Forex Trading, it is appropriate that a thread be commenced where successful strategy can be discussed along with new ideas.

Of course hopefully we can endorse or dismiss certain concepts, but the vision here is for positive thinking - we can discuss what does work along with what does not - as long as a rationale is given so that we are all on the same page ... and with knowledge, move forward.

I have been successfully trading FX now for over eight months, but the road to finding what works for me and what doesn't has been paved with jubilation and disappointment - some indicators showed promise but soon proved they are better served remaining in the stock market arena, where they were probably designed.

Not all indicators can be used bilaterally in stocks and currency trading - to assume this will lead to frustration and further disappointment.

The nature of currency trading is such that Technical Analysis is the Siamese twin to Fundamental analysis, and the pair can not be separated without killing one or both entities.

I qualify that statement by saying if traders want to employ scalping techniques then this may be a "special case" where TA CAN indeed be used successfully in isolation.

But scalping implies (to me at least) the use of ST (short term) trading, and because I am not willing to sit by my computer night-after-night as I used to, in order to rake in the pips, I am hoping we not discuss ST trading on this thread. I would hope that ST traders could be generous enough to keep that topic pure, and for its own thread - a thread to which I would gladly contribute the little I was able to discover about it.

Further, I am of the view that FA issues can not be divorced from FX either - even in scalping techniques - the "News Announcement" has long been both saviour and pariah for FX traders - particularly the ST traders. But in the LT (long term) such announcements amount to little more than noise, and rarely ... if at all, affect our positions.

So I am going to discuss FX trading from a longer term perspective - beginning at the 1 hour candles and longer (we may "dip" into the 30 min candles if something positive can be brought out of that) and moving up to weekly, and even monthly views of a currency in motion.

Please do not preempt the discussion by feeling dismay at such long term views. I have been able to show with my own trading, that the 800-pip and 1300-pip runs are available to those who have the patience to stalk the setups - and win.

Please be patient with this thread - I am a story-teller by nature, and it can become agonising for some to see points laboured. But the end of the Rainbow is where the pot of gold has been placed. A lot of nuggets have been spilled from the pot - and while it is not possible to get the lot - we shall certainly be getting our share of the spilled nuggets.

Finally - before we get into this - I do hope you are able to find a gap in proceedings to try to see if your own "favourite" indicator has a place in this form of trading. It is likely that indicators that rely on VOLUME for their mechanical function will not be terribly reliable trading the Forex Instrument.

Ingot's Rainbow Strategy is essentially a Position Trading approach - one that allows both profit and quality of life (the much-desired "time with the family" or other goals) and can be successfully traded over several weeks, with only a daily, or second-daily review of where the trade might be heading.

The more you keep your hands to yourself and allow your initial choice to play out its own hand, the more satisfying (and enriching) the end result should be.

Without further yakking ... let's sign in and give this a go.

Here is one of my charts - I don't expect it will make sense to you - but if it did I would be quite surprised.




Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
lafee
Member
Username: lafee

Post Number: 817
Registered: 04-2003

Rating: N/A
Votes: 0


Monday, March 31, 2008 - 09:29 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Ignot,

What is your interpretation of the chart?

Cheers Lafee







Don't ask an academic if what he does is relevant

Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2102
Registered: 05-2004

Rating: N/A
Votes: 0


Monday, March 31, 2008 - 10:04 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Lafee - welcome to the thread

The chart I have put up is a "shock-and-awe" event to get some attention for the different strategy I employ these days.

To begin with - it is a MONTHLY chart and because I have not yet discussed where or if I will enter a trade in the current GBPUSD, I won't/can't say (just yet) where I think an entry might be. (To do that would preempt the other necessary steps I hope to explain as we go).

At the moment my interpretation of what I have posted above, is that we have an entity which is trending upwards very well (strongly even) but which is currently experiencing a pull-back. Whether that pull-back will go further to become a greater correction (for which Cable is renowned - historically buoyant) remains to be revealed.

The LT EMA's are still broadening, and have not compressed to any real depth just yet, and as such represents a possible ideal entry point for a LONG position. As we go along I will introduce things like wide stop-loss points - to allow LT trades to "breathe and mature" or else show their weakness and give us reason to call off the trade.

The window under the Rainbow chart is just a comfit of the Stochastics from 5-3-3 ... 6-3-3 etc right up to 24-3-3.

The slightly heavier yellow line is the MID-PT 14-3-3 stochastic.

The green Stochs are the shorter term ones, or faster ones, while the orange are the slower, LT stochs.

Currently we see the stochs falling in an ORDERLY way - in upper case because whether they may be orderly or disorderly will later have a very important meaning for us in relation to choice of entry, or staying out.

I use the Fibonacci levels of 23.6 for the lower level and 76.4 for the upper level simply because they work - if the Multi-Time Frame (MTF) Stochastics are ABOVE the 76.4 level then the movement of the currency will generally be LONG.

Vice versa for the 23.6 level - if MTFS are below this level, the trade should be SHORT.

But these are not the criteria for entry or exit - that will come - at the moment, on this MONTHLY view, it seems the MTFS are beginning to signal a turn back to the LONG direction. A look at the weekly or daily will probably tell a clearer story - and that is where I would be heading now for the information I require to make that choice.

I can see from the chart that the 5-3-3 stoch has bounced right off the 23.6 level, but it means little on this view - an artifact really.

As mentioned the FA and TA in my method are parts of the Siamese Twin paradigm and I try to keep up with the economics and other drivers of currency direction as well - always in flux.

Best wishes

Ingot


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2103
Registered: 05-2004

Rating: N/A
Votes: 0


Monday, March 31, 2008 - 11:51 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Zooming in a bit we can see the WEEKLY chart now - a bit more "noise" appearing on the chart ... I will post both MONTHLY and WEEKLY views below for comparison.

Notice the LT trend - always we need to be mindful of this - because in the ST views - when we get down to 4H and IH and even the 30 min for thrill-seekers, the trend is anything but up.

The Golden Rule for me is this - and it has come to my rescue time after time ... IF you read the LT trend correctly - even a BAD trade will eventually come good.

But we wish to avoid the pain of a big drawdown - that's why we set rules. The rules will set us up only for trades where we have a definite edge - such that we NEVER trade against the LT trend, and we never enter trades unless at least 2 TF preferably 3, are in our desired trading direction.

I expect you to call me out on this if I ever attempt to trade counter-trend. As mentioned earlier - it may be OK to discuss these issues in a ST thread- but even then we need to be mindful of the trends in the adjacent TF.

This chart - weekly - seems to be consolidating the ema's now - and the MTFS look like they are heading down - alluding to a correction in this pair. However - we are not taking the signal/trigger from this TF. If you look back at previous waves of the stochs you can see that even though they APPEAR to be dropping - they simply turned around - probably at around the 50% level, and turned north once more ... in keeping with the LT trend.

At this point I am not forming any bias really as to whether I will or will not trade this. But I make a note that in this weekly TF consolidation is occurring, and that can mean breakout in any direction.

I have included a screen shot of the MTFS in close up -because there is the engine room of the trade - with the tappet cover removed for the curious!

You can see from the 4th November to 6th January there was a fantastic downtrend - the triggers I will explain in the next post - but it delivered 1200 pips in those 9 weeks.

There is no "wastage" or "slippage" involved either - nor am I claiming pips I am not entitled to - I will explain in the next post why the entry was specific, and why the pips can be claimed.

For now - just look at the comparison between the Monthly and Weekly charts, plus the close-up of the Weekly MTFS.

Multi-Time-Frame -Stochastic


WEEKLY_GBPUSD


MONTHLY_GBPUSD


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2104
Registered: 05-2004

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 12:45 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Now to begin to clarify some of the triggers - note - I did not trade this - this is a learning exercise, and we have to begin somewhere to point out the triggers we need to be seeing.

While hind sight is marvellous ... and a great teacher ... we will later get to do a live trade on whatever currency is setting up correctly to trade.

So what can be learned from the MTFS?

Looking at the chart of them below, we can notice several things:

* The current relative position of the MTFS is beginning to criss-cross each other - it's called "fish-netting" and is only a sign that the market (Currency) is entering an indecisive period. This is NOT a good time to be entering the trade - it is trendless, will lead to whipsaws, and the probability of success is reduced to 50:50 - eroding any edge you may have had. Note that such fish netting patterns may only appear in ONE TF - in this case it is showing up (so far in the weekly chart, but not in the Monthly chart).

Note the faster stochs (green) beginning to cross down across the slower stochs (orange). While it is not yet a definite turn-off- it IS to be taken into account that further fish netting will be proof of sideways movement in this TF.

* I am interested in showing you something valuable about the appearance of the lovely down-leg of the November/January MTFS.

Look at the appearance of the stochs - all confined to a NARROW band, and all in an ORDERLY condition. In fact - they appear like a bunch of fine threads - all roughly combed and running in the same direction without criss-crossing any other stochs.

This is a "dream run" and is a high alert for a very strong trend indeed. In fact, if you get into one of these, you can safely load up your position and ride it all the way - as long as the stochs retain their orderly and tight conformation.

* There are a couple of early warning "hooks" visible in that November/January trend:

If you look at the top arrow in the chart below, you can see what I refer to. This is a signal that the trade is "on". At this point you can get an early entry - a toe in the water - particularly since the stochs are so tightly banded - a very positive sign.

Further, the MTFS have turned in unison and are retaining their conformation and as the YELLOW 14-3-3 stochastic crosses the 76.4 level from above - this is the absolute trigger that you v=can enter the trade. At this point, if you had taken an early tip from the "hook" and entered - you can now pile in much more strongly - as much as your trading plan (money management) will allow.

* Once the MTFS cross down through the 23.6 level, the trend will continue strongly until another "hook" shows up as a signal the trend is weakening or running out. In this case, we can see a hook (see arrow) formed, and can look for an exit to the trade.

* Further trades (ie to the upside now) can not occur under the rules, unless the MTFS forms a hook ... OR ... the yellow 14-3-3 stoch crosses UP through the 23.6 level, IN AN ORDERLY manner. By this I mean we don't have to have the tight conformation we saw in the short trade earlier ... but as long as there is NO FISH NET and the stochs appear in a "combed" condition, then a trend is intact.

The two vertical red lines intersect the MTFS at the point of the "hooks" as shown by the red arrows.

Off to hit the sack- enough for one session.

I want to give credit to a gentleman who posts under the nic of "SPUDFYRE" in this forum because he is the originator of the Multi TF Stochastics along with its interpretation and triggers.

Spudfyre has not posted for quite some time to my knowledge - and it is necessary to give him due credit and recognition for his invaluable work here.

I have adapted his ideas to LT trading, whereas they were initially designed for scalping the 5 min and 15 minute charts.

GBPUSD MTFS-Triggers


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2105
Registered: 05-2004

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 11:33 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



OK - just to move this thing along a bit more quickly now that you have an introduction to the basics.

Stepping down from Monthly charts to Weekly charts as above, we now arrive at the next in the series ... Daily Charts.

The main principle we need to grasp here is this:

An entry in one time frame may harvest a few pips, but ultimately, you will exit the trade as it begins to conform to the deeper trends of LONGER TF.

Those entries and exits not only cost you money in spread, they cost you time as you study the screen looking for the exit signals, or on high alert for reversals that can take away all of your pips.

Nothing wrong with that - a matter of personal choice, and I am happy to discuss adaptation of these principles to ST trading on another thread - they do lend themselves well to it. It's just not my forte nor my interest.

But what we have here is a system that allows us to exercise a bit of patience - check in daily (and the GBPUSD is only ONE of about 10 low-spread pairs amongst the Majors that we can have on our watch list) and if the signal is not there ... it's not there. Move to the next on the watch list.

Eventually a set-up is found that potentially can deliver these 1200-pip runs - all while you sleep, and all while you casually do your daily or second-daily check of the charts and of your watch-list.

The Daily chart below is showing sideways consolidation, and on both the Rainbow and the MTFS we can see some activity in the faster TF. Further - there is nothing remotely like an entry here for us at the moment - a quick glance at this TF and we move to the next TF or the next chart.

We can see the MTFS dipping under the 23.6 level, and therefore the downtrend - at least in the ST - is intact. Moreover, until the MTFS actually turn, are tightly or at least moderately grouped and in an orderly appearance, there is no danger of missing an entry for at least 24 hrs here. The 14-3-3 stoch needs to turn up from under the 23.6 level, and this means it is under scrutiny for a possible entry.

All that to explain why the Daily charts are not giving an entry signal just now.

GBPUSD_Daily


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2106
Registered: 05-2004

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 11:43 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Next TF down the list is the 4 Hour.

Obviously the down-trend is solid at the moment.

Again - the MTFS are below the 23.6 level, and steadily bumping along near the zero level. A powerful signal that the current downtrend is in bloom.

When dealing with the 4H TF you need to keep in mind that 8 hours can turn the whole thing around. If you like this time-slot - you need to be closer to the computer or the live chart to follow what is happening - in these TF we begin to defeat our hopes of a stress-free trade.

Having stated that ... it is not at all difficult to set a "Take Profit" or a limit order to close the trade should it go contrary to desired direction. Kind of having your cake and ...

The Chart: Certainly heaps noisier than the upper TF naturally - but the faster Rainbow ema's are clearly showing their preference to dip. As mentioned, this can change quickly.

The MTFS: Fairly orderly - and because they are hugging the lower levels, any down-trend is intact.

However - no clues or triggers for an entry here either.

GBPUSD_4H


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2107
Registered: 05-2004

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 12:02 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



The last card in our deck is the 1 Hour.

The Rainbow is establishing a clear and clean down-trend - no likelihood of a turn just at the moment - just what scalpers in the ST TF would like to see for their 30-pip or 60-pip scalps.

The MTFS are a bit restless though - you can clearly see a couple of the faster stochastics (Looks to me like the 5-3-3 up to the 9-3-3 stochs) have attempted to break (unsuccessfully) to the upside.

A close-up view of this action, on the second chart (below) shows some very strong fish netting behaviour accompanied by chaotic organisation of the stochs.

Definitely not a time to be entering a trade at all.

GBPUSD_1H

GBPUSD_MTFS


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2108
Registered: 05-2004

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 12:40 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



That's a fairly complete run through just one FX pair.

I deliberately chose a pair that is not currently showing any entry in any of our TF.

Further - we have seen that it is possible to analyse a chart without looking at price action per se - but the ema Rainbow is another representation of price action in a way that clearly demonstrates trend without "noise".

Do I use candles anywhere? Oh yes - I love my candlestick charts - I love looking for and discovering the reversal candles - especially in the LT TF.

And I do use other indicators - not too much - just out of boredom really - because let's face it - trading in the Daily and weekly TF can be very boring.

Out of interest I will mention I look the standard candles, as well as Heikin Ashi (be warned - they are certainly NOT interchangeable with Steve Nison candles- you need to study the HA candles and understand how they differ - in brief they are a kind of MA of a candle ... another topic for someone else to expound).

I've played around with the Relative Vigour Index (RVI), The Absolute Strength Indicator (ASI), Williams' Accelerator Oscillator (AC), OsMA, Awesome Oscillator (AO) and Fractals - all of which I have thrown on a single chart for you to see.

Confusing is it not? Where is the edge in those?

In the finish I opted for simplicity and just 2 representations - Rainbow with MTFS.

They work.

Trade management is important - more so than getting the entry and exits accurate.

We can discuss that a bit later - I would appreciate input from anyone right now - it's like talking to an empty room.

Which would you prefer ...THIS?

GBPUSD_Multiiple

or THIS?

GBPUSD_Simple


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
nat
Member
Username: nat

Post Number: 69
Registered: 01-2005

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 05:40 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi ingot thanx for that explanation ,ive tried getting back into currencies but life is to hectic at moment .
In saying that i set up multi stochs on ig markets and guppy multi mas and am currently day trading the cfd spi with it ,i feel it has def helped my trading i have various time frames up to c longer term trend then mostly trade off of the 1 min chart .

also since ig doesnt have hekin aski candles i have them on a cmc platform to help to ,sounds a lot for trading one instrument but oh well if all helps ill keep it ,i have no vol so its purely on price and trends .

I might go through the currencies tonight and c if anything i thinnk is setting up according to your criteria.
Nathan


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2109
Registered: 05-2004

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 07:14 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Nat - Thank you for that - I trade with IG for actual trades, but I use this free MT4 demo for all my charting.

You'll find it is customisable for almost anything you demand of it - and yes it has all the indicators and more than the charts above (these are actual screen shots of the MT4 platform).

For anyone who likes to trade Gold or Silver or Oil - this MT4 package offers live feed of the spot price - and if you run IG beside it, you can see both live feeds matching tick-for-tick the traded price - except IG is usually 2 pips HIGHER than the MT4 price.

This seems consistent right across the board, with all currencies and oil, gold and silver feeds. Why 2 pips difference? I have no clue - it does not affect the outcome - you get in two pips higher ... you get out 2 pips higher.

I run this MT4 package on my Mac computer with the help of Parallels Desktop for Mac - a Virtual machine which allows me to load and run any Win XP apps. flawlessly on the Mac.

Here is a the current chart of GOLD daily view ... and under that the 1 Hr chart of the GBPUSD ... which scalpers would love right now - For me I would not trade it - because I am not scalping, and I don't feel the LT trend is established to be able to enter in a specific direction. No doubt, according to the MTFS this trade should rund strongly for about 40 pips (+/-) yet - we'll follow it purely to see how the MTFS support the trader.

Didn't think I would see Gold at under USD$900 for awhile either ... but here it is.

Gold

GBPUSD_1H

Have a look at this 30 min shot of the GBPUSD too - I unclude it because it is a fantastic example of how the MTFS should look when entering a typical LT trade.

They do exist - and when you find one they are money in the bank. The stochs are tight, orderly and crossing the 23.6 from underneath in unison ... beautiful stuff - I should be scalping this ... but I have taken the pledge!


Will post a shot later tonight after the trade has played out - I am expecting this to rally very strongly with a setup like this - and then drop back to resume the down trend.

Let's see how it pans out - hope some of you scalpers are watching this - a golden opportunity to rake in pips if ever there was one. Of course nothing is set in stone and it is possible it could fail to run on now ... but a rally is the edge with the setup.

GBPUSD_30min


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
pse
Member
Username: pse

Post Number: 204
Registered: 10-2007

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 08:24 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



hi ingot

good to know u r still alive.
good luck with the thread, i will read with interest.

nat,
you can put IG charts in HA mode - look in "properties", i think!

- peter


"TRADE WHAT IS, NOT WHAT MIGHT BE"

Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2110
Registered: 05-2004

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 08:58 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Peter -

This stuff might interest you - the chart is doing the driving - I'm just the passenger!

That call on the GBPUSD rallying was looking very shaky for awhile - as soon as I hit the "post" button - it collapsed!



But is has delivered about 45 pips as I write and still looks ok. I wouldn't be able to go too far from the screen trading this - but some might find it invigorating.

Anyway - I will get back at some point with a LT trade set-up and entry.

GBPUSD_scalp


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
nat
Member
Username: nat

Post Number: 70
Registered: 01-2005

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 09:23 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



hi peter ,i looked again in price settings and indicator list and i can not c ha candles anywhere ,im running the pure deal platform IT finance charts ,is there another ig system ? Nathan


Top of pagePrevious messageNext messageBottom of page Link to this message
pse
Member
Username: pse

Post Number: 205
Registered: 10-2007

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 10:17 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



nathan

open up "settings-price" by right clicking on a real-time chart (as opposed to an advanced chart), select HA from the style drop down.

- peter


"TRADE WHAT IS, NOT WHAT MIGHT BE"

Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2111
Registered: 05-2004

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 10:18 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Now here is an interesting trade setting up.

It is the EURGBP and at the moment the stochs are turning and forming a "hook" that is telling us that some decent money is trickling into a LONG position - a rally could be imminent (we use words like "could" because I have yet to succeed at telling the market what it should do!)

BTW - that scalp of the GBPUSD is looking good - about 80 pips - that's a big scalp!! But a bit of uncertainty creeping in - maybe lock in profits at first opportunity - I dunno - not sure how I would have managed that.

Now - the EURGBP is looking like it wants to rally in the smaller TF - so we will keep an eye on it. The Monthly / Weekly / Daily trends are very strongly bullish here, so what we are seeing the beginning of in this very tiny TF of 30 min and 1 hour is the currency reverting back to the powerful (in 3 upper TF) LT trend.

It may not do that.

But the probability is very strong that we will be on a rallying trade if we dip a toe in here. I would not do anything yet until the trend confirms its intention - and it does that for us by crossing the 23.6 from below.

Further - the other condition we look for to confirm an entry, is for the MTFS to be orderly and NOT fish netted, as well as being close-knot or "tightly" grouped.

In this pair, so far this is the case - we have ignition ... but not yet lift-off!

EURGBP_30

EURGBP_60 min


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2112
Registered: 05-2004

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 11:02 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Ok

Looks like the scalping party might have ended an hour ago folks - this could have been detected by using the lower TF eg 5 and 15 min, plus any number of other indicators from amongst your favourites.

Here is the latest snapshot of that chart - after this we will leave it alone because we are dabbling in the shallows, and I am casting around for a decent LT trade that will yield about 300 pips minimum.

Anyway - at least we have been able to demonstrate that MTFS is worth its place in the stable of cup runners.

And that we have been able to take a half-decent scalp without complicating the place with indicators and candle-sticks everywhere.

Although I am not a scalper - any trader who is should have been pleased with what we saw - I'd be interested to hear about that.


GBPUSD_1H


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2113
Registered: 05-2004

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 11:12 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Well, no one is more surprised than I am here ... but that 76.4 is there for a reason - it is a Fibonacci level and has earned its place too.


GBPUSD_60 min


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2114
Registered: 05-2004

Rating: N/A
Votes: 0


Tuesday, April 01, 2008 - 11:38 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Pairs under notice at the moment:

EURJPY for a LONG trade - potential 800 pips - probably best of the bunch right now, but is still not "perfect".

EURCHF - train has left the station but we will continue to wave "good-bye" after it tomorrow ... it may still have a seat available for us, but not good practice to chase positions. Best would have been to get a ticket this morning ... but we will see.

EURGBP - I think there may be something to learn with this pair - (note to self - have another look tomorrow)

No need to rush - there will be enough action yet.

Cheers and best wishes

Ingot


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
nat
Member
Username: nat

Post Number: 71
Registered: 01-2005

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 06:55 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi peter and ingot ,,peter ive looked everywhere on my ig markets and cannot find ha candles ,i have a choice of quick chart or it advance chart and neither of them seem to offer it,i will ring ig markets today and find out how to get them.

thanx for those eg ingot ,just one question ,it seems that trade you were following that you were taking it against the trend on the rainbow chart ,as it turned out it wouldve been alright still ,but taking a trade with stochs bottomed out and turning and a retracement in uptrend on rainbow chart be more a higher probability trade?

Otherwise im thinking just have the multi stochs on chart and nothing else. Nathan


Top of pagePrevious messageNext messageBottom of page Link to this message
nat
Member
Username: nat

Post Number: 72
Registered: 01-2005

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 07:22 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Stop everything ive found it ,i looked under tools and found Real Charts .I didnt even knew it existed maybe should read instructions before starting .From my observation it doesnt seem to show the futures chart but the cash will have to do ,thanx Nathan


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2115
Registered: 05-2004

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 08:57 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Catering to the scalpers here - but the principles are similar - so ...

To wrap up the GBPUSD last night ... I noticed this morning that the trade continued down after the bounce ... and became a beautiful SHORT.

This compact screen shot shows the MTFS really tight - so tight that the LT ones are not visible, and even the ST ones are mostly hidden except for some well-behaved (orderly) ones running smoothly beside the main bunch.

This would have been a scalper's dream - trade it up on cue ... and back.

Not saying there are not better ways to scalp - dunno really ... just that if we grasp this idea at this level when the action is very quick - it is easier to make the mental adaptation to the LT charts which capture similar moves, over weeks, but 10 times the pips ... and you get to sleep too!

Although the trade reached 1.9872 - (I imagine traders could have placed stops at the high of the previous candle - open for ideas here) the trade stopped-out at 1.9853 level for a gain of 79 pips (+/-) depending on style and how quickly you manage the mouse!

For those who also like to see candlesticks (I do use them too) the second chart underneath shows the entire scene as it developed... by candle-light!

GBPUSD_30min

GBPUSD_Candles


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2116
Registered: 05-2004

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 09:42 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Nat

You mentioned day trading the SPI (ASX200 Cash Index on IG).

I used to fiddle around with it, but found that there is a lot of funny business going on with it.

For example you can get an idea where you think is might be heading, but about 45 mins after the ASX opens for business, Tokyo is just finishing their coffee and have rolled up their collective sleeves for business.

I found that right at this time - 10.45 am AEST or 10.50 am the Spi will make a "dash-for-cash".

By this I mean there are other - probably sleepless European bankers etc who like to do a bit more than "dabble" - these guys have teeth and can swing the Index like a feather pillow. If you see a break at around 10.50 am AEST - (ie about 45 mins after opening of the ASX for trading) it will usually make a really powerful move - no logic ... no specific direction ... but as a rule-of-thumb it mostly will be in sympathy with the sell-off of the DOW overnight, or a rally of the DOW.

Further - try to estimate what the Carry Traders are up to - if they are unwinding then the SPI can sell heavily along with Gold, Silver, USD Index and OIL - and yes, our own market will be slaughtered for no other reason than the carry guys are flogging it all off - shorting too.

Hope that helps - if you have been trading the SPI you probably knew all that anyway. There may well be other "hot-spots" for trading the SPI as well - but that's one I have noticed myself.

Cheers ... Ingot

(Message edited by ingot54 on April 02, 2008)


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
lafee
Member
Username: lafee

Post Number: 819
Registered: 04-2003

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 10:07 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Ignot,

I think there is plenty of potential in the US dollar today. Downside on EURUSD and upside on USDJPY especially. Has the trend changed - quite possibly. Anyway, I think it is worth a trade or two.

Cheers Lafee


Don't ask an academic if what he does is relevant

Top of pagePrevious messageNext messageBottom of page Link to this message
sir_lance
Member
Username: sir_lance

Post Number: 17
Registered: 12-2005

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 11:20 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Great post Ingot and I applaud you for taking the time to teach your system. I have a question relating to "fish netting" as show in your chart below however:



To me you label the red circle as fish netting starting, however it looks like a close up view of the red down pointing arrow and if the downtrend continued, I beleve the stochastics would end up looking similar to the fall from Nov thru Jan.

If I zoomed in on where the stochastics reveresed around the start of Nov 07, would it not look similar to the stochastics currently on display now ?

Or is the secret to wait until the longer term emas are more tightly coupled (therefore increasing the chance of a change in direction), coupled with the yellow stochastic ema going above 76.4 and then punching back down through this level ?

SL


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2117
Registered: 05-2004

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 02:24 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Sir Lance

Thank you for the kind words.

If we look at the section you mentioned as "like a close up view of the red down pointing arrow" we would most likely find there is some fish-netting occurring there too - but in situations like this, the trend has only recently/suddenly reversed, and the stochastics ("stochs") have all turned fairly much in unison, and are very tight-knit and orderly.

In that case it is totally acceptable. What we are wanting to avoid is what I have shown in the chart below - simply chaos.

The thing is this: While you are in a trade and everything is going as planned, you often do not get much warning of this toxic pattern developing. You will notice it first on the stochs as the faster ones break away - either up or down - but if all is well, they quickly conform again.

If in doubt - the best thing to do is examine the action on the next fastest TF - if you are trading weekly charts, flick across to the daily and se what the stochs and price action are doing. You will "know" something is not going well, and at that time, it could be expedient to exit. Each trade is different - and if the price action is at the top or bottom of a more recent range, then it may well be the first hint of reversal - or ranging/consolidation.

In your example - I would probably accept that it might be possible for the stochs to end up looking ok, and even tightening up acceptably. But the faster ones are dropping very quickly - and that is why they are crossing the slower ones rather radically. Because this is a weekly chart - it will take a week or two to see the picture develop. Remind me later on if I forget to follow up on it.

In the chart below, we see a severe case of fish-netting.

Observe what is happening to price action during this chaotic behaviour. Not very inspiring is it? Yet people are trying to trade through it and can not understand why their indicators are failing them.

The two oblong upper circles show nothing but range-bound price action, at the time the stochs are fish-netting. That is what we need to avoid. There is NO profit in trying to trade the fish-net - you will get whip-sawed until you have had enough of it.

Simply close the trade, make a cuppa and have a good lie down - or a game of golf! And ... NEVER EVER attempt to enter a trade during the fish-net activity! Send your money instead to Ingot54 At: PO Box $#$ in your closest city! (Better still - support the Leukemia Foundation - they know what to do with it.)

So the rule is: When you see the fish-net - swim away - the net is spread for YOU!

EURGBP_chaos


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2118
Registered: 05-2004

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 02:56 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



We probably should define fish-netting and attempt to clarify exactly why it is a sign to either keep out of a trade, or exit a trade we are in already.

We all are aware by now that the stochastics move at different speeds for different construction parameters.

For example the 5-3-3 stochastic (without going more deeply into the maths and formulation) constructed in a 15 min TF will have one shape - one response rate.

The 6-3-3 and 7-3-3 ... and so on up to 24-3-3 (where we stop) will also have response variation which will give them their unique shape(s). Provided price action is linear (it rarely is) the stochastics will also be linear. I have seen OIL move 300 pips or so in about 90 minutes - a common thing to see large moves in this commodity - then the stochastics take on a very tight-knot shape, and move together as one.

Have a look at the chart below - Just recently (yesterday) the oil chart showed a correction of 600 pips in 4 hours and last night a rally of 200 pips in 3 hours. Observe the appearance of the stochs in both of those cases - beautifully symmetrical, tight, and almost obscuring every single stoch in the "rope."

Copybook stuff - and these are the kinds of trades available to anyone who wants to sniff out the setups and take them.

Now - when we move the MTFS to a different TF we see an entirely different pattern. The reason of course is that the stochs, although based on exactly the same parameters, are actually constructed according to the TF reviewed.

When price action "breaks out" the first to measure this visibly are the faster stochs: eg 5-3-3 ... 6-3-3 ... and so on. Therefore they will break from the tight rope-like pattern - and begin to "fray" one-by-one causing disarray at the least. This too is visible in the chart below.

Further, it the change in price action represents a complete reversal of direction - even for 30 minutes - the LT stochs will still be moving in their direction, while the ST ones will be going the opposite way. If this indecision continues, eventually, it will affect every stoch in the "rope" until the chaotic fish-net pattern is all that remains - no more order and conformity. At the same time - price action is static - or nearly - just ranging and meandering - no real gain ... no real loss.

Even if you see order in the Daily chart, but chaos in the 1 hour chart, it is best to wait until the price action becomes committed, and the "rope" begins to form and tighten up once more in the 1 hour, before entering the trade.

Why? Because disorder represents conflict somewhere, and if you think the Daily trend is powerful enough to overcome the chaos ... think again. Upper TF do not affect lower TF ... the reverse is true. Even in the mighty monthly charts, a change of direction begins with ONE pip in the counter direction,and grows to 100 and to 1000 pips - deeply affecting every TF as it mercilessly advances one by one to eventually drag even the monthly TF into conformity.

When we trade the weekly and daily charts, if they are not in alliance with the Monthly chart - then we may be trading counter trend - however strong those trends may be at that time. We have to be canny enough in this trading game to be aware of the LT trends, and be alert for the dangerous reversals that MUST occur at some time, and will close us out.

Fish-netting is one warning signal - don't ignore it.

OIL_30 min

After serving us up such lovely pips ... look what oil is doing now - taking back those pips from the unwary. Hope you don't get caught in one of these!

Oil Chaos


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2119
Registered: 05-2004

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 05:02 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Lafee

Thanks for those heads-up on the EURUSD and the USDJPY trades. I had a quick look through then this morning in all TF and could not justify an entry under my rules.

However, I note that your assessment of:

"I think there is plenty of potential in the US dollar today. Downside on EURUSD and upside on USDJPY especially."

was correct ... and so far, price action is confirming that fact. Well done mate.

I look at probably 8 out of the 80 or so messages that clog my email box every day - they include stuff from economists, "big-C" commentators, "small-C" commentators, proprietary newsletters, subscriptions, forums, plus I watch the USD Index, Kitco, and follow oil and gold (and occasionally silver) ... and other things a bit ethereal and salad!

From these I get a general consensus of where the masses expect the prices to move.

Then, I put all of that out of my conscious thinking, and simply look at the charts. If the charts are agreeing with the herd ... good!

If not ... good too.

I am sure george Soros, Warren Buffett and Bill Gates didn't consult CNN and Bloomberg before they all decided to short the USD a few years back.

Nor would they have consulted the charts - heck - they are CREATING the chart action!

No - these guys (although they probably have their own advisors) would have a sense of direction with their investments. And where exactly would they get that?

I'm not going to suggest anything because although I have a clue about it ... I really do not know for certain. But you can be sure they didn't look at the 30-min chart one morning during coffee, and say: "Oh - Look Narelle! I think it's time to short the dollar."

I may never reach the level of a Soros or a Buffet or a Gates (won't stop me trying) but I am succeeding BECAUSE I HAVE A PLAN TO SUCCEED.

Previously I had burned my pink fingers because I was bounced around from idea to idea, and had no depth and no direction. I have those now, and I am posting this because I still get requests in my email box to help people.

Imagine that!

Incredible Charts software has been responsible for awakening in this dull head an awareness of the value of charting and technical indicators. But that of course is only a beginning. I also had to learn the fine art of trader psychology, trade management, and money management. I discovered my weaknesses were just 2 tendencies:

IMPULSIVENESS and GREED

Identifying and dealing with them is ongoing. I couldn't do that alone and had help.

But I am spilling this now because it underscores the reason for my posts - to give something back.

Those on the forum who have been friends (quite a lot no longer frequent IC) and who have nudged me at an appropriate moment (Bundy being one of them I should never fail to thank) will know who they are. many of you guys probably are not aware just what you contributed towards helping me. But that is what a forum is about - sharing, kicking the ball forward, and abiding by rules.

Enough of the speeches ...

The EURUSD is falling across most TF right now. In looking for an entry, personally I would need the DAILY as my lowest TF for entry - just so I benefit from the maximum pips, and don't have to worry about watching it every 4 hours for turnaround. However, in saying that I certainly do look at the lower TF like 1H as well - general picture stuff.

Then I get down to the nitty gritty: "Is there a trade here?"

YES!

Moving across all TF from 1H up ... this is the finding:

1H: The stochs are already knocking at the door of the 23.6 line - ie they are ahead of me - too late to accept an entry signal from here ... but I note the trend is DOWN. However - the stochs are quite chaotic and uninspiring to me. Still - that's just the first TF, and nowhere near the TF I plan an entry from.

4H: Again - the stochs are already underneath the 23.6 level, but in this TF they are very orderly, fairly tight, and although "fraying a bit" in the faster TF the message is "Downtrend Intact and Strong".

DAILY: This is a great picture right now - in fact I imagine an entry would have been prudent about 12 hours ago judging from this chart. The MTFS are orderly, straight, and closely-grouped, The 14-3-3 (yellow stoch) has broken free from above the 76.4 level and is headed down. If left to this TF I would say: "Enter Now." But I like to look at the TF above as well - and so ...

WEEKLY: Perfect line-up! The stochs have only now begun to break through the 76.4 level headed down, and are tight, orderly and giving the signal for "Sell me now".

And so I will!

I am unsure what the price was this morning - probably 1.5600 but as I write, it is 1.5570 - 30 pips away from your call.

I will use current price for the entry - SHORTING - from an entry signal on the DAILY chart, backed up from stochs on the Weekly and 4 Hour being supportive.

Trade: SHORT EURUSD from 1.5570 - signal taken from DAILY chart.

EURUSD DAILY

EURUSD WEEKLY


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2120
Registered: 05-2004

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 06:09 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Let's set an arbitrary SL for the above EURUSD trade at 120 pips ... or around 1.5690. We don't have to allow the trade to go through to the keeper, but it adds a bit of structure at this point, and safety in case the ECB decides on an emergency rates rise overnight!

_____________________________________________________________________

The other of your selections, Lafee. was to go LONG on the USDJPY.

To shorten this down - the lower TF were terrible to look at - I post 3 charts under this - the Monthly and Weekly charts are great and strongly support a LT trade LONG.

But the Daily and lower TF were chaotic and left me cold - almost enough to want to scrap anything to do with it ... until I saw the weekly and Monthly charts.

WOW! This is my kind of trade now.

The Weekly chart shows a perfect set-up ... stochs crossing the 23.6 from underneath and appear tight and orderly.

The Monthly chart looks like it too is getting ready for a huge reversal (you may disregard the superlative - just an enthusiastic writer). Again the stochs are well under the 23.6 and beginning to point up.

The monthly chart has had 11 months in a largely unchecked downtrend ... will this be the reversal? Not sure ... but we just trade what we see, and although this is going counter-trend to the LT flow, the trade has a lot going for it.

So yes - I am placing an entry LONG taking the signal from the weekly chart at 101.82 - about 20 pips higher than your call this morning (roughly ) - correct me if I am too far off in that - just a guess counting back 8 hours.

Again I'll throw in an arbitrary SL at 99.80 - but as always we don't have to allow this egg to break before intervening to catch it - I use SL for unimagined events, not planned ones,so we can get out at any time we decide the trade is not working.

That's roughly a 200-pip SL. I'll give the trade 100 pips to "breathe" before reassessing whether it is looking like a winner.

And here are the charts:

USDJPY Monthly

USDJPY Weekly

USDJPY Daily


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2121
Registered: 05-2004

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 06:30 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



That's about all from me.

Interesting that you introduced me to 2 trades Lafee that I broke my rules in entering ... I have entered trades and both of them are counter-trend to the underlying LT Trend!

I'll probably get what I deserve!

So the worst case is that I'll get my butt kicked with an early exit, or we might somehow manage to pick the bottom of reversals in both trades.

With USD looking healthier (in my view) every day (ie less unhealthy that should read!!) there may be the ghost of a chance we could bring these trades to fruition. We might just harvest a few pips and let them go, and in any case the time has not been wasted - we have at least seen the selection process in action with a couple of trades.

There is sufficient information here for anyone to plan and execute a successful trade - after a bit of demo practice using the platform from this site and adding the indicators I use.

If anyone wishes they can construct the charts I use - Rainbows plus MTF Stochastics - I can explain how to build them in detail if required.

Cheers and best wishes

Ingot

PS - I may be absent from the forum for 6 to 8 weeks starting next week - unsure if I can get internet access but if you post a request to this thread I am sure there will be enough people to assist with getting the basics right.


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
captain_chaza
Member
Username: captain_chaza

Post Number: 3122
Registered: 02-2003

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 06:42 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Ahoy Sea-Cadet #54

I have awarded you the worst score I can on IC
for using that word GREED in this most professional of all sports

This word has nothing to do with any Professional sport of any kind
It has been invented by Landlubbers and losers to excuse their inadequacies

Because some of us make money in these markets does not mean we are Greedy
We are just simply Good in these conditions

We may not be as Good in the next series of Sea and Weather conditions
This is also not GREED

You should be ashamed of yourself for mentioning such a word as "Greed" in the same sentence of Professional Sports Wagering/Investment of any kind

Salute and Gods' speed


PS: I forgive you for your lack of respect towards this Captain ages ago and have assumed you did not know any better


"While we stop and think, we often miss our opportunity." Publilius Syrus, 1st century B.C.

"I believe the future is only the past again, entered through another gate."
Sir Arthur Wing Pinero 1893

"There are two times in a man's life when he should not speculate: When he can't afford it, and when he can." Mark Twain, 1897





Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2122
Registered: 05-2004

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 08:04 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Well Captain ... I retract the offensive word, but I retain the right to insert the phrase: "Unsubstantiated and over-enthusiastic expectation of favourable results" instead.

While I don't openly admit to feelings of shame for mentioning the "G-word" I might condescend to do so over a glass of something warming on these chilly autumn nights.

Regarding my previous display/s of lack of respect for the Captain ...

I have decided I come across very poorly as disciplinarian, and as a failed school-master-in-the-making, I resolve to stick to what I really enjoy most - kicking the butt of the markets!

On those grounds you may assume I did not know what I was doing - having at the time suffered some kind of temporary delusion of fitting into boots two sizes larger than my feet.

I thank you for your understanding in the matter, and in future I shall be more supportive though don't expect me to approve of cheap shots across any bows.

However, any opinions I may have in that regard shall not be expressed publicly.

With Best Wishes

Ingot54

PS - It's manners to wait until an apology is offered before declaring forgiveness. But in this instance I shall overlook the lack of etiquette, and you may assume an apology has been offered!

Godspeed, and may you strike fair winds.

I expect some enduring volatility, but I believe the worst of this storm is over. My glass is turned towards the small-caps and the banks - the yields right now are amazing in banks, and the investors will want nothing else now, until yields begin to fall again to pre-sub-prime levels. Small caps have suffered heavily - more so than they needed to, and I am expecting an absolute harvest in coming weeks.

By May, the good times will be back - despite the words of the paid journalists and newsletter sellers to the contrary. The doomsayers don't like hearing that the worst is over ... but that can be a secret! }The captains new dinghy


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
captain_chaza
Member
Username: captain_chaza

Post Number: 3124
Registered: 02-2003

Rating: N/A
Votes: 0


Wednesday, April 02, 2008 - 09:17 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



WOW!
Thanks for the Great Pic #54

Don't ever forget the #1 Rule on both Land or at Sea

In the Learning process in anything
I call it "The Rule of Everything"

Simply put it says

....................."Don't Do That!"

Salute and Gods' speed



"While we stop and think, we often miss our opportunity." Publilius Syrus, 1st century B.C.

"I believe the future is only the past again, entered through another gate."
Sir Arthur Wing Pinero 1893

"There are two times in a man's life when he should not speculate: When he can't afford it, and when he can." Mark Twain, 1897





Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2123
Registered: 05-2004

Rating: N/A
Votes: 0


Monday, April 21, 2008 - 01:58 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Greetings from Junee in the NSW Riverina district, where I am currently deployed until 26th May.

I am a bit surprised that there has not been more commentary or questioning about the thread topic.

For example the construction of the Multi-Time-Frame Stochastics and the finer interpretation of them, and the way in which they fit in with the Rainbow chart - which otherwise might be just a useless scrummage of Moving Averages dashed with a few daubs of coloured paint.

I guess it reveals that this forum is perhaps not oriented towards FX trading all that much. I do not have access to charts or data because of the failure of Mr Rudd's "Hi-Speed Internet for all" policy! (It might be news to some, but it is simply financially impossible with current technology, for Mr Rudd to achieve what he promised! Anyone more than 50km from the coast will be whistling Dixie for many years to come!)

I am totally dependent upon the Junee Library for any internet access - Next-G costing upwards from $500 for wireless, and Telstra not giving anything faster than dial-up speed to its competitors, who are certainly cheaper, but equally as impotent as Telstra in delivering any kind of quality web access to the lower-populated regions of Australia.

So other than this brief comment, I am unable to add anything of value to this thread until I reach home-sweet-home in late May!
I still have no clue as to how the above trades panned out ... I really set them up as short-term, even though both were actually counter to my own views at the time. My trades run over 3 to 4 weeks minimum, and I am prepared to take up to 300 pips draw-down in reaching some of my 1300-pip winners.

I will check my charts and review the trades when I get home, and have access to my beloved Mac again!

Cheers and best wishes

Ingot


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
adv1066
Member
Username: adv1066

Post Number: 1
Registered: 06-2008

Rating: N/A
Votes: 0


Tuesday, June 10, 2008 - 10:26 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



just found this forum and registered. my daughter and I have just recently started trading again, after i lost my shirt awhile back (for the second time!!) i have promised myself this time to take things a little slower and not be sooo impulsive ... and absolutely love what U've developed ... but will take some time practicing it on a demo account (after I've figured out how to set it all up) ... anyway ... just a short message to let U know we're "lurking" in the background, following your every word ...


Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2125
Registered: 05-2004

Rating: N/A
Votes: 0


Thursday, June 12, 2008 - 10:33 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi AV

Welcome to Incrediblecharts.com.au forum - I hope you find the community here warm and accepting as I did when I first joined.

Unfortunately as you can see, once someone leaves the room, the lights get turned off. I continue my work elsewhere because of lack of input here - it is inherently a shares and index trading forum based on TA - because that is the focus of the charting package.

Despite some requests going back quite a bit now, there does not seem to be any interest by management to introduce FX charting or FX data. What is not realised here is that the TA used in FX is so stimulating and fast that you MUST get your act together - once you have traded FX the equities scene is a cake-walk (for some). The pace is chalk and cheese - you have to learn in order to survive ... as you found.

That's fine - I joined the forum ... the forum is not joining me ... and that is how it should be.

Meanwhile - I do have heaps of stuff to show you if you get in touch with me by PM if interested.

There are quite a lot of very active forums out there, but particularly you would benefit from some of the trading rooms. These are free, but you can really accelerate your knowledge (and success) by joining an entry-level paid trading room.

I don't have the heart to complete this thread - but to whet your appetite to what I might have shared had there been interest, I leave you with this chart of OIL - [second chart below] I recently got onto an $8 up-leg, and look like riding it through USD$140 tonight if the set-up continues as it looks.

Swissie_Yen

Daily_OIL

Big_Dog_Greenie

Gold_Scalping

I would have to say that moving on from one forum to another has been the next step in my evolution to success. Having lost quite a bit of capital earlier, I was determined not to allow this to deter me from my goal.

The last six inches was the hardest - and that was the six between my ears.

Above all - don't let the off-handed or tight-minded approach of anyone hold you back - always be prepared to share and encourage - that's what I learned here and will always be grateful for my friends on this site.

Finally - have fun along the way.

Analyse_This

Always_Watching


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


Top of pagePrevious messageNext messageBottom of page Link to this message
lolu
Member
Username: lolu

Post Number: 2
Registered: 11-2008

Rating: N/A
Votes: 0


Friday, November 21, 2008 - 10:07 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Ingot,

Where can I get the Rainbow 3D indicator for MetaTrader 4 and Ninja Trader 6.5 to download ?


Top of pagePrevious messageNext messageBottom of page Link to this message
lolu
Member
Username: lolu

Post Number: 3
Registered: 11-2008

Rating: N/A
Votes: 0


Sunday, November 23, 2008 - 04:20 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Ingot,

Where can I download the Rainbows plus the MTF Stochastics templates or indicators. On the other hand, I'll want to construct the charts you use (i. e. Rainbows plus MTF Stochastics); so please explain how to build them in detail, by post or private e-mail to me (omololuwa@me.com).

Can the Rainbow + MTF Schoastics be constructed for Ninja Trader platform ? If YES, please give me an explanation on this too.







Top of pagePrevious messageNext messageBottom of page Link to this message
ingot54
Member
Username: ingot54

Post Number: 2134
Registered: 05-2004

Rating: N/A
Votes: 0


Monday, January 12, 2009 - 02:02 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Hi Lolu

Here is a screen shot of the Rainbow MA parameters as I use for Fx Trading (well ... used to).

I now use Price Action which is available from other forums, courses and services. But that's another story for another day.

Rainbow_2


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead

Add Your Message Here
Post:
Bold text Italics Underline Create a hyperlink Insert a clipart image

Username: Posting Information:
This is a private posting area. Only registered users and moderators may post messages here.
Password:
Options: Enable HTML code in message
Automatically activate URLs in message
Action:

 
Other Threads  
Last PosterPostsPagesLast Post
Foreign stocks and currency movementsqe326-Jul-12  07:46 pm
Is A Currency War Inevitable?ingot5409-Jul-12  11:10 pm
Symbols for European and other govt bonds?colin_twiggs25-Nov-11  09:34 am
Fed quietly buys new Treasury Note issueehmu04-Nov-11  05:04 am
AUD JPYehmu21-Oct-11  01:48 am
What currency pairs to trade in Forex?qed08-May-11  12:06 pm
$US sell signal ?ehmu07-Dec-10  09:20 am
USD: Is Further QE Inevitable?colin_twiggs13-Oct-10  02:30 pm
Which Forex trading platform?nzrugby16-Jul-10  04:07 pm
All about NZD pair : Nzd/Usd;Cad;Jpy , EurNzd and other.mdunleavy14-Jul-10  07:53 pm
Bond markets and forexbabu11-Jul-10  07:37 pm
All about JPY pair : Eur;Gbp;Aud;UsdJpy etc.mdunleavy27-Jun-10  08:30 am
EURAUD - Take the candy and run alex_lyall02-Jun-10  04:35 pm
Bank Of Englandingot5409-Aug-09  05:54 am

Threads by Last Post Time:

First Previous 6 7 8 9 00 01 02 03 04 05 06 07 08 09 Next Last

Administration Administration   Log Out Log Out    

««  Previous  Next  »»