@Dadas: Yes Dadas, I believe that you are right. Time management is VERY important. Also, your thoughts regarding coding are excellent. Thanks much for your support!
How are you doing WhooDoo22 with your strategy?
For me, a lot has changed after this time.
It is a whole new trading world now.
I, now understand S/R what they really are and why they are important.
To see it when it is already on the chart is no problem.
But this will not help to open orders.
To see it coming and when to open orders, is whole new game.
The same for closing orders. To see it coming, or to know when to look
and pay attention, because this is a signal that S/R is about to take place.
And it is not a line, it is not a certain price, it is a zone!
I'm glad to read you're making progress (clapping hands x3) :)
This thread (https://www.mql5.com/en/forum/143821) reflects my thoughts and reasoning as to what I believe determines FOREX market movement and why I don't code a strategy to profit from FOREX using MQL4.
I don't posses knowledge of an alternate method to determine buyers size to sellers size ratio or "insider information" from Financial institutions and until I possess either or both information(s), I'll be giving MQL4 coding a break.
I have thoughts of developing a strategy using resistance/support. The market seems to be this: Ranges within trends. Trends moving up,down or sideways. THE END. :) Entering the market at tops or bottoms of these ranges seem to be the safest way to enter the market BECAUSE of support & resistance. After entering the range, I can close part 1 of the order when the opposite support or resistance is hit by price. Then allow part 2 of the order to continue up/down with the following trend until price has broken through the trends repeating support or resistance. The size of the range does matter. This is because I wish for the size of the range to cover the spread of the currency pair. Any thoughts for developing this type of strategy would be greatly appreciated. Add comments or private message me your thoughts.
Hi, WhooDoo22, it is true that is so difficult to identify when a movement ends, In my opinion it is not about resistances or supports or the news it is about the internal structure of the waves, the fibonacci levels when retrace and many other issues.
To identify when it is possible a trend retrace you can use the divergences between the market value and the RSI 14 when the trend goes up and it is a divergence with the RSI that has been above 70 and then the second time in 70, and also exist divergence in the MACD with values 55,98,14, there is a potential movement in the opposite direction. To confirm, if you for example are waiting for a retracement in the EURUSD the wait for the movement in the 1 minute Time Frame and the opposite in the USDCHF. Anyway it does not give you the information for a end on the trend, if the retracement start, you should see if it breaks the last support and using fibonacci study how far has the retracemet goes before a the new movement up and then follow how the market evolve. For me is impossible to know when a trend ends....If had been that easy everybody would have won money investing and that is not the true. Just and advice, if a retracement start check out the other markets to see what is going on it you think a movement is going to finish with the EURUSD going up and you see the USDCHF is giving signals in the opposite direction and the CHFJPY is also going down, you will probably be right.
Any indicator basing its signals on anything besides size of buyers to size of sellers shouldn't be used to enter/exit FOREX (my humble opinion).
I absolutely agree with You!
Price Action is the only way to go!
I have invented my own way of recognising Potential Trend Ending Consolidation Zones (PTECZ).
"Potential" is the clue word, here, because Price always has 3 possibilities:
1. Consolidate, (Congest, Range)
2. Continue Trend,
3. Reverse Trend.
And it is PA inside and around those Zones that tells the most probable direction.
Historical PTECZs are a good way to recognise Potential Stops.
However, I have no idea how that would be coded in MQL or any other programing language,
because how do you program "somewhere between here and here, but you decide, Mr Data"?
RaptorUK: You code it to do the same as you do manually, if you can't do it manually then code isn't going to help . .
I can do it manually.
Believe me, I may not be an expert coder, but I have been working with an Assembler coder.
If he can not code it, I do not know who can.
And, the guy knows what he is doing in terms of Forex, too.