Multi Timeframe Indicators - page 97
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Next day
It's real funny all this, it's like walking down memory lane as I remeber specific things, they just jump out at me.
Ok, so the next day after the previous posted chart I decided again I needed a change. It was because I made a bad trade. So I dumped the xtra macd, and replaced the moving averages in lower window with a RSI, oh and the chart went back to white.
February rolls on
Yip, new month means new changes, I thought I'd try the route and folow what the big boys do, using the weekly pivot indicator, with the rsi and bollinger bands in the bottom window, oh and the chart bakground changed.
Murray Math
Another brainy idea I tried was going the Murray math route in March, wher you use the levels -2/8 drawn from the daily and the 4hr chart onto the 15min chart. That did not go so well so...
Back to multi time frame stochs again. Notice in the first window the green and black wavy line, that was houlry macd in there.
May moonshine
I went on holiday in May, and as most of us, could not stop thinking of Forex. We got stuck in a traffic jam, and a started thinking what if half the cars knew there was going to be a traffic jam, would they have taken another route? And then I got tothinking what if I knew on different timeframes what there levels of supp and res were. (Back to Barry stander but had forgotten about him by now). So honestly for a whole week I had my screen look like this. One curreny, 2 time frames, 2 charts. all with there own indicators on.
Jolly June
Scary to think this was not that long ago. I for one can say that I did not trade candles, meaning that I do not look at a reversal or candle patters etc to enter trades. Yes that is wrong I tell you now.
But in June I was tradiing not seeing candles, I would look at the diff macds at the bottom and see what they were telling me, and then have hourly ma's on a 15min chart then trade the crossing of the 15min ma's.
Little wonder
Looking at this picture I want to kick myself in the teeth. Why do you ask. In the very first window there, I amalready using MTf stochastics, and then it just did not seem to important to me. .
I say this with a smile but it's little wonder you wanted to kick yourself in the teeth. You can barely see the price on that chart what with all the lines!!
Big tip! - Distill your system down to 2 indicators at most (as triggers) with another indicator (your choice) for trend recognition. Trend recognition is as easy as a 50SMA or just drawing ONE trend line.
Whether you decide to use a Step moving average, Standard deviation channel or other it doesnt matter but JUST USE ONE!! Life and trade decision making will become so much simpler.
No need to get caught up with Fib and pivots 'magic' because all those extra's will only conflict with simplicity.
All the best.
HH
Happy Birthday July
So I turned 32 in July, and as with age wisdom comes about.
I aslo realised that I will never be able to play like the big boys, because I had a 50/50 chance be able to gauge where and what a currency will do tomorrow or the next day. Which just about made me relise that after a year of Forex that 50/50 makes me no better than anyone picked of the street and asked: "do you think the exchange rate will go up or down tommorrow?".
And that made me change my system and all again. (Half the crowd about now packs up and leaves cause they heard this whole "I'll never change this one" before.)
Most importantly, I had to make sure my short term, daily, trades where firing on all four clinders. I needed to find something that will tell me in that specific trading day whatthe trend is, what and where to enter and exit.
I then looked at 30min charts and 1hr charts, After all, the higher time frame charts are made up of smaller tf ones. I found for me that on the 30 min, the 10 smooth ma, blue on the CHF chart below, was the best and on the hourly chart the 13 smooth ma, orange in the pic below, was best. That is what determeines my daily trend and daily trades and nothing else. The light blue line was the 60min 3sma, but I soon realised that it was only telling me exactly what price was telling me. Guess not wise enough just yet hey.
You'll see on the pic I have the macd window. The histogram is of 15min, orange line is for 30min and black line is for 60min.
Oh yeah, I had a go at CCI's for a while here.
Sorry for my message.
When I DL indi "bollinger squeeze with MACD"?
Ok, so now we're in August, have I wised up some more?
You bet your sweet ass I have.
Let me discuss fibs. Fibs are vital.
We were taught to draw fibs from the high to the low.........
The sentence does not end there though, it's just that they ran out of ink so the sentence was not completed. It is because this sentence was not completed that if you GOOGLE 'fibonacci' you'll receive 4,670,000 search results. Having the sentence stop mid sentence at ' draw from high to low......' has left a gap for every enterpreneur to fill it. So anybody who has got an idea of what to do with fibonacci will sell it. And yes, like I mentioned at the start of our journey, all things work, it is up to you how you manage it into you r time and money.
Call me contrarian if you like, but I only draw fibs on certain highs and lows and those highs and lows work every time. You all know that on your charts if you right click you have the option to add period separators on. Ok, so once you have a period, that specifc period has a high and a low, now that is the high and low that I use. So I'll put my charts on a weekly tf, so that I have last years high and low, and I'll then use them. Same goes for daily tf, so using last months high to low ans lastly the 4hr tf, using last weeks high to low.
This means that you only have 3 sets of fibos on your chart. So you can easily colour code them for reference. And do not delete them once price has broken them. Leave then there till the next period start. I know that there are schools of thought that say ones the level has broken delete it, I say bollocks to that.
The levels I use are 0.236, 0.382, 0.5, 0.618, 0.786 and 1. So when you go you fibo tool, delete all the levels that are 100 and more and add the .786 level, then you have to add more levels. So starting again at 0.236 but just put a 1 in front of it. So now you'll be 1.236, 1.382 etc etc, till you get to 2.0then 2.236 etc etc. You won't need to go higher than 2.0 for the daily and weekly chart. And most currencies on the 4hr chart either, but if you need to, then add more levels starting at 3.0 onwards.
Now that you have the retrace values in, you need to add the extension values, which just mirrors the retracement levels, so previously when you went 1.0 then 1.236 then 1.382, you'll just add a negative sign when you add the next values so you go -1.236, -1.382, -1.5 etc etc.
While doing that, in the values field of you fibo tool, leave 3 spaces and type in the following symbols %$ (percentage dollar), as this will let the tool automatically show the numerical value of the fibo line.
Ok trendlines, again hundreds of diff trendlines you can use. I connect the daily opens. So yesterdays open to todays open. Same as on the 4hr charts, connect the open of every new periods to the next.
I'm not gonna go into ma's as, I have discussed the 2 I use two gauge my trades for the day. There are obviuoulsy many impotant ma's, but play around and figure them out.