Dynamic Fibonacci Grid, Fx Money Map - page 17
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Thanks for the update
This looks promising thank you. This is the nearest thing I've seen to the original - awesome! Just a little glitch with the YEN crosses - 60min doesn't render properly - otherwise perfect. Attached is less than 24hrs trading with this new indicator. My advice is don't waste your time and money on highly overpriced commercial products which are currently selling for thousands of dollars and do no more than show you exactly what this indicator does!
Someone at another forum did a great job at updating FXGauge so it works in all MT4 platforms.
He called the indicator ComboGrid, and recently (10/17/10) updated it to ComboGrid 2.
The indicator has also been updated to work with the FXGauge moving average indicator (attached below).
After you load the indicator on to a chart you will notice (after price movement) 7 colored arrows show up on the chart.
These colored arrows correspond to the 7 moving averages in the FXGauge MA indicator.
If a arrow is pointing up the moving average for that arrow if going up.
And if a arrow is pointing down, the moving average for that arrow is going down.
The 2 thick horizontal thick red and green lines in the 4 lanes correspond to the green and brown moving averages (Green = 21 Ma, Brown = 34 MA).
If you look at each lane (M1, M5, M15, H1) in the indicator you will notice the moving averages on each chart are pointing directly at the red and green and black lines in the indicator where the moving averages show up.
All the moving averages in the indicator are in a soild color zone in the indicator.
All the other black lines in the indicator that are at a color change in the lane (sich as blue to light blue, blue to white, darker blue to lighter blue etc.) are fibonacci support and resistance areas.
All of this is explained in post #155 above, and helps you determine when it is the best time to enter a trade for scalping some pips.
Attached is the updated indicator as well as FXGauge moving averages, and a template (the template goes in your MT4 Template folder).
You can also add Murray Math Pivots and perhaps Camarilla Pivots to further help you when to decide to enter a trade.
The attached image is from the 1 hour timeframe.
On the image look at the far right lane (H1), and then look at the 7 moving averages.
You will notice that the moving averages point directly at the moving averages in the H1 lane.
Moving averages 21 (green line) and 34 (brown line) are pointing at the thick horizontal red lines in H1.
Go to M1 chart and you will see the moving averages pointing to the moving average lines in the fat left lane (M1 lane)...and so on.
So you can view all the info on 4 charts in the lanes.Thank you my friend. Now that there is a improved version posted by you, this should make it easier, together with your very clearly explained strategy.
One of the other trades taken is to look for a bounce from the L1L2 ( preferably if there are other points of res/support nearby) on the 15 min lane, targetting the white boc on the 1 min. The latter is said to be an area of equilibrium. You do this of courese if there is 15 or so pips for price to move to make it worthwhile. If going short, also look for next point of resistance which shouldn't be too far off the L1/L2 in case price continues further on. Here you can take a second trade to average your price down. One of the ex fxmoneymap guys apparently had the system programmed similar to the original, change of colors, etc, and have worked out some strategies other than just the vanilla trades.
It'll be great if we can share experiences on this and develop it further.
BTW, do you use the 1 min tf on which to place this indicator?
Thanks again.
This looks promising thank you. This is the nearest thing I've seen to the original - awesome! Just a little glitch with the YEN crosses - 60min doesn't render properly - otherwise perfect. Attached is less than 24hrs trading with this new indicator. My advice is don't waste your time and money on highly overpriced commercial products which are currently selling for thousands of dollars and do no more than show you exactly what this indicator does!
Hi Novad,
I notice you using different lot sizes for different trades. Is that related to quality of trade, pair or any other factor.
Could you also confirm if these were all vanilla trades?
Thanks.
Time Lanes
Hi hifromeddie
If you want to use the Time Lane strategy with professional moderators there is a more reasonably priced one called fxtraderscorp.
Thank you David. Someone told me about that website, but I haven't looked too deeply into it yet.
I am not sure if I would be into sitting around watching a online traderoom, waiting for signals.
The London session starts at Midnight my time (when I am ready for bed), and by the time I am up and ready to trade the London session is over as well as the US/London overlap. Some of the online traderooms are most active when I am asleep.
FXGauge EA has caught many wins while I am in bed during the London session, and minimal losses (so far) during that time (especially on Tuesday and Wednesday). But there are some losses too.
I am still experimenting with what settings work best.
Time zone
I live in Sydney Australia so I do find it hard to watch the London and NY sessions. I will watch and see how your EA strategy progresses.
FX Gauge q
Hi hifromeddie
What are the two horizontal grey lines above and below the price?
Hi hifromeddie What are the two horizontal grey lines above and below the price?
Just a fixed distance from price, so its easy to see if there are any major roadblocks too close to the price.
Just a fixed distance from price, so its easy to see if there are any major roadblocks too close to the price.
Thanks Paul.
Sometimes you might notice the indicator looking messed up, such as on JPY crosses. But as long as the green and red horizontal lines are still visible the EA will still work for that pair and/or you can still trade the pair manually.
Sometimes the next tick will correct the indicator's appearance.
One thing the EA does not do yet is, once there is a vanilla setup, look for clear lanes (without any thin black horizontal lines, and with long green and red vertical lines).
This you can look for when trading manually, but the EA does not have that capability yet, so it will trigger a trade no matter what as soon as a M1 green or red horizontal line is above or below all other green or red horizontal lines in the other lanes.
If my programmer can eventually figure out a way to code the EA to recognize when there are at least 2 or more clear lanes (without any thin black lines) I will post the update.
So far this has been difficult for him to code (more difficult then coding the red and green horizontal lines) because the thin black lines (fib points) are constantly changing.
Bt if it can be coded it might eliminate some of the losses.