Don`t read this thread..Make Money with it. - page 22

[SIMBA]

Interesting

Hi again,

The previous chart has an interesting added possibility,look at the trendline in blue...it connects 2 highs with the centerline of previous upswing and was useful as temporary support during yesterday trading hours...

So,now we have a fibo cluster plus a potential trendline that can create additional support...we just wait for a pattern,or ,if we want,we can check,before waiting for a pattern,the stlm2 situation...I did ..h1 is red and below zero,looks like ripe for a change..h4 is above zero,and the current bar is painting red,not good...D1 basically is red and below zero...Well,not an optimal situation,I will discard this trade if h1 were red and above zero(still room to go down),but,as it is now,it can be traded...IF there is a pattern.

So,if any of you wants to DEMOtrade this setup waiting for a pattern,be my guests,post it here and we will analyze it.

Regards

Simba

[SIMBA]

New Entry EURUSD

Hi,

I took the EURUSD trade,it was triggered by a MSL on H1.

Long EURUSD @ 1.5426 SL 1.5345 TGT 1.5575

Stop,I will use a h1 close below both the previous swing low and the blue trendline as a stop,since I have to leave for a couple of hours,and I won`t be able to monitor the trade,I have used a temporary SL of 1.5345 .

Regards

Simba

[[Deleted]]

Hi Simba,

I have small helper for zones... try

[SIMBA]

stop to breakeven

Hi,

SL moved to breakeven,target will depend on actual momentum at potential resistance points,stlm2 on h1 closed a blue bar below zero and is painting a second blue bar..looks good,so I believe that the best strategy is letting the trade flow and check it at every hour close.

Hope that these kind of comments I am making regarding this trade will help you in understanding better how do I use the chart patterns and what things do I look at while in a trade....and that this will help you in actually using the patterns.

Regards

Simba

[SIMBA]

helper

frantacech:
Hi Simba, I have small helper for zones... try

Hi Frantacech,

Thanks a lot for the tool,can you explain what it does?

I believe that it gives you the fibopivots and the Fibozones...BTW,today,jointly with the MSL,looks like it would have cloned the entry .

I have tried modifying the timeframe,but don`t see any change....any comment ?

Regards

Simba

[[Deleted]]

SIMBA:
Hi Frantacech,

Thanks a lot for the tool,can you explain what it does?

I believe that it gives you the fibopivots and the Fibozones...BTW,today,jointly with the MSL,looks like it would have cloned the entry .

I have tried modified the timeframe,but don`t see any change....any comment ?

Regards

Simba

I do description and post it, wait please. All calc S/R or Fibo zones is independently from TF. Use only yesterday price.

Yes, classic Fibopivots and Fibozones + Comments - Daily Range, Average Range Used Long and Short AND .... Calc top/bottom average range

FiboZones

void Recalc()

{

double C=0, L=0, H=0;

if(DayOfWeek() == 1)

{

C = iClose(NULL, PERIOD_D1, 3); // Yesterday close

L = iLow(NULL, PERIOD_D1, 3); // Yesterday Low

H = iHigh(NULL, PERIOD_D1, 3); // Yesterday High

} else

{

C = iClose(NULL, PERIOD_D1, 1); // Yesterday close

L = iLow(NULL, PERIOD_D1, 1); // Yesterday Low

H = iHigh(NULL, PERIOD_D1, 1); // Yesterday High

}

double R = (H-L);

C = (H+L+C) / 3;

D = (R/2) + C;

B = C - (R/2);

E = R + C;

A = C - R;

B1 = C - ( R * 0.618 );

A1 = C - ( R * 1.382 );

D1 = C + ( R * 0.618 );

E1 = C + ( R * 1.382 );

}

ObjectCreate(FIB_SUP1, OBJ_RECTANGLE, 0, iTime(NULL, PERIOD_D1, 0), B, Time[0], B1);ObjectSet(FIB_SUP1, OBJPROP_COLOR, clrSup1);

ObjectCreate(FIB_SUP2, OBJ_RECTANGLE, 0, iTime(NULL, PERIOD_D1, 0), A, Time[0], A1);ObjectSet(FIB_SUP2, OBJPROP_COLOR, clrSup2);

ObjectCreate(FIB_RES1, OBJ_RECTANGLE, 0, iTime(NULL, PERIOD_D1, 0), D, Time[0], D1);ObjectSet(FIB_RES1, OBJPROP_COLOR, clrRes1);

ObjectCreate(FIB_RES2, OBJ_RECTANGLE, 0, iTime(NULL, PERIOD_D1, 0), E, Time[0], E1);ObjectSet(FIB_RES2, OBJPROP_COLOR, clrRes2);

[SIMBA]

Update

Hi,

Trade update:

h1 bar touched a resistance area,1.5484/88...blue horizontal line and pivot line, and was rejected around 20 pips...the h1 bar is long so,we will keep the stop at breakeven,since putting the stop just below low of bar gives practically the same exit...now..what we need,preferably , for actual H1 bar to close above the resistance..so we wait until h1 bar close to reevaluate the situation...we are in the killing zone,so,the trade can still go south and become a no trade...alternative strategies: closing the position totally or partially justified by the rejection at resistance...I prefer to wait for this bar development to make a decision about partial closing,this bar will probably supply us with enough information to make a decision...stlm2 has closed a second blue below zero bar and is painting a third..so,looks like we could have nailed a good entry point,let`s see if we can ride it a few bars.

Regards

Simba

[Elias Michael]

Helpful

SIMBA:
Hi,

SL moved to breakeven,target will depend on actual momentum at potential resistance points,stlm2 on h1 closed a blue bar below zero and is painting a second blue bar..looks good,so I believe that the best strategy is letting the trade flow and check it at every hour close.

Hope that these kind of comments I am making regarding this trade will help you in understanding better how do I use the chart patterns and what things do I look at while in a trade....and that this will help you in actually using the patterns.

Regards

Simba

The comments are helpful and i'm simulating what you are doing using the stml2. Is there anywhere where i can see what the stml2 actualy does? how does it form the pattern and color?

[SIMBA]

New Update

Hi,

Frantacech,thanks for the indicator and for the explanation,very useful indeed.

Lythro,stlm2 basically estimates SATL-RSTL...being RSTL equal to SATL delayed by half the Nyquist frequency ...I suggest that you read the digital filter thread and subthreads at this Forum if you are interested in digital filters.

Interesting,how the price is bracketed between two trendlines and a resistance...actual H1 bar closed very near,around 13 pips,from the SL,so,I am going to let the trade run for a few hours,most probably,it will be stopped out...But,if it breaks the resistance we will probably have a very good payoff...

Regards

Simba

[SIMBA]

Trade Closed

Hi,

EURUSD trade closed @ 1.5453 for +27 pips profit...reason why,triple rejection on resistance,see chart,blue line .

Regards

Simba