Dynamic Fibonacci Grid, Fx Money Map - page 10
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Hey, man I am glad you're making pips. I had totally forgotten about this tool. Perhaps I should look into it again. I ran the EA for a few months and it would open a bunch of trades every day, and on trending days it would make a killing, but on ranging days it gets killed. So, I came to the conclusion that the band shades(the horizontal bars in lite and dark blue) provide excellent resistance when they line up in two time frames, and price always retraces after it hits them, but I could never figure out when it continues to the next levels and when it completely reverses. That is why on trending days there is a very good chance it would penetrate them and continue further, and on ranging days it would not. Let me dig out the ea, and the template. You can run the ea on a demo and see what it does, and maybe we can figure it out:-). By the way, I took the same trade on eur/usd in at 3518, out at 3536:-)
Hey Mpower, good to know you are still on the forum! That's cool you took the exact same trade I did. About Money Map/4pma it does seem that unless you watch it for a day or two it seems too good to be true or too complicated and you just forget about it. It looks like it happened to both of us. On second glance it seems like a decent tool for predicting price action in the very short term.
Yeah, let's work on it and see what we come up with. I'm going to watch it again today and see what it does. I agree with what your analysis of what it does when the MAs (band shades) line up. To determine what it's going to do I use a 1000 Moving Average of the price on the 1 min time frame. If it's below the price im looking for resistance, if it's above im looking for support. I also use a Bollienger Band set to 1000/ 1 min time frame. If the price is above the upper band im looking for resistance wall to take it higher, reverse for buy.
Are you familier with the Forex Freeway indicator? This is similer to 4Pma in that it has 4 lanes to the right of the price but it shows the position of CCI in 5 min, 15 min, 30 min, and 1 hour time frames. Also very useful for determining trend and what the price will do when it reaches those band shade suppport/resistances.
Im downloading the EA, look forward to checking it out.
About the EA making lots of trades a day; it is definitly a scalping tool. That's how Andy Sherman uses it, i've seen his little videos. He waits for the price to run up against a tight formation of bandshades with no green numbers to the downside (for a sell), checks to make sure there is atleast 10 points between the bandshades and the next one down and then gets in. He's usually out within a few minutes.
I'm curious, what was your TP and SL? I usually go for 6-15 and get out.
In regards to whipsaws due to ranging markets: I only deal with a 1 min chart when using this tool and I can tell when it is congested because there will be bandshades on either side of the price within a few poiints of it. That's how EUR/USD was yesterday till it broke out at .18. the EA would have to take that into account.
More pips today with Mpower's 4PMA
Okay, I got called away from the computer most of the evening, got back at 9 PM. I checked the major currencies and saw that NZD/USD had been bouncing off of a strong resistance wall at .7311, but it was too late to get in on that. It had allready fallen from that wall to .7290. There was a resistance shade at .97 though and I took it as soon as the price made it's way back up. The currency was in a strong downtrend, so there was little risk. It fell right down to 86. I got out. 7 pips.
USD/JPY and EUR/USD gave off good signals from the indicator at the same time too, I didnt' take them.
I'm waiting for the other shoe to fall here.
I'll sit on this sunday too, and monday probly, to see if Mean Old MR. FOREX is going to take my pips from me lol. So far though, I really like this indicator.
It might be of interest that so far I have been pretty much ignoring the red and green numbers under and above the price respectivly. They may be in my favor, they may not. Mainly what i'm looking at here is the position of the MA's (band shades) relative to the trend.
That indicator at the bottom of the image is courtasy of FurruFX. It's a great too! he is a genious programmer. It lists indicators in multitime frame format as well as pivot points, price range, and trend Up/Down/Strong/Weak. He has new versions that allow the user to customize the window to show only that info that they want. Available in his thread in 'suggestions for trading systems".
I just want to stress that the ea is not profitable. When it opens trades, it means that price has reached a resistance level, if the trend is strong, it will break it, if it is weak, it will reverse. You need a good trend indicator to determine whether we have a clear trend, preferably accross 15 min, 30 min, 1hour. Then the ea can help you make very good trading decisions. Enjoy!!!
Thanks! It looks interesting.
SOS - Why Nothing shows up on my Chart
Here is the indicators, the template and the ea. The ea needs the dejavu indicator attached to the chart in order to work. This my modified 4pma indicator that I have posted before, I just changed the name. You don't need the fibopiv indicator but I like to have it on my chart:-)
Sorry to borther you all, but nothing appears on my chart when I attach this potentially valuable tool to my chart.
Neither the _i_fxguage1 nor the dejavu indicators shows up any of the expected graphics although they are shown on the list of indicators on the chart. The fibopiv_v2 is showing up properly.
What am i doing wrong? Can someone kindly bail me out of this diellema, please.
Any help will be greatly appreciated.
By the way, thanks to all your contributions on here.....I have saved myself from falling prey to all the gloss of the traderhouse's fxmoneymap trap....and particular thanks to mpower and others for trying to come up with similar version on here.
how to solve problem
simply select auto scroll, and chart shift from your tool bar or go to charts/properties/select common tab, select auto scroll, select chart shift. This is it. You're all set:-)
Hello everyone.
I have an ex4 named:
FX Traffic.ex4
Does anyone have the mq4 for it. ?
Thanks
The 4PMA is still working well and im using another indicator with it to form a scalping system. I'll post my live results with it soon. So far, so good.
Thanks a million
simply select auto scroll, and chart shift from your tool bar or go to charts/properties/select common tab, select auto scroll, select chart shift. This is it. You're all set:-)
Thanks mpower, it worked. Sorry once again for my inadequate knowledge. Keep up the good work.
Oh dear me - some more help needed
It seems I am not getting the expected graphics output on the chart. All I have is some 4 narrow lines as per attached rather than what i saw in some earlier posts by cyclesurfer.
What am I still doing wrong? Please any help and suggestions will be greatfully received.
Thanks