Pattern Rocognition Indicator (s) - page 4
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A few questions:
- What is the QTA and how are u using it? Is it the same as the ZUP RSI?
- Are you demo trading or live trading?
- When trading and price reaches PRZ, what tools help you determine good timing to get into the trade? I use a combo of RSI and CCI.
- after two years of trading using mt4 I still don't understand what people mean by repainting. Does it mean that the indicator gives you one signal then the markets moves against that signal but then the indicator just readjusts itself to that new high/low like nothing ever happened and sends the same signal again?
A few questions:- What is the QTA and how are u using it? Is it the same as the ZUP RSI?- Are you demo trading or live trading?We detached it from the ZUP and use it as an accessory indicator. We have a huge thread in the tutorial section highlighting the use of it, named A-B-C-D Trade. Just introduced QTA recently to thread.- When trading and price reaches PRZ, what tools help you determine good timing to get into the trade? I use a combo of RSI and CCI.There are so many different tools/indicators that help to trigger at the Price Reversal Zone. Go to that thread to see many examples.- after two years of trading using mt4 I still don't understand what people mean by repainting. Does it mean that the indicator gives you one signal then the markets moves against that signal but then the indicator just readjusts itself to that new high/low like nothing ever happened and sends the same signal again?
Repainting means that the indicator removed the past signal or mark and replaced it with a different signal or mark. Most indicators repaint, so you'll need to make sure you can tell.
Mark time of signal with label, line, or take a picture. Review after several candles later.
Cheers
Thanks for the replying to my n00b questions!
hi Fxbaja
I've been going through the QTA indicator. I have reviewed your posts in detail on the ABCD forum. I don't know about you but the indicator doesn't seem extremely accurate. I've been paying attention to the areas where the fibs 'bunch' togeather expecting reversals and while I tend to find some I don't think its accurate enough for me to be impressed with just yet. However, I will forward test this this week. What are your views?
Also, have you figured out how the alerts actually work on the ZUP indicator? I have enabled the email, sound alerts in the ZUP settings but it seems moody. It is currently sending me emails for some of my pairs and not others. I've had times where the the pattern will be shown in blue on my MT4 but no email alert has been sent out. Are you noticing this too?
ZUP has been great this week. Almost 100 pips from ZUP alone. Will post my results in the following few days.
We don't use e-mail function, thus cannot comment. Have not gotten too far with other alert function to understand. As far as QTA in general, it is not a stand-alone tool since it is not accurate when considering every single time fib.
Try on longer interval such as Daily. Attached is EUR/USD. Applied manually with fib time zone tool. Blue plots 2 SIGNIFICANT highs, and red plots 2 significant lows. The cluster of time fibs are 1) Dec 6th and 2) Dec 14th.
1) The bottom and turn point is the 138.2 extension fib from plot high = Nov 22nd and low = Nov 26th. RSI (4) closed Nov 30th at 10.3 reading. Followed Doji candle of Dec 5th. Turn at 38.2 fib. Fib fan Nov 4th high and Nov 16th low had its 61.8 at turn.
2) Turn was near the 50% retrace fib, and 61.8 fan line from plot Nov 4th high and Nov 30th low.
These examples had the 3 dimensions converging. Horizontal (Price), Diagonal (Space), and Vertical (time). We need to remember that Time (time fibs) is 1 of 3 dimensions.
A 3rd plot from Nov 4th high to Nov 16th low caught the Dec 6th turn with its 1.618. If you move that low to Nov 30th, its .382 caught the same turn.
Think of QTA as an accessory indicator. It is not magical or a black box. Nothing is. The shorter the interval chart, the more false signals. One of the key factors is to use SIGNIFICANT HIGHS and LOWS. When we think about it, the horizontal fibs have similar distinction, in that not every single fib will produce a turn.
See page 100, post #995 in A-B-C-D thread for further comments on QTA.
Excellent, thanks for the detailed reply fxbaja.
Your right, I was using the 15M-30M timeframe. I'll try higher time frames. Your charts looks great.
How do you manually draw the lines if MT4 doesnt allow horizontal fib calculations?
No problem. Not sure I understand your question. If you're referring to manually plotting time fib projection, the tool is standard on MT4 platform under name of "fib time zones". Click "Insert", "Fibonacci", Time Zones".
The default setting is completely different than what we need. Change to fib ratios of QTA. I think this is why the tool is not more popular. The default parameter is the same as the cycle tool. It draws line on the same number of candle intervals.
No problem. Not sure I understand your question. If you're referring to manually plotting time fib projection, the tool is standard on MT4 platform under name of "fib time zones". Click "Insert", "Fibonacci", Time Zones". The default setting is completely different than what we need. Change to fib ratios of QTA. I think this is why the tool is not more popular. The default parameter is the same as the cycle tool. It draws line on the same number of candle intervals.
Sorry yes, I have seen the one in MT4 but the one from the indicator looks like proper fib calculations. But thanks to your explanation I now realise that you can actually change the fib ratios within the settings. Amazing. Thanks so much fxbaja.
See A-B-C-D thread, posts #1161 and 1165 for 2 patterns on Feb 17th/18th.