Forex rebates on every trade - win or lose!

To illustrate the point that I was trying to make above about sitting on hands while M5 and M15 trends were in conflict, here's another M1 chart for today.



I've drawn vertical red lines to indicate the approximate start and end of the period during which the M5 trend was in conflict with M15. There are quite a number of false signals showing during the period between the two red lines. That would represent money saved.

CC,

I've pasted up a couple of more charts to help steer you towards what we're ultimately looking for here.

The first chart is an M15 today with a trending indicator added which we're looking to use for direction of trade.

At 7:00am it starts to head down with the vertical green line, so we're looking to trade the sell signals. At 12:45 it starts to head up with the blue line, so we're looking for longs. Remember, the entry and exit signals are coming from the M1.



I've also pasted up the M5 chart with the same trending indicator added. Between 9:40am and 11:25am (slightly different times from the chart in the post above - I scrapped my work in between posts) and again between 14:35 and 15:40 the trend direction on the M5 was in conflict with the trend direction of the M15. That's when you ignore the signals on the M1 and sit on your hands.



At all other times you're looking to bang away the M1 signals in the direction of the M15 trend.

I hope that makes sense.

Here we go all in one chart.

Bottom 2 indicators must be in agreement then trade in same direction.
Comments in detail tomorrow

You've probably grasped the basics of it now, CC.

If you could just let me have an address so that I can send you my bill. Alternatively, I could be persuaded to waive my fee if you tell me how you get the indicators for the different timeframes all on the same chart.

:o)

The concept is generally referred to as "multi-time frame" (MTF) indicators.
Such indicatos are not standard in mt4 but have be loaded in the same way we loaded the 2 line macd plus histogram and that arrow indicator you got from elsewhere.

MFT indicators for most things like RSI and Moving averages and stochs can be found relatively easily on tsd-forex. However, a 2 line plus histogram (my 2 lines are in black on the above chart) macd, I tell you this took me ages to get hold of. It isn't anywhere on tsd or forexfactory or google or whatever. On and off over the course of a week I spent ages looking for this.
I managed to get hold of it in the end by finding someone who seemed to have every indicator under the sun and sending him a pm.

You can get it here.
http://www.forex-tsd.com/indicators-metatrader-4/87-indicators-alert-signal-113.html
Post 1123

It still has the alert for crossover etc. You will need to set the timeframe in inputs in minutes. 5 for M5, 15 for M15, 240 for H4 etc.

It does not work if you load the MTF indicator for a low timeframe on a higher timeframe chart only the one way round . It will display results but they will be WRONG. i.e M1 MTF on a M15 chart will be wrong.

I guess the most interesting thing is that most people seem to be putting up with the horrible standard macd chart from mt4. This I cannot grasp at all as the way we like displays more information and is easier to read and understand.

EUR JPY testing 160 support

Think we might just be there now or on the way at least

That's so funky, CC, many thanks.

I've just Googled the MTF thingy and it appears that any MT4 indicator can be simply turned into a MTF. Apparently there's something called Coder Guru's MT4 Programming Guide (don't know if it's a book or something on the web) which tells you how to do it.

I might have to have a word with GatorMan if he ever gets out of the swamp.

Quicky scalp EUR JPY 159.80 to 159.90 +10.

well if you know 'C' programming these indicators is probably pretty easy. I don't.

I did read the first few chapters and it's not that hard to follow if your objective is to amend someone else's code. Say you've found something you like but it's been hard coded for cable but you want to use it for say eurusd. that's easy enough to sort. i've done that and i have no programming experience.

What else do you want MFT's for Hilary? I've got loads of them and any normal indicator just go and search tsd-forex. It's highly unlikely you need to get anyone to write anything.

Now if he's capable of say writing code good enough such that it could show say a macd based on say n periods and then adding an extra period which is assumed to be say the same as the existing period (or even better where the line might go based on say the last 3 periods or whatever) then we could have a macd on our chart which had some predicting power rather than just an indicator based on history.
Or simply take the usual macd and apply higher percentage weightings to the last few periods than happens with the exponential algorithm. The maths isn't so difficult and i've got a feeling maybe you can do this without any programming.

I've got lots of ideas, lots of things i'd like to backtest but all that is on hold until i can make a living out of this. All these ideas take far too long to persue when firstly i have to turn a profit.

+5 from cable

Gotta go to see the Quack now

In truth, CC, I probably don't need MTF on anything else. It was just an idea that I had this morning to combine a couple of indicators into one and simplify my desktop. I'm all for keeping things simple as there's a tendency to think if things become too complex.

I've got a problem with a bug in one indicator though which I'm hoping GatorMan can solve. If not I might find a copy of Coder Guru's MT4 Programming Guide for my son so he can give it a go. It may as well be Dutch to me.

I is back ;)
Still re-loading all the guff at the moment.

Like you, Hil, my motto is simply simple - and one of my present goals is to persuade the cap'n to stop fiddling about when he gets bored :o)

Great charts, btw - good of you to go to so much effort.

I am the GatorMan. (Like The Stig, only greener).

Oh - is this a variation on the jolly green giant?

PS Still want the Stig for PM :P

And thanks everyone for your comments here and by mail.
I'll get back to you all with a bit of a plan soon.

Oooh Delboy. I do hope you've got a tight green lycra suit befitting of your new found status.

:o)

from one of Kyoto's posts

Ashraf Laidi, a currency expert at CMC Markets, said futures contracts were starting to price in a serious likelihood of a half point cut before the next scheduled meeting at the end of January.

"With US equity indices testing their August lows and current macro-economic dynamics knocking at the door of recession, we place the probability of a 50 basis point inter-meeting rate cut as high as 70pc to occur as early as next week

A leaked client note by HSBC added fresh fuel to the rate excitement, suggesting that Fed may now have to slash a full percentage point by month's end to fend off a serious downturn.

The bank's highly-rated New York economist, Ian Morris, said a new tone of urgency had been struck by top US officials over recent days, raising the possibility of two sets of cuts this month.

Fed chair Ben Bernanke prepared the way for drastic cuts with a speech on Thursday saying the authorities were "exceptionally alert" to the risks as the housing slump triggers the first wave of jobs losses. US unemployment jumped from 4.7pc to 5pc in December, the sharpest jump in a quarter century.

My daily cable (currently 1.9620) charts are suggesting that it's trying to stick it's head above the water and that we could see a rally in it back up towards $2 over the coming days/weeks.

That might be of interest to Sue 42. I guess a lot will depend upon what happens to it today, as it would be quite easy for it go either way at this stage. 24 hours down the line it should be a bit clearer which way it's going imo.

Hilary
Thanks for the info, nice run up this morning managed to catch a few.

odd moves half an hour ago on ecb comments that only options to hold or raise interest rates were discussed at last meeting.