ANCOLL Good idea to start a new thread, this way we can evaluate the 2 indicators without confusing the results. This has the potential to capture those bigger moves using the Daily average levels, i guess we shall see as time goes on.
One thing to be aware of is the Pivot is a major support resistance point so if the Pivot is above or below a trading range or near to a TP area be aware price may reverse or bounce, like the MM 4/8 centre level price will usually bounce the 1st time
10/01/2007
H4 turning South and below the zero level, histogram showing upward move has lost strength, H1 turning North but still below the zero level so still has a slight downward pressure, M15 turning looking like it may turn South, histogram showing upward strength is starting to wane, still below the zero level so slight downward bias at present, M5 has been largely below the zero level and is turning South at present but mainly has gone flat.
Watch the H1 as the European session opens
Looks like we may have a small run up to around H1 4/8 MM level of 1.9409 & M15 7/8 MM level of 1.9402 while the H1 settles, before price continues South. 1.9348 (MM H1 2/8) & 1.9318 (MM H1 1/8) with 1.9287 (MM H1 0/8)as possible lower target
Attachment 23030 Bias still downward medium term
Things to consider with G#MACD
NEVER Trade against the H1
Look for a steep angle and good separation on the lines - the best moves are when the lines go through the zero level at a steep angle
The histogram gives an early warning of direction and strength
Look for
DIVERGENCE on the higher timeframes
If H1 & H4 are turned in the same direction then moves of 120 to 200 plus are on with the GBP
If H1 & H4 are against each other then moves of 80 to 100 pips for the GBP
M15 shows the medium moves
M5 and M1 are used to fine tune the entries, wait for the M5 to just turn if possible confirmed with a slightly previous M1 turn in the same direction this way even if you are wrong generally you will get out of the trade with a small loss or a small profit. M5 moves can show anything from 10 pips to 60 pips or more depending on the day.
Below the zero level is downward pressure and above the zero level is upward pressure
If the M15 is on the zero level and almost parallel to it usually the H1 is fairly flat as well this means the market has no real direction
DO NOT TRADE.However the longer this situation continues generally the larger and more explosive the move when it comes - this is a situation often seen on the trading day just before NFP is posted.
The M15 G#MACD moves back to the zero level after a large move, this is
NEUTRALISATION and not a directional indication or
DIVERGENCE it is merely the indicator resetting - After it reaches the zero level then what happens is important.
Attachment 30769
UPDATE 16/03/2007 This is the new Dolly #11 with GMT Shift, Pop-up Alerts & an Auto Display option on trading levels instead of Comments. All options are in the inputs tab of the indicator.
A Special thanks to FiFtHeLeMeNt for the GMT code.
I have removed
Dolly_Graphics_v11-GMTShift as the latest version has all the same code as this indicator
plus email Alert functions. See Dolly Graphics_v11-GMT-Email further down this page.
UPDATE 03/04/2007
Dolly_Graphics_v11-GMT-Email - After many requests for Dolly to have an email function here it is.
IMPORTANT;
Make sure you have enabled the email function on your MT4 platform, Select Tools/Options/Email & tick Enable - click OK - click on Test to make sure it is working and sending mail.
NEXT;
Set your own email to up date incoming mail as frequently as you can (1 Minute updates works fine ) It is no good having a 10 min check for mail setting as the email may arrive too late.
Dolly has 3 email functions :
EmailON true/false - This email function sends
an email every minute that the
Price is within
5 pips of a Target area, (Let me know if 5 pips is too much or not enough leadin for the Price )
Email_DATA true/false - This sends an email with all the Dolly Levels for the current day. This sends
1 email at a selected time.
DATA_EmailTime - This is where you put in the
Time you want the DATA to be sent by email
NOTE; The time is
Broker Time not your local Time.
Attachment 29938 ..
Screenshot of DATA email
07/07/2007
I have updated Dolly Graphics_v11-GMT-Email to resolve the occasional problem of the pivot or open level not updating when the new day starts, the indicator name remains unchanged so just resave over the top of the original indicator to update the code.
07/10/2007
Code update to Dolly Graphics_v11-GMT-Email to fix issue with change numbers ( Distance from OPEN/PIVOT ), GMT value added to this feature.
Attachment 45278
07/08/2008
Listed here are the changes
Dolly Graphics #12 - updates to code by cja.
NOTE : Dolly Graphics # 12 has all the email and GMT features of Dolly Graphics_v11-GMT-Email
- Cleaned up TEXT DELETE Functions code to stop interference with other indicators and refreshes issues.
- Altered the Fib code so that the 100% 0.00% levels switch depending on the previous day OPEN / CLOSE.
- Changed the OBJECT DELETE setup for the graphics.
- Updated Comment TEXT to be on TOP so the text is not lost behind price candles.
- Altered "Change" code so it does not display above H4 or below M5 for correct result plus minus numbers.
- Daily Average code updated.
- Added Basic Shift functions for COMMENT Text & Change Display.
- Resolved email not sending DATA for all currencies, rewrote email Frequency Function & split it into separate time functions.
- for email DATA/ALERTS & POP UP Window ALERTS, email DATA has 1 min frequency - POP UP ALERTS have 1 min - email ALERTS have
- 5 min frequency to avoid too many email Alerts filling your inbox but updating often enough to be valid.
- The DATA Email is now set for your LOCAL time not the BROKER time.
- Show_Dolly_Instructions - This feature when set to "true" shows a basic method of trading Dolly, all the graphics are
- removed to assist in making the comments easier to read, set the Foreground tab under properties on your chart to WHITE
- to make reading easier if using a dark background or BLACK if using a light background.
Attachment 66442
,
Linear Mode
