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Scalping is documented in my posts and screenshots.I wait for the M1,M5 and M15 2 lower boxes of the 5 boxes in the Meter to all be red and arrows pointing down to enter a trade and target 20 pips.When the boxes are all red or green you have momentum and if you watch when they first turn all one color and place the trade you pick up your 20 pips in a relativley short period of time.
I know my live example took 23 minutes but in playing the gbp/jpy my spread is 6 and another $1.25 commission per mini lot so it may not be the best example.Other pairs like EUR and GBP with 2 pip speads,you would be able to scalp for 7 or 8 pips at a time and be done very quickly.I will post some trades this week with live statements to show the scalping alternative.
Scalping is documented in my posts and screenshots.I wait for the M1,M5 and M15 2 lower boxes of the 5 boxes in the Meter to all be red and arrows pointing down to enter a trade and target 20 pips.When the boxes are all red or green you have momentum and if you watch when they first turn all one color and place the trade you pick up your 20 pips in a relativley short period of time.
I know my live example took 23 minutes but in playing the gbp/jpy my spread is 6 and another $1.25 commission per mini lot so it may not be the best example.Other pairs like EUR and GBP with 2 pip speads,you would be able to scalp for 7 or 8 pips at a time and be done very quickly.I will post some trades this week with live statements to show the scalping alternative.
I hope this helps,
David
Thank you very much. If I may ask what are yor two additional indicators and their settings.
I hope everyone had a great weekend.Here are some trades made this morning with the probability meter.On screenshots 12,13,14 you'll see the progression of the probability meter to the sell.All boxes red and arrows down.Angle and seperation of the ema 10 & 20 and MACD on all 3 charts heading to the down side.
I jumped in and out here with 4 trades of .1 and 1 trade of .5 lots.I should have stayed in longer with the .5 lot trade, but in keeping with a scalp trade I held that for around 5 minutes.Total in that short span $149.01 less $11.26 in commissions for a net of $137.75.
On screenshot 15 I made note of watching support and resistance.Price dropped and bounced off the S3 which you could set as your target then on the way back up target could be set on S1.
To follow up on my last post here is a screenshot as support 1 was reached,a suggested target.Very important to the understanding of the meter are the indice strength and multi-info +.In the screenshot both are midrange defining just that,a move down is more likely than a comtinuance to the pivot level.If the numbers were in the high range then a trade would still be live to the upside.Also the stoch had reached the 75 level and although it could ride above the 75 level for a continuance ,with everything put together the triple top level here would have me watching closely for a sell, off that resistance.
Here's a new release of the Probability Meter. Some additional features are add to the previous version.
1. Users can change colors: text, lines and values.
2. Users can display only a tiny "values-box" instead of the big box. Values are now more readable.
3. Add a new currency (NZD) in the calculation and 7 new pairs usable: AUDJPY-NZDUSD-NZDJPY-AUDNZD-CHFJPY-EURCAD-AUDCAD
4. Alert pop up and email settable at your preferred trigger (alert reset each bar).
5. Auto-detect for IBFX mini customers.
Hope this new release will please you.
Best regards,
FerruFx
Hi FerruFx, i think you know the EA !xMeter. What is the difference between !xmeter and your indicator. With !xMeter you also can see the strength of the currencies, wait for a retracement and take a trade. I use that indicator for 1 year now and it's great. So please, tell me, how your indicator can help me more?
Hi FerruFx, i think you know the EA !xMeter. What is the difference between !xmeter and your indicator. With !xMeter you also can see the strength of the currencies, wait for a retracement and take a trade. I use that indicator for 1 year now and it's great. So please, tell me, how your indicator can help me more?
Thanks
Hi johndata,
Thanks for your interest.
The Probability Meter is so different. Of course it use the Strength of the currency like the !xMeter do, but also plenty others parameters, TFs and indys.
Here's a reminder and an example of easy to use this tool:
All values and colors have to be watch closely.
1. Multi-Info+ : more than 75 (red/green) for strong Up/Down trend
2. Indice Strength :
0-1-2 for strong Down trend,
7-8-9 for strong Up trend,
3-4-5-6 for sideway
3. Currency Pair Range : range of 5 or more between the 2 currencies.
Example: 7-2, 9-3 etc for a strong Up trend,
0-5, 2-8 etc for a strong Down trend
4 and 5 : red color for Down trend, green for Up trend and Orange for sideway
The global value in percent (%) has to be watch closely and with experience you will have feeling. This value is the combination of the 5 values listed above. 75-80% is a good point for trigger a trade.
Example how i trade with it : attach the Meter on M15 and the 2TFs below (M5 and M1). First, the 2 additional indicators on the 3 TFs must agree. Then watch the numbers of the 3 others indicators (doesn't matter which TF because the number will be the same). If these numbers are about the ones i suggested in the explanation above, then the Global % would be close to a good entry point. 75% seems to work well but as i said, with experience we'll all find our % which we are confortable with.
For exit, when you'll see that the Multi-info+ start to reverse on the 3 TFs. It's the one react the most quickly.
