Don`t read this thread..Make Money with it.

[SIMBA]

Originally Posted by ukm007

Hi,
I always looking at one hour chart. and i think that TF is suitable with my trading lifestyle. after done reading the thread, i know that there is still a lot of chart pattern that i need to search and study.

here is my first pattern that i found on EURUSD. hope it meet the requirement to form threehills pattern.

Hi,

ukm007,yes,it looks like 3 hills and a mountain can be in the making,you still need the third hill,though.

An example of how one can use the patterns to improve his trading..look at the chart,let`s presume you are Fibonacci trader ,and you have found that there is a fibo cluster area,the one depicted in blue will do...Then,IMHO,your best bet is waiting to see if you get any of the patterns,in this case,probably MSL in either one of m30,h1,h4,to trigger the entry,this will help you to avoid the common pitfall of jumping into a trade without having the money flow at your side.

Regards
Simba

[SIMBA]

Hi again,

The previous chart has an interesting added possibility,look at the trendline in blue...it connects 2 highs with the centerline of previous upswing and was useful as temporary support during yesterday trading hours...

So,now we have a fibo cluster plus a potential trendline that can create additional support...we just wait for a pattern,or ,if we want,we can check,before waiting for a pattern,the stlm2 situation...I did ..h1 is red and below zero,looks like ripe for a change..h4 is above zero,and the current bar is painting red,not good...D1 basically is red and below zero...Well,not an optimal situation,I will discard this trade if h1 were red and above zero(still room to go down),but,as it is now,it can be traded...IF there is a pattern.

So,if any of you wants to DEMOtrade this setup waiting for a pattern,be my guests,post it here and we will analyze it.

Regards
Simba

[SIMBA]

Hi,

I took the EURUSD trade,it was triggered by a MSL on H1.

Long EURUSD @ 1.5426 SL 1.5345 TGT 1.5575

Stop,I will use a h1 close below both the previous swing low and the blue trendline as a stop,since I have to leave for a couple of hours,and I won`t be able to monitor the trade,I have used a temporary SL of 1.5345 .

Regards
Simba

[frantacech]

Hi Simba,
I have small helper for zones... try

[SIMBA]

Originally Posted by frantacech

Hi Simba,
I have small helper for zones... try

Hi Frantacech,

Thanks a lot for the tool,can you explain what it does?
I believe that it gives you the fibopivots and the Fibozones...BTW,today,jointly with the MSL,looks like it would have cloned the entry .

I have tried modifying the timeframe,but don`t see any change....any comment ?

Regards
Simba

[frantacech]

Originally Posted by SIMBA

Hi Frantacech,

Thanks a lot for the tool,can you explain what it does?
I believe that it gives you the fibopivots and the Fibozones...BTW,today,jointly with the MSL,looks like it would have cloned the entry .

I have tried modified the timeframe,but don`t see any change....any comment ?

Regards
Simba

I do description and post it, wait please. All calc S/R or Fibo zones is independently from TF. Use only yesterday price.

Yes, classic Fibopivots and Fibozones + Comments - Daily Range, Average Range Used Long and Short AND .... Calc top/bottom average range

FiboZones
void Recalc()
{
double C=0, L=0, H=0;

if(DayOfWeek() == 1)
{
C = iClose(NULL, PERIOD_D1, 3); // Yesterday close
L = iLow(NULL, PERIOD_D1, 3); // Yesterday Low
H = iHigh(NULL, PERIOD_D1, 3); // Yesterday High
} else
{
C = iClose(NULL, PERIOD_D1, 1); // Yesterday close
L = iLow(NULL, PERIOD_D1, 1); // Yesterday Low
H = iHigh(NULL, PERIOD_D1, 1); // Yesterday High
}
double R = (H-L);

C = (H+L+C) / 3;
D = (R/2) + C;
B = C - (R/2);
E = R + C;
A = C - R;

B1 = C - ( R * 0.618 );
A1 = C - ( R * 1.382 );

D1 = C + ( R * 0.618 );
E1 = C + ( R * 1.382 );
}


ObjectCreate(FIB_SUP1, OBJ_RECTANGLE, 0, iTime(NULL, PERIOD_D1, 0), B, Time[0], B1);ObjectSet(FIB_SUP1, OBJPROP_COLOR, clrSup1);
ObjectCreate(FIB_SUP2, OBJ_RECTANGLE, 0, iTime(NULL, PERIOD_D1, 0), A, Time[0], A1);ObjectSet(FIB_SUP2, OBJPROP_COLOR, clrSup2);
ObjectCreate(FIB_RES1, OBJ_RECTANGLE, 0, iTime(NULL, PERIOD_D1, 0), D, Time[0], D1);ObjectSet(FIB_RES1, OBJPROP_COLOR, clrRes1);
ObjectCreate(FIB_RES2, OBJ_RECTANGLE, 0, iTime(NULL, PERIOD_D1, 0), E, Time[0], E1);ObjectSet(FIB_RES2, OBJPROP_COLOR, clrRes2);

[SIMBA]

Hi,

SL moved to breakeven,target will depend on actual momentum at potential resistance points,stlm2 on h1 closed a blue bar below zero and is painting a second blue bar..looks good,so I believe that the best strategy is letting the trade flow and check it at every hour close.

Hope that these kind of comments I am making regarding this trade will help you in understanding better how do I use the chart patterns and what things do I look at while in a trade....and that this will help you in actually using the patterns.

Regards
Simba

[SIMBA]

Hi,

Trade update:

h1 bar touched a resistance area,1.5484/88...blue horizontal line and pivot line, and was rejected around 20 pips...the h1 bar is long so,we will keep the stop at breakeven,since putting the stop just below low of bar gives practically the same exit...now..what we need,preferably , for actual H1 bar to close above the resistance..so we wait until h1 bar close to reevaluate the situation...we are in the killing zone,so,the trade can still go south and become a no trade...alternative strategies: closing the position totally or partially justified by the rejection at resistance...I prefer to wait for this bar development to make a decision about partial closing,this bar will probably supply us with enough information to make a decision...stlm2 has closed a second blue below zero bar and is painting a third..so,looks like we could have nailed a good entry point,let`s see if we can ride it a few bars.

Regards
Simba

[Lythro]

Originally Posted by SIMBA

Hi,

SL moved to breakeven,target will depend on actual momentum at potential resistance points,stlm2 on h1 closed a blue bar below zero and is painting a second blue bar..looks good,so I believe that the best strategy is letting the trade flow and check it at every hour close.

Hope that these kind of comments I am making regarding this trade will help you in understanding better how do I use the chart patterns and what things do I look at while in a trade....and that this will help you in actually using the patterns.

Regards
Simba

The comments are helpful and i'm simulating what you are doing using the stml2. Is there anywhere where i can see what the stml2 actualy does? how does it form the pattern and color?

[SIMBA]

Hi,

Frantacech,thanks for the indicator and for the explanation,very useful indeed.

Lythro,stlm2 basically estimates SATL-RSTL...being RSTL equal to SATL delayed by half the Nyquist frequency ...I suggest that you read the digital filter thread and subthreads at this Forum if you are interested in digital filters.

Interesting,how the price is bracketed between two trendlines and a resistance...actual H1 bar closed very near,around 13 pips,from the SL,so,I am going to let the trade run for a few hours,most probably,it will be stopped out...But,if it breaks the resistance we will probably have a very good payoff...

Regards
Simba