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YOU MAY NOW DOWNLOAD THE ZIPPED FILE AS IT IS THE LATEST
MAJOR CHANGE HERE - SEE ATTACHED NEW RSI-14. Here I wish to thank ShadowWz for constructing this RSI for me and my friend Gerhard (DayTrader) for "labelling" it so that you now have the actual figures presented on the RHS of the screen-window where you want to see where the RSI is at. Thanks guys, much appreciate your efforts, especially ShadowWz who constructed it the first time for me.
Also attached is a DOTTED version where I blank out all the colours other than the Yellow dots (usually the line) as well as the levels. This is purely to indicate where the candle is at the time. DROP THIS ONE OVER THE SGMAR_LABEL (Optional naturally)
where is the RSI????
The SGMAR is in fact the RSI.
Best wishes.
__________________ "It doesn't matter how OFTEN you are right or wrong - it only matters how much you make when you are right and how much you lose when you are wrong. " George Soros.
This is surely shaping up to be a fine project. Sorry I haven't been around but there's been a few things to deal with. Hoping to get back "onboard" soon.
Been missing you my friend. Trust everything is fine with you and your family. Looking forward to seeing you again soon.
Best wishes.
__________________ "It doesn't matter how OFTEN you are right or wrong - it only matters how much you make when you are right and how much you lose when you are wrong. " George Soros.
Have people tested this on the USDCHF or the USDJPY? I really like this system, but don't think I can manage a 5 minute chart on the London session with no alerts from the US West Coast .
Speaking of alerts, I know it's been mentioned before, but I really think it would be a fantastic feature of the system if a programmer could modify the 4TF XO2 to have an optional alert when it changes to all 4 bars green/red.
Final question: I'm a complete newbie regarding news. What news announcements do people avoid trading near? For example, just the red-colored labels for traded pairs on ForexFactory's calendar? I've been looking for a beginner's guide to Forex news but haven't found much, any links/suggestions?
ValeoFX recommends that you are not in a trade during any announcement graded A-C by the yahoo finance people.
The advantage of the factory calendar is a) its free b) it contains more than just US news, eg announcements, speeches, European, Japanese figures etc.
You can also use the grading system on factory - a red indicated volatility expected, ie do not be in trade at time of announcement.
I believe the Valeo is willing to stay in a trade up to about 1 minute before the announcement.
The reason for not trading the news is self-explanatory, but I will explain anyway.
We often have forecasted figures for the news. Many times the economist is totally wrong. The conclusion is therefore that we cannot predict the announcements. Therefore being in a trade at these times constitutes a gamble - you cannot have high enough confidence that the trade will go the way you want it - there is no technical basis for the trade because fundamentals may outweigh technicals and anything can happen in the market as a result. I experienced this last week where I was long in the pound. I did exit about 30 minutes before the announcement, because my 9 pips was toppish anyway and I was trading a risky long in a bearish market whilst tutoring a client one on one live in the strategies I have developed and use in addition to XO System. My own fundamental and technical analysis from the analyst I pay to give me ideas each day including fundamentals and commentary on forecasts stated that the USD would further weaken as a result of the forecasted announcement coming true.
The forecast did not come true, rendering the advice null, in fact worse than null, it would have caused me to get hopes up on "knowing what will happen" during the announcement, only to see the announcement being the reverse to the forecast and therefore the market going in opposite direction.
Even with "trade the news" it is very difficult to get in on time. You will notice that with a bloomberg stream, the market has already moved a few seconds before the release on bloomberg.
My conclusion therefore is why trade the news at all when there are enough technical opportunities outside of these gamblers hours?
Have people tested this on the USDCHF or the USDJPY? I really like this system, but don't think I can manage a 5 minute chart on the London session with no alerts from the US West Coast .
Speaking of alerts, I know it's been mentioned before, but I really think it would be a fantastic feature of the system if a programmer could modify the 4TF XO2 to have an optional alert when it changes to all 4 bars green/red.
Final question: I'm a complete newbie regarding news. What news announcements do people avoid trading near? For example, just the red-colored labels for traded pairs on ForexFactory's calendar? I've been looking for a beginner's guide to Forex news but haven't found much, any links/suggestions?
Thanks to anyone who can respond
My advice to you is to stay away from News Announcements until you are competent enough to trade them successfully. All of them, but be aware of them so that you don't get a nasty surprise when in a trade.
Best wishes.
__________________ "It doesn't matter how OFTEN you are right or wrong - it only matters how much you make when you are right and how much you lose when you are wrong. " George Soros.
ValeoFX recommends that you are not in a trade during any announcement graded A-C by the yahoo finance people.
The advantage of the factory calendar is a) its free b) it contains more than just US news, eg announcements, speeches, European, Japanese figures etc.
You can also use the grading system on factory - a red indicated volatility expected, ie do not be in trade at time of announcement.
I believe the Valeo is willing to stay in a trade up to about 1 minute before the announcement.
The reason for not trading the news is self-explanatory, but I will explain anyway.
We often have forecasted figures for the news. Many times the economist is totally wrong. The conclusion is therefore that we cannot predict the announcements. Therefore being in a trade at these times constitutes a gamble - you cannot have high enough confidence that the trade will go the way you want it - there is no technical basis for the trade because fundamentals may outweigh technicals and anything can happen in the market as a result. I experienced this last week where I was long in the pound. I did exit about 30 minutes before the announcement, because my 9 pips was toppish anyway and I was trading a risky long in a bearish market whilst tutoring a client one on one live in the strategies I have developed and use in addition to XO System. My own fundamental and technical analysis from the analyst I pay to give me ideas each day including fundamentals and commentary on forecasts stated that the USD would further weaken as a result of the forecasted announcement coming true.
The forecast did not come true, rendering the advice null, in fact worse than null, it would have caused me to get hopes up on "knowing what will happen" during the announcement, only to see the announcement being the reverse to the forecast and therefore the market going in opposite direction.
Even with "trade the news" it is very difficult to get in on time. You will notice that with a bloomberg stream, the market has already moved a few seconds before the release on bloomberg.
My conclusion therefore is why trade the news at all when there are enough technical opportunities outside of these gamblers hours?
Thank you for this comprehensive reply. Much appreciate it.
__________________ "It doesn't matter how OFTEN you are right or wrong - it only matters how much you make when you are right and how much you lose when you are wrong. " George Soros.
Wow! Thanks for putting so much time and effort into that reply, I'll definitely be following your advice. One follow-up question: how long after the news announcement do you wait before entering on a signal again?
Quote:
Originally Posted by mart-hart
XO alert with CCI.
Works when all 4 XO's have a signal and the 39 CCI has crossed zero.
First I would like to say thank you for sharing all your hardwork. I just found the thread and have everything on the chart . I hate to ask such a dumb question has this, but I can't figure out how to change the CCI levels to be different colors per level. I can change them all to any color but what is the trick needed to change each line to have its separate color ? When I change the color it makes them all the same. I have tried clicking on each line value separate and it does chances the color but when I click on the level value for next line and it changes, it makes the change on the previous level to changes to the new color. The default was silver so that is where I am back to for each level. Thanks in advance... I am not new to trading but have several years experience in eminis and a couple in forex. My main use has not been Metrader but Tradestation- Esginal and 20 more. One other question, I have an indicator that works extremely well that is programed in tradestation. I am not a programmer, if someone could convert it to Metrader I would share it with everyone. It is built on the MACD and BB combined and displays different color of dots around the BB bands has the market changes direction. I watch it in several time frames and shows market direction very clearly and precise and lag time is quite small using 1 minute time frame. If some one who could do the programming and there is any interest I will be happy to share it with all. Thanks again....
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Linear Mode
