Can ANYONE help PLEASE ?

[Wallace]

Hello Jusco, I happen to have MetaStock Pro v 7.2 which will links with MetaTrader, however I don't recommend it per se, certainly not just to obtain the channel tool. Once MetaTrader v4 is online with fx brokers, it'll provide all the tools most traders want including the Standard Error Channel I favor in MS.

The attached chart may give you some idea of using the fibo tool and the Pitchfork tool in MetaTrader.
I use the channel tool in MS in preference to the P tool as it's simpler to use, tho the P can be used on bars when the Channel tool just won't produce a channel.
When using the P, experiment and learn the differences applying the 3 points on the Close of bars v using the Highs and Lows, and try combinations of H/L/C.

As you may agree, the P works extremely well, so bottom line, why bother with another program when MetaTrader does the job.

The main method to remember is KIST — Keep It Simple Trading.

[Jusco]

Hi Wallace,

I will look out for meta 4 and in the meantime will try figure out and experiment with the pitchfork tool.

Thanks again,

Jusco

[fairwind]

Hi Jusco,

Here's an idea that might help. It is something I have been playing with for a while now. Place Fib on the last H & L ( usually yesterday, see H & L on chart attached ). Mark the 50% level and when CCI & STO are both over bought ( in this case ) AND the price has rejected the 50% level then you have a SELL. An entry price of around xx273 would have got you 40 pips at the last support level of xx233. The vertical line is 0600 on the MetaTrader package I use and is about an hour or so before the London market open.

Where will this pair go from here? Heck, I dont know!

Good trading to all.......................

[Jusco]

Thanks for your input.

So you take the previous days low and high on 1 hour chart and put in fib, then if the 50% doesn't hold, wait for a retracement as such until cci and stoc show OB and then sell?

Am I on the right track ? Or maybe at the wrong station ?lol

Thanks,

Jusco

[fairwind]

Jusco, a couple of things to note.

This pattern doesn't alway fit as neatly as the pic above demonstrates.
The vertical line at 06:00 shows CCI reversed already and the STO very soon after. ( I would wait for both of these signals ).
The 8th bar after the vertical is a common 'pullback' and it hasn't breached the last H, just before the 06:00
The white vertical is MT 00:00 and 24 bars to the 06:00 means that it is a 15 min chart.

Not all of these clues will appear each time. It is a matter of deciding for ones self what to go with, we each have to decide that for ourselves.

Play around with the idea and see what you can come up with.

Good trading to all..................

[Jusco]

Thank you , will do.

Jusco

[philhackett]

Use Keltner Channels with Bollinger Bands and a five day EMA or better still Dema which is a Double Exponetial Moving Averqage which you get with Dealbook. email Wes Newman @ wnewman@gftforex.com and tell him I recommended him to you. He is a superb Manger and will give you lots of time. Send him your telephone number and he will call you.

You really need at least three screens to trade, so consider installing a Parhelia Matrox Card.

HOW TO TRADE;
When the candles are within Keltner the market is Range Bound.
When the Candles move out of the KC together with the MA and Bollinger appears to blow open, enter a trade. Immediately place a fixed stop behind your entry point and move it up to cover the spread as soon as possible. Always exit a losing trade. You will not lose money if you do this.

You need a Pivot Point calculator which you purchase from Fabrefactum. There are free ones which are not good enough. You need all 9 pivots.

At the start of the day calculate the 24 and 72 hour pivot points and then look for the markets position. If it is above then the day will be an up day, below means a down day and confused signal usually means Range Bound.

SCALPING: When the KC is 20 points wide and the candles move above the top band, trade the reversal throught the KC. It is not so easy to tarde it up from below.

Pivot Points are used by all floor traders. They are decision points when trades are entered or profits taken. Never trade between them. It is no-mans land.

KAGI: You need a Kagi to run alongside the candle chrts to give a clear view of the market direction, again available with Dealbook.

You may like to place RSI below your chart but nothing else. You do not need any more than I have described here, but as a Newbie you may like to put DiNapoli Macd and Indicator 75 on a seperate screen to help you make entry decisions. Purchase Steve Nilsons Candle Stick Course and learn it cover to cover. Read Murphys Technical Analysis of the Financial Markets and its companion book of test questions.

Accept that most of the people you will met here are keen amateurs with very little understanding of what they are doing.

Find your national Society of Technical Analysts and join. They should run a Diploma Course. Take it and pass.

I hope this helps.

Phil Hackett MSTA

[Jusco]

Looks like lots of homework. Never heard of Keltner or Kagi, but will look into it

I have Steve Nisons book but not Murphy's . Will order that shortly

Will also email Wes Newman and have a chat.

Making progress !

Many thanks,

Jusco