MT4: Multi Timeframe Price Action Tool (no indicators!)

YourFriend

Junior member
37 0
Hi,

Would like to politely ask if someone could please help me with my disaster situation...

After losing around 99.8% of my balance, that equals basically almost my entire life savings (5+ years of 60 full monthly salaries), i am struggling to find failures what i have been doing wrong. What caused such disaster and what basically destroyed my life. Been trying to sell my soul to get some valuable knowledge and i think i may have found one major problem in my loss. The answer is: lack of multi timeframe analysis. I was doing my entire work on D1 charts only but didn't pay, at least not enough, attention to H4, H1, perhaps even M30 charts. Therefore the problem, one out of many, is that i saw the situation too widely and not with enough ''zoom'' (low enough timeframes).

Now i am in the process of learning as much as possible about multi timeframe analysis WITHOUT usage of any indicators. So price action only.

Since i don't have any money left, i am unable to pay to MT4 developer for what i need. So i am asking you if someone could please tell me whether Multi Timeframe MT4 tool exist that would look like this (including the following features):

1. i choose which timeframes to track
2. possibility of alerts (screen window pop up, sound)
3. requirement that candle gets closed (fully forms) otherwise uptrend/downtrend candle cannot be accurately recognized.

The tool would alert me if either of the following two situations happen:

Situation 1: Candle (the most recent one that fully forms) is in same body color on all enabled timeframes (obviously same symbol). This shows me in real time same direction of a trend in going on, on all enabled timeframes.

or/and

Situation 2: lower timeframe must cointain same direction higher highs, higher lows (for uptrend) or lower highs, lower lows (for downtrend) in same quantity of candle matching time period on higher time frame. This must happen, obviously with different quantity of candles, on all enabled timeframes. Example: lets say D1 got red ( * ) candle formed that just got closed. D1 is one day so equals 6 candles on H4 (4*6=24). I would obviously be missing good trade opportunities if i required all candles (6) on one step lower time frame (one step from D1 is H4) to be in the same color as single, just closed, candle on one step higher time frame (D1). So to avoid this, the 6 candles would just need to have 6 successive candles, regardless of color of their bodies, with lower lows and lower highs ( * ) to prove the downtrend ( * ) as on D1. Similar situation (24 candles) on H1 timeframe.

Particularly for Situation 1 i am talking about something like this:

https://scorpionfx.com/indicators/ (kindly scroll down to "Trend Finder Monitors All Pairs And TFs" and please click the picture, you will have 7 pictures available)

but i cannot use this due to four reasons:

a) i lost all the money i had minus 0.2% that is still on my trading account. Everything i worked for is lost. Unable to pay even food, surely unable to pay the tool or developer.

b) tool somehow includes indicator. It doesn't matter which and how but it does. I want NO indicators.

c) no feature to enable/disable wanted/unwanted timeframes.

d) there seems to be restrictions on which currency pair tool work while i want it to work on every currency pair, even most exotic ones that are barely provided by any broker at all.

I have been searching a lot to find some tool via google but most of them don't have alerts. Also as soon as i had seen on webpage name of any indicator, i immediately closed the webpage. Not sure if i am allowed to mention other forex forum (may be against the rules of your forum) but on one other forum are several posts about multi timeframe tools but nothing is really useful.

I deeply apologize for bringing sadness to this forum but you can imagine how i feel after losing basically everything i worked for, for years...

Please if anyone know any tool for multi timeframe analysis (situation 1 or 2, preferable both) kindly let me know.

Thank you a million times.
 

tomorton

Legendary member
8,054 1,180
Seeing all candles in different time-frames of same colour is an indication of strong momentum not strong trend. And obviously, a buying rule that kicks in when all candles are green can commonly mean buying at a new high.

Not that these things are inherently bound to fail but applying selection and entry rules using one strategy and exit rules appropriate for another is probably going to give random results.

As far as exit rules go for your approach, what are these?
 

YourFriend

Junior member
37 0
tomorton I believe for confirmation of uptrend are more important higher lows than higher highs (as you said) but both are important yes.

To answer your question about exit rules: I don't change Support and Resistance zones from higher timeframe to lower time frame. I don't even use S, R zones on multiple timeframes because this would confuse me even more and according to countless of lectures i went through, this (referring to paying attention to S, R zones on MULTIPLE time frames) is not a good idea at all. Instead my main rule for exit is that i would close position when i would see market price being near S or R zone. How much near is near enough depends on multiple factors, including values ''Decline'' and ''Rise'' as one of the main element of TradingCentral indicator (name of old version: TC.TechnicalAnalysis, name of new version of identical tool: AnalystViews). Also about the size of candle's body as well as the shadows. Also couple of other factors. Why did i use word ''would'' twice? Because I haven't had situation recently where I would WANT to close position with sufficient profit. All of the positions where all the time in loss. I was waiting weeks and months for positions in loss to go to at least zero so i don't loss money. Unfortunately i lost 99.8% of balance anyway. Now i am trying to come with 0.2% balance as soon as possible back to my previous balance (100%) but much much more than timing is important success and new knowledge I am working hard to get. Nowdays I am spending entire days on learning as much as possible to find as many as possible failures from the past and try to solve them.

I am still waiting for answer on the question i asked.
 

tomorton

Legendary member
8,054 1,180
Cheers YourFriend.

Higher highs and higher lows are a good indicator of an uptrend but their use begs the question, in a given trend, what is a high and what is a low, as there will be multiple points which are certainly higher along the rising trend boundaries but don't have a categoric definition for whether they should be taken as "official" highs and lows. Very few traders define whether a given high is included as a higher high or excluded, in real time, so in practice they decide its a trend if it looks like a trend, which means its a trend if they want it to be a trend, and this just introduces yet more randomness.

As for all positions going straight into the red and staying there, this does sound like a symptom of buying at extreme highs / selling at extreme lows, which is what I said about using confluent candles in different time-frames. The expected outcome from random entries would be about 50-50 winners and losers.

You don't say what your training has involved, but I would seriously suggest going back and questioning everything which you now "know" to be true.
 

0007

Senior member
2,367 653
Hi,

Would like to politely ask if someone could please help me with my disaster situation...

After losing around 99.8% of my balance, that equals basically almost my entire life savings (5+ years of 60 full monthly salaries), i am struggling to find failures what i have been doing wrong. What caused such disaster and what basically destroyed my life. Been trying to sell my soul to get some valuable knowledge and i think i may have found one major problem in my loss. The answer is: lack of multi timeframe analysis. I was doing my entire work on D1 charts only but didn't pay, at least not enough, attention to H4, H1, perhaps even M30 charts. Therefore the problem, one out of many, is that i saw the situation too widely and not with enough ''zoom'' (low enough timeframes).

Now i am in the process of learning as much as possible about multi timeframe analysis WITHOUT usage of any indicators. So price action only.
This may not directly answer your question but the outcome you have described is so serious that it can't possibly be entirely due to lack of "multi-timeframe analysis" i.e. sub-1D, since many traders I'm sure (including myself) are quite profitable purely on D1 charts. Might I suggest that there is something far more seriously wrong in your previous approach and that until you have conclusively found out what it was, then you should go nowhere near trading with real money. I would certainly look at your risk management and money management – they alone should have saved you from your disastrous outcome.

I would expect that your confidence has taken a severe knock and an early task should be its restoration. Why not just take a very simple system (several have been explained on this forum and are basically sound), and get to understand it through simulated trading. I would respectfully suggest that with your previous performance you will probably not yet be psychologically receptive to anything that is in any way sophisticated – and to my mind that would include using timeframes lower than 1D.

As a prerequisite I would suggest that you need a good understanding of how the market works as it would seem likely that is something you have not yet fully mastered. You could do a lot worse than reading the most helpful postings & PDFs published on this site by dbPhoenix – a regular and well-respected poster. I sincerely hope my comments help – they are intended to be constructive.
 

YourFriend

Junior member
37 0
You can both imagine how i feel after wasting basically my entire life savings that i deposited on my trading account. I worked for years for that money, even made a little profit via won trades but then around 10 trades mainly in December 2018 destroyed everything. Everything I have been working for day after day, waking up with alarm clock at 5am, spending 10 hours per day (3 out of 4 monthly Saturdays included) all is gone. Its very hard to know which position to open if you don't see the future candles what WILL form in the future. Not what may form, not what could form, not what is most likely to form, not what is almost guaranteed to form but what WILL form. Hopefully I am understandable.

I contacted broker to give me access to impossible to exist database - 24/7 i would need to be able to review, via private access, several candles that will be formed in the future from the current candle which is being formed, not yet finished, right now. I need to know what will be formed. If i don't know, i cannot open trading position. Don't want to earn from luck but from facts. If it would be from luck, i won't earn any money at all. Being aware that having access to future candles (at least in the near future) basically equals knowing winning numbers on the lottery in advance. We all know what is next to do. But still without knowing what WILL happen, i cannot earn anything.

People at my ages have families, good cars, even their own apartments so some wealth earned. I have nothing. Absolutelly nothing. What i had was on my trading account. Lost it so lost everything. I am not yet giving up and during the past few days I am reviewing important trading videos (the ones i consider important based on multiple factors) basically 24/7. I don't sleep, i don't eat, no sport, nothing. Just learning and trying to find failures I have been doing.

Noted down few important points to remember. Fortunately I found one of the main possible causes of my loss: I entered retracement (small trend correction) positions and didn't know it is only a very small temporary trend change. I thought it was change of a trend for larger period of time. So far I have multiple plans how I am going to ''fight'' against this. Everything is on the papers in my notes. But would like to protect myself even further, thats why I was hoping to get some idea how to make sure even further that there is really new direction of a trend. I am still waiting for your answer.

However even your answer may not completely help. Imagine quality R or S zone being crossed up and crossed down with additional candle being formed. Obviously trend will be the same as it was BEFORE the cross of R or S zone. Nothing proves that trend won't change after additional candle and fall back below R zone (or above S zone) again. The best idea I have so far is simply Trailing Stop having enabled but even this is not perfect solution because of main two reasons:

1. Major reason: In order for Trailing Stop to be executed AND have some benefit from it, the trend must do the distance TWICE defined for Trailing's quantity of points. Once for Stop level to move to the entry price. Once for level to move on the first location, after entry price, to guarantee first ''part'' of profit. So if 120 points then minimum for trend to move is 240 points. No proves it will happen.

2. Minor reason: Small acceptable retracements could choke the trade and cause closure of position but in reality very soon follows good trend i can only wish for.
 

Pat494

Legendary member
14,335 1,497
I would suggest you concentrate at first on the more important issues. This would be your mental and physical health.
You must eat " good food " and have down periods to recover. Trading to some can be very addictive. You will have much better chances if you are well.
Most people start with losses and soon get over the nauseating shock.
 
M

member275544

0 0
It might help by telling us what you are currently doing, rather than focusing on what you've lost..
I have every sympathy for people who have lost money, but telling me that you've lost all your money, doesn't allow me or any of us to be able to advise you on what to do differently
have you backtested this "strategy" of yours, how do you know it was ever going to make money in the first place? losing 10 on the trot in December may have been expected, and in which case your poor money management was to blame
it may be that your strategy has no positive expectancy in which case you should never have started.
it may be that your strategy has a positive expectancy but on another timeframe

you may have been wasting your time getting up at 5am and spending 10 hours a day on something that was never going to make money in the first place.
You could be the best window cleaner in the world, but if you've been cleaning the wrong windows you'll never get paid
 
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YourFriend

Junior member
37 0
I just lost the last few cents i had on my account on AUDJPY. I was in long for 0.01 lot and it seems like broker put it downward on purpose to destroy my balance completely. Now i have nothing left. Nothing. Not sure if UK Ombudsman which could be defined as online court for such market trading situations could help me. Probably not because broker is most likely going to share with them a part of stolen money they stole from my trading account. I am now below the bottom with my hope. Everything i worked hard for is destroyed.

Malaguti I decided to completely change my plan of how to identify and draw resistance and support zones. Previously i was looking for major trend exceptions with larger shadows where prices repeatedly bounced up (S zone) or down (R zone). This was already a mistake but after a few youtube lectures i had, i realized that higher the quantity of successive candle's (either body or shadow) touches R or S zone, WEAKER (not stronger!) it becomes. This leads to larger possibility that breakout could happen where i would be required to wait for additional fully formed confirmation candle under condition that there are at least two candles (so including the one BEFORE breakout one) with higher highs + higher lows (uptrend) or lower highs * lower lows (downtrend). As small as possible shadows on closure side of candle (smaller the shadow is, stronger the trend is). My primary failure seems to be not just what i described in previous message (incorrectly identifying retracement, thinking it is change of trend for larger time) but the fact that (i am describing the failure so my misunderstanding) i identifies R, S incorrectly, seems to be like in the middle of real (correct) R, S zones, in worst case even in the center of it where price have 50% chance to go up and 50% to go down. Unfortunately for me it always went against me.

During the past few youtube lectures, I know the correct approach, although it seems to be too late. First correct step is to find the source (starting point) of current trend. Second step the source of opposite previous trend. If CURRENT trend is uptrend then i need to find source BELOW the current market price to check where this trend started. There is S zone with some extra skills of drawing it and fortunately I recently learned those extra skills too . Then, second step, i need to be aware that since currently it is uptrend, previous trend was downtrend (opposite) and again having to find source of this downtrend which must be ABOVE current market price to be able to draw R zone. If having any problems, ZigZag indicator can be used. However need to be aware that i don't put that source of previous (opposite) trend too far away (but still after sharp move, in this case downward) otherwise my waiting time be by far too much. Definitely need to be aware that there must be really source (starting point) of opposite previous trend. I need to admit that i hadn't been looking for sources of current trend until i recently learned this. If CURRENT trend is downtrend then the logic is opposite one.

Malaguti, you asked me what i am currently doing. I am trying my best to find a way that will ensure me there is really sufficient uptrend or downtrend from its start (instead of small correction of larger term trend). There are multiple ways I am trying to do this with, one of them is using tool provided by Trading Central called TC.TechnicalAnalysis (name of outdated version) also known as Analyst Views (name of updated version of identical tool). For this, I am using key values DECLINE and RISE on multiple timeframes. Not sure if you are aware of this tool. I am hoping that someone will finally give me some answer (name of tool or procedure of work) how to ensure myself that trend, which recently just started (this obviously mean i am referring to larger time change of trend from R or S zone and not just small correction) became sufficient enough so i can open that same trading position. I am still worried to death that i would be entering it on just a small correction, even if correction is in a form of small bounce FROM R or S zone. Then next thing I am doing is increasing my knowledge about analyzing multi time frames. The plan after this is to try to get as much info as possible on False Breakouts of R and S zones. Using that knowledge, I will hopefully be able to recognize in which situation I should NOT trust the breakout (cross above R zone or below S zone), not even after confirmation candle because there is too much danger to go back below R zone or above S zone. The only idea I have for this so far is paying attention to shadows length (as small as possible) and body sizes (large bodies).

I don't want to use indicators at all, particularly not oscillators because they are not reliable. Exception may be 5 curves of EMA: 100, 50, 30, 20, 10 which must NOT cross while going upward (confirmation of uptrend) or downward (confirmation of downtrend) and must be positioned exactly from highest one so 100 (first from up down to up upward curves) to lowest one so 10 (last from down to up so the highest curve). This is for confirmation of uptrend. Alternatively, for confirmation of downtrend: 100 EMA first one from top downward going curve and 10 EMA the lowest (last) downward going curve. No crosses.

Then what i am also doing, but its not much helpful, is the assumption how price in same direction of a trend reacted on reaching identical R or S zone. It is also important to avoid trading while price is in R or S zone and of course to NOT trade if high impact or semi impact event for currency (right or left side of currency pair) is on economic calendar same day or next business day. I have also skills with tracking failed double tops, failed double bottoms, double tops and double bottoms and having worldclass highest possible quality tool for this, custom developed form me. Unfortunately I haven't had a chance to use it on live account. Neither of my loss where done using this tool. I don't want to speak about those four patterns because my problem is elsewhere.

I have no idea how I am going to survive. Don't have a job anymore because my job contract got finished and I invested my earned money to my trading account. Tried to ask for donation on GoFundMe but they rejected my letter.
 
M

member275544

0 0
"I have no idea how I am going to survive "
you are looking at you tube videos and don't know how to determine the trend..
i take back what i said, i have no sympathy for you whatsoever
 

0007

Senior member
2,367 653
"I have no idea how I am going to survive "
you are looking at you tube videos and don't know how to determine the trend..
i take back what i said, i have no sympathy for you whatsoever
This is either a windup or one of the daftest people I have ever come across. ????????
 
M

member275544

0 0
This is either a windup or one of the daftest people I have ever come across. ????????
definitely a wind up, nobody is that daft
if you're going to lose money, do it in style
 

Hoggums

Senior member
2,176 878
Assuming there is some truth in this then it just goes to show the importance of stops.

You have to mentally be able to take losses in order to succeed. The way to do that is to trade small - then an individual loss doesn't matter and it doesn't get personal. Trade small and often and don't duplicate/double up existing trades, manage each one separately. If you have a good strategy then it will make money over time. There will be some good times and bad times and it will feel like its 3 steps forwards 2 steps back - but that's the nature of the beast.

To lose all of your account in 10 trades means you were on average leveraging 10% of your account on each trade - that's far far too much. This is why you lost - you traded too big and had too much faith on some sort of candlestick system which possibly/probably doesn't work. However 10 trades is not enough to tell whether anything is any good and it sounds like many of your trades were in the same direction and being managed the same way - so in effect you had one giant trade that you lost on.
 

tomorton

Legendary member
8,054 1,180
This is either a windup or one of the daftest people I have ever come across. ????????

Yes, I am more and more convinced this is a wind-up.

If not, its a hopeless case, an alternative course of financial gain would be indicated.
 
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