To Fulfill My Goal

wackypete2

Legendary member
10,229 2,055
Can anyone help me, im trying to install an indicator but i am not aware of how to do this on mt4 any help?

Computer>Local Disk (C)>Program Files>Metatrader4>experts>indicators

Place your indicator file there, in the indicators folder.

Peter
 

wino59

Active member
126 12
Good luck Tintin, they are challenging goals for sure
One thing if I might, and I really hope this helps you..you mentioned trading using trend lines. These are quite subjective, take a look at Point & Figure and see how those trend lines are drawn.
Just another way of looking at things that has helped me immeasurably (y)

I thought I was the only one out there still looking at Point and Figure charts :D
 

Tintin1112

Junior member
12 0
Can anyone get hold of the MBFX indicator for mt4
 

bbmac

Veteren member
3,584 788
you almost to a 100% certainty won't achieve this goal no 2 on any sustainable basis...if you do that per month - every month -month in month out you will be one of the fabled top 5 %...trying to do it as a target each day will likely lead to over leveraging and excesssive risk taking, and we all know where that is most likely to lead. Whilst I appreciate you only have a small account to start within $ terms - 100:1 leverage is an invitation to lose money over the longer term - it's why the brokers offer it and even higher levearge (I saw one recentlyy offering up to 800:1 leverage) to the retail market - exactly because they are generally underfunded and will take advantage/mis-use it. To this extent your plan is again almost to a 100% certainty fatally flawed from the outset in it's ability to deliver your goal no.1 on a consistent reliable basis -month in month out, year in year out.

You should probably read some of that ' training literature ' you are flogging as a vendor. Understand also strategy versus tactics.

G/L

......
I have three types of goals...My trading Goals are as follows:

1) To generate and income, by utilising my strategy with the assistance of trend lines S/P lines, followed by trend line breaks and follow throughs.

2) To aspire to acheiveing at least 10% of my accounts net worth...Daily

3) To understand and apply the Art of trading...


.....
 
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wackypete2

Legendary member
10,229 2,055
I personally believe that every trade can make a living from forex, my chart is not surrounded by indicators and fibo lines, i have come to understand that to really see what price is doing....literally just have price up...Just a thought

But yet you are asking about several indicators??
And you are a vendor of trading material??

What's wrong with this picture??

Peter
 

Tintin1112

Junior member
12 0
Using the Center of gravity indicator...This is a powerful indicator...Does anyone know the settings for this. ive found that on the 15 min chart..300 periods back appears to be more of a valid number because you can correlate the price extremes from overbrough to oversold...if anyone has an idea what the period numbers would be for the 4 hour chart and the 1 hour i would appreciate this...
 

Hoggums

Senior member
2,176 878
Only a handful on this forum that's for sure..but a winning handful no doubt :clap:

I seriously doubt they are winners. I did quite a detailed study of P&F and the winning rate is less than 50%

There's also a major flaw in P&F trading - and that is - it tells you when to enter the trade - but not when to exit or where to put the stop.

I tried various strategies and auto-backtested them all and none of them produced a profit.

I think they are a useful tool - but do not rely solely on them for trading.
 
M

member275544

0 0
I seriously doubt they are winners. I did quite a detailed study of P&F and the winning rate is less than 50%

There's also a major flaw in P&F trading - and that is - it tells you when to enter the trade - but not when to exit or where to put the stop.

I tried various strategies and auto-backtested them all and none of them produced a profit.

I think they are a useful tool - but do not rely solely on them for trading.

Interesting you say that Hoggums..my averages are well above 50% but its possible the discretionary side of things come into play. I may be more choosy with the trades I take etc.
I cant agree about the flaws you mentioned however. The exits are just as clear as the entry (at least they are for me and I learnt everything out of a book..and also from Dentist007 on these forums), and as for backtesting P&F...well personally I think whatever amounts came out of the backtesting could be misleading. I haven't come across any system able to do this accurately. I know there was a study done many years ago, and that also generated much more than 50%.
But I'm not here to sell something to anyone..this is just my personal experience. A shame it didn't work out for you..for me on the other hand (y)
Would be interesting to get Wino's view as to whether it works for him also..
 

wino59

Active member
126 12
Would be interesting to get Wino's view as to whether it works for him also..

I would have to agree with malaguti.. I use P&F along with traditional candlesticks and do my own technical analysis.

If you use a P&F chart and know how to do the calculation then it most certainly gives you a price target based on the pattern... if you don't know how to do the calculations you can get a P&F chart for free at stockcharts.com and it will tell you the pattern and the price objective and will draw in fancy trendlines for you.

Most importantly the P&F will confirm whether price action is changing direction. It does it very simply by whether a new column is created.... If I am in a trade and the price action changes to the point new column is created then it is time to take close look at what is going on, but it clearly shows a shift in market direction and supply and demand and you have to pay attention, otherwise let it ride and keep collecting the profits :)

I will give you two prime examples recently... Three days ago I bought put options on the GLD the P&F chart already gave the sell signal, but it didn't break the lower support point of the trading range on the candlestick chart, so I did not take the trade, until it broke the 158.59 level, it gapped down a lot the next day... so I know it will come back up to fill in the gap, and if that level holds as resistance, I will add to my short position.... if it does not go back up I will exit when a new column is formed on the P&F... simple a new column requires a 3 box reversal, so that is 6 points on the GLD, but the price target I have is 150, and 140.

Same thing is happening with SLV... took a short position today. Almost the same story as the GLD...

Now if I would have taken these positions when the P&F told me to, I would be sitting on real nice profits, as opposed to profits. But 2 confirmations are better than 1 :)

A lot depends on ones ability to read charts, and anticipate when the move is coming before it would register on the P&F... For example lets take the DIA (DOW ETF)

If the DOW hits 14200 area that is a double top, and I would be looking to short the DIA at those levels based on the candlestick chart, and the volume. In order for it to be a reversal on the P&F the DOW would have to hit 13,600 this to me is a big move, where I could have captured a lot profits before it even registered on the P&F as a reversal, but that is what it was designed to do. So small pullbacks and price fluctuations don't knock you out of positions, and keeps you focused on the bigger picture.

However if I did take a short position and then it registered on the P&F, I would ride that until a new column was formed.

Now that I have everyone thoroughly confused I am leaving now :)
 
 
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