FOREX PRO Weekly April 23-27, 2012

squidge42

Corporal
Messages
140
Thanks Sive as Ever;

Every now and thne the MACD predictor gets discussed and the fact that it's not available for Metatrader. Well I decided to script one myself. I don't know if it's the same algorithm as the Dinapoli one but it based on the premise that it's displays the price that the market would need to hit on the next bar for the exponential MACD to cross and the attached plot looks pretty similar to ones Sive has posted. I'm happy to share it if I'm allowed?

AsstModerator Note: Regarding the MACD indicator that Sive uses...

That version of MACD is based directly and exclusively on the work of Joe DiNapoli. Sive bought the book, took the courses, and had the algorithm written into a custom indicator that he personally uses. Anyone who has a legal copy of a book or course describing a custom indicator could do this.

As I understand copyright law, creating a derivative work like this for your own use is OK. Selling or even giving it away to others without permission of the original author is not OK.

Squidge, if your indicator was derived from a freely available source and not from DiNapoli's work, then you can share it if you like. Please do give it a different name from DiNapoli's and let people know that it won't work exactly the same.


Ok thanks for clearing that up....I can confirm the indicator is my own work and the formula is widely available on the internet, it works according to the same principles and does indeed have a different name. Rather than post it here, if people would like to request a copy for free can I suggest they private message me and I'll email it.
 

georgeta

Sergeant
Messages
157
Cable

Hello Mr. Morten!
The situation on GBP is interesting.
1. Do you think this is a good Butterfly to trade?
2. Would you prefer to see more confirmation or would you sell from the 161.8 expansion?
Thank you!
 

Attachments

gyanirahul

Corporal
Messages
93
Hello Mr. Morten!
The situation on GBP is interesting.
1. Do you think this is a good Butterfly to trade?
2. Would you prefer to see more confirmation or would you sell from the 161.8 expansion?
Thank you!


Also it was DRPO sell .. .i want to learn from my mistake . Good thrust above 3x3 .close below new highs close below 3x3 enter with shallow retracement.hit stoploss but .. i want to know is that LAL or DRPO sell .. just wanna learn from my mistake.

View image: eur m 23 04 12

 

pragmatic

Corporal
Messages
109
Also it was DRPO sell .. .i want to learn from my mistake . Good thrust above 3x3 .close below new highs close below 3x3 enter with shallow retracement.hit stoploss but .. i want to know is that LAL or DRPO sell .. just wanna learn from my mistake.
You should consider that the first top is the end of the thrust, as you marked it on the chart, and the second top is the top of the significant bearish bar, the 15th to the right.
I would not trade this situation as DRPO, mostly because of too much consolidation between the tops. It shouldnt be more than 7 bars. Also, I would take into consideration that the thrust is from the very bottom and it has some closes below 3x3, so it is a DRPO lol.
As I understand it, DRPO is a fast pattern, because the price movement is triggerd by the stops placed along the way. You should keep this in mind and try to understand the price action that you are looking at.
 
Last edited:

gyanirahul

Corporal
Messages
93
You should consider that the first top is the end of the thrust, as you marked it on the chart, and the second top is the top of the significant bearish bar, the 15th to the right.
I would not trade this situation as DRPO, mostly because of too much consolidation between the tops. It shouldnt be more than 7 bars. Also, I would take into consideration that the thrust is from the very bottom and it has some closes below 3x3, so it is a DRPO lol.
As I understand it, DRPO is a fast pattern, because the price movement is triggerd by the stops placed along the way. You should keep this in mind and try to understand the price action that you are looking at.
Thanks for you reply.thats what i need for my trading diary. thanks so informative :)
 

Damian1987

Corporal
Messages
149
To the comment made by pragmatic I would add simply that the quality of the thrust is not optimal. U wanna see continued pressure and here the up move is full of little retracements. If u wanna trade it as DRPO is more a LAL to me. Also trake in consideration that after the second close below 3x3 u have a bullish engulfing candle that closes above .618 retracement from the top, meaning a confirmed DRPO Sell LAL failure pattern, so the expected move afterwards is up...just like it did.

Thanks for you reply.thats what i need for my trading diary. thanks so informative :)
 

squidge42

Corporal
Messages
140
You should consider that the first top is the end of the thrust, as you marked it on the chart, and the second top is the top of the significant bearish bar, the 15th to the right.
I would not trade this situation as DRPO, mostly because of too much consolidation between the tops. It shouldnt be more than 7 bars. Also, I would take into consideration that the thrust is from the very bottom and it has some closes below 3x3, so it is a DRPO lol.
As I understand it, DRPO is a fast pattern, because the price movement is triggerd by the stops placed along the way. You should keep this in mind and try to understand the price action that you are looking at.
One thing that confuses me slightly with DRPOs and similar that I would really appreciate some help with:
Does a candle close on the 3x3 count as a break?
Secondly, quite often a bar will close one side of the 3x3 (ie not break it), however the next one can open the opposite side - does this count as a valid break etc..or should we wait for the close of the next one?

Reason I ask is because it looks like one might be forming on the 15min chart
 
Last edited:
Top