Caseynotes
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Posts posted by Caseynotes
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Found an interesting auto ABC pattern finder for mt4 so thought to add some content about ABC patterns and how to find them.
The ABC pattern was originally described by H M Gartley in his book “Profits in the Stock Market" 1935. He also developed the AB=CD harmonic pattern and these both use Fibonacci numbers and ratios to produce a Potential Completion Zone target area.
http://www.futuresmag.com/2016/11/29/trading-abc-patterns
"Markets demonstrate repetitive patterns where prices oscillate between one set of price ratios and another making price projections possible. Market trends can be defined by geometric relationships as they exhibit harmonic relationships between the price and time swings. Many investors/traders use cycles and harmonic relationships to project future swing price/times. These harmonic price movements produce symmetric rallies and declines to give traders an advantage to determine the key turning points. Symmetry is visible in all markets and in all time frames."
"The key point in identifying an ABC and AB=CD patterns is to correctly detect the A, B and C key inflection (pivot) points in a chart while they are forming. These inflection points are determined by key swing highs and lows of various levels, and its correction waves to determine distinct swings. The potential C point is usually forecasted by the fibonacci retracements (0.38 to 0.618) of AB Swing. Once A, B and C points (and AB, BC legs) are identified, a projection algorithm is applied to compute the Potential Completion Zone (PCZ). This PCZ area is where ABC pattern is expected to complete and may signal continuation of its trend in the first trend direction (AB). Following the completion of BC leg, the projections of AB and BC legs (using Fibonacci ratios) are plotted (from C) to generate targets. The ABC pattern is traded in the trend direction of AB from C to D."
The top pic is the Dow M15 chart with the auto ABC indicator which uses the horizontal level at B to give an entry as price passes through.
The lower pics are of a method using 2 candles after the turn at C as the entry and a slop loss behind C and multiple Fib targets based on AB length.
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16 hours ago, Guest stewy52 said:
Hi
First post on IG. Done a fair bit of research and currently using demo account. Sometimes finding that questions throw up more questions than answers. Trying to appreciate the relevance of technical analysis and want to fully buy in to this concept, compared with fundamentals. I guess that both play a part, however, if my understanding is correct and that markets are moved by institutional order flows rather than retail investors actions. Secondly, with the exeption perhaps of hedge funds, most institutional investors are investing on behalf of clients for the longer term using fundamentals and longer term prospects as a trigger to enter the market. So if it is these actions which move markets then why would price increase for example, because some indictators on a chart suggest that it will?
Perhaps I don't understand and need to do more reading but any views / answers would be welcome.
Hi, yes it's the institutional players who move the markets, hedge funds, banks, pension funds. In the FX market for example all retail only makes up 3.5% of the total traded while the largest player is a bank (citi if memory serves) which does 13% and the top 10 players control over 75% of the total market.
The fundamentals drive the market, dictate direction and final targets for the big moves while the chart techinicals determine how price gets there. Indicators on the other hand attempt to foresee technical patterns on the charts by using past data and may or may not prove to be correct which is why they should never be used in isolation.
As a retail trader you won't have the resources to predict the fundamental drivers (just guessing doesn't work in the long run) so should instead look to 'go with the flow', learn to read chart behaviour, patterns and find 2 or three indicators that source data differently and that when they converge have a good (as seen by testing) predictive probability.
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FXPro have issued a warning that the new macOS Catalina update has a compatibility issue with MT4 and are advising not to install until a fix is issued.
"The newest update for macOS – Catalina, introduced a compatibility issue that does not allow MetaTrader programs to function on the platform.
We recommend our macOS-based users who wish to continue trading on their mac platform to postpone the update until a fix is available.
In the meantime, affected users can continue to trade via MetaTrader Web. ((FXPro only not available with IG))
All clients who run MetaTrader on Windows platform are not affected and can continue trading without concern."
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On 01/10/2019 at 20:41, Guest Mallikarjun said:
Hi, Can some one share the MT4 mobile app user guide giving details on how to use the app and meaning of terms like free margin, margin,equity , etc?
Hi, see this page on mt4 https://www.ig.com/uk/trading-platforms/metatrader-4/download-mt4
For meaning of terms use the search box at top of IG welcome page (see pic)
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16 hours ago, Mark27000 said:
Just checked UK CFD and that doesn't either
ok, so there are only FX Forwards on the SB platform (UK only) and not on the UK CFD platform which only has Forwards and Futures for indices and Commods, same as in Australia.
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28 minutes ago, Mark27000 said:
My Australian CFD account doesn't have that option but my UK spreadbetting does so It probably a CFD thing
I have a feeling Oz only do indices and commod futures/forwards and not fx but may be wrong.
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3 minutes ago, JohnW said:
does anyone know where to find free market profile charts
yes, for the mt4 platform on the mql5.com web site but you should consider volume profile over market profile. Both are similar in that they look at levels traded so provide dynamic intraday support and resistance levels but MP shows time spent at levels whereas VP shows volume traded levels. MP was more relevant when markets opened and closed but now brokers cover 24 hr VP seems to be more popular.
VP on left MP on right;
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Jesse Livermore’s Equity curve:
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26 minutes ago, 247trader said:
very useful tool! would like advanced visualizations like this in the platform
very useful and shows whats available via subscription services over and above your average broker platform. Can always go down the mt4 route where there are all sorts of interesting toys though not usually as professionally presented as this one in the vid.
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16 minutes ago, dietcoke999 said:
Great thanks. But I can't seem to find the 'Forward' option:
not sure, I see my cfd demo doesn't list them but I don't have a cfd live account to check, also not sure if country you are in makes a difference.
https://www.ig.com/uk/glossary-trading-terms/forward-contract-definition
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20 minutes ago, dietcoke999 said:
Looking for some advice. I have money in an american trading account and i want to ensure that these dollars maintain the same pound value over time. i know i need to hedge the pound/dollar somehow. i took a long position in IG for pound/dollar but then realized the costs of keeping this open long term would cost a fortune in overnight fees. IG states to 'To avoid paying overnight funding you might want to open a trade on a future or a forward contract'. I have no idea what this means. Can Anyone advise how i can achieve keeping my dollars the same in pounds.
HI, you can bring up the forward chart for gbpusd by clicking on the small arrow next to the chart title (see pic) and selecting 'Forward' (aka Futures). They are designed for holding open for the longer term, the spread is larger than for the daily funded bet (DFB, aka Spot or Cash) but there are no overnight funding charges, note the spread is repaid at each 'roll over' at the end of the term (check settings in your my IG page for auto roll over).
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Dax tags R2 after a brief pause at R1 while Dow heads on to R1 after pushing through yesterday's high.
M30 charts;.
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11 hours ago, bossofallbosses said:
I'm looking to trade options so just need begginers guilde a bit here please
Hi, see;
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41 minutes ago, atomax said:
Hi,
I want to add two bollinger bands to my chart one at 20,2 and one at 20, 1, is this possible and if so how is it done?
Hi, if you are using the web based platform you will need to have 2 side by side charts with a bb on each.
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Brian Watt short vid on the difference between bid/ask volume and Delta volume showing recent ES buying (S&P 500 E-mini Futures).
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Dax takes off early this morning after a strong day for Dax, Dow and ASX yesterday. Ftse sullen as GBP takes off on Boris deal rumours. Dax and Dow looking to work higher today.
I see the APAC brief is back, always worth a look see as to the world scene overnight.
Daily charts;
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Back to risk on as the trade talks circus rumbles on, yesterday saw Indices and Oil up, USD Gold and Bonds down.
Talk that Boris is on the verge of some kind of partial free trade deal with the EU.
Draghi speaks at 10:30, Cad unemployment data at 1:30 and US consumer sentiment at 3pm.
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7 minutes ago, Caseynotes said:
Hi, only on IG's version of the ProRealTime platform.
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5 minutes ago, BCubed said:
Can the time of the IG charts be changed to eg. NY close?
Hi, only on IG's version of the ProRealTime platform.
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16 hours ago, stormtrooper2 said:
Hello, friends, I'm new here, and I would like to know more about CFD trading, could anyone explain me what does it mean?
Also see, https://www.ig.com/uk/cfd-trading and (if in UK) https://www.ig.com/uk/spread-betting/spread-betting-vs-cfds
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12 hours ago, bossofallbosses said:
I can do trialing stop on my demo but not real... don't see much point in trading if i can't use this option
Hi, is it because you have a 'Limited risk' account?
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Dax and Dow continue the climb back up, Dow resting at R1 with chart resistance ahead at 26364 and 26423.
Dow has chart resistance and R1 overhead at 12131.
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Indices grind back up after the shock lol news no progress was made in the trade talks. Chinese politicians still demanding the right to thieve intellectual property at will because ... 'REASONS' and seem surprised a little bribery yesterday didn't work.
So indices still positioned mid range and have begun the grind back towards the highs this morning, while general confidence may be low the US econ data remains strong so no reason not to. US CPI data latter today should hold no surprises.
Drawing line in MT4
in IG Chart Support - Charts, MT4 and PRT
Posted
Hi, on mt4 the line will transfer of you move up and down the time frames on the same chart but won't transfer the line onto a new chart of the same instrument (gbpusd), you will need to add the line manually for each new chart.