It's been a bit too long since my last blog post, with much of my time being spent on the Trader Training Course, which is one module short of being completed (13 modules completed so far).. www.for-exe.com/trader-training.html
We've seen some great moves this week, as traders return from summer holidays (at least in the northern hemisphere), so it seems appropriate to post some trades that eWH might have alerted you to; and hopefully caught by many who have done the course (I've put the arrows on the chart where the setups occurred, as per the course, but have removed the TLs and SD areas to keep the charts clean).
Monday 5th Sept - GBPUSD H1 W4 TLB at demand, with some healthy initial R;R targets ...
What happened next ...
Monday 5th Sept - AUDUSD H1 W4 MTLB at SD Flip zone, again with some healthy initial R;R targets ...
What happened next ...
And probably the best of the week - a terrific W4 TLB trade with very low pip-risk
What happened next ...
I forgot to set my News Trader EA for the BOC rate announcement but I know some who didn't forget and did incredibly well from that trade (I'm still kicking myself).
There were many other good W4 trades this past week, the above are just a few examples. Of course there would have been some W4 TLB trades that didn't work out but the rewards were good, for the patient and disciplined eWH users.
None of this is complicated stuff but if you would like to learn how to look for these trades, you might like to do the Trader Training Course. - it's free for owners of both eWH and ATM licences.
OK so I’m a bit biased but think that anyone could be a professional trader by using eWavesHarmonics (eWH) as their only technical indicator. It provides visual support for at-a-glance reading of price action and identifying strong areas for placing trades and taking profits; amongst other things of course.
So, why doesn’t every eWH user go pro’ from the get-go?
Simple (I think) – they haven’t managed to banish the trading demons; and I’ll admit something here: those very same demons come to visit me from time to time, just to remind me that I’m not a computer but am just a mere human.
You might recognise some of the characteristics of those pesky trading demons, they will whisper in your ear: -
How do you banish them? I would say it’s simple but that would be a lie. You can however start by writing down your trading rules and plan: what are your reasons to enter and manage a trade; what and when will you trade; how many trades will you do in a session; what are your goals, in the short, medium and long-term; etc. Stick to your regularly-reviewed rules and goals - with unwavering discipline - and the trading demons will not get a word in edgeways.
To be a professional trader, you have to act like one – be more like an unemotional robot than a human. DO NOT FEED THE DEMONS.
Version 1.23 of eWH is available for download. This version has much-improved supply & demand zones: not only are they drawn better but you also have the option to have them continually updated. If you're not already familiar with them, S&D zones, can provide pin-point to-the-pip trade entries, minimising the pip-risk and maximising the profit potential. They provide nice confluence for the TLB trades or can be used on their own, for entries and profit taking.
How to trade supply and demand will be covered in the eWH course, which I've decided to make available for free to traders with current eWH and ATM licences. Yes, completely free. Most of the course material has been completed - and there is a lot of it, I just need to do some voice-over recordings (I'm told the silent videos are not very nice).. If you have ATM and eWH then drop me an email and I'll send you a log-on for the training material. The course covers exactly how I trade, what I think is important and, I hope, will significantly improve your approach to trading and, of course, profitability.
V2.1 is now available for download.
This release has Fibonacci Time Zone buttons, so you can do time projections on XA, XB, AB, AC and BC legs. I've also added a feature so you can hide all the buttons if you wish.
This short video explains the new features ...
THI Version 2 is now available for download - still free.
I've added a new button called 'XA GO' that allows you to draw patterns by just placing the X and A points; or X, A and B points.
This little video explains it all,.
I hope you find the new button useful.
One of my trading friends in Australia had terrific end to the week, trading DAX M1. I thought this worth sharing, just to show what can be achieved with a clean chart and a simple approach to price action trading.
eWavesHarmonics signalled a W4 TLB (shown below by the green bomb symbol). A pending order long trade was placed: one-click using ATM, risking just 1% with automatic stop loss placement.
There was a second chance to enter when price corrected, to trade what we call the TLBT – that would have reduced the pip-risk and increased the lot size slightly, for a greater return.
When the trade was 1% in profit, my friend pressed the ATM T-Frac button and went to bed (it was rather late in Australia).
As you might imagine, he was rather pleased to see the 7.6% return when he woke up in the morning :)
Moves like this don’t happen that often, so I was extremely happy to see that at least one of my trading friends caught this move. Trade the simple setups consistently– and this one was a perfect example – you’ll be substantially rewarded when the big moves happen.
There was another W4 TLB trade that preceded the big move. Price went to the predicted TZ1 level and ATM closed the trade using the T-Candle function. The combined trades gave more than 120 pips return.
There are loads of W4 TLB trades, on all time frames and all instruments. They are easy to trade, usually offer a relatively low pip-risk and a good reward, when price goes to the TZ1 or TZ2 levels. If you're struggling with your trading then perhaps you should give eWavesHarmonics a go - pick the best setups and be disciplined in your trade management. With ATM, you can even do some of it in your sleep ;)
Here's another freebie - an indicator that enables rapid labelling of charts with your commonly-used labels..
You'll find it in the free stuff section where there is also a little YouTube video to show you how to use it.
Wine is a free solution for running MetaTrader and other Windows app's on a Mac. I've tried it before and found it to be more annoying than helpful, so removed it. It's easier to stick with a Windows OS for MetaTrader, in my humble opinion, so rather use something like Parallels or BootCamp on a Mac ... if you don't mind paying for a Windows licence. ... or use a VPS.
Two traders have got in contact this week to say they couldn't load some indicators on to their charts, where previously they had no issues. Each had a problem with a different indicator that displays perfectly well in the navigator window but just couldn't be applied to the chart.
I'm no Wine expert, at least not the type of wine we're talking about here, thus regret I'm unable to help with these problems or guarantee that any of the products that I've coded will work with Wine. Good news though: one of the traders has found a solution with VirtualBox. I've not used it before but he reports that MetaTrader is now working perfectly and all the indicators are loading without issue. So, if you do find similar issues please google VirtualBox and give that a go.
For all traders who don’t have a zero-spread broker, the cost of every trade we do is the spread. We accept the brokers bid-ask differential without question:it’s the price of doing business.
Many traders, myself included, use a fixed-spread broker Some traders, myself not included, happily trade the most popular Forex pairs on M1 and M5 time frames, championing all sorts of reasons as to why their choice of instruments are the best. I’ve yet to hear anyone tell me that they trade a particular symbol because it gives the best average daily range (ADR) to spread ratio. Have you thought about that?
Why is the ADR to spread ratio important? It’s about getting the best ‘bang for your buck’ – if you’re paying the spread to the broker, you want to get the biggest potential return on that cost, in the form of relatively big moves.
Guess what I like to trade from this table …?
That data was extracted from the H1 charts that I currently have open, using a little script that I wrote. You can do the same for your broker and charts if you want – I’ve put the script on the ‘MT4 Free Indicators & Scripts’ page.
The script will display the information in the ‘experts’ tab and create a CSV file, so you can sort the data how you want: called “Snorm Pips 10 Day ADR.csv” in your ‘files’ folder (10 will be changed to the number of days ADR that you’ve chosen).
If your broker spreads are like mine, you might want to ask yourself why you trade GBPJPY in preference to GBPUSD on the lower time frames; or the FTSE in preference to the DAX, etc.
Your results may be substantially different at various times of the day, if you have a variable-spread broker, It might be worth running the script a few times to see how the spread-ADR ratio changes (rename the csv file before running the script if you want to compare results each time)..
ATM has been given a new feature this week - the '@Level' button. This allows you to set trade management instructions for when price, on your open trade, gets to your chosen level.
Simply click the '@Level' button and the 'Trade Management' line appears. Move it to where you want something to happen and click the buttons that you want to be activated. For example, you could instruct ATM to close half of your open trade, move the stop loss to break even and trail the stop loss on the fractals... but only when price has got to your chosen level. Now you can squeeze more pips out of your open trade without having to be at your computer.
The picture below shows an example - the text on the purple dotted line confirms what ATM will do at that price level. The upgrade can be downloaded from the ATM download page.
Note: yet another terrific W4 TLB trade from eWavesHarmonics, with price hitting the TZ1 target - a simple trade for 130 pips or so.
Snorm trades only with GKFX and has no hesitation in recommending them, for tight fixed spreads and quick execution (even during NFP, from personal experience).
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