PyeR2

Indicator Download Link

 

I am getting PM's asking me to share my gap indicator. I've never had a problem with sharing it, and had always intended to do so. The reason I have delayed my share as I wanted is that I wanted to create a video and maybe a PDF on how to use it as well as the accompanying Copy & Paste scripts. I am moving house and I am unlikely to find the time to do this for at least a month. The Copy & Paste script has been behaving erratically for me also which I wanted to get sorted out before an official share. When it works it works perfectly, other times it simply doesn't work for some reason. I haven't been able to determine whether on the occasions that it works perfectly I did something differently, or whether it is a random thing and it simply works sometimes and not others.

 

Anyway I have decided to do an Unofficial Share. I will endeavor to update with a video & pdf at a later date. There are brief instructions included in the archive from memory. If anyone is able to get to the bottom of the bug with the Copy & Paste scripts and fix it I would be most grateful.

 

I have also opened a new thread as I do not wish to hijack 3fx's thread. Further discussions, Q & A's etc should be posted there.

 

Gaptronic_V1.4 http://www.mediafire.com/?w7a585kpwjzeltm

 

The Gaptronic thread is here: http://indo-investasi.com/showthread.php/15394-Gaptronic_V1.4?p=181822#post181822

This is an unofficial share of my indicator that I have aptly named Gaptronic. My thanks and gratitude to another very active and extremely helpful member of this forum SoundFX who coded it for to my specifications.

 

Discussions regarding my indicator began on page 26 in the thread below created by fxfxfx on price action.

I consider my indicator to be complimentary to the content of that thread, however I didn't want to hijack 3fx's thread and have his thread turned into a discussion about my indi, hence this new thread.

 

I urge you to read from page 26 of 3fx's Price Action thread.

http://indo-investasi.com/showthread.php/13455-My-price-action-strategy/page26

 

The reason I am stating this is an unofficial share is that my intention was to create a video and pdf on the use of Gaptronic as well as the accompanying Copy & Paste scripts. Due to my relocating I will not have time to do this for at least a month. People have been PM-ing to share, so I have decided to share it as is. Gaptronic works without error, however I have experienced some erratic behavior when using the Copy & Paste scripts. Sometimes they work perfectly, other times not at all.

 

Brief instructions are included in the archive for download at the link below. More info on page 26 of the thread above, once again I urge you to take a look. I am sorry I don't have time for more comprehensive instructions. I will endeavor to update with info once my relocation is done and dusted.

 

Gaptronic_V1.4 http://www.mediafire.com/?w7a585kpwjzeltm

 

http://img851.imageshack.us/img851/6445/gapsept192011.gif

Full size image here if you want a closer look. http://www.mediafire.com/?l70gi3tmc3yin

 

http://img143.imageshack.us/img143/4984/euraudgap26092011.gif

Full size image here if you want a closer look. http://www.mediafire.com/?s06e18u0mozumf5

Gap Sept 26th

 

Well it took all week to get there, but for those that have been following we finally reached the gap I suggested to keep an eye on at the bottom of post 254. Not sure whether this will be a a 'kiss goodbye' but there's no denying it provided solid resistance and a quick 100+ pips if you traded it.

Notice also that the gap from Oct 03 provided support and halted the sell off. Picture perfect again - what more could you ask?

 

http://img143.imageshack.us/img143/4984/euraudgap26092011.gif

 

For closer inspection download the original image here http://www.mediafire.com/?s06e18u0mozumf5

Gaps are always drawn from Fridays Close to Mondays Open. Use data from a broker that closes at 5.pm Friday EST & opens 5pm Sunday EST (New York time).

Interesting PyeR2, would like to get a test of that indicator if you are up for a share...

 

(Although you're in Bondi, you going to watch the AFL grandfinal today?)

 

I PM'd you a link where you can download it. I do intend to share with the forum but wanted to do it properly & make a video on how to use it & what the variable settings do as well as how to copy objects (the lines) from one MT4 platform to another as it's not practical to do it manually.

Hi PyeR2,

Your sharing sound interesting to me, but still don't quite get the idea about drawing the gap you have mentioned, can you explain a bit more? Thx

 

Quite simply I've noticed gaps seem to act as both support & resistance, so they are useful for entries and targets. I have a couple of theories as to why.

Firstly, I've noticed that when a new weekend gap occurs, price usually gaps through an established area of support or resistance OR gaps to established support or resistance. This is why most gaps are filled, as the market endeavors (& usually succeeds) to come back and test that area. When a gap is new, you will find that the Open, Close & Centre can all act as support or resistance. I am not a gap trader per se, my methodology is not to trade gaps 1st thing on a Monday morning however I have observed price action reacting off the Close, Open & Centre when a gap is new. It's difficult to give you a timeframe on what the cutoff is for a 'new' gap, it is more to do with whether it has been completely filled or not and how many times price has passed over the gap. Once the gap has been filled and it matures then the Centre seems to become the most important by my observations.

Secondly, I believe traders like to use gaps because they are unambiguous. It is a definitive price where previous support or resistance was, and is likely to be again. Everyone has looked at a chart & thought to themselves OMG there's levels everywhere, price could bounce off any of them. Which level should I use? Well there's never any guarantees, but in my experience if you pick a level where there is also a gap then you greatly increase your chances of picking the right one.

Below are a couple of screenshots that I'm sure you will find interesting. We will take a closer look at the ~120pip gap that occurred on the EURUSD 2 weeks ago Sept 19th 2011.

 

http://img851.imageshack.us/img851/6445/gapsept192011.gif

 

Now what occurred here is this. In the week before that 120pip gap, price declined to, and penetrated the major high of December 2004 - an expected area of support. Price managed to claw its way back above the the Dec 2004 high & close above on the Friday. Monday morning price gapped down straight to the Dec 2004 high and opened exactly at the that price of the Dec 2004 high.

You can then follow the price action on the hourly chart after this. Price attempted to fill the gap, firstly finding resistance at the Centre. It then struggled up to the Friday Close, just managing to fill the gap. It then sold off sharply making a new low, later clawing its way back up only to find strong resistance at the Open of that gap. It's picture perfect and very typical - although we all have 20:20 hindesight and it's always easier to see these things after they happen. I've always said it's called the hard right edge because it's HARD! LOL

 

Below is the Dec 2004 high that I am referring to

http://img545.imageshack.us/img545/3058/dec2004high.gif

 

Full size images here if you want a closer look. http://www.mediafire.com/?l70gi3tmc3yin

 

The best thing to do is plot them on your own charts and take a look. You must use a brokers data that closes Friday 5pm EST (New York) and opens Sunday 5pm EST. I use Gomarkets data to calculate my gaps because my live broker Pepperstone open earlier on Mondays.

 

Keep an eye on the other gap you can see I have plotted on the hourly chart from last Monday 26th. The EUR looks heavy to me & new lows are likely, however we may see price come back & kiss it goodbye. It also lines up with the low put in on 12th Sept. 'Caveat Venditor' of course.

Already been shared--see below.

 

If it has been shared already then nothing came up on the search I did prior to to posting. Searched both the product name and the author.

There's nothing below, so I don't know which thread you're referring to.

It has received a lot downloads already so some people are grateful.

There's lot's of educated versions of snagit available on file sharing sites if you have a little dig.

Wait for the exorbitant price tag. Anything involving Dustin Pass has always been 2 things

 

1) Expensive

2) A scam

 

You wouldn't mind 1) if it wasn't also 2) LOL

Found this ebook & thought it's worth a share. It looks like a strategy that has some merit. Enjoy.

 

http://www.multiupload.com/M6RNHJHCEI

 

http://www.mediafire.com/?l70gi3tmc3yin

Hi PyeR2,

 

Good to see some folks are successful with PA.

How long are you trading Price-Action and how successful are you ? Maybe all the are readers would be interested in that ;-)

And: Don't worry - I also wasted about 6 years of my live with Indicators and EAs ;-)

Thx for your kind works :-)

Good trading to you (and all the others of course)

fxfxfx

 

Hi 3fx. I have been trading full time for about 2 years, predominantly forex & occasionally gold & oil. I have a couple of little sideline businesses but trading constitutes about 80% of my income now. It's not a walk in the park as I'm sure I don't have to explain to you. I rarely have a losing month and usually manage 5 - 25% per month occasionally more. I would evaluate my style as quite conservative risking .5 to 1% per trade. My entry methodology is a bit different to yours but similar . Most positions I take have a small 15 => 30 pip SL but I try to let them run for 150 = 300 pips or more so I make 10:1 or more on my risk. I am often able to add to winning positions as which means I am quite highly leveraged given the small SL I use. The downside to that is I would have more losers than winners and a lot of B/E trades, so it can be frustrating sometimes trying to establish a position.

I wrote a bit of an insight to one of the methods I use on Page2 of this thread http://indo-investasi.com/showthread.php/10580-M-rket-M-ker-Strategy-Comp-ssfx-steve, however my methodology has changed a little bit since then. As someone stated in your thread, it's amazing / frustrating that it's so difficult to get people interested in systems that require work and thought in this forum, yet start a page on a new EA and it's 45 pages deep in 3 days a lot of the time. People seem to want either an EA that does it for them or rule based indicator system that takes the work and thought (& responsibility for their decisions) out of it. They don't realise that in the long run it's more work and effort, costs more money not just through losses to their trading account but also opportunity cost, plus they don't really learn anything.

Once you really grasp the concept of price action it's amazing how 'perfect' the market is sometimes, bouncing off these predicted levels to within 1/10th of a pip sometimes. And the more you study it the more you begin to see and understand. You never stop learning. I pay a lot of attention to gaps these days. Gaps are extremely important because usually price will have gapped through one of these levels, so it often comes back many times to that level to test & retest it. Another member of this forum SoundFX kindly coded me a indicator a few weeks ago that plots lines forward into the future from the centre, close & open of weekly and monthly gaps. There are a few variables such as min gap size that can be defined as well. I have been meaning to open a thread sharing the indi with either screenshots or a video or pdf on how how to use it, but haven't managed to find the time to do it yet. It's important that you use a broker that opens 5pm Sunday EST and closes 5pm EST (New York Time) when calculating gaps. Study gaps if you haven't already, you will be amazed at what you find.

I wonder how many people realise that the current low we have in place on the EURUSD is the centre of a monthly gap that occurred April 2007 (I wonder if it chose April fools day for a reason :-D ). It may seem like a long time ago, but on the monthly chart it's not. I'm not going to go right into now but I'll post a screenshot for you. Even where you see price did not stop right at a gap, if you drill down to the shorter time-frames you will usually find that price reacts of these levels.

 

http://img714.imageshack.us/img714/276/monthlygaps.gif

 

http://img641.imageshack.us/img641/4837/weeklygaps.gif

 

Blue dotted lines are gaps (centre) that occurred at the beginning of a new month. Red dotted lines occurred at the beginning of a new week. Even without drilling down to the shorter time-frames if you look closely you can see how often the centre of an old gap marked a major turning point quite often to the pip. Drill down to shorter time frames and you will notice that once a trend is underway, price repeatedly retraces back to gaps that it has broken through, giving an opportunity to enter with the trend and add to a position if you already have one. I LOVE gaps. Combined with traditional TA they are very powerful.

 

http://img12.imageshack.us/img12/5171/h4gaps.gif

 

Sorry, couldn't resist showing you an H4 of the last major move down on the EURUSD.

 

Full size images can be downloaded here if you would like a closer look http://www.mediafire.com/?n0swy6kbc5zk7sh

 

PS: Gold lines are the Close/Open. I only plot them for very recent gaps.

3 cheers for 3fx for this thread. Price action is the only thing that works & the massive s**** heap of failed EA's in this forum is a testament to that.

I have 10+ yrs experience trading & it took me 5yrs to start making a buck out of it. The turning point was when I started doing analysis as is being taught in this thread and using my brain and price action instead of trusting squiggly lines, EA's and scam signal providers.

 

3fx you are very lucky to have seen the light so early in your trading career. Cudos to you.

Some of you may be interested in reading this. Published by Old Street Capital. it was distributed to me by Tawadwul.

 

http://www.4shared.com/document/ZU-t5cTI/Global_Macro_Outlook_210911.html

I recently funded a live account with them and have placed a handful of trades - so far I'm pretty impressed.

 

# The order execution is as fast as I've experienced anywhere & I haven't noticed any slowing around major economic releases as yet

# Spreads are pretty tight, definitely tighter than Axis and every bit as tight Gomarkets

# I'm receiving rebates which makes their spreads tighter than Gomarkets as they recently reneged on their rebate offer with my rebate company which was one of the main reasons I changed.

# The only downside so far is that they have the '2 pip rule', whereby pending orders must be at least 2 pips outside the bid/ask. Before opening my live account I spoke with them and their representative informed me this would be reduced to 0 pips in the near future - I hope so.

 

# Prior to reneging on their rebates, Gomarkets introduced the '2 pip' rule. A lot of MT4 brokers have this and it pisses me off. Originally Gomarkets allowed pending orders to be placed inside the spread which was one of the clinchers for me opening a live account with them. I emailed them asking why the change in trading conditions and to express my dissatisfaction, and they said the change was necessary because traders using the rebate companies to 'churn' their accounts with hundreds of quick trades for the sole purpose of obtaining rebates. So what if this actually was the case, they still get their slice of the pie and there is still a significant risk to the trader that a trade will go into the red & never comes back. A couple of weeks later they advise (or rather my rebate provider advises) that Gomarkets are no longer honoring their rebate agreement.

 

Spreads - I've been at this game over 10 years & I've seen 1st hand every(well most) trick in the book. Spreads are not everything. Obviously order execution and security of your funds are paramount in choosing a broker, but what a lot of newer traders don't realise is that many brokers run software on the back-end (just like running an EA on the front end) of MT4 in order to 'shade' the prices. If you've got accounts with several brokers you may notice that one broker always seems to have lower quotes when the market is trending down & higher quotes when the market is trending up. They are running software at their end to cause this. Even though their spreads may be 1/4 or 1/2 or even a full pip better, you are getting a worse price by a pip or so assuming you are trading with the trend. The exception being if you use limit orders it's possible I guess to getter a better price, but I would say most traders and EA's use market or stop orders to enter their trades. The same back-end software can be used to delay order execution, widen spreads and all sorts of other devious tricks designed to take your money.

Yah they're pretty good these guys. Just search Clarke & Dawe on Youtube for more. A couple below in keeping with the theme of this forum.

 

Clarke and Dawe - The Greek Economy

 

Clarke & Dawe on the US Economy

http://youtu.be/kUexsBNd96Y

 

Clarke and Dawe - The US Oil Spill

 

There are many more :-D

World Collapse Explained in 3 Minutes

Forex Science Courses by James De Wet

 

Get the lot from here: http://www.for3x-sci3nce.com/trlm3mb3rs66typ.html (change all 3's to an e)

RAID and Bounce Systems

Forex 360 Trading Course

TNT Trading Course

Precision Scalping Course

The G7 System

 

Suck em up - not sure how long link will last.

I don't know how anyone can makes sense of charts with so much clutter. Looks like someone drove the porcelain bus all over my screen :D

Hi, I'm wondering whether there is a coder that would be willing to help develop a gap finding indicator that draws a line into the future. There are a few around that put an arrow on the chart. I then manually draw a horizontal trend line (not horizontal line) from the Close, Open and also Centre of the gap extending into the future, that way when price comes back to the gap, I can readily and easily see which gap the lines are coming from.

I would like to be able to differential between Monthly & Weekly gaps, with the option of being able to choose both the colour & style of all lines - ie Monthly gaps may have gold dotted line marking Close & Open with a red Centre line. Weekly gaps might have silver dotted Close & Open with coral dotted Centre line (whatever user defines)

It would be useful also to be able to define the look-back period either by date or number of periods or both :-). Separate look-back periods for Monthly & Weekly time-frames.

It would be great to also have an intra-day option as well. Probably just needs a Centre line drawn from the Opening period with option to define colour, style look-back period.

Also need to be able to define minimum gap size for each time-frame being displayed.

 

Gaps are extremely useful for predicting where support and resistance will be. A gap usually 'gaps' thru a level of sup/res and as everybody knows old sup becomes new res & vice versa.

 

Examples of how I manually draw on my charts

http://img833.imageshack.us/img833/6821/gaps1.gif

 

http://img593.imageshack.us/img593/4867/gaps2.gif

 

http://www.mediafire.com/?n6la96n4bpxtp for GapFinder & iGaps

 

Well here's hoping somebody will take an interest. Cheers!

Yeah I've got it - I bought it. It's a catastrophe waiting to happen. He uses a system of 'safe averaging down' as trades go against him. Take a look at his statements closely, and you will see most of the profits come from a few large trades that were taken using ridiculously large position sizes for the size of the account. It's gambling not trading. Notice he never 'brags' by showing an account statement that is 6 months old - it's always 50% in 2 weeks. Sure if you're comfortable risking your entire account you can make profits - but be prepared for the worst to happen because it eventually will. Also his indicator is a rip-off of a well known probability meter. He was also very pushy (rang me) about getting an IB account set up through Axis and his 1 on 1 tuition at $200 per hour. He's just another arse-wipe preying on newbies that don't know any better.

 

http://www.mediafire.com/?eu329vzz7x9o3

The thread below may interest you. Much simpler than that Trade Management EA + you don't need to leave your computer on. You simply place pending limit orders with the broker to 'hedge' whatever portion of the trade you want to close, then use the script at your leisure (when you wake up or whatever) to close out the hedged portion of the position + you only pay 1x spread. It's quick, easy and fail-safe.

 

http://indo-investasi.com/showthread.php/8015-Close-Opposite-Orders-Script-Pay-1x-Spread-NOT-2x-When-Closing-Hedged-Positions?p=91258#post91258

 

Regards, Pye

The Herberts MUST NOT BE TRUSTED.

Their 1st overpriced losing venture was Forex Profit Pro FXPP

Their 2nd overpriced losing venture was Gomega

............................and then their was Gomega X-Ray

 

All of these were in the many $1000's to buy ($2k = $5k from memory) and all of them were dismal failures. Nobody made money and the performance guarantees were not honored (no refunds were issued)

 

Jonathon Herbert & Ken Herbert (Quantum Research) are proverbial purveyors of snake oil. Don't pay for any of their rubbish even if their is a guarantee as you will be sorry.

 

http://www.ripoffreport.com/home-based-business/quantum-research-gom/quantum-research-gomegafx-tra-6ef86.htm

 

It is mentioned somewhere about 10,000 hours of practice was required for him to be the best in his craft.

 

If you are trading about 2 hours a day, that would equate to about 3 years of trading experience.

 

Actually 2hrs per day, 250 days per year would require 20yrs to accrue 10,000hrs of practice.

This has scam written all over it if you ask me. Where's the touted proof he repeatedly refers to? I didn't see a single trading statement anywhere - not even a forged one :-) $500 to try it out - yeah sure!

I've always found my eyeballs to be the best indicator for support & resistance.