Replies to This Discussion

Permalink Reply by Navin Prithyani on February 16, 2012 at 6:32pm

February 16th

NZDUSD : Exit never touched.... why?

Remember : Bird's eye view is important. Here's the reason why NZDUSD halted.

Take a look at AUDUSD.

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Permalink Reply by 4x Trader on March 17, 2013 at 12:02pm

Correlation right? Your weibanar gave me clear understanding. You talk about correlation in your webinar. Can u give the link for recorded webinar of correlation, if u have one, If not, can u make a webinar for correlation & trend plz. Wish u all the best. I really appreciate for ur helping. Thank you

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Permalink Reply by joachim meier on June 7, 2012 at 5:18pm

hi roy. i don't know how busy you are. could you make something like this for trading station(fxcm)

and for batch order as well? have anice day and i would apreciate a reply if you can, thank you joachim

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Permalink Reply by joachim meier on June 8, 2012 at 9:26am

thanks anyway for letting me know so fast, take care

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Permalink Reply by Najm on June 11, 2012 at 8:29pm

Nice indicator. Thanks alot.

But email alert not working..:(

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Permalink Reply by lbfx on July 21, 2012 at 2:00am

Hi Roy-

Can you tell us what is the indicator that you use that displays the spread, pips, high lows, etc... that is shown on your chart in the upper right hand corner.

Thanks,

lbfx

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Permalink Reply by Navin Prithyani on February 21, 2012 at 3:56pm

I'm going to start using this and implement it with my screenshots.

Roy Dufek said:

Here is an example of how the alert would be triggered off of the default settings.

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Permalink Reply by Sing Hong Chew on February 21, 2012 at 4:00pm

Should we enter a short trade? There's exhaustion on other pairs as well.

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Permalink Reply by Navin Prithyani on February 21, 2012 at 6:42pm

Sing Hong Chew said:

Should we enter a short trade? There's exhaustion on other pairs as well.

No because, the other pairs had decent exhaustions but these two pairs AUDUSD and NZDUSD the exhaustions do not stick out and the candles before it has extremely long tails - which means there is alot of pressure in the market. Including indecision.

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Permalink Reply by Navin Prithyani on February 22, 2012 at 6:38pm

AUDUSD has a formation. I just took long on all pairs.

Long : EURUSD, GBPUSD, EURJPY, AUDUSD, NZDUSD
Short : USDCAD, USDCHF 

Here is why :

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GBPUSD dropped for 110 pips and then I see AUDUSD form this small exhaustion, I see NZDUSD form and also EURJPY for longs. Put it together, GBPUSD is due for a retrace. Now, what else do we know?

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USDCHF has strong resistance - look at how the last few days, its been a good boy and stayed below a certain level?

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In EURJPY, we strongly broke out of the resistance (which is now support) for a long.

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Gold - is just too sexy... tons of support by pivots in 3 days and open space to go long. But its got a very small formation. 

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Now, these are all the good stuff.... so what can potentially stop us? Lets take a look

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Enemy #1 : NZDUSD is at a decent strength resistance (which was support before) 

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Enemy #2 : USDCAD is doing something similar and will try and push the market up.

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So - put this all together.

Pros : 4
Cons : 2

Trade Potential quality : 70-75% we'll give it a C

Remember - post your inputs, post screenshots, discuss and share counter screen shots on why some trade will or will not work. An analysis thats jotted down and you can look back upon anytime, is a well formed analysis. 

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Permalink Reply by Benjamin Walsh on February 22, 2012 at 8:16pm

Hi Roy,

Tried adding this indicator to my MT4 Charts, but nothing comes up... I've added it to my experts/indicators file. Any clues on why it isn't working?

Cheers,
Ben

Roy Dufek said:

Ok, so I'm going to go ahead and post my "ExhaustionCandleAlert" indicator. Below are the rules, and please by all means provide feedback and suggestions as to changes that can be made to improve this for us.

I, like most of you, don't have time to look at charts throughout the day so I designed this indicator to alert you by email and or popup alert when an exhaustion candle prints. 

An alert will ONLY happen when the previous candle has closed on the hour and can be calculated.

To receive an email alert you will have to setup email settings in MT4 and enable it in the indicator.

Variables:

- EaName: "ExhaustionCandleAlert" (default)

(This is just the name of the indicator and shows up in emails so you know WHAT is alerting you, feel free to change it.)

- HighLowPastBars: 15 (default)

(This is the amount of past bars AT LEAST, that you would like the wick of the exhaustion candle to be either the highest or the lowest of. I chose 15 for me so that I know I'm being alerted of an exhaustion candle that is a reversal of an extreme. Feel free to change to anything from 1 on.)

- EmailAlerts: true (default)

(This is if you want to be sent an email, your MT4 email settings must be setup and you have to use a valid email account from your ISP or email provider in order for this to work.)

- PopUpAlerts: true (default)

(This is if you would like an alert box and a sound to alert you when an exhaustion candle occurs.)

- BodyWithinPrevRange: true (default)

(If set to true, this requires the exhaustion candle's body, {open-close} to be within the range, {high-low} of the previous candle. Feel free to turn this off by setting to false.)

- BarSize: false (default)

(If set to true, this uses the settings of HighLowPastBars and TimesSize to calculate the following: The alert will only happen If the current bar size (high-low) is greater or equal to the average bar size of last {HighLowPastBars} candles x the {TimesSize} variable. {CurrentBarSize>=(BarSizeAverage*TimesSize)} This option is available for those who want a bigger sized exhaustion candle and don't want to be alerted for the littler sized ones.)

- TimesSize: 1.0 (default)

(This is only used if "BarSize" is set to true and can be any range from 0.1 and on.)

- LowerHalfPercent: 0.35 (default)

(This is probably the most important variable as it is the percent of the candle in which the body, {open-close} must be contained in either the lower half or the upper half of the exhaustion candle, depending on which direction the exhaustion candle is pointing. This is automatically detected. It is defined at 0.35 (35%) by default (about the lower 3rd or the upper 3rd) because I found this is pretty indicative of the characteristics of an exhaustion candle. However you can change this to whatever you want, although I recommend not changing it to any higher than 0.40 (40%), because any higher than that, the characteristics of that candle compared to an exhaustion candle start to diminish.)

Again feel free to offer feature suggestions. This is tested and does work, just place it on each hour chart of the pairs you want to monitor and set your settings. My next revision will hopefully include placing arrows above and below the actual exhaustion candles on the chart. I will work on this in the next few days. 

Thanks! 

-Roy Dufek

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Permalink Reply by Adebayo on February 25, 2012 at 2:03am

Hi,

here is a chart with 3 exhaustion candles. Just want to ask if the 3 candles are perfect exhaustion candles. The1st's tail is not touching the Pivot Point line (with 1 arrow above it). Does it really matter if the head or tail cross the pivot line?

2. Does the colour of the exhaustion candle matter? Like in the attachment, what if one of them is green

Thanks

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