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I would advise caution on the adding new indicators stuff... you know how many times I've read the phrase "add a filter" on the forum? "Oh, I'm just looking for a filter..."
Simple is better. Now is it possible IB could replace something on your chart? Is it possible adding it to your chart is the exception and not the rule? Of course, but like I said, I advise caution. Just try to be as objective as possible and conduct a nice, long forward-test --- which you obviously know how to do given this thread
I think it helps that you trade in the Euro session before the US RTH as the lower activity/volatility/volume generally contribute to a less trending market.
Concentrate on the exits of the losers (ie when it is trending and how you make the decision that it is trending and thus need to get out ASAP) as most traders have no difficulty when the trade is going according to plan ... it is when the plan has to change that all kinds of psychological conflicts enters the mind and hope and self doubt can lead you down a perilous path.
Also can you post or link to your Fibonacci Zones Indi ? I cannot find it in the download section .... searched for "Fibonacci zones"
re your VWAP Indi, I would think the latest VWAP version from FT would work well also but the real sauce here is the management after the trade and making a judgment on the bigger picture on the 60 min (ie likely to trend or not) before taking the trades.
Maybe you should post your ATM scripts and quick button function (screenshot) to help traders with setting up their environment.
In the Euro session, as you mentioned, the market is easier to play but the big opportunities are in the US. As I normally do not like to take more than 3-5 trades a day, if I've reached my targets in the morning session I don't need to search for extra opportunities.
It is very difficult to explain how to exit from the original plan, it is a menthal mechanism. I guess the experience and knowledge of the instrument are playing a key role (don't forget a bit of luck as well). Accepting the missjudgment of a plan and having the strenght to close a loosing trade to limit the damages is the most difficult part of the method. Scaling in brings a high percentage of winning trades, the reverse of the coin, is that it brings you think you are invincible, this is the best way to blow your cumulated profits ,your account and your hard work with just one trade. When the trade is going against you and you are loosing 1000 bucks you think that things will soon change and it will turn into profit. Than suddenly the 1000 loss turns into 5000/10'000/20'000 and you'll be missing not having closed the trade before (been there done that with real money).
For the Fibonacci zones, all I can say they are very helpfull and consistent especially if used for exiting the trades and for trade management. They are nothing special (12'000 lines script) you can plot them manually, but if you use different instruments and timeframes it is a great saving of time. You need to PM FT
You can use FT's latest Vwap it's plotting the same way + have more functions.
My ATM script is 100 tick stoploss and 30 ticks profit, as you have probably read from the thread a move them according to PA
My quick buttons are programmed macros from NT shortcuts, I bought one of those 5 buttons mouses and programmed it. E.g.:
For entering a sell limit order: right click + S and so on.
I have one question about your session template for 6E. Which period do you use to calculate the opening range for the initial balance indicator? It looks like you use 13:20 - 14:20 CET (Central European Time). If this is right, what is the reason you use this? The cash session for 6E opens one hour later, so normally I would decide to calculate the opening range from 14:20 - 15:20 CET.
Thanks for sharing your work.
That is absolutely correct my session template was set to GMT -5 instead of GMT -6, I did change it earlier as I was checking with FT some problems with my charting, still I want to test if it's better the 60 or 90 minutes IB. Thanks for the reminder.
I think using this period 14:20 - 15:20 CET is debatable since this time period on the spot Forex is not a strategic point of reference. Why not using the London open ?
Chad from Linnsoft did this excellent video about the IB for the ES. I think something similar should be done for the Euro provided you can identify the right period for the opening in order to find the IB: https://www.screencast.com/t/ZBZONI2E If you have IRT of MD you can run his script in order to find relevant stats and find your own answers about the Euro or any other instruments.
With regards to IB and my method I am only interested to test how the upper and lower bands can define interesting supports and resistances and eventually interact with the Fibonacci zones (Asian, European and US sessions). Like Mike mentioned I want to keep it simple, the key issue for me is to avoid or anticipate eventual stop managements. This is a specific application the only way for me is to test it my own and time will tell if it's helping or not.