Question on entering a trade and Steves multifib indicator

[chris2var]

Hi Immy, Steve and other AIMsters, I have a couple of questions and a request (for Steve)

First the questions:-

Ignoring what has happened beforehand, there is a sell signal at the close of the bar (1) AIMS box low 1.3434 (2), next bar immediately opened at 1.3434 then dropped to 1.3429, during this time assuming I could catch the exact time price was at 1.3433, I cannot place a pending order within 3 pips of this price ie 1.3430 (3). What would be the best tactic here? To just ignore the trade because I couldn’t get the correct price, or to enter? I would assume to ignore the trade, but would appreciate some other opinions.

I’m using AIMS 5.1 wave and have it set to 0.0003 as I prefer much less orange and I’ve added some levels at 0.0006 and -0.0006, trouble is the -0.0006 keeps disappearing and resetting back to zero! This doesn’t appear to happen with AIMS 5.0 AO, I’ve got both on screen at moment and when I close MT4 and then open it again, the -0.0006 on the AIMS wave 5.1 has disappeared.

And finally (for now anyway!), Steve, is there any chance of adding an option to your multifib (excellent indicator, by the way) to remove the “5 pip shaded areas” once they are no longer valid, I did read elsewhere that by changing timeframes they are removed, unfortunately changing timeframes and back again resets another indicator that I am using and then I have to completely redraw with that.

Well, that’s all I need for now … time for a ~o) I think!

thanks for all your had work and help

Chris

Note: I've just tried with AIMS waves 5.2 as well and that is fine so I'll just use that from now on.

[tombacon89]

Hi there, I will occasionally get the 'price must differ by 3 pips' business. your broker won't allow you to get in if price is already within the 3 pips. I'll show you an example using some round numbers to make it clearer...

... say you wanted to put a pending short at 1.3330, at the time you are trying to place the order the price is at 1.3332, the difference between current price and your pending price is 2 pips, the broker deems this too close and they will reject the order. If the current price when you were placing the order is above 1.3333, (3 pips or more above the pending price) they will allow you to place your order.

Different brokers will have different rules, I know alpari mt4 offfer a 2 pip distance & fxdd offer 4 pips. If you are trading a platform that offers price to the 5th decimal place (5 numbers after the . in price) Sometimes you will see it say differ by 30 'points' this just means 3 pips.

Hope I have cleared that up for you as I had the same issue at the start =)

[chris2var]

Thanks Tom,

Whilst I'm "paper trading" I'm noticing many trades that get flagged with a buy / sell dot and then the entry is on the next candle, which is too close to get the AIMS box - 1 pip if sell or +1(+spread) for a buy, what should you do under these circumstances ? Do you forget the trade or set a pending order at a "worse" potential entry?

I've not used MT4 for either demo or real trading, I've previously traded higher time-frames and used MT4 for my indicators but traded with CMC


Chris

[snorm]

Hi Chris

re the AIMS 5.1 levels being lost, it looks like you solved the problem with v5.2 (I'd forgotten I'd fixed the levels 'feature' with that version).

As for yellow box - yours is the first official request. I'll add it to the to-do list for the next release (sorry, no ETA at the moment but will prioritise if I get more requests).

You have quite a lot on your charts by the looks of things - which one prevents the time switch, out of curiosity? :-B

cheers
Steve

[immy]

Hi Immy, Steve and other AIMsters, I have a couple of questions and a request (for Steve)

First the questions:-

Ignoring what has happened beforehand, there is a sell signal at the close of the bar (1) AIMS box low 1.3434 (2), next bar immediately opened at 1.3434 then dropped to 1.3429, during this time assuming I could catch the exact time price was at 1.3433, I cannot place a pending order within 3 pips of this price ie 1.3430 (3). What would be the best tactic here? To just ignore the trade because I couldn’t get the correct price, or to enter? I would assume to ignore the trade, but would appreciate some other opinions.

Immy: I'd ignore it because I have banned myself from market orders. Long time ago I found that market orders ,at least for me, were the culprits. If found that I was more disciplined with pending orders. More often than not I find myself taking wrong setups on market orders. Impulse Buying!

[chris2var]

Hi Steve, the indicator causing problem wasn't on that chart! It's a elliott wave projection tool and recalculates if you change timeframes. I think that the only differences on my attached chart are is I like to use MA of highs and lows on some of the other MA's on the chart. I think it tells more of what is happening, such as increased volatility with the widening of the high and low.


Thanks for the reply Immy, ignoring the trade is what I thought would be best and for the same reasons you state.
Even with paper trading (and being honest with it, which is very hard) I found I would have entered a trade on impulse, then looked at the AIMs wave and thought No wouldn't have entered that.

Chris