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Note the H1 Omega-Absolute bar (Yellow) in H1 Indicator Window. It is now the largest Omega-Abs bar for the entire session. This is absolute confirmation that Omega had more to give and that the Wave to Trade Direction relationship was correct back at hour 1400, with the reversal out of the Short signal and into the Long signal. No matter what happens with the rest of this session - I'm pretty happy with the test results. Current: +90 pips.
20 minutes remaining on this 1900 H1 bar and still no Maximum Omega-Absolute price level seen by the market during this session. Multiple strikes on the Minimum Omega-Absolute level (which is the 45 pips per hour Purple Line in the H1 Indicator Window). Whereas, Maximum Omega-Absolute Value is 74 pips per hour. That means that there should be an H1 bar this session that ranges to 74 pips. And, that has not yet happened today.
Pair now seeing some resistance near the Daily high for the EURUSD, which has spiked price back down below 3700.
My workday is over (typically around 2000 hrs. GMT). Given the huge Weekend Gap gift sitting above my head, I'm going to Swing this Day Trade into tomorrow's session with a fair amount of confidence - discounting any negative news item that comes up between now and tomorrow morning.
Overall, it has been a good first public airing of this one. I'll get to the other two later.
Great trading today JetTrader, I have read through the entire thread and I am starting to understand how you are working this method. Looking forward to more posts from you
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A few hours after I wrote that, history proved that it likes to repeat itself. Take note of the September 19th, 2011, 2200 (GMT) H1 bar. Maximum Omega-Absolute Value, finally came through.
a) The move came to the Short side, so it went against the current Long Hold position.
b) The move was for 77 pips during the 2200 hr.
b) The OmegaWave trigger (Omega-Tactical + Omega-Strategic / 2) would have been at roughly 35 pips - which was price level 1.36466.
c) The absolute pips available on the move would have been 41.9 - given the H1 2200 hr low of 1.36047.
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So, I'm happy with the OmegaWave signal performance thus far. Given the fact that I was still in the market waiting on another unexpected test (the Weekend Gap) and given the fact that I retired for the day before Maximum Omega-Absolute Value, I was not able to participate in the move. However, it is nice to see that it did transpire as projected.
Maximum and Minimum Omega-Absolute, does not happen everyday 100% of the time. However, it does give me an indication about whether or not the market still has good potential to deliver an opportunity worth trading down the road, in the same session, before the OmegaWave begins enters its Compression Phase.
Because I am live and because I only have one cash test account, I won't be trading anything until this Weekend Gap test is over. I did not expect to have a Weekend Gap when I started trading on Monday, but when I looked at the chart, I realized that at some point, I would attempt to close the gap with a big swing trade.
I am not a Swing Trader. However, unfulfilled Weekend Gaps on the EURUSD are not the norm. So, I'm going to let this one run just to see what happens. Anyone that has been around the business long enough, knows that there are some people out there who do nothing but hunt for Weekend Gaps - huge ones. They make only one trade per week and they seek to close the Weekend Gap for profit. Others have written EAs that hunt for gaps intraday. FX can be good for that kind of trading, but you have to make sure you've done the homework on the historicity of Gap Closure, Rate of Gap Closure and Pips Available during Gap Closure. So, I'll be back after this Weekend Gap thing works itself out, either to a final profitable outcome, or to a failure.
During this quasi-downtime period, I might be able to take some questions, though I will be dong other things away from the computer from time-to-time.
