Omega Strategy - Free Forex Course 2023 - Lesson 10
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- Опубліковано 5 сер 2023
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Disclaimer: I am not a licensed financial professional so do not take my advice as such. Your risk is your own! I'm simply a guy showing what I've learned about Forex.
Another great video! It will be really amazing and insightful to see you take these trades in real time, theres probably no better way to learn something then to do it alongside someone who is an expert at it.
Thank you so much Cholly. It is clear for me as I have already watched a lot of your previous Omega trades videos. Waiting for the remaining videos and private group.
Alot of these had a figgity phat divergence too. im adding that in on my checklist i think.
So glad this one has had some updates as it used to be my favorite even passed me phase 1 of the 100k MFF challenge in two trades. But after that, it just got harder and harder for me to see them.
But my question is would you be able to do a quick video or just explain exactly how you backtest??
As I really struggle with MT4 with the change of time frame and the chart dragging you all over the place marking disappearing when you go from the main to the reassurance template to check if the setup meets all rules etc. this is one thing I seriously believe would accelerate my learning curve identify these strats (although there are some I think I got down already 😎)
As always bro appreciate the knowledge and cant wait till the next one.
I don't do anything special to back test. I just scroll and look for the setups. In Lesson 4, I talk about Understanding MT4 and I talk a little about when you scroll through the charts, make sure you have the "scroll to the chart on the end tick incoming" button turned off or it will keep forcing your chart back to the current data. So make sure that button isn't selected as you scroll. Whenever you switch templates, that button re-selects itself so either have to be quick to hurry and push it again before it forces you back to current data OR you can pull up a 2nd chart and have the other template on that one
Hey Cholly P, I really appreciate you sharing your strategies and teaching style with simplicity. You are God sent! I struggle to understand other trading methods for years but after listening to your videos repeatedly, I feel more confident in the markets. I can't wait until your private group is available.
I greatly appreciate the kind words and super glad to know your confidence in the market is growing!
Hello, the first example is the same as the example I uploaded a video on. When I create a saturation, you said in conditions that you need the indicator to be below the level of 10 in saturation, and because you did not say that, did you cancel the idea of saturation?
@cholly P, This week, Monday, August 21, 2023, at 4 a.m. - caught this strategy and held it after 5 p.m. NY Session for 140 pips, it went up further though. Please confirm if it was a legit OMEGA Strategy...thanks ( GJ )
I will be very useful like how many strategies in total, most top once weekly or monthly expetations ,
I'd say maybe expect 2 - 3 on an avg week.
On the first example, if you look there was a previous formation diagonal break of structure before the one where u entered, how did you know not to use that one?
Dangit I meant to address that in the video because I told myself someone would ask. But really that one was just a judgement call. In eyes, that "prominent point" just looked a little too leveled off compared to other prominent points. I can't lie though... depending on the day, I could see myself passing it up while on a different day, I might have taken that loss
Hey Cholly does the chart time matter for the confirmation candle or the entry candle on Omega?
The time the confirmation happens does not matter with Omega. Acceptable entry times are the same on all strats. I only enter trades between 7am-11am CST for NY session and 2am - 4am CST for London. I no longer trade Asian session
@@chollyp Do you not trade Asia anymore for personally reasons or does the strategies simple not work well at this session anymore?
Hello, I would like to ask, is the timing of entering a transaction the same as my previous entry for the entry strategy at 4 am in the London session and from 7 am to 11 am in the New York session only?
Correct. The acceptable entry times are still the same no matter the strategy used.
@@chollyp Well I got it, thank you for your reply and I am excited about your next strategy
I’m having difficulty determining whether it is a buy or sell trade for omega..understand that the default is when the candle formation is above the purple line then it’s a buy trade while if it’s below the purple line, it is a sell trade. Since the candle formation for omega is between the gold and purple line, how do we determine whether it is a buy or sell trade?
Also needed more guidance on the diagonal trajectory. Seems like the example for sell is when higher high is created while buy is when lower low is created (which is the opposite of what we usually learn for market structure).
Thanks and much appreciated.
Whatever the previous days main direction was that the market came from before it started the consolidation between the purple and gold...trade it back the opposite way. Omega (and killer crossover) is like a mini reversal trade.
For trajectory, I'm not sure how to explain it in writing better than I showed it on all these examples. But on a sell, the last prominent point can't be lower than the prominent point before it. On a buy, the last prominent point can't be higher than the one before it.
thanks cholly
Who can convert these indicator and templates to mt5 for me, please!
Just to be clear Cholly P, we no longer considering OBOS right?
It def adds an extra layer of probability with this setup but no it's not required. I've missed a few simply because OBOS was the only rule that wasn't met so I decided to eliminate the OBOS part.
Cholly,
For some reason those rules didn't come out clear on the video. Can you attach rules and put down with indicators.
Thanks,
They are showing clearly for me bro. I just had to change my view settings to 1080p because it was playing the video in 360p by default for some reason.
@@chollyp Yea, it was clear for me in 720p and 1080p.
Here in latest video there is no mention of Ehlers Fishers Overbought and Oversold condition, is it changed or same. Please update.waiting.thank you
It's a bonus confluence but I've seen enough setups work without it so it's not required.