An AUDUSD example how Autobox MT4 indicator's overlay function can reveal hidden forex levels that 99.9% of individual forex traders won't see.
Key functions of Autobox - overlay, show hidden levels
Dear subscribers of OnlineForexMaster and members of TerraSeeds community. I met you at the Autobox Strategy Event held recently. At that event I demonstrated to you the function of Autobox V2 MT4 Indicator developed by my colleague Binni Ong and I. Many of you were enthusiastic and signed up to use the indicator.
This is a good time to address you now because once again Market has revealed to us one of it's hidden secrets - with the right setting, Autobox V2 will show you.
Before we start,
I hope you can recall these 3 slides.
Without Autobox, you would not be able to see this level
As a reminder, one of the things Autobox does very well is to unhide big big levels hidden in the chart which individuals are 99.99% likely to miss unless you have a habit of looking at 3-month charts and many others and you know what exactly to look for. Yes. 3M charts, each candle is 3 months, it's not even available on MT4.
Now if you recall, one of the slides I showed was AUDUSD where I demonstrated how AUDUSD got stuck since 14 months (see slide 21 above). Click on slide 21 to enlarge it. There is a red line and it's value is 0.7655. This is the hidden resistance that AUDUSD was not able to close at end of each quarter since Q1 of 2016. See again this level visualised on slide 31 where the red arrow is.
Why individual traders won't spot this
My personal trading as well as encounters dealing with members of this community shows:
- We trade what we see. When there is too much information due to multiple time frame nature of price, most levels are missed.
- Most individuals simply don't have the time or discipline to do a thorough analysis.
- Most individuals simply don't have to appropriate tools e.g. extensive data that goes back over long, or large time frame charts that are available only by subscription.
- Most individuals have not reached the stage to realise that influence from higher time frames levels can exert on lower time frame price action.
- Autobox exclusively overlays many layers of pure price action on a single layer. It is not a typical indicator which uses formulas to print out something resembling price. Most of such indicators are lagging indicators at best. Auto box provides reveal leading information that will not reprint.
Now AUDUSD is at this level again since today and yesterday
It is super amazing but AUDUSD is stuck at 0.7655 again.
And you won't know unless you have been watching it like a hawk like I do OR you make sure you have Autobox V2 set up with this setting turned on.
Turn ON 'Show prices' setting
Go to the indicator list icon on your MT4 desktop (see toolbar) and click to edit Autobox. Don't worry if your Autobox appears to have a filename different from mine.
In the 'Boxes period' field make sure it is set to '1 quarter'.
In the 'Show prices' field set to 'all boxes'.
Go back to the top field 'The number of boxes in the past' this is not crucial but I like to have '7' so that the indicator can look back far enough but not too far. This is my personal preference to have a clean and tidy chart but you can personalise the setting to your own preference.
To check that you have done correctly, go to the weekly time frame you should see a chart like this (never mind if your colours are different).
If you look at what is printed by Autobox V2 in this chart, it should jump at you visually at this is the 5th quarter i.e. more than 12 months since AUDUSD got stuck here. Coincidence or not, it has not been able to close above 0.76556 over this whole duration which is coming to end of 15 months.
Yes 0.76556 is very precise level that Autobox will show you, down to the mini-pips (5-decimal). Note however that if you are using a different broker from mine, your should value could be slightly different.
Congratulations because different levels of forex trading is now peeling away to reveal it's insides to you.
Important notes for prospective users
- Don't feel compelled to use Autobox V2 at quarterly time frame only. This is because Autobox V2 was designed to allow stacking so that you can run several copies of the same indicator at the same time with different settings turned on to achieve an overlay effect.
With multiple copies, you can have period settings such as '1 month', '1 week' and lower and so on.
- I want to make a last emphasis: Box-like ways of presenting information like Autobox is not unique. There are many examples of similar looking concepts with big differences in the thinking and application behind. There are also possibly copy cats of our Autobox in one form or another appearing soon or already present at the moment. You could also take a look at the screenshot and try to develop your own.What is important is my colleague and I are not offering you a product - we are offering you an entire tried-and-tested way of trading forex. Autobox presents only the visual elements but the rules and strategies in our heads are the crucial elements that you have to pick.To find our more about Autobox, go to this link and this special one. Autobox V2 MT4 indicator is available on terms and conditions only.
- If you have a copy of Autobox V2 already, this link points to steps you can take to install it.