DamadSuite User Guide, Learn how to trade the software

PRINCIPLE OF THE DAMADSUITE TRADING SOFTWARE

DamadSuite uses the principle of pivot points. Pivot points as a trading strategy has been around for a long time and was originally used by floor traders. This was a nice simple way for floor traders to have some idea of where the market was heading during the course of the day with only a few simple calculations. The deficiencies with such basic calculations were that, you can’t really tell the current position of the market. The DamadSuite software has several features that make trading the pivot points more convenient. It tells exactly the current market direction and also the number of pips it has moved before the time of running the software. With this clue alone, a good pivot trader knows exactly what to do.

During the course of this thread, we will cover the principle behind the software and how you too can trade using it professionally. Please bear in mind that there is no short cut to Forex wealth. Patience and a will to do analysis is the key to succeeding in FX trading.

hello sir, thanks for uploading the software. looking forward to testing it.

you said, we are required to enter the "trend type". what does this mean?, the link provided to explain that particular detail doesn't appear to be working.

also, sir, there's an entry, "multplier", what does this mean?

on what chart time frame do we enter the data required from , hourly, or daily etc

what time do we run the software?

congrats on the uploading. looking forward to testing it.

I will post the complete user guide by tomorrow morning. First thing tomorrow, the complet DamadSuite write and analysis will be here on the Forum.

RUNNING THE SYSTEM

For the DS Software to run, it will required some data obtained from your trading platform or Forex broker's charts. These data are in this order:

1. INSTRUMENT:
The instrument is the currency pair or market you want to trade. Examples of instruments are USD/CAD, EUR/USD, GBP/JPY etc

2. MULTIPLIER:
The multiplier is the conversion number needed by system to enable it do all its analysis. you are required to enter the right multiplier number considering the decimal places the pair has. For a market with 2 decimal places like GBP/JPY, the multiplier will be 100 and for markets like EUR/USD, with 4 decimal places, the multiplier will be 10,000. To obtain the multiplier, simply assume the decimal places as zeros, see these examples below;
1.2142 will have a multiplier of 10000
142.16 will have a multiplier of 100

3. PREVIOUS DAY'S DATA:
After entering the right multiplier number, the next data the system requires is the high, low and close of the previous trading day.
To obtain this data, you simply switch your charting time frame to daily and from the daily chart you can obtain the previous day's high, low and close by placing your mouse on the candle stick before the current day's candle stick. Your first candle stick from the right represents today's trading day and the one before it is obviously the previous day. When you place your mouse across the previous day candle stick a menu box usually comes up which contain every data relating to the candle stick. See diagram below:

TODAY'S DATA:
After the previous day's data, the next data required is the current day's opening price, simply called open. This data is also obtained the same way the previous day's high, low and close is obtained. See diagram below:

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CURRENT MARKET MARKET PRICE:

The current market price is the price at which the market is presently dealing. You are required to record and input the current bid and offer price which is obtained from the left hand corner of the trading platform (marketiva platform). The bid and offer changes very fast. Ignore the changes, just record the bid – offer values you can see and progress to the next level. See diagram below:


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6. HOURLY PHYSICAL RESISTANCE AND SUPPORT LEVEL

For a better understanding of how to determine your hourly resistance and support values, please refer to the DS FX Basic on Concept of Resistance and Support. The chart below showing how to plot your resistance and support line will help you easily understand how you can obtain the hourly R-S values.

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DETERMINING THE TREND TYPE
A trend is the general direction of the market. The system require you specify the sharpness of the trend. A sharp trend can be either downward or upward. Market is trending sharply if it continually move in a consistent direction. See example of charts below:

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More examples on chart trend type:

Unsharp Trend Type

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QUESTIONS ABOUT THE DAMADSUITE SOFTWARE
1.what time frame do we use to determine the trend type?
2. sometimes the market reverses.in such a situation how do we catch up with such reversal.
3.Going by the software targets,it then means that one have to open several positions{6 for 1st and 2nd long or short positions with regards to the prevailing trend}then one that is trading 4 currency pairs will have to open 24 positions wow this is much.had it been marketiva allows for partial closing of positions one wouldnt have problem on that but since they dont have such feature,what do one do.
these are my questions for now.

As to the 2nd question if i am to say i will say one have to place an anti prevailing trend position at the break of the pivot point so as to catch up with a trend reversal.

to re echo ambassador said, what time frame do we determine the trend type, hourly or daily?

prof, just another question.
when i filled in the data as you instructed, i noticed among other info generated by the software, the following:
under updated state of the market i saw :

Market course: favoured

% movement: 11% moved

points moved: 9 points gained

what do they all mean?

thanks

I observed different trend types for different time frames, What is the best time frame to take the trend type?

Use the hourly chart to establish your trend type.

How do one determine hourly resistance and support for a sharply trending market??