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             iSAP User Manual

 

 

 

 

1. Introduction

2. Learn how some professional traders are using the iSAP to their benefit

2.1 Avoiding trader-fatigue, and avoiding missing trades

2.2 Looking for trade Entry

2.3 Adding to a position

2.4 What to do when getting multiple signals in opposite directional bias for the same currency pair (or CFD) on different timeframes?

3. Chart Examples

4. ISAP Customization

5. iSAP Reported Events

6. Understanding the iSAP chart labels

7. iSAP Settings: understanding what they mean and changing them

8. iSAP Settings: saving and loading presets

1. Introduction

The iSAP (iFT Scan and Alert Pro) is an advanced Forex scanner that works with Meta-Trader4 platforms. The iSAP scanner identifies chart patterns and setups used by the professional iFundTraders Master Forex Traders and then alerts traders when these events occur by voice and sound alerts, email, and labels on the charts.

The iSAP has unique sophisticated algorithms that can also report ‘anticipated events’ when the iFundTraders setups are likely to occur even BEFORE the candles complete forming the setups, thus giving traders more time to prepare for possible entries and not missing them.

The iSAP also scans and alerts for important single bar events such as topping tails and bull/bear elephant bars that occur in KEY LOCATIONS on the charts, thus helping traders focus their attention to these areas when analyzing the charts.

2. Learn how some professional traders are using the iSAP to their benefit

The iSAP is a very powerful tool, and can potentially greatly help traders in their trading.  It is very important to understand what the iSAP does well, and its limitations, in order to use it effetely.

2.1 Avoiding trader-fatigue, and avoiding missing trades

The iSAP, being a machine running on sophisticated algorithms, is consistent, and does its job for hours without getting tired.  It can be used very effetely to scan the charts for hours, and let you the trader know when specific important events and  chart patterns occur.  This way, you can do other things while trading, and avoid staring at charts for hours waiting for certain events to occur.  This may greatly help in avoiding "traders fatigue" when after staring at charts for hours, everything starts looking blurry and traders may lose focus and direction.

Many of the master traders at iFT prefer trading the longer time frames of the 1 hour, 4 hour and even the daily charts, as they believe trade setups on these time frames often have better winning odds.  Waiting for setups on these time frames can take very long time, hours or even days, and thus are easy to miss for people who are busy doing other things.  The iSAP however can be used very effectively to scan the charts on the longer time frames and alert traders when potential setups occur.  The iSAP thus helps you avoid missing events that you may be waiting for a long time to setup.

2.2 Looking for trade Entry

The master traders at iFundTraders often report that they believe that the trading bias is best determined from the higher time frame charts, such as the daily chart.   Setups and events reported by the iSAP on the daily chart can often be very helpful in analyzing the charts and determining the overall bias to trade.

Then signals reported by the iSAP on the smaller time frames can potentially be good trade setups and entries.  However each trader should be carefully to consider multiple factors including analysis of the pair in multiple time-frames, news events, individual risk tolerance, and many other factors to determine if that trade is suitable for him or her.

Some professional traders find it helpful once they determine their trading bias and see that there maybe a good setup on the higher timeframes, to setup the iSAP to report events on the lower timeframes with their trading directional bias in order to look for get trade entries.  For example, a trader may analyze the weekly and daily EurUSD chart, and determine that their trading bias is long. They then may setup the iSAP to report only events with long bias on the 30-minutes, 1 and 4 hour charts, in order to look for trade entries.

2.3 Adding to a position:

When in a winning trade some traders add to a position in certain cases when getting appropriate setup reported by the iSAP in the directional bias of their trade.  This trading style does not fit everyone, and each individual trader should consider their trading strategies when placing trades.

2.4 What to do when getting multiple signals in opposite directional bias for the same currency pair (or CFD) on different timeframes?

This can often be confusing, but very important to note.  When getting conflicting signals with long and short bias on different time-frames, that may potentially be a good time to "sit-on-hand" and avoid taking the trade.   Professional master traders at iFT often report that taking trades that show consistency in multiple time-frames with the same directional bias may have much better winning odds.    The iSAP may be very helpful for traders to pay attention to what is happening at other time frames even if they are not actively looking at that chart. 

3. Chart Examples

Example1:

In this example on the EurUSD hourly chart, note the Bull180  (marked bar #1), that the iSAP reported. The bull180 marked the reversal point from the prior down-trend to the start of a new up-trend.  This bull 180 reported by the iSAP could have been traded very successfully using the iFundTraders trading strategies when implemented correctly.  The iSAP then reported a close above the 20 (bar marked #2) with a follow-through long signal reported by the iSAP on the following bar for another potential entry.  After getting a small retracement, Velez Buy Setup (VBS) and a Bull Elephant Bar (BuE) reported by the iSAP could have been traded with great profit as well using the iFundTraders strategies.  

 

Example 2:

In this example from the EurUSD 1hr chart several Velez Buy Setups (VBS) were reported by the iSAP.  These VBS setups could have been successful traded using the iFundTraders strategies as initial trade entries and or as good locations to add to an already existing trade for very large profits. Red Bar Ignore (RBI) and Bull Elephant (BuE) bars seen in this example are used by iFundTraders under the correct set of circumstances as trade entries or locations for adding to an existing trade as well, and could have been traded very effectively in this example.  Bottoming tails (BT) at key locations were also reported in this example by the iSAP. 

 

Example 3:

In this EurUSD 1HR chart a Bull Elephant bar (marked bar #1) that closed above the 20 marked the beginning of a new move, and was reported by the iSAP as a Bull elephant bar (BuE) and a "Close above the 20 SMA (A20). This iSAP report and the report on the following bar (bar #2) of "follow-through long", certainly if traded correctly using iFundTraders methodologies would have been a very profitable trade.  Another bull elephant bar shortly followed (bar #3), and could have been traded very effectively as well using the iFundtraders Bull Elephant bar trading strategy.  Subsequent VBS (Velez Buy Setups) reported by the iSAP were good trade entries or opportunities to add to an already existing position as well for even greater profits.

 

Example 4:

In this hourly EurUSD chart the iSAP reported a Velez Sell Setup (VSS) on bar marked #1, and then later a 'bear elephant bar forming'.  These could have been traded for great profit using correct implementation of the VSS and Bear Elephant bar trading strategies of iFundTraders. the GBI reported by the iSAP on this chart could have been used here using iFundTraders strategy for first short entry if the first entry was missed or as a location to add to an already existing short trade very effectively as well.  

 

4. iSAP Customization

Most people would probably find the default settings of the iSAP to be overly aggressive and to report "too many" events.   Traders are encouraged to adjust the settings of the iSAP to the particular type of the events that they are interested in at a given point in time.  Also traders are encouraged to consider adjusting the settings of each of the events they are looking for to a more conservative setting according to their trading plan.    Traders are also encouraged to set the iSAP to report events on the time frames they are interested in.     Some professional traders feel that chart patterns on the lower time frames (e.g. 5min and 15min charts) have more "notice" and fake-outs, and lower statistical success rates in comparison to the higher time frames (such as the daily, 4-hour chart and 1 hour chart).  Some traders feel that if they let the iSAP report events on the 5min and 15min charts they may get "too many" alerts that may not be as good as some of the alerts on the higher time frames.  However, at times,  it can be very beneficial to set the iSAP to report events on the lower time frames. Such as for example when a trader determines there is a strong bias for a trade on the higher time-frames, and is looking for an entry, or wants to fine-tune and entry on the lower time-frames.

 Particularly each trader may want to change some of the key global settings such as which types of events to reports and the time frames to report events on to fit to their trading plan and trading style;  Other major settings such as the type of reporting methods (e.g. mail, voice etc.), can all be adjusted in the Expert Advisor settings.

As mentioned above, traders may want at times to let the iSAP report events only in one directional bias.  This can be done by running one of the iSAP scripts or in the Expert Advisor settings.

To change the settings with the iSAP on the chart press F7 and look at the Expert Advisor settings.  Each of the settings has a brief explanation of what it does. 

Traders may also want to change some of the key parameters of some of the events reported. For example, in the Velez Buy and Sell setups,  the number of bars in the setup, is set by default to be 2.  Traders may want to consider to change that to 3, 4 or 5 to get more selective about their setups.  Also in the topping tails and bottoming tails, the size of the bar, and some other key factors may be changed to potentially filter out some of the reported events which may not be as significant for some traders. 

To learn more about the different settings, and running the scripts, please visit us in one of the free iSAP webinars.

5. iSAP Reported Events

The iSAP can report the following confirmed events:

1. confirmed bull Elephant Bar
2. confirmed bear Elephant Bar
3. confirmed bull 180
4. confirmed bear 180
5. confirmed Velez buy setup (VBS)
6. confirmed Velez sell setup (VSS)
7. confirmed Red-bar-ignore (RBI)
8. confirmed Green-bar-ignored (GBI)
9. confirmed topping tail (only ones that occurs at key locations)
10. confirmed bottoming tails (only ones that occur at key locations)
11. confirmed topping tail far away from the 20 SMA
12. confirmed bottoming tail far away from the 20 SMA
13. confirmed tweezers bottoms
14. confirmed tweezers tops
15. confirmed close above 20 SMA (after price action was below the 20SMA for a minimum amount of time)
16. confirmed close below 20 SMA (after price action was above the 20SMA for a minimum amount of time)
17. confirmed follow-through long
18. confirmed follow-through short Anticipated Events

 

The iSAP has unique sophisticated algorithms that can also report ‘anticipated events’ when the iFundTraders setups are likely to occur even BEFORE the candles complete forming the setups, thus giving traders more time to prepare for possible entries and not missing them:


19. anticipated bull elephant bar
20. anticipated bear elephant bar
21. anticipated bull 180
22. anticipated bear 180
23. anticipated RBI
24. anticipated GBI
25. anticipated Velez Buy Setup (VBS)
26. anticipated Velez Sell Setup (VSS)
27. anticipated bottoming tails at key locations
28. anticipated topping tails at key locations
29. anticipated topping tail far from 20 SMA
30. anticipated bottoming tail far from 20 SMA
31. anticipated close above 20 SMA (after price action was below the 20SMA for a minimum amount of time)
32. anticipated close below 20 SMA (after price action was above the 20SMA for a minimum amount of time)

6. Understanding the iSAP chart labels reporting:

label structure

The labels reported by the iSAP, include the event, then ":" then the time frame of the chart that the event was found. 

The background of the labels is bright green for events and possible trade setups with long bias.  Green (not bright green) for chart events with long bias of significance, but possible with less likelihood to  be a  trade setup, but are important for the trade to be aware of.

Pink/red background:  for chart events of significance with short bias, but possible with less likelihood to  be a  trade setup, but are important for the trade to be aware of. 

Bright red: events with short bias that may potential represent trade setups, but traders need to consider other factors in determining if that is a potential trade they wish to take as discussed elsewhere on our manual.

The following is a list of the iSAP reported events, and the label used for that event:

1. confirmed bull Elephant Bar: BuE
2. confirmed bear Elephant Bar: BeE
3. confirmed bull 180: Bu180
4. confirmed bear 180: Br180
5. confirmed Velez buy setup : VBS
6. confirmed Velez sell setup; VSS
7. confirmed Red-bar-ignore: RBI
8. confirmed Green-bar-ignored: GBI
9. confirmed topping tail (only ones that occurs at key locations): TT
10. confirmed bottoming tails (only ones that occur at key locations): BT
11. confirmed topping tail far away from the 20 SMA: TT20
12. confirmed bottoming tail far away from the 20 SMA: BT20
13. confirmed tweezers bottoms: TWB
14. confirmed tweezers tops: TWT
15. confirmed close above 20 SMA: A20
16. confirmed close below 20 SMA: B20
17. confirmed follow-through long: FTL
18. confirmed follow-through short : FTS

 

Anticipated Events

The iSAP has unique sophisticated algorithms that can also report ‘anticipated events’ when the iFundTraders setups are likely to occur even BEFORE the candles complete forming the setups, thus giving traders more time to prepare for possible entries and not missing them.

The label text is the same for the anticipated evens as it is for the corresponding label text of the confirmed event, but the color of the label is gray.

Long biased evens are reported with grey label with green font.  The short biased events are reported with red label. 

 

7. iSAP Settings: understanding what they mean and changing them

It is recommended for most traders that they adjust the settings of the iSAP, so that the iSAP reports events in a way the is customizable to fit each traders trading plan in a better way (see further discussion here).  

Each trader can save his or her customizable settings into presets (and a different preset can be set for different types of scans).  The preset can then be loaded quickly by the trader instead of adjusted them each time from the beginning.  To learn how to save and load presets read the "iSAP Settings: saving and loading presets" section.

To change the settings, when the iSAP is on a chart, press F7. Then press on the input tab.

The following is a description of the different iSAP settings:

Section1

long_con_bias_On:  True= the iSAP will report the confirmed events (the events selected later in section C) with long bias.  False=  the iSAP will not report these events.

long_ant_bias_On: True= the iSAP will report the anticipated events (the events selected later in section C) with long bias.  False=  the iSAP will not report these events.

Short_con_bias_On:  True= the iSAP will report the confirmed events (the events selected later in section C) with short bias.  False=  the iSAP will not report these events.

Short_ant_bias_On: True= the iSAP will report the anticipated events (the events selected later in section C) with short bias.  False=  the iSAP will not report these events.

Section A1:

In here traders can select the reporting options for the iSAP.

First, chose reporting options for confirmed events:

AlertEvent:  report event using the MT4 alert.  The Alert window will describe information about the currency pair, time frame and type of event.  (true=on; false=off).

SendEmail:  Send email notification with information about the Alert.   Please see the FAQ section on further details about setting the MT4 platform with the email settings so that the iSAP can send the emails.

Play_Sound_Alert: when true: the iSAP will play a voice alert when confirmed events occur.  The default sound file can be changed to custom sound files (.wav) for each of the events later in the settings.

Section A2:

is similar to section A1 above, just for anticipated events instead of confirmed events.

Section B1:

In this section, traders can set the time frames selected for iSAP reporting of confirmed events.

current_time_frame_only:  will set the iSAP to report ONLY on the time frame of the chart the iSAP is placed.

activeM5: the 5min chart

activeM15: the 15min chart

activeM30: the 30min chart

activeH1: the hourly chart

activeH4: the 4 hour chart

activeDaily: the daily chart

activeWeekly: the weekly chart

Section B2:

In this section, traders can set the time frames selected for iSAP reporting of anticipated events.

Section C1:

In this section, traders can turn on or off the iSAP reporting of individual confirmed event types with long bias:

confirmed_bull_Elephant_Bar:  confirmed Bull Elephant bar.

confirmed_bull_180:  confirmed Bull 180

confiremd_VBS:  confirmed Velez Buy Setup

confirmed_RBI: confirmed Red Bar ignored

confirmed_Bot_tail: confirmed bottoming tail

confirmed_Bot_tail_far_from_20: confirmed bottoming tail far from the 20sma

confirmed_Tweezers_Bottoms: confirmed tweezers bottoms

confirmed_close_above_20_SMA: confirmed close above 20 SMA

confirmed_follow_through_long:  confirmed follow through long

 

Section C2:

In this section, traders can turn on or off the iSAP reporting of individual confirmed event types with short bias:

confirmed_bear_Elephant_Bar:  confirmed Bull Elephant bar.

confirmed_bear_180:  confirmed Bull 180

confiremd_VSS:  confirmed Velez Sell Setup

confirmed_GBI: confirmed Green Bar ignored

confirmed_Top_tail: confirmed toppinging tail

confirmed_Top_tail_far_from_20: confirmed topping tail far from the 20sma

confirmed_Tweezers_tops: confirmed tweezers tops

confirmed_close_below_20_SMA: confirmed close below 20 SMA

confirmed_follow_through_short:  confirmed follow through short

 

To learn more about iFundTraders trading strategies and iFundTraders events reports by the iSAP, please email richard@ifundtraders.com

8. iSAP Settings: saving and loading presets

Each trader can save his or her customizable settings into presets (and a different preset can be set for different types of scans).  The preset can then be loaded quickly by the trader insted of adjusted them each time from the beginning.

To save the settings of the isAP once adjusted, press on the 'save' button in the EA settings:

Then chose a name for the preset, and save it.

Similiarly, when putting an iSAP on a chart, to load a preset:

1. press F7.

2. Press load button in the input tab (seen above the "Save" button in the picture above).

3. Selected the desired preset.

4. Press "OK" button.

 

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