Using fractals @ pivot points, support and res. can help get a lot of pips. Unfortunately most of the systems I have seen programmed use a fractal "breakout" vs using the fractal as reversals which I believe to be leaving a lot to be desired.
There is a common misconception the standard fractal indicator that comes with MT4 repaints. However what is misunderstood is that the fractal appears one bar back. Should price exceed the fractal in the other direction while the bar is still open the fractal will disappear. (You'd be stopped out).
Having said that, and don't forget to use a filter, Gator is common with fractal, please see attached chart to understand what I am referring to. If someone could program an EA to execute on the open of the bar it would provide people with a great deal of pip grabbing opportunities per trading day. Stop would be placed @ the fractal that has just appeared.
I would use manual confirmation so you can filter the trades with whichever filters you want to use.
I use fractals when my regular trending system (which smjones fantastically programmed, THANKS again!) is choppy, I've missed a trade, or in decent ranging days. Of course on a live account.
In the attached image you will see since the London open there are several trades for around 40 pips on a 15min chart (5mins as well with a filter) then of course US Gdp came out for the last big move shown. using stochs, the fact price was bouncing off the mid pivot, and the fractal I was able to get 120 pips. Although I would not recommend new traders trade any news time.
Anyways, anyone want to take a chot at it? I think it would benefit a lot of intraday traders.
There is a common misconception the standard fractal indicator that comes with MT4 repaints. However what is misunderstood is that the fractal appears one bar back. Should price exceed the fractal in the other direction while the bar is still open the fractal will disappear. (You'd be stopped out).
Having said that, and don't forget to use a filter, Gator is common with fractal, please see attached chart to understand what I am referring to. If someone could program an EA to execute on the open of the bar it would provide people with a great deal of pip grabbing opportunities per trading day. Stop would be placed @ the fractal that has just appeared.
I would use manual confirmation so you can filter the trades with whichever filters you want to use.
I use fractals when my regular trending system (which smjones fantastically programmed, THANKS again!) is choppy, I've missed a trade, or in decent ranging days. Of course on a live account.
In the attached image you will see since the London open there are several trades for around 40 pips on a 15min chart (5mins as well with a filter) then of course US Gdp came out for the last big move shown. using stochs, the fact price was bouncing off the mid pivot, and the fractal I was able to get 120 pips. Although I would not recommend new traders trade any news time.
Anyways, anyone want to take a chot at it? I think it would benefit a lot of intraday traders.