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-   -   4 Hour Entry Signal (https://www.forexfactory.com/showthread.php?t=966073)

oordjb Dec 2, 2019 12:14pm | Post# 21

{quote} Before I answer to you phemmy, let me just: - Thank oordjb for sharing his system, which is interesting. - Saying to bluerain, that it seems to me that addon will lead to many false signals on retracements on a pair that is trending. So, phemmy, from your questions, I gather you're a newbie with mt4... I am not much of a poster here at forexfactory, but here it goes: You either load oordjb's templates (chats - templates - load templates...or the corresponding button) and then you can see the parameters of each indicator (charts - indicators...
Thanks FxMachina. Appreciate your input.

oordjb Dec 2, 2019 12:23pm | Post# 22

{quote} Hello oordjb, thank you for sharing your trading system. I am actually new to trading forex and came across your system and decided to try it out. My problem right now is that the band that i saw on my trading platform isnt adjustable to -0.8. Also, i could get the LWMA indicator. I wouldn't mind if you can help me out on this two. Thank you
In case you are really new and don’t know how to load the indicators and templates….

Go to the first post in this thread. Right click on each of the attached files listed there, and then save to your desktop.

Then go to your desktop, highlight all the indicators, and then right click on one of them and hit copy. Go to your mt4 platform. Hit File - Open Data Folder - MQL4 - Indicators, and then right click in that file on an open area and hit paste.

Then go back to the desktop, right click on the two templates and hit copy. In the mt4 platform hit File - Open Data Folder - Templates, and then right click in that file on an open area and hit paste.

Then go to one of your charts, right click and hit Template, and you should see the two templates in there. Hit one of them and it will appear on your chart.

On the chart you can then right click, hit Indicator List and you will see all the indicators there. Click on the one you want to see the parameters on.

One note for anyone trying to load the Bollinger bands themselves – you can’t load two of them with the same period. So the second one you would have to put in a different period for it to show up. Then go to the Indicators List and change it back to the same period as the first one.

Hope that helps.

BlueRain Dec 2, 2019 1:30pm | Post# 23

1 Attachment(s)
{quote} Before I answer to you phemmy, let me just: - Thank oordjb for sharing his system, which is interesting. - Saying to bluerain, that it seems to me that addon will lead to many false signals on retracements on a pair that is trending. So, phemmy, from your questions, I gather you're a newbie with mt4... I am not much of a poster here at forexfactory, but here it goes: You either load oordjb's templates (chats - templates - load templates...or the corresponding button) and then you can see the parameters of each indicator (charts - indicators...
Regarding false signal, I totally agree that you shouldn't just rely on a single signal. All of indicators are there to give you its own signal - one way or another - and you should use your own way to confirm if signal is correct or false.

Once there is signal, you also have to check other facts like S/R, Pivots, higher frame trend etc before you make your own entry.

This system by oordjb proves to be a great compliment on top of my own trading system. Based on my testing, this 4H Entry Signal works great for those pair with higher volatility like GBPJPY. for lessor volatile pair like EURUSD, I found this system works better with Daily TF.

For me, I have own system but I thought this 4H Entry Signal system is very interesting as I use BB and MACD a lot in my signals.
Below is my own adaptation of this 4H_Entry Signal system where I added few more indicators to confirm reversals and entry signals.
As you can see, there is few signals by TSR but not confirmed by other signals.
Click to Enlarge

Name: GBPJPY_4H-ENTRY-WITH-TSR-and-other-signals.JPG
Size: 169 KB

oordjb Dec 3, 2019 2:55pm | Post# 24

Blue Rain - If that is what works best for you then use it that way, absolutely. I prefer a less crowded chart but I know many traders like multiple confirmations.

Anyway, I'm going to give you another chart to chew on in a minute.

oordjb Dec 3, 2019 2:58pm | Post# 25

1 Attachment(s)
Over the weekend I was looking at some of the other templates that I considered in coming to this current Entry Signal system. Thought I would pass on one of them, the Ichi MA system. Hope this chart comes out:

Click to Enlarge

Name: GBPJPYH4.png
Size: 33 KB

This system is just as good as the original one I posted, but they have different pros and cons. It can give re-entry signals that the other system does not, but it may give more false signals.
Rules:
{C}- When the Ichimoku is below the MA only Long trades are taken
{C}- When the Ichimoku is above the MA only Short trades are taken
{C}- When in a Long trend if Price comes below the MA by 8-10 pips a re-entry can be taken when Price comes back above the MA
{C}- When in a Short trend if Price comes above the MA by 8-10 pips a re-entry can be taken when Price comes back below the MA

The system can be used with or without the two window indicators.

You could use both templates as a complimentary system, but I wouldn’t put them on the same chart. That would make you dizzy.

oordjb Dec 3, 2019 3:01pm | Post# 26

1 Attachment(s)
Here's the template
Ichi MA.tpl

BlueRain Dec 3, 2019 4:44pm | Post# 27

Thanks a lot for this.

oordjb Dec 6, 10:59pm (36 hr ago) | Post# 28

Thanks a lot for this.
You're welcome. I think both systems work well.

landorra Dec 7, 10:16am (25 hr ago) | Post# 29

An interesting strategy. Thank you to all of you who shared and improved it. I will definitely give it a try.


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