This is a trading system that operates on higher time frames, specifically from H4 to Weekly. I have developed a set of indicators that we will be using,
Here's an overview of the system:
- Time frames: H4, Daily, Weekly
- Currency pairs/metal: any
- First histogram (Ultra Trend): Lime
- Second histogram (UTF-1): Lime or DodgerBlue
- Third histogram (UTF-2): Lime or DodgerBlue
- First histogram (Ultra Trend): Red
- Second histogram (UTF-1): Red or Orange
- Third histogram (UTF-2): Red or Orange
- Exit (buy/sell):
- After a decent profit (your call)
- Keep the trade open until you receive the opposite signal
- You can use weekly support/resistance
- Use a trailing stop
- Or use a fixed TP (50/100/150/200 or more) by reading the higher time frames like D1 and Weekly
- Take note of weekly support/resistance/pivot labels and psychological round labels
- Stop loss: Last swing high (for short trades) or last swing low (for long trades)
- Stay on the sidelines during high-impact news events
Before you start, I recommend demo trading first. Good luck!
Lastly, let me explain Nihilist_Ultra_ADX. It's a histogram-type indicator that's derived from the built-in ADX of MT4. When you use the template, you'll see 5 rows in a window with 4 colored square blocks. Here's what they mean:
- Lime: ADX is increasing with an uptrend (active bullish movement)
- DodgerBlue: ADX is decreasing with an uptrend (inactive bullish movement or slow bullish movement)
- Red: ADX is increasing with a downtrend (active bearish movement)
- DarkOrange: ADX is decreasing with a downtrend (inactive bearish movement or slow bearish movement)
To use this set of ADXs, if all 5 rows in a column show Lime color, it's a very active bullish movement. If all 5 rows in a column show Red color, it's a very active bearish movement.
If every time frame (especially M5 to Weekly TF) shows Lime or Red, then you can go for a 1st class trade with maximum lot size. This is a powerful indicator that never repaints after closing the candle.
( this is basically my Guru Mr. Alien's idea, you can know the details about the ADX behavior to visit the Alien's Extraterrestrial Visual Systems http://www.forexfactory.com/showthread.php?t=463573
Thank you all.Wish you good luck.
*** Multi pair Dashboard uploaded on http://www.forexfactory.com/showthre...30#post7555030
"Nihilist Holy Grail System" uploaded on http://www.forexfactory.com/showthre...28#post7593428