What is your favourite indicator and why ? | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Who is your favourite trading author? (books) 30 replies

What is your favourite basic indicator??? 43 replies

What is your favourite EA? 2 replies

Whats your favourite Trading Book/Movie/Show? 15 replies

What is your favourite Fx Report & Analysis provider? 2 replies

Attachments: What is your favourite indicator and why ?
Exit Attachments

What is your favourite indicator and why ?

  • #21
  • Edited 3:29pm Oct 6, 2006 3:07pm | Edited 3:29pm
Quoting ScottH
Mart, are you sure that in real time the CCI would be sloping down while the price was still rising?
Yes thats how it happened, infact the cci6 signaled 1 bar before.

I know I am on dangerous ground saying an indicator is better than price on FF,

As Woodie say's "We dont need no stinkin prices"

OK, I will head for the hills now


Mart
----o00o--°(_)°--o00o----
  • #22
  • Oct 8, 2006 9:46am Oct 8, 2006 9:46am
Quoting TheJungleLion
Kindly post what is your most favourite indicator and why do you like it, also post a link where it can be downloaded.
Here are the four most powerful indicators that are the main reason for my success.

1) Balance Point - Shows where most traders have entered positions today, I also use a continuous balance point for 2 days that shows where traders have positions from yesterday and today. This is the best support/resistance tool out there and usually gives me 3 trades per day.

2) Statistical Hourly High/Low - Outside news times this helps me buy lows and short highs and is good for about 5 trades per day, 80% accurate for me.

3) Probability Bands - These show the 65, 80, 88 and 95% high and low and the market reverses off of these to the pip. I normally scalp the forex on a 35 tick chart using fxcm,gain,coes,hots, and gft banks only in the charts. Probability bands nail the daily highs/lows to within 5 pips and I typically take 20 to 25 pips out of the currencies when they bounce here.

4) Trend Reversal - This tool especially on 30 min and up time frames lets me know when a trend will reverse. I'll then use Fibonacci profit target levels to minimize my risk and trade larger size. This tool makes me at least 30 to 50 pips per week.
{Promotion Removed}
  • #23
  • Oct 8, 2006 9:46am Oct 8, 2006 9:46am
Quoting turbokaos
Glad you like it mate it looks complex at first but when used correctly you can make a lot of money w/ it.

turbo
turbokaos,

I had a look at the murray indicator. Looks linteresting. How exactly is it used though? I've read the attached pdf; talks about the concept of fractals. But are there any more practial sources on how this applies to us?

(or is it so late at night here that I'm staring at something and not recognising it for what it is...)

Regards
L
"The market will rally from this or lower levels"
  • #24
  • Oct 8, 2006 10:08am Oct 8, 2006 10:08am
Quoting TheRumpledOne
Indicators are for suckers!

Trading is simple.

Just draw a horizontal line on the chart.

If the candle is green, go long at the line.

If the candle is red, go short at the line.

It IS that simple.

You only lose if you are too slow or too greedy!

Yes, I have written and posted hundreds of indicators on TradeStation, eSignal, yahoo, StockFetcher and Kreslik. I do that because I can program. I do it for free. I don't sell indicators. Some people want you to buy their indicators. To me, if the indicators were any good, they would use them to make money and give the code away for free just like I do!

I hate to see people pay for indicators and then lose money using those indicators.

Indicators are great for analyzing the market when the market is closed. But when the game is on, they just confuse you.

A horizontal line is simple.

I simple buy/sell at the x.xx00, x.xx25, x.xx50 and x.xx75 levels based on candle color. So long as I am not greedy and not slow, I make pips!

I use 1 min, 5 min, 60 min and daily charts.

It really is simple!!
Rumpled One,
Could you do us a BIG favor and post an example on charts exactly what you are talking about. I believe you, as I have been studying one system then another and I do believe it is as simple as you state. I would really appreciate it if you could show an example or two.
As you know, many if not all newbies bounce around like a ping pong ball and it is reallly not necessary with a simple system like this.
Thank you in advance,
Stan
  • #25
  • Oct 8, 2006 10:15am Oct 8, 2006 10:15am
Quoting TheRumpledOne
Indicators are for suckers!

Trading is simple.

Just draw a horizontal line on the chart.

If the candle is green, go long at the line.
So, is there a horizontal line indicator somewhere?

Bwahahahahahahaha

Regards
L

"The market will rally from this or lower levels"
  • #26
  • Edited 12:05pm Oct 8, 2006 11:27am | Edited 12:05pm
Hey mate,

I have never use it for MT so I'm checking with some others if it lines up the one i use for eSignals. But what i look for is the over sold/bought zones in conjunction with 00,20,50,80 price levels in the mkt on 5min charts

murry is supose to have discovered Gann's hidden secret

turbo

Quoting LightKeeper
turbokaos,

I had a look at the murray indicator. Looks linteresting. How exactly is it used though? I've read the attached pdf; talks about the concept of fractals. But are there any more practial sources on how this applies to us?

(or is it so late at night here that I'm staring at something and not recognising it for what it is...)

Regards
L
Attached File(s)
File Type: pdf Gann_News_Clippings.pdf   124 KB | 1,359 downloads
  • #27
  • Oct 8, 2006 11:47am Oct 8, 2006 11:47am
Quoting leveragefx
Here are the four most powerful indicators that are the main reason for my success.

1) Balance Point - Shows where most traders have entered positions today, I also use a continuous balance point for 2 days that shows where traders have positions from yesterday and today. This is the best support/resistance tool out there and usually gives me 3 trades per day.

2) Statistical Hourly High/Low - Outside news times this helps me buy lows and short highs and is good for about 5 trades per day, 80% accurate for me.

3) Probability Bands - These show the 65, 80, 88 and 95% high and low and the market reverses off of these to the pip. I normally scalp the forex on a 35 tick chart using fxcm,gain,coes,hots, and gft banks only in the charts. Probability bands nail the daily highs/lows to within 5 pips and I typically take 20 to 25 pips out of the currencies when they bounce here.

4) Trend Reversal - This tool especially on 30 min and up time frames lets me know when a trend will reverse. I'll then use Fibonacci profit target levels to minimize my risk and trade larger size. This tool makes me at least 30 to 50 pips per week.
Where from you get these indicators? Sometimes I use statistical hourly low/high but i calculate it myself..

Is Balance Point based on order flow (actual orders) or just technical analysis?

Thanks in advance for your answers.



D.
Quidquid latine dictum sit altum viditur
  • #28
  • Oct 8, 2006 12:53pm Oct 8, 2006 12:53pm
Hello Turbokaos
Although the above indicator looks simple, my knowledge of math
is very low to understand it. is there anyway you can give a simple
explaination how it can be used.
Thanking you in advance.
Senbanda
  • #29
  • Oct 8, 2006 3:03pm Oct 8, 2006 3:03pm
Quoting senbanda
Hello Turbokaos
Although the above indicator looks simple, my knowledge of math
is very low to understand it. is there anyway you can give a simple
explaination how it can be used.
Thanking you in advance.
Senbanda
first i have my over sold/bought time frame set to 128 i think the defult is 64 then I look 00,20,50,80 leveals around the over sold/bought leveals w/ murry.

below are two setups on chf last week
Attached Image
  • #30
  • Oct 8, 2006 3:15pm Oct 8, 2006 3:15pm
While I am not a fan of indicators in general, I find that they can have tradeable patterns. The only Indicator that I ever really trusted consistently was the CCI. The CCI is similar to the RSI but I find it has more useable nuances.

While I don't believe you can trade Forex using this system alone, there are many great ideas on how to trade the CCI indicator at this site:

(http://www.woodiescciclub.com/forum/)
Profit is where readiness meets Opportunity
  • #31
  • Oct 8, 2006 3:22pm Oct 8, 2006 3:22pm
SMA, because in simple is power.
  • #32
  • Oct 8, 2006 3:43pm Oct 8, 2006 3:43pm
Quoting smjones
Try this thread...

(http://www.forexfactory.com/forexforum/showthread.php?t=6132&highlight=wolfe)

I am afraid Lieb is the only guy there who got the right direction. He really knows the stuff on wolfe.
  • #33
  • Oct 8, 2006 5:15pm Oct 8, 2006 5:15pm
Quoting dottore
Where from you get these indicators? Sometimes I use statistical hourly low/high but i calculate it myself..

Is Balance Point based on order flow (actual orders) or just technical analysis?
Balance point takes every trade and finds where most traders enter their positions. It's the yellow line on this chart. The orange and blue lines show the avg hourly highs and lows, the green and red arrows are squat bars that are very accurate at finding short term trades, the white dot is a trend reversal signal once you see that you can safely trade counter trend and buy any additional lows for quick bounces. The yellow arrows are Trend Snapback signals which are based on 5 factors and have about 80% winning trades.

I trade using 4 charts, Daily, 30 Min, 5 min which has a few more indicators than the chart below but my primarily chart which I can't find anything that comes close for my scalping style is a 35 tick chart using just FXCM, Gain, Coes, HOTS, and GFT data. If trend is up I buy on lower keltner channel on 35 tick chart. If trend is down I short upper keltner channel. I'm about 82% accurate this month. I also use the daily statistical high/low and the 88 and 95% probability bands (derived from options implied volatility) to buy bottoms or short tops. I nailed the high in CHF on Friday using those for example, they were within 5 pips of the high.


http://www.topgunsoftware.com/elitetrader/eur100506.gif
{Promotion Removed}
  • #34
  • Oct 9, 2006 3:40am Oct 9, 2006 3:40am
Quoting TheRumpledOne
But all you have to do is look at ANY chart on ANY interval.

Draw horizontal lines at x.xx00. x.xx25, x.xx50, x.xx75 and trade in the direction of the candle.

Green candle, go long at the line.

Red candle, go short at the line.

Newbies use 60 minutes...

Right now it's CABO WABO TIME!!

ADIOS.
Hi TheRumpledOne,

Do you buy/sell when the candle crosses the horizontal line or you wait and enter trade after the close of that candle? When do you exit the trade? What happens when a news is released? Do you exit the trade before news time?
  • #35
  • Oct 9, 2006 3:50am Oct 9, 2006 3:50am
Quoting TheRumpledOne
Indicators are for suckers!

Trading is simple.

Just draw a horizontal line on the chart.

If the candle is green, go long at the line.

If the candle is red, go short at the line.

It IS that simple.

You only lose if you are too slow or too greedy!

Yes, I have written and posted hundreds of indicators on TradeStation, eSignal, yahoo, StockFetcher and Kreslik. I do that because I can program. I do it for free. I don't sell indicators. Some people want you to buy their indicators. To me, if the indicators were any good, they would use them to make money and give the code away for free just like I do!

I hate to see people pay for indicators and then lose money using those indicators.

Indicators are great for analyzing the market when the market is closed. But when the game is on, they just confuse you.

A horizontal line is simple.

I simple buy/sell at the x.xx00, x.xx25, x.xx50 and x.xx75 levels based on candle color. So long as I am not greedy and not slow, I make pips!

I use 1 min, 5 min, 60 min and daily charts.

It really is simple!!


this is the best advice i have seen - you could draw a line anywhere on a chart and trade off it. people spend too much time looking for the perfect indicator.
  • #36
  • Oct 9, 2006 4:10am Oct 9, 2006 4:10am
Quoting TheRumpledOne
But all you have to do is look at ANY chart on ANY interval.

Draw horizontal lines at x.xx00. x.xx25, x.xx50, x.xx75 and trade in the direction of the candle.

Green candle, go long at the line.

Red candle, go short at the line.

Newbies use 60 minutes...

Right now it's CABO WABO TIME!!

ADIOS.
I tried your method and amazingly, this is what I had in mind:

OH MY GOD!!!

YOU ARE A MAGICIAN! YOU JUST FOUND THE HOLY GRAIL!

But of course, I found the method still is not 100% risk free, because during news hour, my predictions went wrong in this method and puff!!! my dreams were gone.

But it is going to be useful using this while staying aware of potential news driven moves.

Thanks for an excellent piece of advice!
  • #37
  • Oct 9, 2006 4:10am Oct 9, 2006 4:10am
trading according to a system gives you steady results and they can usually be reliable, but using simplicity can also become an adnantage in some situations. When price becomes channeled and the range between high and low becomes fairly small (i trade on 4 hour charts) i just draw a line strait through what i think is the median price for the period of time that the price has been channelled (i.e. the past 12 hours). If price rises above that line, i go long. If it goes below the line, i short. To avoid whipsaw effect, once i'm already in the trade, if i'm short and the price goes above the line i dont get out until the RSI goes above the 50 line, then i just reverse the trade. If i'm long and the price goes below my line, i dont exit and reverse until rsi confirms the reversal by going belowthe 50 line. If you can't figure out a median line from ur own judgement (and if ur doubtful of that line this can happen, there are times when i've questioned my own judgement and so...) then just calculate a pivot line - instead of using the daily values of the past days numbers use the highest high of the channelled price for the high, the lowest low during the channelled price circumstances, and the last candle's close. if u kno how to calculate pivot lines then poof. there's ur entry point right there. above - long, below - short. of course, it's completely up to your own judgement to determine whether price is in ranged/channeled conditions or whether it is trending in a set direction or whatever it may be doing. this last part does however defeat the concept of simplicity...
  • #38
  • Oct 9, 2006 4:29am Oct 9, 2006 4:29am
Quoting leveragefx
Here are the four most powerful indicators that are the main reason for my success.

1) Balance Point - Shows where most traders have entered positions today, I also use a continuous balance point for 2 days that shows where traders have positions from yesterday and today. This is the best support/resistance tool out there and usually gives me 3 trades per day.

2) Statistical Hourly High/Low - Outside news times this helps me buy lows and short highs and is good for about 5 trades per day, 80% accurate for me.

3) Probability Bands - These show the 65, 80, 88 and 95% high and low and the market reverses off of these to the pip. I normally scalp the forex on a 35 tick chart using fxcm,gain,coes,hots, and gft banks only in the charts. Probability bands nail the daily highs/lows to within 5 pips and I typically take 20 to 25 pips out of the currencies when they bounce here.

4) Trend Reversal - This tool especially on 30 min and up time frames lets me know when a trend will reverse. I'll then use Fibonacci profit target levels to minimize my risk and trade larger size. This tool makes me at least 30 to 50 pips per week.
Hi leveragefx,

Where can I find these indicators for MT4? Thanks.
  • #39
  • Oct 9, 2006 5:13am Oct 9, 2006 5:13am
Hi Leveragefx,

It's a very professional setup you are using!
Would you please post here where could we find these indicators for MT4?
Happy trading!

Quoting leveragefx
Balance point takes every trade and finds where most traders enter their positions. It's the yellow line on this chart. The orange and blue lines show the avg hourly highs and lows, the green and red arrows are squat bars that are very accurate at finding short term trades, the white dot is a trend reversal signal once you see that you can safely trade counter trend and buy any additional lows for quick bounces. The yellow arrows are Trend Snapback signals which are based on 5 factors and have about 80% winning trades.

I trade using 4 charts, Daily, 30 Min, 5 min which has a few more indicators than the chart below but my primarily chart which I can't find anything that comes close for my scalping style is a 35 tick chart using just FXCM, Gain, Coes, HOTS, and GFT data. If trend is up I buy on lower keltner channel on 35 tick chart. If trend is down I short upper keltner channel. I'm about 82% accurate this month. I also use the daily statistical high/low and the 88 and 95% probability bands (derived from options implied volatility) to buy bottoms or short tops. I nailed the high in CHF on Friday using those for example, they were within 5 pips of the high.


http://www.topgunsoftware.com/elitetrader/eur100506.gif
  • #40
  • Oct 9, 2006 6:23am Oct 9, 2006 6:23am
You are right A1Cruiser, he is a professional and one of those people, IMO, trying to sell his trading course (btw, it is for $599) in this forum. I googled "snapback trading" and found his website. Therefore, I don't think you will be able to find these indicators for MT4.




Quoting A1Cruiser
Hi Leveragefx,

It's a very professional setup you are using!
Would you please post here where could we find these indicators for MT4?
Happy trading!
0 traders viewing now