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Anything above the line is an uptrend, below the line is a downtrend.
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,304 Posts
Few trades from today, EA was a total disaster. AUD pairs in general lost strength until NY session. Anyway 3rd day with profit and around 300+ pips profit. And with not much effort. LauraT have I thanked you before? I think I did and I thank you once more. My whole trading view got a new perspective. Thank you. {image} {image} {image} {image} {image} {image} {image}
- | Joined Feb 2020 | Status: Member | 63 Posts
{quote} It's very satisfying seeing the success people have with the methodology. Thank you for sharing, really happy for you
I am over 250 pips profit using this method this week. Also for the trades where I didn't use this... the method still served as a confirmation for entry and exit in the trade. For me more important is that extra confirmation that gives me confidence that I have high probability of winning with that trade.
This method changed the way I traded this week. It has given me whole new perspective.
Thanks for everything you did here!!!
I know Hanover posted a dashboard, but since I had been working on my own DB during this whole time, I’d thought I’d share it here, it differs only slightly.
The indicator must be placed in the indicator folder (Mql4/Indicators) as per usual.
When placed on a chart, the settings are:
You need to edit the “Pairlist” that you want to appear, and the way it’s displayed on you market watch. Depending on brokers, you can have “EURUSD”, or “EURUSD.”, or “EURUSD.r” for example.
Timeframe: Pretty straightforward. I use only 4 TFs, as it can be quite resource-intensive. To edit it, just add (in the correct place) the Tf using “M30”, or “D1”, or “W1” for example.
Next 2 lines: You can leave it at 40 / 60, so when the setup is considered bearish or bullish.
Final line: It’s the ATR distance of the channel, from 200SMA. It triggers the “proximity” icon on the dashboard. You can reduce it if you want to filter more tight setups.
Here is what the dashboard looks like:
First column is RSI reading, to have a quick overview of pair strength & weaknesses. White & neutral, red / green = bullish / bearish.
The icons:
Dim green / Dim red = channel is above or below SMA, just like the mini dashboard on Laura’s template. Bright green / bright red = The channel is within the ATR distance you provided (I take the lower band for bullish, and upper for bearish).
Question mark = The SMA is in between the channel. So during bounce moves for example.
Finally, on the right in bright red / green, is if the proximity of the channel is in compliance with a strong / weak RSI reading.
Essentially, if you have 2 consecutive green icons, or 2 consecutive red icons, you might have a setup.
REFRESH RATES: As I said, it uses a lot of resources. The DB is updated once per bar, so it depends on what TF your chart is on. For example, I trade M5 / M15, so my chart is set to this TF. In any case, there’s a “Refresh” button, so when I want to know instantly what the icons are & RSI reading across the market watch, I just have to press this button.
There you have it. There are no alerts as it doesn’t work well with a large pair list. There are A LOT of potential setups, so I’ve found it’s easier to use this tool as a visual guide to use in real time. Please report if you find any bugs.
(if you get an empty DB with only question mark icons, it’s that you haven’t put in the pairs correctly in the settings).
The indicator must be placed in the indicator folder (Mql4/Indicators) as per usual.
When placed on a chart, the settings are:
You need to edit the “Pairlist” that you want to appear, and the way it’s displayed on you market watch. Depending on brokers, you can have “EURUSD”, or “EURUSD.”, or “EURUSD.r” for example.
Timeframe: Pretty straightforward. I use only 4 TFs, as it can be quite resource-intensive. To edit it, just add (in the correct place) the Tf using “M30”, or “D1”, or “W1” for example.
Next 2 lines: You can leave it at 40 / 60, so when the setup is considered bearish or bullish.
Final line: It’s the ATR distance of the channel, from 200SMA. It triggers the “proximity” icon on the dashboard. You can reduce it if you want to filter more tight setups.
Here is what the dashboard looks like:
First column is RSI reading, to have a quick overview of pair strength & weaknesses. White & neutral, red / green = bullish / bearish.
The icons:
Dim green / Dim red = channel is above or below SMA, just like the mini dashboard on Laura’s template. Bright green / bright red = The channel is within the ATR distance you provided (I take the lower band for bullish, and upper for bearish).
Question mark = The SMA is in between the channel. So during bounce moves for example.
Finally, on the right in bright red / green, is if the proximity of the channel is in compliance with a strong / weak RSI reading.
Essentially, if you have 2 consecutive green icons, or 2 consecutive red icons, you might have a setup.
REFRESH RATES: As I said, it uses a lot of resources. The DB is updated once per bar, so it depends on what TF your chart is on. For example, I trade M5 / M15, so my chart is set to this TF. In any case, there’s a “Refresh” button, so when I want to know instantly what the icons are & RSI reading across the market watch, I just have to press this button.
There you have it. There are no alerts as it doesn’t work well with a large pair list. There are A LOT of potential setups, so I’ve found it’s easier to use this tool as a visual guide to use in real time. Please report if you find any bugs.
(if you get an empty DB with only question mark icons, it’s that you haven’t put in the pairs correctly in the settings).
- Joined Sep 2006 | Status: Member | 8,975 Posts
Finished the day by closing out 2 of my medium term trades on the Dow. {image} And now it starts all over again tomorrow - goodnight
every Saint has a past. Every Sinner has a Future
Hi Laura, great thread, I'm really thankful that you have shared your methodology with us. A newbie like me got into a swing trade for the first time because the system is so powerful that it makes me rethink whenever I want to panic close after gaining few pips. Thanks a lot for your contribution. Here are my 2 trades from this week. I closed first after 30 pips but 2nd is at 96 pips now.
Currently watching EURAUD. It's moving strongly towards the baseline, in overall bearish structure. Overall this morning there's currently a strong EUR rally, so not going to jump in right now. It might test yesterday's high which has acted as a short term level, and in which case it could give us a channel failure setup.
RSI is still nicely in the red though.
RSI is still nicely in the red though.
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,304 Posts
Hi LauraT, I noticed that the values for the CompRSISelectv2 is slightly different from the TrendStrenght-RSI-MTF. If using the CompRSISelectv2 do we still use above 50 for bullish and below 50 for bearish or do we need to adjust it slightly?
The values should be the same. Check that you have Monthly timeframe disabled in both of them.
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,304 Posts
Hi Laura, great thread, I'm really thankful that you have shared your methodology with us. A newbie like me got into a swing trade for the first time because the system is so powerful that it makes me rethink whenever I want to panic close after gaining few pips. Thanks a lot for your contribution. Here are my 2 trades from this week. I closed first after 30 pips but 2nd is at 96 pips now. {image}
And well done for letting your trades breathe. One of the biggest challenges we face as traders is to avoid snatching profits quickly while letting losing trades rumble on in the hope they will turn in our favour.