DislikedSince we had problems with Roadmap indicators on TV Im uploading Daylight again as well with new links making the original post unusable. Ok updating previous post to anyone looking for the links to Tradingview indicators find below: https://uk.tradingview.com/script/GS...pbfx-Daylight/ https://uk.tradingview.com/script/Bf...fx-Williams-R/ Let me know if encounter any problem. Green pips to all!Ignored
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,351 Posts
I want to use yesterday's action on GU to highlight why shorter timeframes can be tricky. I know a lot of people are drawn to 1m or 5m charts but hopefully these examples will show why it's sometimes optimal to stick to 15m at lowest.
Let's first look at the 15m charts for both standard and aggressive modes:
As you can see, it wouldn't have mattered whether you chose standard or aggressive as both would have rewarded you with around 40 pips profit during the London session.
Now let's look at the same period of time on 5m charts, both standard and aggressive:
Much trickier, right?
I completely understand the desire to trade short timeframes and, for certain faster moving instruments, it can be lucrative. But, for the majority of currencies, I find that Daylight generally performs best when using 15m at lowest.
That's not to say 5m doesn't occasionally have its place with currencies though. Some days the trends and reversals will be such that 5m captures the moves perfectly. But other days it will drag you in and out of positions that result in frustrating small wins or losses.
The thing to keep in mind about Daylight is that it thrives during trends. An instrument will generally display trending behaviour on at least one timeframe. The key is finding that timeframe and trading it.
Let's first look at the 15m charts for both standard and aggressive modes:
As you can see, it wouldn't have mattered whether you chose standard or aggressive as both would have rewarded you with around 40 pips profit during the London session.
Now let's look at the same period of time on 5m charts, both standard and aggressive:
Much trickier, right?
I completely understand the desire to trade short timeframes and, for certain faster moving instruments, it can be lucrative. But, for the majority of currencies, I find that Daylight generally performs best when using 15m at lowest.
That's not to say 5m doesn't occasionally have its place with currencies though. Some days the trends and reversals will be such that 5m captures the moves perfectly. But other days it will drag you in and out of positions that result in frustrating small wins or losses.
The thing to keep in mind about Daylight is that it thrives during trends. An instrument will generally display trending behaviour on at least one timeframe. The key is finding that timeframe and trading it.
Thank you Laura for your outstanding contribution and ideas.
I have further developed the use of Wlliams% MA. Have backtested some pairs, with promising results. Also, demo traded with great success.
Pay close attention to the picture i have made. Study all details especially how Williams % top and bottom for swing high and low. Manualy make a line top and bottom for the average of Williams%. This is your swing high and low.
Trade only in the trend direction (Black Line) Yellow line is very important and is used in multiple ways. StochRSI is the trigger and must meet in line with Yellow line. Converge in the trend direction, Bump the same as pullback.
Back test your self before using this strategy, and watch the behaviour of yellow line ( Williams%) Study every scenario. And remember every pair is different.
Price action and liquidity is giving you the clues. The strategy is the confirmation.
I have further developed the use of Wlliams% MA. Have backtested some pairs, with promising results. Also, demo traded with great success.
Pay close attention to the picture i have made. Study all details especially how Williams % top and bottom for swing high and low. Manualy make a line top and bottom for the average of Williams%. This is your swing high and low.
Trade only in the trend direction (Black Line) Yellow line is very important and is used in multiple ways. StochRSI is the trigger and must meet in line with Yellow line. Converge in the trend direction, Bump the same as pullback.
Back test your self before using this strategy, and watch the behaviour of yellow line ( Williams%) Study every scenario. And remember every pair is different.
Price action and liquidity is giving you the clues. The strategy is the confirmation.
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,351 Posts
I want to use yesterday's action on GU to highlight why shorter timeframes can be tricky. I know a lot of people are drawn to 1m or 5m charts but hopefully these examples will show why it's sometimes optimal to stick to 15m at lowest. Let's first look at the 15m charts for both standard and aggressive modes: {image}{image} As you can see, it wouldn't have mattered whether you chose standard or aggressive as both would have rewarded you with around 40 pips profit during the London session. Now let's look at the same period of time on 5m charts, both...
- Joined Aug 2018 | Status: Member | 1,414 Posts
{quote} Hi. I hate stealing others ideas and have no intention in making a new thread. But you should seriously dig in the details. I won't comment further of my strategy. :-)
I've been pretty impressed with the Aggressive version of the Daylight strategy this past week so I modified an existing indicator to generate an arrow the first time a candle closes above, or below, the
5 SMMA high/low channel and I want to share it with you all. It should work on any timeframe, any currency pair. 
5 SMMA high/low channel and I want to share it with you all. It should work on any timeframe, any currency pair.
