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PlanetX Indicator - can this indi be used for trading?

  • #301
  • Mar 8, 2022 2:40pm Mar 8, 2022 2:40pm
Quoting ohitsyou
{quote} And how did you deduce that? One thing that I consider is the height of the histogram bars. There are 4 decreasing, blue histogram bars prior to the SELL alert. So, the downtrend is already a few hours old. Also, there are no Awesome bars. A light bulb just went on -- I now better appreciate what Awesome brings to the table. @BestTraderEv -- that was a very nice addition to PlanetX...
This is why - I can't get a good R/R price.
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.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #302
  • Mar 8, 2022 2:42pm Mar 8, 2022 2:42pm
Later, I can move my Stop Loss, but not my Take Profit.
If I can get a good price, I can risk.
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.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #303
  • Mar 8, 2022 2:44pm Mar 8, 2022 2:44pm
Price did hit the TP:
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.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #304
  • Edited 5:41pm Mar 8, 2022 4:49pm | Edited 5:41pm
Quoting BestTraderEv
Price did hit the TP: {image}
So here's what I take away from your commentary...

Based on where you guesstimated TP, you would have needed to enter the SELL a few bars earlier. If you had entered the SELL when the Alert bar had closed (i.e. at the Open price of the bar following the Alert bar) then you'd basically be at your TP -- so, why even bother. Please correct me if I'm wrong.

@BestTraderEv -- your charts are great. Though I'm an experienced developer, I'm still a rookie when it comes to trading. I enjoy the challenge of trading and learning how others view and interpret the patterns. I believe discretionary trading is all about attention to detail and being a good detective. There is always something new to learn, which is why I'll avoid like the plague / pandemic the self-proclaimed 1%'ers. And the moment they introduce "psychology" into the discussion, I head for the hills -- running as fast as I can...
  • #305
  • Mar 8, 2022 6:11pm Mar 8, 2022 6:11pm
Quoting ghazy_55
{quote} Hello Mr. BestTraderEv I was skimming through this thread and I saw your chart. actually I was looking for that control panel in which you can watch the dax on multitime frames (traderbestever control panel), but i don't know what was its name. would you plz share this panel or indicator... sorry for my bad english. thanks in advance. {image}
@ghazy -- I'll let it pass this time. But I really dislike posts such as this. You contribute zero. You don't even ask a question related to the thread. Instead, you come here to take and then run away. Plus, everyone else is forced to read your lame post and the thread gets polluted and more difficult to follow. If you have a personal request then use PM -- that's what it is there for.
  • #306
  • Edited 9:33pm Mar 8, 2022 9:00pm | Edited 9:33pm
I mentioned "psychology" a couple posts back and can't help myself from adding some additional remarks. And, of course, these are only my opinion...

Whenever I hear someone talk about trading "psychology" I can't help but roll my eyes. What a farce -- as if the market has a "psychology" or that a human requires a particular "psychology" in order to trade. And the people pushing "psychology" are psychologists or psychiatrists, right? NOT!!

Referring to "psychology" is a smoke screen that relieves the purveyor from having to provide evidence or details. All they require is for you to **believe** there is such a thing and that you need to train your "psychology" to match with the purveyor's and then you will magically transform from a struggling trader to a successful one. When you fall for the purveyor of the "psychology" approach then you become one of their flock, since you are always looking up to them for guidance. On the other hand, when someone teaches you why they Entered / Exited a trade using a chart, then you internalize those details and can use them again on your own. You don't need the purveyor any more. The purveyor of "psychology" wants / needs you to always look up to them. The best test for whether someone is pushing an agenda is to measure their level of defensiveness when questioned.

The types of charts that @BestTraderEv posts with the why's and where's he would Enter / Exit a trade are so much more valuable, that it blows my mind that anyone would actually prefer to listen to some blow-hard talk about "psychology". I'm not referring to any one member in particular -- I'm sure most of us have come across more than one blow-hard.

Okay -- back to PlanetX...
  • #307
  • Mar 8, 2022 10:15pm Mar 8, 2022 10:15pm
Quoting joycometh
@Bestradev and ohitsyou i am indeed greatful for your system, i dont want to talk much i tthink the combination of these look promising. you guys can take a look at it{image}
after the cadjpy i entered yesterday failed i made some adjustment to the Hill no repaint, i remove the orange line. i only take an entry after a clear cross on the next planet bar and chaff trend, . it has given me 110 pips
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  • #308
  • Mar 8, 2022 10:26pm Mar 8, 2022 10:26pm
Quoting BestTraderEv
Price did hit the TP: {image}
Hello Mr. BestTraderEv
actually I was looking for that control panel in which you can watch the candle on multitime frames (traderbestever control panel)

would you plz share this panel or indicator...
  • #309
  • Edited 1:06am Mar 9, 2022 12:51am | Edited 1:06am
@ghazy_55
@joycometh
In the blank subwindow I called "BestTraderEver Control Panel" (not traderbestever control panel) I have Stratman_MiniChart_v20.ex4 (https://www.forexfactory.com/thread/198729-stratman-mini-chart-indicator) and NewsCal 1.08a (https://www.forexfactory.com/thread/326551-mt4-news-calendar-indicator) which are both available here, on FF.

ForexFactory contains an enormous library of indicators, Expert Advisors, and scripts.
I remain amazed how people want to become successful traders, and they can't even google...

Another great source is the MT4 platform, itself, in the "Market" tab in the MT4 "Terminal" window.
That is another thing that amazes me, that people don't know their tools...

BTW. @ohitsyou, you see, that is psychology, too, so you are wrong, my friend, about the psychology part. In order to be successful in any business, and in life too, one needs to have a number of important elements in place:
1. Physical and mental predispositions,
2. Knowledge and know-how,
3. Lots of training and experience,
4. Consistency and a push forward towards the goal approach.

Most people have dreams and wishes, but lack the rest.
(You see, they can't even get the name of my control panel right!!!)
.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #310
  • Mar 9, 2022 12:58am Mar 9, 2022 12:58am
Quoting ohitsyou
{quote} @ghazy -- I'll let it pass this time. But I really dislike posts such as this. You contribute zero. You don't even ask a question related to the thread. Instead, you come here to take and then run away. Plus, everyone else is forced to read your lame post and the thread gets polluted and more difficult to follow. If you have a personal request then use PM -- that's what it is there for.
I'm sorry...
I will delete it.
regards
  • #311
  • Mar 9, 2022 1:00am Mar 9, 2022 1:00am
Quoting BestTraderEv
@ghazy_55 @joycometh In the blank subwindow I called "BestTraderEver Control Panel" (not traderbestever control panel) I have Stratman_MiniChart_v20.ex4 (https://www.forexfactory.com/thread/198729-stratman-mini-chart-indicator) and NewsCal 1.08a (https://www.forexfactory.com/thread/326551-mt4-news-calendar-indicator) which are both available here, on FF.
Thanks ... and sorry for distubing you...
  • #312
  • Mar 9, 2022 1:13am Mar 9, 2022 1:13am
Quoting ghazy_55
{quote} Thanks ... and sorry for distubing you...
I have no problem with that, but this is not my thread, you know.
.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #313
  • Mar 9, 2022 1:24am Mar 9, 2022 1:24am
I just took this trade. About 1 Risk : 1.5 Reward.
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.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #314
  • Mar 9, 2022 1:56am Mar 9, 2022 1:56am
Maybe you could consider to change the settings for the "onchart" indicator to something slower, I believe the signals overall are very good but there needs to be some kind of better filtering, due to the fast nature of the signals given..

The problem is obviously that its not allowed to be too slow, else you wont be able to catch the major turning points.

It of course doesnt have to be with the Planet indicator but something else. I have tried with the "lucky reversal" indicator (shown in my previous post) to get both reversal signals and trend contuiation signals (based on prev. big dot) but the repainting nature can be annoying and frustrating at times.
  • #315
  • Mar 9, 2022 2:21am Mar 9, 2022 2:21am
Very good for Scalping.
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  • #316
  • Mar 9, 2022 4:34am Mar 9, 2022 4:34am
Quoting BestTraderEv
@ghazy_55 @joycometh In the blank subwindow I called "BestTraderEver Control Panel" (not traderbestever control panel) I have Stratman_MiniChart_v20.ex4 (https://www.forexfactory.com/thread/198729-stratman-mini-chart-indicator) and NewsCal 1.08a (https://www.forexfactory.com/thread/326551-mt4-news-calendar-indicator) which are both available here, on FF. ForexFactory contains an enormous library of indicators, Expert Advisors, and scripts. I remain amazed how people want to become successful traders, and they can't even google......

Quoting BestTraderEv
I remain amazed how people want to become successful traders, and they can't even google...
Yeah -- exactly. And, you know, I'm not really angry -- I'm as lazy as the next fellow. However, I'll often respond in a rude way in the hope that by rattling some chains a middle-aged man might get fired-up to prove me wrong and really try to figure something out on his own without asking for help.


Quoting BestTraderEv
you see, that is psychology
Yeah -- you're right. And those qualities you mentioned align with my experience, as well, though I'll refer to them as (1) attention to detail, (2) being a good detective -- though they boil down to the same as yours.


Quoting BestTraderEv
(You see, they can't even get the name of my control panel right!!!)
Yes -- exactly. And how about "v6" versus "v6.0"? Attention to details matters!!
  • #317
  • Mar 9, 2022 4:41am Mar 9, 2022 4:41am
Quoting BestTraderEv
I just took this trade. About 1 Risk : 1.5 Reward. {image}
Nice... Are those horizontal white lines the ADR (or equivalent)? How / where -- on your chart -- did you guesstimate SL and TP?
  • #318
  • Mar 9, 2022 4:50am Mar 9, 2022 4:50am
Quoting FundedCoffee
Maybe you could consider to change the settings for the "onchart" indicator to something slower, I believe the signals overall are very good but there needs to be some kind of better filtering, due to the fast nature of the signals given.. The problem is obviously that its not allowed to be too slow, else you wont be able to catch the major turning points. It of course doesnt have to be with the Planet indicator but something else. I have tried with the "lucky reversal" indicator (shown in my previous post) to get both reversal signals and trend...
You can not get perfect signals from an indicator - that's impossible.
You need to see it on the chart.
The signals only give us more confidence to enter a trade if RR is right.
Oscillator or other indicator signals will never be holy grail - you, the trader, is the holy grail.
.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #319
  • Mar 9, 2022 4:59am Mar 9, 2022 4:59am
Quoting FundedCoffee
Maybe you could consider to change the settings for the "onchart" indicator to something slower, I believe the signals overall are very good but there needs to be some kind of better filtering, due to the fast nature of the signals given.. The problem is obviously that its not allowed to be too slow, else you wont be able to catch the major turning points. It of course doesnt have to be with the Planet indicator but something else. I have tried with the "lucky reversal" indicator (shown in my previous post) to get both reversal signals and trend...
Exactly -- there is always this wrestling match between overly- vs under-responsiveness. Overly-responsive and you fall for head-fakes, and under-responsive gets you in and out of trades too late.

I primarily trade EAs, but not for swing trading -- rather, they trade longer trends. But for discretionary trading I prefer swing trading because the head-fakes are the swings. And you're right that PlanetX is a bit fast (overly responsive) at times and would benefit from a filter -- I saw how your "Lucky Reversal" might smooth things out. The Awesome indicator that @BestTraderEv incorporated fulfills that role for me. So, whenever I see a red / white circle Alert then I'm also paying attention to what Awesome is doing. I think that combination works well because PlanetX plus Awesome compliment one another. I'll also pay attention to the Schaff indicator that I posted earlier for the same reason.
  • #320
  • Mar 9, 2022 5:02am Mar 9, 2022 5:02am
Quoting joycometh
{quote} after the cadjpy i entered yesterday failed i made some adjustment to the Hill no repaint, i remove the orange line. i only take an entry after a clear cross on the next planet bar and chaff trend, . it has given me 110 pips{image}
Very, very nice -- thanks for the chart...
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