Hello guys,
I wanted to share an idea with you to get some oppininons on it and maybe somebody tried it and can help me out.
I would like to make it as a template and an EA (which I can of course) but now the project is just an idea. The indicators it will use at the beginning will be RSI, Stochastics, ADX, MACD and later on I think I'll put Fibonacci Retracement and Fibonacci Extension plus a few trendline rules. For now I've thought to try it on 1 hour and 4 hour charts.
I.Here is the idea of the template for long positions (all indicators use the default settings):
1.RSI
*** When RSI is above 50 and bellow 70 (to evade entering in pullback)
*** When each of the previous 2 shifts of the RSI are lower then the next in line. I mean that RSI is something like 50.10, 50.60, 51,20.
2.Stochastic
*** When Stochastic(main) is above 30 and bellow 70 (again to evade possible pullback at extreme levels)
*** When each of the previous 2 shifts of the Stochastic are lower then the next in line. I mean that Stochastic is something like 41.40, 44,50, 48,20.
*** When Stochastic(main) is greater than Stochastic(signal)
3.ADX
*** When ADX is above 20
*** When DI+ is above DI-
4.MACD
*** When MACD(main) and MACD(signal) are both above 0.00
II.Here is the idea of the template for short positions (all indicators use the default settings). It is exactly the opposite of the strategy for long orders:
1.RSI
*** When RSI is bellow 50 and above 30 (to evade entering in pullback)
*** When each of the previous 2 shifts of the RSI are greater then the next in line. I mean that RSI is something like 40.10, 39.60, 371.0.
2.Stochastic
*** When Stochastic(main) is above 30 and bellow 70 (again to evade possible pullback at extreme levels)
*** When each of the previous 2 shifts of the Stochastic are greater then the next in line. I mean that Stochastic is something like 66.40, 64,50, 58,20.
*** When Stochastic(main) is lower than Stochastic(signal)
3.ADX
*** When ADX is above 20
*** When DI- is above DI+
4.MACD
*** When MACD(main) and MACD(signal) are both bellow 0.00
Any comments will be very useful
Happy trading.
I wanted to share an idea with you to get some oppininons on it and maybe somebody tried it and can help me out.
I would like to make it as a template and an EA (which I can of course) but now the project is just an idea. The indicators it will use at the beginning will be RSI, Stochastics, ADX, MACD and later on I think I'll put Fibonacci Retracement and Fibonacci Extension plus a few trendline rules. For now I've thought to try it on 1 hour and 4 hour charts.
I.Here is the idea of the template for long positions (all indicators use the default settings):
1.RSI
*** When RSI is above 50 and bellow 70 (to evade entering in pullback)
*** When each of the previous 2 shifts of the RSI are lower then the next in line. I mean that RSI is something like 50.10, 50.60, 51,20.
2.Stochastic
*** When Stochastic(main) is above 30 and bellow 70 (again to evade possible pullback at extreme levels)
*** When each of the previous 2 shifts of the Stochastic are lower then the next in line. I mean that Stochastic is something like 41.40, 44,50, 48,20.
*** When Stochastic(main) is greater than Stochastic(signal)
3.ADX
*** When ADX is above 20
*** When DI+ is above DI-
4.MACD
*** When MACD(main) and MACD(signal) are both above 0.00
II.Here is the idea of the template for short positions (all indicators use the default settings). It is exactly the opposite of the strategy for long orders:
1.RSI
*** When RSI is bellow 50 and above 30 (to evade entering in pullback)
*** When each of the previous 2 shifts of the RSI are greater then the next in line. I mean that RSI is something like 40.10, 39.60, 371.0.
2.Stochastic
*** When Stochastic(main) is above 30 and bellow 70 (again to evade possible pullback at extreme levels)
*** When each of the previous 2 shifts of the Stochastic are greater then the next in line. I mean that Stochastic is something like 66.40, 64,50, 58,20.
*** When Stochastic(main) is lower than Stochastic(signal)
3.ADX
*** When ADX is above 20
*** When DI- is above DI+
4.MACD
*** When MACD(main) and MACD(signal) are both bellow 0.00
Any comments will be very useful
Happy trading.
Fortune always favors the brave.
