Disliked{quote} If X and C give approval I will share. It has made the difference for me.Ignored
2
- #4,327
- Jan 19, 2024 12:53pm Jan 19, 2024 12:53pm
- Joined Oct 2010 | Status: Trader | 2,033 Posts
{quote} If X and C give approval I will share. It has made the difference for me.
Tease us man
.xinitial.
- #4,328
- Jan 19, 2024 12:56pm Jan 19, 2024 12:56pm
- Joined Oct 2010 | Status: Trader | 2,033 Posts
{image}
Can't wait for the release of this system
.xinitial.
- #4,330
- Jan 19, 2024 1:03pm Jan 19, 2024 1:03pm
- Joined Oct 2010 | Status: Trader | 2,033 Posts
{quote} I just uploaded it to the chart. It looks very inviting
If you like to study it, I have the rules in pdf.
I will attach it below, so all can enjoy.
xinitial.
- #4,331
- Jan 19, 2024 1:08pm Jan 19, 2024 1:08pm
- Joined Oct 2010 | Status: Trader | 2,033 Posts
{quote} You can't quit the habit!!.. haha
.xinitial.
- #4,334
- Edited 4:57pm Jan 19, 2024 4:08pm | Edited 4:57pm
Hi X, hope you feel better soon. I will give some background to this tease as the trading methods in this thread are discretionary i.e. not 100% rule based.
Whilst SR Direction is a good indicator, the repaint was fustrating and did catch traders out. Therefore started searching for a non-repaint method. Wanted something inherent in the market, occurred often and could be traded on the mobile version of mt4; where indicators available are limited to the basics. This led to fair value gaps (FVG) before C mentioned it in this thread; nothing new to technical traders. But instead of being targets (TPs) or waiting for a bounce off (pullback), realised they can confirm a reversal. See picture below.
Note: last ema is suppose to be ema 200 not 20.
Yes in this example I use the KoF ema method as used by C to highlight the reversals as demonstrated by my indicator. Blue going up and then a red for going down and vice versa. Only take buy trades when the blue bar is below most of the emas and vice versa for red. Taking trades above the emas for blue and below for red are risky as it could be the HH or LL for that period of time.
The FVG is a 3 bar move so we should wait for the 3rd bar to complete before entering trade, but with practise don't always have to wait.
The FVG to confirm reversal is the first FVG in the other side / direction that is not taken out by price. This is similar thinking to transient zones as decribed in "The Similarity System" concepts thread. Then we look for price taking out the FVG from the other direction. There is more to discuss next week about when to avoid potential trades.
Will share the indicator next week once I have tidied up the code for reviewers use.
Whilst SR Direction is a good indicator, the repaint was fustrating and did catch traders out. Therefore started searching for a non-repaint method. Wanted something inherent in the market, occurred often and could be traded on the mobile version of mt4; where indicators available are limited to the basics. This led to fair value gaps (FVG) before C mentioned it in this thread; nothing new to technical traders. But instead of being targets (TPs) or waiting for a bounce off (pullback), realised they can confirm a reversal. See picture below.
Note: last ema is suppose to be ema 200 not 20.
Yes in this example I use the KoF ema method as used by C to highlight the reversals as demonstrated by my indicator. Blue going up and then a red for going down and vice versa. Only take buy trades when the blue bar is below most of the emas and vice versa for red. Taking trades above the emas for blue and below for red are risky as it could be the HH or LL for that period of time.
The FVG is a 3 bar move so we should wait for the 3rd bar to complete before entering trade, but with practise don't always have to wait.
The FVG to confirm reversal is the first FVG in the other side / direction that is not taken out by price. This is similar thinking to transient zones as decribed in "The Similarity System" concepts thread. Then we look for price taking out the FVG from the other direction. There is more to discuss next week about when to avoid potential trades.
Will share the indicator next week once I have tidied up the code for reviewers use.
- #4,339
- Jan 19, 2024 7:18pm Jan 19, 2024 7:18pm
- Joined Jul 2013 | Status: Trader | 5,471 Posts
{quote} If you're using Renko then forget time completely unless you're using shitty broker derived "time based renko" on which I only have one comment which is they should be prosecuted under the Trade Descriptions Act for even calling it Renko.
Ronnies Ramblings
Ronnie Renko