- a series of experiences that teach you something about yourself or about life
- a long journey with a lot of adventures or difficulties
In the Lone Star State, they like to dance,
With a forex trade, they take a chance.
With a Texas-2-Step,
Their profits they'll prep,
And their wallets will surely enhance!
I have been asked several times to start a thread to explain how the trades in the Trade Explorer are taken. I hesitate to do this because there will be critics for sure, and I do tweak settings from time to time, so that may not please everyone, except those that want to change everything with endless suggestions for improvements; should be fun, let's begin.
FAQ 1 - Mainly I use this on 4-hours as that presents opportunity from week to week as price oscillates up and down. Yes, it works on every time frame, you may trade whatever you want, feel free to share any success you might have.
FAQ 2 - I use Tradingview for analysis, but the indicators are available for Metatrader 4 and 5, any others, I don't know about. I will share the sources below.
FAQ 3 - How long have I been using this? The start date of the current Trade Explorer is 27-July-2024, today is 13-October-2024, so about 3 months.
So, here we are, after a prolonged period of experimentation, I have settled on using two indicators only, because I think traders have been focussed for far too long on a single indicator being able to do everything for them: direction, entry, stop loss, and exit. How is that working for you?
The 1st indicator, Step 1, is to know the market condition; that means, what is price doing? MACD has long been a popular indicator of choice, with several options to trigger a trade, e.g. the crossing of the signal line with the main line, or the crossing of the Zero level. There is a better way as I will explain. I use the MACD crossing below or above the Zero level strictly as an alert that price action may be changing direction; this can happen many times without the need to panic and enter a trade. Patience is required, as well as reading the chart.
The 2nd indicator, Step 2, may not be as well-known as the MACD, it is the Pivot Point Supertrend. I shall post websites for you to explore and further your knowledge as the thread progresses. The PPST gives a level where a trade may be placed upon the close of a candle past that level.
Let's go straight to a chart, this is as simple as it gets, and of course, the market doesn't always comply so easily, hence the need for trader experience and expertise!
Indicators: All are FREE
Tradingview:
1. MACD, I use Moody MACD Fixed because it gives a highlighted vertical bar when the crossover is either above or below the zero level which make for easy recognition. This indicator is NOT standard on TV, watch this video to learn more and find the file required - NEW INDICATOR! Fixed Moody's MACD
2. Pivot Point Supertrend is in the TV library, by LonesomeTheBlue.
Metatrader 4:
1. I use Traditional MACD 4 by Daniel Lewis, available in the Market tab.
2. Pivot Point Supertrend, watch this video for education and the link is there also - Pivot Point Supertrend - MQL4 Code
Metatrader 5:
1. I use MiniMACD from the Market.
2. I use Pivot Point Supertrend from the Market, Search can find both, as shown in the attachment.
NOTE: I have tweaked the settings on PPST to 2 / 1 / 60
Same trade setups on MT4 -
Same trade setups on MT5 -