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Getting rid of indicators

  • #21
  • Jan 13, 2008 12:20pm Jan 13, 2008 12:20pm
Quoting fxbroker
I think the very selffullfilling prophesy aspect of fib or pivot levels is also responsible for many losses ......
Agree
  • #22
  • Jan 13, 2008 12:54pm Jan 13, 2008 12:54pm
Quoting Masmp_FX
The blue line is Gann Hilo at 10, and Orange Line is Gann Hilo at 3 and other indicators discarded, I have gained an extra 130 pips on the setup, and more 100 pips on the Exit, witch turned a previous +295 pips trade into a +515 pips profit
may i ask what tf and currency this is?
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #23
  • Jan 13, 2008 4:42pm Jan 13, 2008 4:42pm
Quoting moneymagnet
may i ask what tf and currency this is?
GBP/JPY daily I think......
  • #24
  • Jan 13, 2008 6:09pm Jan 13, 2008 6:09pm
Quoting creztor
GBP/JPY daily I think......
GBP/JPY 4h
Logic will get you from A to B. Imagination will take you everywhere.
  • #25
  • Jan 13, 2008 6:14pm Jan 13, 2008 6:14pm
I used many indicators when i first started and i was getting my charts covered with them because i belived that indicators where the key. But they were only making my charts confusing. It wasn't until one close friend came by my work and told me to try and simplify my system.
So i did, i took all my filters(indicators) away and started to focus on price, fibonacci, and candle-chart formations. I soon discovered that with few indicators you learn to look at charts differently, more openly, and you start to rely on your own view of things.

Is the belief of "the grail" what drives us to search for the perfect system when we first start, which leads to confusion once more indicators are placed on our charts.
  • #26
  • Jan 13, 2008 6:23pm Jan 13, 2008 6:23pm
Quoting Ash
How about utilizing SMA/EMA along with FIB's on the higher TF's? I also did away with most of my indicators and saw a huge improvement in my trading. I also started trading higher TF's (Daily).
Hi, I'm not a big fan of fibs, I think they are even more complicated to me, than an ema, there are so many levels on the Fibonacci retracement lines, that I just don't know what to follow, and eventualy with all the lines there, it will retrace on one of those lines, but also my knowledge on fibs is very low
Logic will get you from A to B. Imagination will take you everywhere.
  • #27
  • Jan 13, 2008 6:35pm Jan 13, 2008 6:35pm
Also, I don't have targets for my trades, I try to ride them as long as I can, some trades only go 200, others go 400 and 600 pips, almost every 2 months I catch a big like more than 1000 pips, so I don't know how fibs are going to help me here?
Logic will get you from A to B. Imagination will take you everywhere.
  • #28
  • Jan 14, 2008 2:54am Jan 14, 2008 2:54am
Well, I have just spended my last 8 hours testing the changes I have made to my system, those changes that I had made, has the consequence of more trades per month, because I trade every signal now, I'm always in the market, like a SAR system, I had to solve that into a proper money management, I have decreased the Max risk per trade from 1800$ to 1250$ (those values are hypothetical) max risk per trade, also when I have a Stop loss smaller that does not risk the 1250, I increase the position size. Enough talking I will post the results here.

Prior to changes results over 5 months where

2126 Pips
26173 $

After the changes results over 5 months where

3611 Pips
38101$


Who would say that without filtering any trades and take all the signals would increase the results? not me.

PS. Those results are with Spread already subtracted
Logic will get you from A to B. Imagination will take you everywhere.
  • #29
  • Jan 14, 2008 3:10am Jan 14, 2008 3:10am
Quoting SunTrader
Some believe that is the reason why fibs work too. I believe there is some truth to both working because of being self-fulfilling aspect..........but only some of the time.
Fibs are not to be traded alone, but they work great for observation, like when price is whipsawing and you see it happens to be between two fibs. Then you can say Ahh, ok there are the support and resistance lines. If I am holding a long and this whipsaw breaks below this fibo then maybe I want to exit or if it breaks above that fibo then maybe I want to add. I cannot say I've had alot of success trading fibo's. But I can say I've had success because of my observations of fibo's and various other observations. It's just another tool in the box and I'm the mechanic, does the tool fix the car or does the mechanic use the tool to fix the car? I have never seen a tool fix a car.
Just Trade It
  • #30
  • Last Post: Jan 14, 2008 9:19am Jan 14, 2008 9:19am
Hello,

I really like what you have shared on your thread! I may have overlooked the new changes you speak of here but if I didn't would you please share them? Thanks.

Quoting Masmp_FX
Well, I have just spended my last 8 hours testing the changes I have made to my system, those changes that I had made, has the consequence of more trades per month, because I trade every signal now, I'm always in the market, like a SAR system, I had to solve that into a proper money management, I have decreased the Max risk per trade from 1800$ to 1250$ (those values are hypothetical) max risk per trade, also when I have a Stop loss smaller that does not risk the 1250, I increase the position size. Enough talking I will post the results here.

Prior to changes results over 5 months where

2126 Pips
26173 $

After the changes results over 5 months where

3611 Pips
38101$


Who would say that without filtering any trades and take all the signals would increase the results? not me.

PS. Those results are with Spread already subtracted
"Loss and failure are inevitable but misery is optional"
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