Hey everyone, I've decided to put my system up on the blocks for everyone to try out. Now that my PowerSM EA project is off and running, I have a little more time to dedicate here on the forum to answer questions and provide help with this system. I developed this method for those, like myself, who can't dedicate a lot of screen time to trading. I, myself, run a successful business with my brother and for me to be up at 2 a.m. eastern everyday to trade intraday was getting to be too much. Now, all I do is come home from work, check on my trades around 6 p.m. for the new trading day and I'm done.
The advantages to trading this system are:
1) More free time for other things
2) Ability to handle more pairs to trade ( I will be using 20)
3) Positive swap (especially on TRY pairs)
4) Ease of use
5) No need to be up early in the morning
Some disadvantages:
1) Do not catch all the little swings from trading intraday
2) Negative swap (only if you take these trades, I don't unless the swap rate is very small)
3) Larger drawdowns due to bigger stoplosses
Since I watch so many pairs I can afford to only take the positive swap trades as I mentioned above. A person could trade this with two separate accounts, one of which would be a swap free account just for the trades with negative swap. But most brokers will charge you something anyhow for trades held overnight, on average $5.00 per lot per day, some will vary. Why go through the hassle when there are so many pairs to trade
.
Like all systems, everyone has there preferences on how they would like to trade it with different parameters and inputs and I encourage those who try this out to experiment with other indicators, all I ask is just please provide some input if you feel there is something that will improve upon what is here.
The broker I currently use is ODL Securities. You may obviously use who you choose to use as I have pondered using an ECN broker to get better spreads, but since I am not a greedy person, 2-5 pips will not make a whole lot of difference to me personally. I also have the tendency to trade only in the direction of the positive swap of the pair. I like ODL because they offer pairs with excellent swap rates like TRY/JPY, USD/TRY, and EUR/TRY. The 15-20 pip spread is a little brutal but the swap rate more than makes up for it especially if you have a trade going for several weeks or even a month or more.
Now to the basics:
Indicators and settings
Main Indicators
1) ZigZag_Pointer_alert_email or zigzag-pointerv2- Default
2) Murrey_Math_Line_X_eng- Default
3) #MTF_Stochastic (Indicator window 1)
Inputs- 1440, 10, 3, 3, 0, 1
Colors- Crimson, Width- 2
4) Laguerre-ACS1 (Overlay in Indicator window 1)
Inputs- .382, 1000, 2
Levels- 80, 20, line- Solid, Color- Black
Colors- Blue, Width- 2
5) IFT-RSI-ACS (Overlay in Indicator Window 1)
Inputs- 3, 7, 1000
Colors- Green, Width- 2
6) Trend Power Indicator window 2)
Inputs- 14, 5, 13
Levels- .40,-.40, line- Solid, Color- DimGray
Colors- Red, Width- 1
7) SolarWinds-ACS3 (Indicator window 3)
Inputs- 10, Alert- False, Smoothing- .7, Option- 2
Levels- .3,-.3, Line- Solid
Colors- Blue, Red- Width- 4
EA's
MTP1.3 or MTP 1.8- Manage Take Profit EA- Default, you can adjust as necessary.
Entries
I have a tendency to be very strict on my entries. If just one indicator doesn't jive with the others, I don't get in.
First thing I look for is what the ZigZag direction is. Even though it is a repainting indicator, I have still used it effectively on higher time frames with minimal issues. If we have a blue arrow we look for long trades only, visa-versa for red arrows.
Once we have a direction, we look for the Laguerre, Stoch, IFT-RSI-ACS, and Trend Power to breach their respective levels roughly around the same time in the same direction. Use the ZigZag Pointer and the Solar Winds as a filter. Just like the ZigZag, the Solar Winds indicator will repaint but is not as drastic as on the lower timeframes. This is why I've put the levels of .3 and -.3 on the Solar Winds to act as an filtering "Zone" because as we all know when you refresh after a couple of days or restart MT4 the bars can change. This buffer zone act as a filter to force you to wait until it touches or breaks this zone once all the indicators are in sync. I try to wait until the bar color changes and breaks out to enter because I have seen it dip into the zone and stay there for several days up to a couple of weeks only to reverse on me. The SolarWinds-ACS3 provided by achandrasekaran99has an option #1 which will allows it to not repaint. The issues I have with that setting is that it provides entry confirmation way too late for my needs, so I use option 2.
Exits
I leave these up to the discretion of the trader but what I use is one of three criteria.
Auto:
1) Use the MTP1.3 or MTP 1.8 EA (Set it and let it run)
Manual
1) Exit at new ZigZag arrow or,
2) Close when Solar Winds re-enters the "NO GO Zone" or,
3) Close out partial lots out at each Murrey level
Stoploss
General I will place a stop past the closest Murrey level or fib retracement up or down from my entry. If price is at an Extreme Overshoot level (+2/8 or -2/8) place your stops 200 pips above or below. remember these are just guidelines and stoploss can be larger or smaller depending on numerous factors like Murrey level strength, fib retracements, pivots, or whatever your using.
***I want to thank TimeFreedom who has posted an the updated version of th ZigZag_Pointer V.2 and MTP 1.8 EA in posts 9 & 10, either one will work***
***And also to achandrasekaran99 for the newer SolarWind-ACS3 and IFT-RSI-ACS indicators that I've adapted to the system.***
***New templates have been added here in post #1 and post #79***
The advantages to trading this system are:
1) More free time for other things
2) Ability to handle more pairs to trade ( I will be using 20)
3) Positive swap (especially on TRY pairs)
4) Ease of use
5) No need to be up early in the morning
Some disadvantages:
1) Do not catch all the little swings from trading intraday
2) Negative swap (only if you take these trades, I don't unless the swap rate is very small)
3) Larger drawdowns due to bigger stoplosses
Since I watch so many pairs I can afford to only take the positive swap trades as I mentioned above. A person could trade this with two separate accounts, one of which would be a swap free account just for the trades with negative swap. But most brokers will charge you something anyhow for trades held overnight, on average $5.00 per lot per day, some will vary. Why go through the hassle when there are so many pairs to trade
.Like all systems, everyone has there preferences on how they would like to trade it with different parameters and inputs and I encourage those who try this out to experiment with other indicators, all I ask is just please provide some input if you feel there is something that will improve upon what is here.
Warning!!!!
***Before I start I want stress to everyone that the Solar Winds and the ZigZag Pointer indicators are repainting indicators and are only used for filtering and not as much for entry criteria!*** Also, anyone is at risk when trading any system. As we all know, losses can and will occur along the way so please use a sensible money management plan at all times.
The broker I currently use is ODL Securities. You may obviously use who you choose to use as I have pondered using an ECN broker to get better spreads, but since I am not a greedy person, 2-5 pips will not make a whole lot of difference to me personally. I also have the tendency to trade only in the direction of the positive swap of the pair. I like ODL because they offer pairs with excellent swap rates like TRY/JPY, USD/TRY, and EUR/TRY. The 15-20 pip spread is a little brutal but the swap rate more than makes up for it especially if you have a trade going for several weeks or even a month or more.
Now to the basics:
Indicators and settings
Main Indicators
1) ZigZag_Pointer_alert_email or zigzag-pointerv2- Default
2) Murrey_Math_Line_X_eng- Default
3) #MTF_Stochastic (Indicator window 1)
Inputs- 1440, 10, 3, 3, 0, 1
Colors- Crimson, Width- 2
4) Laguerre-ACS1 (Overlay in Indicator window 1)
Inputs- .382, 1000, 2
Levels- 80, 20, line- Solid, Color- Black
Colors- Blue, Width- 2
5) IFT-RSI-ACS (Overlay in Indicator Window 1)
Inputs- 3, 7, 1000
Colors- Green, Width- 2
6) Trend Power Indicator window 2)
Inputs- 14, 5, 13
Levels- .40,-.40, line- Solid, Color- DimGray
Colors- Red, Width- 1
7) SolarWinds-ACS3 (Indicator window 3)
Inputs- 10, Alert- False, Smoothing- .7, Option- 2
Levels- .3,-.3, Line- Solid
Colors- Blue, Red- Width- 4
EA's
MTP1.3 or MTP 1.8- Manage Take Profit EA- Default, you can adjust as necessary.
Entries
I have a tendency to be very strict on my entries. If just one indicator doesn't jive with the others, I don't get in.
First thing I look for is what the ZigZag direction is. Even though it is a repainting indicator, I have still used it effectively on higher time frames with minimal issues. If we have a blue arrow we look for long trades only, visa-versa for red arrows.
Once we have a direction, we look for the Laguerre, Stoch, IFT-RSI-ACS, and Trend Power to breach their respective levels roughly around the same time in the same direction. Use the ZigZag Pointer and the Solar Winds as a filter. Just like the ZigZag, the Solar Winds indicator will repaint but is not as drastic as on the lower timeframes. This is why I've put the levels of .3 and -.3 on the Solar Winds to act as an filtering "Zone" because as we all know when you refresh after a couple of days or restart MT4 the bars can change. This buffer zone act as a filter to force you to wait until it touches or breaks this zone once all the indicators are in sync. I try to wait until the bar color changes and breaks out to enter because I have seen it dip into the zone and stay there for several days up to a couple of weeks only to reverse on me. The SolarWinds-ACS3 provided by achandrasekaran99has an option #1 which will allows it to not repaint. The issues I have with that setting is that it provides entry confirmation way too late for my needs, so I use option 2.
Exits
I leave these up to the discretion of the trader but what I use is one of three criteria.
Auto:
1) Use the MTP1.3 or MTP 1.8 EA (Set it and let it run)
Manual
1) Exit at new ZigZag arrow or,
2) Close when Solar Winds re-enters the "NO GO Zone" or,
3) Close out partial lots out at each Murrey level
Stoploss
General I will place a stop past the closest Murrey level or fib retracement up or down from my entry. If price is at an Extreme Overshoot level (+2/8 or -2/8) place your stops 200 pips above or below. remember these are just guidelines and stoploss can be larger or smaller depending on numerous factors like Murrey level strength, fib retracements, pivots, or whatever your using.
***I want to thank TimeFreedom who has posted an the updated version of th ZigZag_Pointer V.2 and MTP 1.8 EA in posts 9 & 10, either one will work***
***And also to achandrasekaran99 for the newer SolarWind-ACS3 and IFT-RSI-ACS indicators that I've adapted to the system.***
***New templates have been added here in post #1 and post #79***
