DislikedFOR Eclectic JOE:
firstly thanks for sharing so much on this thread. SUNDAY CANDLE information, your template, ATR stoploss strategy etc.
1. Why use the 3xMA's you do from your template? Is not the SMA200 enough?Please kindly explain.
2. Why ise ATR=1 pverlayed on ATR=13? Please explain the reason.
3. I think Adv ADR indicator from 4h strategy on daily charts is great idea. I have been testing on my charts for a while.
4. Does one enter the trade at the EOD close and open of the next day? If yes, on the Alpari demo platform (NO SUNDAY CANDLE) one should wait till tomorrow.
1. I apologize to everyone. I was doing some experimenting with some MA's on this system and forgot to erase them when I uploaded the template. I have attached the new template on this post, which only has the 200 SMA, and will update the old post so people will look here instead. I will add though, I am testing a 50SMA with this system and for people who like to experiment, it probably would be worth looking into. The 50SMA seems to line up a lot with the Advanced ADX indicator.
2. Well since forex has no "central exchange," like most markets around the world, I believe any volume or volume related indicator on forex trading platforms are useless. You are only getting volume information from your broker, not all brokers combined. I've read different things about falling volumes and rising volumes with comparison to price action and the possibilities it can have with trend continuation after consolidation, reversals, etc. Since ATR tells us the volatility of a current pair, I overlayed an ATR(1) over the ATR(13) to watch for when daily volatilites have been higher than average, which usually means volume is increasing or consistently below the average, which means volume is either holding steady or decreasing. Increases in volatility can give signs of a good trading opportunity, but it can also be a warning to exit the trade. So it's something I like to keep an eye on. Read more about volumes combined with price movements and that will help also. It can give you an understanding about trader mentality, possible times when traders are taking profits, traders are the wrong side are cutting their losses, and possibilites of when there just aren't enough sellers to keep the price going down or buyers to keep the price going up.
3. I totally agree with you using the Advance ADX indicator with the Stoch and AO setup on the daily. That way you have a better chance of a winning trade because you are trading with the trend.
4. You only enter within the first 15 mins and I would say no more than 30 mins after the OPENING of the candle. Alpari does not have a Sunday candle, but ODL does. Alpari's candles open at 6pm EDT. GRPip is our resident ODL expert, so you could check with him about what time the Monday candle opens on ODL.
daily bull modified.tpl 2 KB | 353 downloads
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