Trend Follower 5 Minute System

Quoting SamboYam

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Thanks for replies, I remembered the guppy just after I posted that! Doh sorry!

I believe this one is a good signal though? I have read everything about it, just making sure I'm looking at the right thing, I promise I won't keep posting charts up.

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Quoting ByerRA

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Hello.

First, I would like to thank Wicker for the simply wonderful system.

After spending time reading everything posted here I thought I would contribute back to the community. While it's not complete (should be done in a few days) I think it's a great help with the Wicker's system.

The problem I have with most of the current indicators for the rainbow system is that the chart screen gets too cluttered and everything gets musshed together and makes the charts harder to read.

Soooo..

I took the indicator created by pmurfin (great work by the way) and did the following..

The indicator is now in a seperate indicator window so it's not clogging up the chart display and makes it easier to read.

The indicator now has the ability to display ALL the chart timeframes at once, not just the current timeframe the chart is set to. I did this as I was finding that by seeing all the data across all the timeframes I could get a better feel for what was going on.

(the multitime frame ability can be turned on and off so one can just display the current chart timeframe or all.)

I also added the ability to show when the markets are open and closed
(again, an optional item that can be turned on and off). I included this as I was always forgetting when which markets were open when.

The last item added was just a simple indicator showing the bid/ask spread for the current pair (again, optional). I did this as I have a few account with different brokers with different spreads and I was always forgetting what the spreads were as they are different for each broker I use.

The indicator is coded so that one does not need to have any of the external indicators, you can just attach this indicator to a chart and go with it, it's all selfcontained. (but having the guppy indicators makes it nice)

I've attached pics so you can get an idea where I'm heading. THIS IS ONLY AN INDICATOR AND NOT AN EA, I'M NOT GOING TO PROGRAM AN EA FOR THIS.

This does do alets as well as e-mail alerts. If you have the multitimeframe enabled it will give alerts across all the timeframes.

This is still in beta, I have a few minor bugs to work out and I'll be releasing it hopefully in the next week or so.

Again, thanks, Wicker, great system and thanks pmurfin, you code base was a big help in making this work (you were credited everywere in the code for your contribution).

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Quoting pilatus

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Let me explain something about trading this system and trading at all for all new traders here.
1. Stop making new rules which will produce you more signals and more pips. Why? First, TheWicker is not stupid guy who did not test everything he colud to get better results. Second, you CAN NOT make this system better if you see one nice move and find good entry on the top of you chart just because you see it.
On the beggining od this thread TheWicker clearly said that this system \"is not get quick rich scheme\". So to be successful in this system and any OTHER system and trading fx at all, is to be realistic. And what is beeing realistic in TF5min system?? That means that we CAN NOT expect to catch every possible move we see on our charts. That means that we can get from that system what market is giving to us. Sometimes that is 20 pips per week and soemtimes is 300 or 500 or more.
Why nobody did not post example from bellow and ask if entry is good?? Why every new trader here wants to make some new rules?? Well, answer on that question lies in statement that every new or beginer trader tends to see what he or she wants to see. On that way new trader is far away from real picture. It is very easy to go in history on charts and find signals and say \" wow here is nice entry\" because we see that after that signal is nice move up or down. Every new trader first see nice move and than is looking for signal before that move and say to himself \"hmm here would be nice entry\". And if there is NOT signal for enter than new trader imagine it or find some excuse to find it. On the other side, when there is not nice move new trader would say even if there is good signal \"nooo I am not taking that signal\" and again find nice excuse to not enter. But dear newbies that is not trading. So, first learn how to obey the rules and than find or research new rules for updating the system. I will obey any new suggest and rule for improving this system but first someone must to do hard work and test it and find a good reason why he or she changed rules.
If someone is not satisfied with amount of the pips which that system produce he or she can use another one which does. And when you dont have trades with tf you will have with another one.
Conclusion!
This is system on 5min so do not expect to catch ride of 400 pips in one single trade. 5min template is too low for seeing biger picture and some good retrace against our direction usually would kick us out.

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Quoting Rastaman

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Here is a Screen shot of my MT4 wicker 5 min chart USD/JPY at 10/28 16:40

The long signal arrow was actually at 15:30 and not 16:40.

http://img406.imageshack.us/img406/184/10281640xt0.jpg

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Quoting Rastaman

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Wooooo This was a naughty killer false signal that went the wrong way 81 pips in a blink of an eye.

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Quoting ByerRA

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Here it is, my Rainbow Trend Follower indicator for multi-timeframes.
..
Enjoy!!

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Quoting hongkonger

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the rainbow is not compressed, I think I will only take the rainbow width <= 60 pips..

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