PowerSwing V.2

I just wanted to open a short thread with an updated version of my PowerSwing trading system for everyone to try out. This new version was revamped with new indicators and removed the clutter to help simplify the entries and exits. I also have dropped down from trading the daily to a 4 hour timeframe since I have more free time to dedicate to trading.

The indicators and template are included in the zip file for you along with the link below to my Camtasia video showing the indicator setups and also an explanation of the entries and exits to save a little time on reading a bunch of posts and to avoid confusion.

UPDATE!

(There are some issues with the sound on the video so I have temporarily removed it until the sound problem is fixed)

***New video to be added shortly***


Here is a screen shot of the trading setup to show you what the template looks like. Feel free to change colors and setup the screen anyway you like.

Entry Criteria


1) We look for the ZigZag arrow to indicate the start of a trend direction. We will only take trades in that direction only.

2) We look for the cross off the forex offtrend indicator (thicker lines). If the indicator crosses back after a trade is made, wait til the close of the candle to make sure the cross will be valid due to the repainting.

3) The last one we look for is for the trendline indicator to change color to coincide with the direction of the Zigzag arrows. Wait til the close of the candle before making any decisions.

We all three have been met then we can place our entry. And just to make sure, confirm the indicators have crossed or changed color at the end of the candle first, then we determine our entry point. If all criteria is met, place your order at the opening of the next candle. If you have doubts on a cross, please use common sense and wait for another candle to close, then re-evaluate the chart because we want to see a little separation.

A small tip for you:

When the Zigzag arrow forms around the oversold Murrey levels (0/8, 8/8, +1/8, -1/8, +2/8, or -2/8) these are prime trades and usually very strong and fast movers.

Exits

The blue line of the forex offtrend is the key to exiting your trades. Look for both lines of the trendline indicator (red for shorts, blue for longs) to touch the blue line of the forex offtrend indicator to close your trade. You don't have to wait for the close of the candle to exit. I close my trades as soon as the lines touch, just my preference.

Next week I will setup a demo account and provide the account # and investor password and make some actual live trades to show how the system works so everyone can watch the trades develop.

Thank you.
Looks good. I will give it a try on demo.

rcbarlow, please let us all know what you think after you demo as I love to hear feedback, positive or negative, which helps me to improve upon things.

Also, here is the demo account info I will be using below to either watch the progress or just follow along. Again , I will not be taking trades til Monday the 26th as I will be out of town from Thursday til Sunday for a trade show with my business partner.

Alpari UK

Account #- 559017
Inv. Password- gdn5buc

Account size $10,000
100:1 leverage staring with 1 standard lot

mer071898,

just a quick reply, i tried forexofftrend also known as alaskanpipassasin some months ago, while it looks good on historic charts i noticed heavy repainting on M1 M5 and M15 but it could work on H4 and daily charts.

Maybe there is now a nonrepaint version available.

mer, i'm unable to view your video.

hi there,

is it suitable for all time frame?

see post #4.

mer, I could not download the video either - would you post an explanation of the entries/exits, including a chart, in this thread? How many bars on average does the zig-zag indicator repaint?

ForexOffTrend_alert indicator repaints bad! I watched it on one minute time frame.

Bbfx- I know that this is a repainting indicator but when you use repainting indicators like forexofftrend, solar winds, zigzags, or whatever you choose on higher time frames the repainting does not become a serious issue at all.

fxykl- You may use this on any timeframe, but is best used on the higher timeframes like 4 hr. or higher to reduce whipsaws, reduce repainting, and to allow yourself to ride the longer trends.

eagle4x- with the zigzag, it's not really based on a certain # of bars but whether a new high or low is being made after the arrow appears. But if you get to watch the video I explain a little bit why the repainting of the zigzag arrow is not an issue.

cjd- That's why I obviously don't use it on a 1 minute timeframe!

Sorry for those unable to get the video to play. This is recorded using Camtasia so you may need to download the camplayer from here to view it after it is downloaded.

http://files.filefront.com/CamPlayex.../fileinfo.html

Otherwise send me your e-mail and I'll send it to you guys in a zip file.

I got the download, but the Camtasia program could not decode the codec for the sound. I see the picture but do not hear the sound. Any suggestions?

The only thing I noticed in the settings on my Camtasia recorder is the audio codec used under the options was the NCT ALF2 CD Audio CODEC. I don't know if that helps because I'm not that much of an audio or computer guru.

Zig-Zag repaints on 30m too.

I didn't see "options" in the recorder - where is it located?

eagle4x- The zigzag repaints on any timeframe and the options is under the "tools" tab. I have a very old version maybe that's why yours may llook different. I may try to re-do it over the weekend while I'm out of town with a different audio codec. I talked to camtasia's support and they said to change it to a pcm codec which most players can play easily.

i got visual but no audio

I'll have to redo the video for you guys over the weekend, my apologies and I will get the problem rectified hopefully before Monday.

Basically in a nutshell, until the new video gets fixed, we are looking for three criteria before we enter a trade.

Entry Criteria


1) We look for the ZigZag arrow to indicate the start of a trend direction. We will only take trades in that direction only.

2) We look for the cross off the forex offtrend indicator (thicker lines). If the indicator crosses back after a trade is made, wait til the close of the candle to make sure the cross will be valid due to the repainting.

3) The last one we look for is for the trendline indicator to change color to coincide with the direction of the Zigzag arrows. Wait til the close of the candle before making any decisions.

We all three have been met then we can place our entry. And just to make sure, confirm the indicators have crossed or changed color at the end of the candle first, then we determine our entry point. If all criteria is met, place your order at the opening of the next candle. If you have doubts on a cross, please use common sense and wait for another candle to close, then re-evaluate the chart because we want to see a little separation.

A small tip for you:

When the Zigzag arrow forms around the oversold Murrey levels (0/8, 8/8, +1/8, -1/8, +2/8, or -2/8) these are prime trades and usually very strong and fast movers.

Exits

The blue line of the forex offtrend is the key to exiting your trades. Look for both lines of the trendline indicator (red for shorts, blue for longs) to touch the blue line of the forex offtrend indicator to close your trade. You don't have to wait for the close of the candle to exit. I close my trades as soon as the lines touch, just my preference.

If have put this in post #1 for your reference

On the attached chart, I added three arrows that looked to me like valid re-entry points after the 1st closed short trade. I also added "x's" for the exits. Are they valid trades according to your system? Also, how are you using murrey math with this system?

Would this be a valid Long Entry?