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Traffic Light System

  • #101
  • Jan 23, 2009 10:56pm Jan 23, 2009 10:56pm
Quoting tcmm
Mitchp Do you trade on the turn of the trend which is the reversal,, in the middle of the trend, or both?
I guess you can say both. In the past when I said I was going to wait for the trend to change before getting in, the trend wouldn't change and I'd be pissed for not getting in. So now I take the trade whenever it comes and hope I'm either on the front end or middle of the trend. This is not a perfect system, sometimes you hit the end of a trend and your trades go against you. But if you follow the method it will get you out without too much of a loss.

Hope that helps
  • #102
  • Jan 23, 2009 11:19pm Jan 23, 2009 11:19pm
Quoting mitchp
I guess you can say both. In the past when I said I was going to wait for the trend to change before getting in, the trend wouldn't change and I'd be pissed for not getting in. So now I take the trade whenever it comes and hope I'm either on the front end or middle of the trend. This is not a perfect system, sometimes you hit the end of a trend and your trades go against you. But if you follow the method it will get you out without too much of a loss.

Hope that helps
So to summarize, you get in long or short when you have a reversal in the trend with the indicators all in agreement with each other.
But If the trend keeps going and indicators are still in an agreement with each other, I guess you can go in on the open of the next daily candle too?
My Email For Help: [email protected]
  • #103
  • Jan 23, 2009 11:28pm Jan 23, 2009 11:28pm
Quoting tcmm
So to summarize, you get in long or short when you have a reversal in the trend with the indicators all in agreement with each other.
But If the trend keeps going and indicators are still in an agreement with each other, I guess you can go in on the open of the next daily candle too?
Yes, I agree with your statement
  • #104
  • Jan 24, 2009 12:01am Jan 24, 2009 12:01am
Quoting mitchp
Lubo,

No disrespect, but did you read the first post. If this isn't the easiest system to follow, I don't know what is. There are three indicators: HMA, RSI, Goldminer2. The HMA will either be Green or Red, Goldminer2 the same. RSI will either be Red, Green or Yellow. Yellow goes either way, So If HMA is Red, Goldminer2 is Red, and RSI is Red or Yellow - you sell! If HMA is Green, Goldminer2 is Green, and RSI is Green or Yellow - you buy! That's it and if you really want to be conservative on buy or sell when all three indicators are the same...
Thanks Mitch for your reply,
yes i have read from the first post, but perhaps I remained confused by the pictures and indicators posted, including the tpl.
Now it's clear.

Lubo.
If I know how, I tell You!! Few but Good!!
  • #105
  • Edited 12:18am Jan 24, 2009 12:08am | Edited 12:18am
Quoting mitchp
Yes, I agree with your statement

OK now I have a few things to add that people might like.
1) ATR- you use this for length of Bar. Set it at 5, then when you put your cursor on it, it will tell you how many pips the length will be, by getting the average five Bars back it can give you how many pips it will do.

2) By having done that, now I will explain how to put a stoploss, make your first profit and trail the second profit with a stopless.
OK put 2 trades in, for example one trade $1.00, and one trade $1.00.
Now you have 2 trades in both at a $1.00 a pip.
Get the ATR on the Bar your in on, lets say its 200 pips, so set take profit at 180 pips. When this trade is out the other is still in.
Now you put the stoploss three Bars back and let that trade ride. Every time a new Daily Bar opens move your stoploss to the next Bar so its always 3 Bars back until some where it will hit you stop and like this you can get most of the longs trends when they happen. If sometimes the 3 Bars back can be to long for stoploss move stoploss closer, because your on a Daily Chart and the stop can be too far when this happens. The better you trade on Daily the less time on computer and more time for yourself.


Happy Trading
My Email For Help: [email protected]
  • #106
  • Jan 24, 2009 7:51am Jan 24, 2009 7:51am
Quoting valasindo
Nubchai,

I will close my position when I see that the CCI line is going against the trade while still above or below the 0 line. I just want a safe trade. I will enter again when the CCI is crossing the 0 line.
Thanks Valasindo. I looked at some charts and saw a lot of trades where the cci moved up through -100, through the 0 line and up to the +100 line where it curled and was a good exit. Nice strategy.

Even for hourly I would check the other indicators to get a feel for the trend direction. But the cci looks like a good indicator for this type of trading.

Sandy
  • #107
  • Jan 24, 2009 8:56am Jan 24, 2009 8:56am
All,

Does anyone know of or have an indicator that would display the day of the week for each bar on the daily chart.

Mitch
  • #108
  • Jan 24, 2009 9:02am Jan 24, 2009 9:02am
Mitch,

you have a very nice and easy system here. And true to paradoxical's post I was the first guy to screw it up by posting "something else". The thread should stay pure and simple.

I haven't been on FF long but I do agree with the statements that others will come along and want or need to "tweak". I told myself that I would never be one so i will go and delete my post.

I have subscribed to your thread and will follow it as well as use your system.
  • #109
  • Jan 24, 2009 9:29am Jan 24, 2009 9:29am
Yes, here you go. All I have is the ex4.

Quoting mitchp
All,

Does anyone know of or have an indicator that would display the day of the week for each bar on the daily chart.

Mitch
Attached File(s)
File Type: ex4 i-5days.ex4   5 KB | 599 downloads
  • #110
  • Jan 24, 2009 9:50am Jan 24, 2009 9:50am
Quoting flyer415
Mitch,

you have a very nice and easy system here. And true to paradoxical's post I was the first guy to screw it up by posting "something else". The thread should stay pure and simple.

I haven't been on FF long but I do agree with the statements that others will come along and want or need to "tweak". I told myself that I would never be one so i will go and delete my post.

I have subscribed to your thread and will follow it as well as use your system.

Glad to have you along. Paradoxical is right, just read any thread. But don't be afraid to add your thoughts or any new indicators. I like what we have developed and it's been successful for me, but that doesn't mean it can't be inproved. That's why we put it up on FF, to see how other traders would respond to it, try to improve it, and to hopefully help others be successful.
  • #111
  • Jan 24, 2009 9:52am Jan 24, 2009 9:52am
Quoting BenQ
Yes, here you go. All I have is the ex4.
Thanks BenQ!
  • #112
  • Jan 24, 2009 9:59am Jan 24, 2009 9:59am
Hi,

can somebody tell me if the goldmine repaints within one bar or some bars back?

thx
  • #113
  • Jan 24, 2009 10:06am Jan 24, 2009 10:06am
Quoting MCFly
Hi,

can somebody tell me if the goldmine repaints within one bar or some bars back?

thx
On the daily chart I don't think it's more than one or two. What I can tell you is so far I've ony had it repaint twice on me that required me to get out of trades. I had lost some pips, but it wasn't too bad and I made them back the same week.

Mitch
  • #114
  • Jan 24, 2009 10:15am Jan 24, 2009 10:15am
Mitch,

to make up for my previous post here is the 5 day indicator as an mq4 file in case you want to modify it.
Attached File(s)
File Type: mq4 5days.mq4   3 KB | 609 downloads
  • #115
  • Jan 24, 2009 10:42am Jan 24, 2009 10:42am
Quoting flyer415
Mitch,

to make up for my previous post here is the 5 day indicator as an mq4 file in case you want to modify it.
Thanks for the indicator!
  • #116
  • Jan 24, 2009 10:59am Jan 24, 2009 10:59am
I did a little test on vHands, I saw tha Goldminer doesn't repaint, but Rsi custom and Hma modified do, its seems for 1 bar.

Maybe it's only on vHands.


Lubo
If I know how, I tell You!! Few but Good!!
  • #117
  • Jan 24, 2009 11:06am Jan 24, 2009 11:06am
Quoting LuboLabo
I did a little test on vHands, I saw tha Goldminer doesn't repaint, but Rsi custom and Hma modified do, its seems for 1 bar.

Maybe it's only on vHands.


Lubo
Sorry, also goldminer repaints from 4-5 bar back.

Lubo.
If I know how, I tell You!! Few but Good!!
  • #118
  • Jan 24, 2009 11:08am Jan 24, 2009 11:08am
Quoting LuboLabo
Sorry, also goldminer repaints from 4-5 bar back.

Lubo.
That's heavy.
  • #119
  • Jan 24, 2009 11:39am Jan 24, 2009 11:39am
Quoting LuboLabo
Sorry, also goldminer repaints from 4-5 bar back.

Lubo.
Lubo,

Wow, I didn't realize that, but the fact is it hasn't hindered me. It may be because I start my trading Sunday Night after the bar has time to settle in and I don't look at it until the next day around the same time. I know at lot of people will try to move this method down to a lower chart for scalping, then maybe the repainting issue becomes an issue. Tomorrow I will post my trades and let all of you follow along. Hopefully you will see that the repainting of the indicators (if they do at all) won't effect your net profitability (by the time you close your trades). Remember my style of trading is to buy on Sunday, adjust and take some profit through Wednesday and then get out entirely by Friday morning. I do not let trades ride over the weekend - Sunday start up is too crazy.

God I hope my trades go well, otherwise I will have a lot of ""xplain-en to do Lucy"
  • #120
  • Jan 24, 2009 11:48am Jan 24, 2009 11:48am
Mitch,

What's your approach on trading this system when major news is scheduled for the next day? For example if GBP employment stats are scheduled for a Wednesday do you avoid trading any GBP pairs that day?

Thnks,
Sandy
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