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Attachments: MoForce's PwR System
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MoForce's PwR System

  • #1
  • First Post: Edited 8:43pm Jul 19, 2009 1:03am | Edited 8:43pm

PwR System(1.0) - By MoForce


I'm introducing a new system I've only recently (yesterday, lol) started developing. Any feedback would be great! All you need to do is download the indicator I created and attach it to your chart.

Main PwR Rules

Long Entries: When the green line appears you take the high of the candle where the green line starts. When the price crosses above that line you place a long entry.

 

  1. Stop Loss: If the line becomes white (goes below 0), close the position.
  2. Take Profit: *Still Experimenting* So I dunno, 15pips?



Short Entries: When the white line appears you take the low of the candle where the white line starts. When the price crosses below that line you place a short entry.

 

  1. Stop Loss: If the line becomes green (goes above 0), close the position.
  2. Take Profit: *Still Experimenting* So I dunno, 15pips?

Additional Info

To me it looks like the 15min TF is the one to use. I'm also thinking that the 5 min TF should be used too as confirmation of a trade. A trade possibility should be identified on the 5min TF first followed by the same trade direction in the 15min TF. That seems to work the best. This relationship could also work on other TFs (2 adjacent TFs, although untested by me).

Pairs Tested

GBP/USD - Use

Author's NOTES:

Sorry for the very brief description and info. I'll update it all and continue to add info as time goes on. Also, please don't pass this off as your own =P. Better pictures (and guide) coming soon! (Once the system is more developed)

Indicator Logs

PwR v1.0 - July 19, 2009
-First Version, very basic indicator... basically in beta


Last Updated: July 19, 2009

Attached Image (click to enlarge)
Click to Enlarge Name: short example.gif Size: 44 KB
Attached File(s)
File Type: ex4 PwR.ex4   3 KB | 1,436 downloads
  • #2
  • Jul 19, 2009 3:32am Jul 19, 2009 3:32am
what is the pwr indicator based on ?
  • #3
  • Jul 19, 2009 6:39am Jul 19, 2009 6:39am
hey, where do the white line come from? i only see the macd-style indi under the chart
Per aspera ad astra!
  • #4
  • Jul 19, 2009 10:25am Jul 19, 2009 10:25am
thanks for share, tomorrow I m gonna test it

____________

S + R = $$
  • #5
  • Jul 19, 2009 12:05pm Jul 19, 2009 12:05pm
Quoting ahbinn
what is the pwr indicator based on ?
It's mainly based off of price action along with a couple other things.

Quoting laphoenix
hey, where do the white line come from? i only see the macd-style indi under the chart
Check the background color of your chart. If your BG is white you won't be able to see it. You can always change the colors of the indicator. The white line should be drawn automatically.

Quoting errich fx
thanks for share, tomorrow I m gonna test it
Thanks for testing! I'll be testing on the GBP/USD this week with a live account. I'll release the details at the end of the week.
  • #6
  • Jul 19, 2009 12:09pm Jul 19, 2009 12:09pm
Do you only trade when the line first changes color on the 15M chart?

If you're using the 5M as confirmation it can bob back and forth between colors while the 15M stays the same color.

In that case would you use the 5M as the trigger?
  • #7
  • Jul 19, 2009 12:48pm Jul 19, 2009 12:48pm
Quoting billbss
Do you only trade when the line first changes color on the 15M chart?

If you're using the 5M as confirmation it can bob back and forth between colors while the 15M stays the same color.

In that case would you use the 5M as the trigger?
Looks like I explained it a bit wrong lol, it was pretty late yesterday =P

so here's how it works... the 5 Min gives the alert of a possible trade once the price breaks the proper high or low based on the indicator. The 5min can move about.

Example:
The indicator's white line has just appeared on the 5Min chart and the low on that candle is 1.5 so once the price goes below 1.5 we move on to the 15Min timeframe for the actual confirmation to place a trade. So we wait and see that the 15Min white line has appeared and the low of that candle is 1.4975 and once the price breaks below that you short. Also, I think if the 5Min and 15Min have confirmation at roughly the same time that's also a trading opportunity. Ideally the 5Min should occur first and the best scenario would be a 5Min that stays the same color all the way through. I'm still tinkering with the rules as you can see. I'll probably be able to sort it all out by the end of this week.

So yeah I guess trigger is the right word to use. I know with this system you probably won't have so many trades happening (I think it might be like a trade every other day or so), but they should be pretty accurate.

In the future I'll make the indicator such that it'll do all this for you and it'll just tell when to place trades on the 15M to avoid confusion... in fact i'll see if I can have that done

*A good example of an ideal trade would be on July 13, 2007 at 15:15 GMT on the GBP/USD*
  • #8
  • Jul 19, 2009 5:02pm Jul 19, 2009 5:02pm
One more thing... I wouldn't suggest trading when the market opens because gaps could throw the indicator off. Allow a good hour or so after the market opens.
  • #9
  • Jul 21, 2009 9:19am Jul 21, 2009 9:19am
Quote:
Originally Posted by laphoenix http://static.forexfactory.com/forex...s/viewpost.gif
hey, where do the white line come from? i only see the macd-style indi under the chart

Check the background color of your chart. If your BG is white you won't be able to see it. You can always change the colors of the indicator. The white line should be drawn automatically.

i have been change the BG color and redownload the indi.,but still the white line is not appear,can you attach the indi again...
thank you in advance

best regards
  • #10
  • Jul 22, 2009 12:16am Jul 22, 2009 12:16am
Just a heads up, I'm live testing it this week and probably won't update until the end of the week once enough data has been collected. So far (Since Sunday) there's been 2 signals generated and both of them were perfect! I was able to grab about 200 pips in total.

edit: Oh and for those who were wondering were the trade signals (5Min trigger then 15Min confirmation) took place...

Trade 1: Long 1.6370 on July 20,2009 at 00:00 GMT

Trade 2: Short 1.6466 on July 21, 2009 at 07:45 GMT
  • #11
  • Jul 22, 2009 4:10am Jul 22, 2009 4:10am
Nice and simple. Thank You for sharing your ideas.
  • #12
  • Jul 22, 2009 6:35pm Jul 22, 2009 6:35pm
Me too. I don't see the white line. I would love to use it on my live account.
  • #13
  • Jul 22, 2009 10:40pm Jul 22, 2009 10:40pm
Moforce,

Were you able to do anymore updates to the indicator? "In the future I'll make the indicator such that it'll do all this for you and it'll just tell when to place trades on the 15M to avoid confusion... in fact i'll see if I can have that done"

Also, what do you mean by the following:
"The indicator's white line has just appeared on the 5Min chart and the low on that candle is 1.5 so once the price goes below 1.5 we move on to the 15Min timeframe for the actual confirmation to place a trade. So we wait and see that the 15Min white line has appeared and the low of that candle is 1.4975 and once the price breaks below that you short."

Thanks so much for sharing! :-)
  • #14
  • Jul 23, 2009 5:21am Jul 23, 2009 5:21am
What's wrong with me? Is there anybody else who has the same problem as me? I need some help..
  • #15
  • Edited 6:06am Jul 23, 2009 5:52am | Edited 6:06am
lol yes I'll update all of this in time... like I said earlier, I'm dedicating this week to testing the system.

BTW, for those following the indicator: Did you guys catch the amazing trade on G/U? You would've went long above 1.6440! You could've grabbed a max of about 100pips if you did.

So far this week there were 3 calls all of which were correct.

Also, if you can't see the white line, make sure the background of your chart is black. If that doesn't work try changing the color to something else.

Quoting bnbb2004

Also, what do you mean by the following:
"The indicator's white line has just appeared on the 5Min chart and the low on that candle is 1.5 so once the price goes below 1.5 we move on to the 15Min timeframe for the actual confirmation to place a trade. So we wait and see that the 15Min white line has appeared and the low of that candle is 1.4975 and once the price breaks below that you short."

Thanks so much for sharing! :-)
Yeah I know it's a bit confusing. I'll probably create alerts for the updated indicator or have something drawn on the chart.
  • #16
  • Jul 24, 2009 7:27am Jul 24, 2009 7:27am
Quoting MoForce
lol yes I'll update all of this in time... like I said earlier, I'm dedicating this week to testing the system.

BTW, for those following the indicator: Did you guys catch the amazing trade on G/U? You would've went long above 1.6440! You could've grabbed a max of about 100pips if you did.

So far this week there were 3 calls all of which were correct.

Also, if you can't see the white line, make sure the background of your chart is black. If that doesn't work try changing the color to something else.

Yeah I know it's a bit confusing. I'll...
I've been just truly a looser or BE... And I already have been using black background on my MetaTrader 4(live). But I couldn't find anysignal line.. I'll be waiting for your update till next week^^ Thank you for your sharing.
  • #17
  • Jul 25, 2009 11:28am Jul 25, 2009 11:28am
Quoting crossj7
I've been just truly a looser or BE... And I already have been using black background on my MetaTrader 4(live). But I couldn't find anysignal line.. I'll be waiting for your update till next week^^ Thank you for your sharing.
I'm excited about the update as well. :-)

Moforce,
Would it be possible for the new updated indicator to contain an email alert (for those of us that can't be in front of the charts immediately - out of the room, in the kitchen, etc.)?

TIA!
  • #18
  • Jul 25, 2009 11:19pm Jul 25, 2009 11:19pm
Unfortunately I won't be at home for about a month so I can't guarantee i'll continue the updates while away and I haven't quite finished a proper update, but I'll be sure to have somewhat of a fix for those who have problems seeing both lines. I just need to do a live test real quick (when markets open). I'll see if I can add an email alert to it, though it won't be completely accurate as of now. As in you may get an alert every couple hours or so, but not all of those conditions will fit a perfect trade environment.
  • #19
  • Jul 26, 2009 1:43am Jul 26, 2009 1:43am
Quoting MoForce
Unfortunately I won't be at home for about a month so I can't guarantee i'll continue the updates while away and I haven't quite finished a proper update, but I'll be sure to have somewhat of a fix for those who have problems seeing both lines. I just need to do a live test real quick (when markets open). I'll see if I can add an email alert to it, though it won't be completely accurate as of now. As in you may get an alert every couple hours or so, but not all of those conditions will fit a perfect trade environment.
It seems that I finally got it what you mean by the white line.. It's not the horizontal line drawn in yr explanation but just something like macd oscillater curve! It looks very interesting and I'll give it a try next week!
  • #20
  • Jul 26, 2009 3:32am Jul 26, 2009 3:32am
Hello Mo !

For your next update, can you please put extern settings ?

This will be very great !

Thanks for this great indicator and hard work behind
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