I am a conservative forex trader and use indicators for gathering information for manual analysis. I would greatly appreciate if someone can make a trade entry pad (or suggest existing indictor available) which consists of drawing:
(a) hi-low rectangle (light color background) for MTF period on the chart : it should draw the rectangle from hi-low of required bar length (say 150 pips) selected from a switch with multi-time frame and show high-low and open-close in pips value on the rectangle. Say open-close diff is 10 pips and hi-low pips is 50 pips then 10/15 pips be printed on top or bottom of the rectangle. The idea is to identify big candles and plan the breakout or retracement trades.
(b) a tool to draw entry point, stop loss and take profit levels which stays fixed with the rectangle when it is shifted to other time-frame. It should also be capable of projecting profit levels manually set or drawn by a fibo or pivot or previous daily/weekly levels. It should a switch to select the length of the candles, timeframe of the candle and
I think static (not dynamic) fibos for MTF period can do a better job because they can project projected profit levels instantly. Ofcourse, the fibos should stick to the time frame and not change even if the chart period is switched. The fibos drawn should be from high to low (+200 and - 200 levels). It should have inputs to change percentage so that the trader can select whatever level (say 20%) of any rectangle candle selected as entry point and 50% profit taking and 80% as stop loss level.
In order to explain my style of conservative trading I am attaching two charts.
(a) hi-low rectangle (light color background) for MTF period on the chart : it should draw the rectangle from hi-low of required bar length (say 150 pips) selected from a switch with multi-time frame and show high-low and open-close in pips value on the rectangle. Say open-close diff is 10 pips and hi-low pips is 50 pips then 10/15 pips be printed on top or bottom of the rectangle. The idea is to identify big candles and plan the breakout or retracement trades.
(b) a tool to draw entry point, stop loss and take profit levels which stays fixed with the rectangle when it is shifted to other time-frame. It should also be capable of projecting profit levels manually set or drawn by a fibo or pivot or previous daily/weekly levels. It should a switch to select the length of the candles, timeframe of the candle and
I think static (not dynamic) fibos for MTF period can do a better job because they can project projected profit levels instantly. Ofcourse, the fibos should stick to the time frame and not change even if the chart period is switched. The fibos drawn should be from high to low (+200 and - 200 levels). It should have inputs to change percentage so that the trader can select whatever level (say 20%) of any rectangle candle selected as entry point and 50% profit taking and 80% as stop loss level.
In order to explain my style of conservative trading I am attaching two charts.
Attached Image(s) (click to enlarge)
