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need advice for a new indicator

  • #1
  • First Post: Jul 17, 2013 5:44am Jul 17, 2013 5:44am
Hello,

I have a successful strategy. Technically I'm using the following indicators:
STC Color for MT4 (10.23.50),
MACD (8.17.9),
RSI (14),
Bollinger bands,
Moving Average.
This indicaoren give me enough information for a good entry and exit on the H4 and Daily.
But I'm looking for more reliable information.
Can anyone give me an indicator that I can handle for adding even more reliable information
I wonder who this can help me.
Enter Signature
  • #2
  • Jul 17, 2013 7:04am Jul 17, 2013 7:04am
Quoting edbeleg
Hello, I have a successful strategy. Technically I'm using the following indicators: STC Color for MT4 (10.23.50), MACD (8.17.9), RSI (14), Bollinger bands, Moving Average. This indicaoren give me enough information for a good entry and exit on the H4 and Daily. But I'm looking for more reliable information. Can anyone give me an indicator that I can handle for adding even more reliable information I wonder who this can help me.
I use no indicators, just pure price action and s/r, so that would be my advise.
And if the strategy is successful, why would you change it? Keep it simple.
  • #3
  • Jul 17, 2013 7:16am Jul 17, 2013 7:16am
Some people will suggest that you don't need any indicators,
Quoting Seneca pilot
Ok I know its a lot of indicators but here's my chart set-up.

Junky, indicator laden charts will only increase indecision. Most people go down the indicator road. I certainly did. I still waste an hour or so a week adding one checking it out and then deleting it after a little testing. They all lag and they all will give you conflicting info. If you really want to confuse yourself throw up a bunch of indicators and then use multiple timeframes.

Everything you need to know to trade is on the chart I am posting. If the stochastics line up with my entry its purely coincidence.

If this trade works out, great, but the point of this post is not the trade its the chart. Its clean, uncluttered, and shows what I need to know.
No longer trading forex. Looking for full time job.
  • #4
  • Jul 17, 2013 9:28am Jul 17, 2013 9:28am
Quoting edbeleg
Hello, I have a successful strategy. Technically I'm using the following indicators: STC Color for MT4 (10.23.50), MACD (8.17.9), RSI (14), Bollinger bands, Moving Average. This indicaoren give me enough information for a good entry and exit on the H4 and Daily. But I'm looking for more reliable information. Can anyone give me an indicator that I can handle for adding even more reliable information I wonder who this can help me.
best advice i could give you. take a metatrader and select strategy tester. select an expert advisor that doesn't do nothing then run it as a simulator. pause the simulator in visual mode insert the indicators on the chart and if yo click f12 a new bar will apear . if you don't lie to yourself this could be the best simulator ever and could save you months of demo trading. select open prices only so that it will work.
  • #5
  • Jul 17, 2013 11:20am Jul 17, 2013 11:20am
Quoting edbeleg
Hello, I have a successful strategy. Technically I'm using the following indicators: STC Color for MT4 (10.23.50), MACD (8.17.9), RSI (14), Bollinger bands, Moving Average. This indicaoren give me enough information for a good entry and exit on the H4 and Daily. But I'm looking for more reliable information. Can anyone give me an indicator that I can handle for adding even more reliable information I wonder who this can help me.
Rather than asking advices, it is always better to develop systems alone.
  • #6
  • Jul 17, 2013 12:26pm Jul 17, 2013 12:26pm
Quoting edbeleg
... This indicaoren give me enough information for a good entry and exit on the H4 and Daily. But I'm looking for more reliable information....
I think you will need to define what you mean by "more reliable information". Given that you consider that you have "..enough information for a good entry and exit..." what is it exactly that is unreliable?

Or are you just looking for more certainty? If so I would advise that there is no such thing. Your method, as you have explained it, has a certain probability of success...you need to find those probabilities and then develop a rule set that will use those probabilities to your advantage. Adding yet another indicator will most likely NOT do that.

A better question to ask would be something along these lines: My current methodology provides a lead on the markets x% of the time, under the following conditions; (1) blah, (2) blah, blah, (3) blah, blah, blah. What method of entering/management/exiting will put those odds in my favor?

The next two questions (after you have thoroughly answered the first question) are: (1) How can I minimize my losses when they occur? (2) How can I maximize the wins when they occur?

THAT is the basis for a winning approach.
  • #7
  • Jul 19, 2013 7:25am Jul 19, 2013 7:25am
Yes MMaker, I will suggest that there is no need for indicators.
But you may use 1/2 that is inbuilt in your platform and very common.
For this you need to understand price action not indicator action.
Me and a lot of trader are relying on our understanding on price action....
  • #8
  • Jul 19, 2013 7:42am Jul 19, 2013 7:42am
Why change a strategy if you're having success with it?
  • #9
  • Jul 22, 2013 6:47am Jul 22, 2013 6:47am
Quoting iamboston
Why change a strategy if you're having success with it?
You are right too...If you are successful in your strategy, do not look what others are doing...
  • #10
  • Last Post: Jul 22, 2013 6:58am Jul 22, 2013 6:58am
Quoting edbeleg
But I'm looking for more reliable information. Can anyone give me an indicator that I can handle for adding even more reliable information I wonder who this can help me.
No derivatives of price can give you more reliable information than just price itself. Knowledge of market liquidity, sentiment, order placement are more useful in development of a strategy.
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