I'm starting this thread as an exploration of a different use of the Abo3oon template I have had on my platform for a number of years now but have never really used in any significant way.
I try not to stray from the GBPUSD pair for my button trading but my curiosity always has me exploring potential on other pairs.
Before starting, I need to thank the producer of this indicator (or at least the poster of it) on FF. I can't for the life of me remember who it is and being a sunny Sunday arvo here in Sydney, I am enjoying the effects of Bourbon and Honey so not really in the mood to go searching for the author. if you know who it is, please post their details here and they shall get the thanks they deserve.
Barring that, I will do a search later in the week when I sober up.
I think the modification I have made has quite a bit of potential as it is but input from others is welcome as long as it is constructive.
Essentially, I am watching the COG trend on the daily to tell me what way to trade on the 1hr.
Long entry rules:
1. Daily COG pointing up
2. 1hr TF retracing to the lower Bollinger band and/or Donchian Channel (setting 55)
3. 1hr COG indicator starts turning up
S/L: Either below the swing low, or (and this maybe important) a 1hr bar CLOSE below the swing low point.
(alternatively, the SL maybe when the COG starts turning down again) and re-enter when it turns up again.
T/P: The opposite Bollinger Band or Donchian channel (which ever comes first I suppose). May decide to take 80% off at this point and let the rest go until the 1hr COG turns around again. Who knows.
Short Entry Rules:
Opposite of long entry rules.
I have attached an example of a long entry opportunity presenting itself for market open next week for the EG pair.
* Daily COG up.
* 1hr retracing to lower BB and COG now pointing up.
This is an experiment and have no idea how it will turn out.
Let's see how she roles...
I try not to stray from the GBPUSD pair for my button trading but my curiosity always has me exploring potential on other pairs.
Before starting, I need to thank the producer of this indicator (or at least the poster of it) on FF. I can't for the life of me remember who it is and being a sunny Sunday arvo here in Sydney, I am enjoying the effects of Bourbon and Honey so not really in the mood to go searching for the author. if you know who it is, please post their details here and they shall get the thanks they deserve.
Barring that, I will do a search later in the week when I sober up.
I think the modification I have made has quite a bit of potential as it is but input from others is welcome as long as it is constructive.
Essentially, I am watching the COG trend on the daily to tell me what way to trade on the 1hr.
Long entry rules:
1. Daily COG pointing up
2. 1hr TF retracing to the lower Bollinger band and/or Donchian Channel (setting 55)
3. 1hr COG indicator starts turning up
S/L: Either below the swing low, or (and this maybe important) a 1hr bar CLOSE below the swing low point.
(alternatively, the SL maybe when the COG starts turning down again) and re-enter when it turns up again.
T/P: The opposite Bollinger Band or Donchian channel (which ever comes first I suppose). May decide to take 80% off at this point and let the rest go until the 1hr COG turns around again. Who knows.
Short Entry Rules:
Opposite of long entry rules.
I have attached an example of a long entry opportunity presenting itself for market open next week for the EG pair.
* Daily COG up.
* 1hr retracing to lower BB and COG now pointing up.
This is an experiment and have no idea how it will turn out.
Let's see how she roles...
Attached Image(s) (click to enlarge)
Come with me if you want to live....
but you never know, the GBP/CHF might get my attention also
