Rainbow similarity

Yeah the repainting is annoying but I make sure the signal is the same direction as the rainbow on the 15m as well as the 1H chart and both CIs pointing the same direction as the rainbow.

So how are you using the HA?

on the one hand it is just to visualize a possible trend change and on the other hand i enter a new trade if it changes again in the rainbow direction.

take, this is an old template.

if u dont want a lot of colours in ur screen xDD

Just initially I can see waiting for the HA candle to close and change colour is a good entry time.

Yesterday I removed the rainbow as I found it was a distraction and just as many good signals occurred against the rainbow as with it.

So I had the 2 x CIs and the MBFX and now HA candles.

This time I brought in all the major pairs using CI settings of 8 and 24.

I only take an entry when BOTH CIs are signalling a thick red signal AND and HA candle closes in the same direction. Then I use a stop of 20 and a TP of 40 and my lot size is 1% of my account. From a little backtesting I can see even if one of the CIs is the thick red signal it will still work.

MBFX doesnt really come into it yet but I will see what I can do with it. I thought about drilling down to the 5m chart and only entering when all the same rules apply and MBFX just closed up for long and down for short.

Another idea I had is once you have all the rules ticked for a trade, go up to the Hourly charts and make sure the most recent signal there is the same direction.

Then I leave them. No fiddling or adjusting or panicking!

Yesterday I took 4 trades and all 4 won!

There is still an issue with the CIs repainting but even with 1 or 2 of those trades repainting to a point where the CI signals were gone they still won. I think this is because there was strong indication of price action reversal and so the signal occurs and then later its not so strong and the signal is gone but there is still good price action to follow anyhow. I am thinking you stay the course and if its wrong then its wrong. You cant win them all! Maybe reduce the TP to 20 or manually exit the trade once in profit.

I also think timing may be important. I have more success close to and once UK session opens and obviously close to and once US session opens and not so much during the Asian session. So for me I will not look for signals until after 2pm my time as I live in Australia.

I'm aiming at 3 trades per day:
If all trades lose then -3%
If 1 trade wins then 0%
If 2 trades win then +3%
If all trades win then +6%

Comments welcome guys.

Original here (post 3359) - http://www.forexfactory.com/showthre...03148&page=168

Dear Moonie,

Thanks for the indie,... we need the template also with complete setting please,...

Thanks and happy pips ahead,...

Budi

Sorry, Budi, missed it out. I've updated the post with the template now.

Good luck.

Moonie.

Thanks for the TEMPLATE,.. soo much help,...

Thanks,... and hope all green pips ahead,...

Best Regards,

Budi

Two trades today. AU - TP (50 pips), and EU which is still open. (Update - EU, TP. 50 pips)

Two trades this week, Thursday and Friday EY, EA. Both 50 pips.

EY


EA

well done!

Cool, so colourful... equally complicated. Trading is hard because there should be one rule: buy or sell. But to determine this, we use many other rules!

Manual systems like this require a university degree... an EA can accomplish this because it is a robot, but humans require discipline and patience.

Good to see another reply in this forum, everybody else seems to have moved on. I have started trading this system again using the rules from post 246 as it is the only system I have tried that has a high win rate although the trades don't come along very often.

Back to winning ways, 50 pips from the GY.

where do i find this rainbow indicator?

Hi, you do not redraw the Cycle identifier??