This looks like a great system. I'd like to try it. It seems like a great way to start a session with an automatic winMy question is the entry. So I know we wait 5 minutes after a session opens. Do we enter the trade right after the 5 minutes or at the close of the current candle? Thanks
- #164
- May 3, 2016 11:28am May 3, 2016 11:28am
- Joined Sep 2013 | Status: Trader | 1,209 Posts
This looks like a great system. I'd like to try it. It seems like a great way to start a session with an automatic win
Hi guys,
since there really seems to be a language barrier here I will try to step in and post my 2 cents of the system presented here.
As some may know it is a variation of Udine´s "As simple as possible - 00 level trading" (Have a search on FF and you will find plenty of information about it!). Some traders like Nasap, Jibala, LuXing and others took this as a starting point and adapted the rules presented there to their personality/needs.
So before turning to the entry conditions let´s have a look at the indicators and their functions used here:
1. Main chart
- M-Candles
Set the value of TFBar to 60 and it will show you how price behaves relative to the start of the hourly candle. If it´s red then the hourly chart is down and vice versa.
- Daily open line
This tells you where price is relative to the open of the day. If price is below daily open then it means that the daily candle is down and vice versa. (Be advised that the daily open line differs from broker to broker. On the 00 thread this was a criteria on the direction of the trade, no long below daily open and ...)
- ###Auto Pivot2
Calculates S/R zones. Be careful around those lines but on the other side they differ like the daily open.
- CM_Strength
Calculates the position of a currency by taking into account all 28 pairs. For further information have a look at "MT4 Trading the gap with Excel" thread.
- Trend indicator_LuXingMod
This gives you a good overview how a pair moves. Example: If GU is all green and GJ also then this will mean that GBP is strong since is moving in lockstep. Imho a good proxy for correlation.
- SweetSpotsGold_TRO_Modified_Version
This was used in the 00-thread for identifying the next entry level. Good to watch for entries that would have been taken near natural S/R zones. As you may know price may behave quiet funny near whole levels so better avoid longs near these levels.
- xADR_0.2renko cycle
Calculates the ADR (Average daily range) of the last 5 days and compares the currenty daily range with it. It´s advised not to take trade when the ADR is "exhausted". Definitely higher risk. This indy needs real CPU power and slows your PC down. My MT4 crashed several times when I applied the template.
- ATR
Displays the Average True Range (Don´t have it on my chart.) which warns you if the last bar is way too big since this is a situation where pullbacks occur.
2nd window
- 2 x # PriceToOpen
Set the first one to 1440 and the second one to 60. Make sure that the second has a smaller breadth than the first on and maybe a different shade of red/green. This indy shows how price behave relative to the daily open / the open of the hour. Since we are using M-Candles in the main window we don´t really need it, it´s just for convenience.
3rd window
- 2 x M-CandlesSW1
The stuff regarding 2nd window aplly here too. Be advised that this indy repaints. Means that the M-CandlesSW1 which is set to 1440 will change its color when price crosses the daily open for all candles of the day! Make screenshots when entering your trades - otherwise you won´t get the whole picture when analyzing your trades at a later time. Since we are having M-Candles and Daily Open on the main chart already it´s just for convenience.
4th window
- SMSession (funny name for an indy)
Set the times of TO,LO and NYO according to your MT4 time and it will start new at each session.
5th window
- AbsoluteStrengthHistory2
This one calculates the absolute strength of each currency by using a different formula (based on MA) than the CM_Strength. Make sure you activate the arrow which will be displayed in the main window.
Now coming to the entries:
When it comes down to considering a trade one must have a look at the following criteria:
- ADR: If you are considering a short trade and the RmDn is already red, skip it. Also skip the pair if todays ADR is red.
- Price to open: Last candle red/red => short ok
- MCandlesSW1: Last candle red/red => short ok
- TrendIndicator: All red for the pair to trade => short ok. Even better if related pair is in synch.
- CM_Strength: Which pair is on top/bottom? All criteria above met and your pair is on the top/bottom => short ok. Example: GBP is on 8 and USD on 1 (JPY on 2), go short GU.
- ATR ok? => trade ok (You can also watch the PA instead)
- SMSession: How are your currencies of your pair moving? I.e. USD is sloping upward and GBP is sloping down => short GU
- Last bar check: If you want to short then the last bar should be red!
Hope that makes sense for you and answers some questions. Feedback is appreciated.
since there really seems to be a language barrier here I will try to step in and post my 2 cents of the system presented here.
As some may know it is a variation of Udine´s "As simple as possible - 00 level trading" (Have a search on FF and you will find plenty of information about it!). Some traders like Nasap, Jibala, LuXing and others took this as a starting point and adapted the rules presented there to their personality/needs.
So before turning to the entry conditions let´s have a look at the indicators and their functions used here:
1. Main chart
- M-Candles
Set the value of TFBar to 60 and it will show you how price behaves relative to the start of the hourly candle. If it´s red then the hourly chart is down and vice versa.
- Daily open line
This tells you where price is relative to the open of the day. If price is below daily open then it means that the daily candle is down and vice versa. (Be advised that the daily open line differs from broker to broker. On the 00 thread this was a criteria on the direction of the trade, no long below daily open and ...)
- ###Auto Pivot2
Calculates S/R zones. Be careful around those lines but on the other side they differ like the daily open.
- CM_Strength
Calculates the position of a currency by taking into account all 28 pairs. For further information have a look at "MT4 Trading the gap with Excel" thread.
- Trend indicator_LuXingMod
This gives you a good overview how a pair moves. Example: If GU is all green and GJ also then this will mean that GBP is strong since is moving in lockstep. Imho a good proxy for correlation.
- SweetSpotsGold_TRO_Modified_Version
This was used in the 00-thread for identifying the next entry level. Good to watch for entries that would have been taken near natural S/R zones. As you may know price may behave quiet funny near whole levels so better avoid longs near these levels.
- xADR_0.2renko cycle
Calculates the ADR (Average daily range) of the last 5 days and compares the currenty daily range with it. It´s advised not to take trade when the ADR is "exhausted". Definitely higher risk. This indy needs real CPU power and slows your PC down. My MT4 crashed several times when I applied the template.
- ATR
Displays the Average True Range (Don´t have it on my chart.) which warns you if the last bar is way too big since this is a situation where pullbacks occur.
2nd window
- 2 x # PriceToOpen
Set the first one to 1440 and the second one to 60. Make sure that the second has a smaller breadth than the first on and maybe a different shade of red/green. This indy shows how price behave relative to the daily open / the open of the hour. Since we are using M-Candles in the main window we don´t really need it, it´s just for convenience.
3rd window
- 2 x M-CandlesSW1
The stuff regarding 2nd window aplly here too. Be advised that this indy repaints. Means that the M-CandlesSW1 which is set to 1440 will change its color when price crosses the daily open for all candles of the day! Make screenshots when entering your trades - otherwise you won´t get the whole picture when analyzing your trades at a later time. Since we are having M-Candles and Daily Open on the main chart already it´s just for convenience.
4th window
- SMSession (funny name for an indy
)Set the times of TO,LO and NYO according to your MT4 time and it will start new at each session.
5th window
- AbsoluteStrengthHistory2
This one calculates the absolute strength of each currency by using a different formula (based on MA) than the CM_Strength. Make sure you activate the arrow which will be displayed in the main window.
Now coming to the entries:
When it comes down to considering a trade one must have a look at the following criteria:
- ADR: If you are considering a short trade and the RmDn is already red, skip it. Also skip the pair if todays ADR is red.
- Price to open: Last candle red/red => short ok
- MCandlesSW1: Last candle red/red => short ok
- TrendIndicator: All red for the pair to trade => short ok. Even better if related pair is in synch.
- CM_Strength: Which pair is on top/bottom? All criteria above met and your pair is on the top/bottom => short ok. Example: GBP is on 8 and USD on 1 (JPY on 2), go short GU.
- ATR ok? => trade ok (You can also watch the PA instead)
- SMSession: How are your currencies of your pair moving? I.e. USD is sloping upward and GBP is sloping down => short GU
- Last bar check: If you want to short then the last bar should be red!
Hope that makes sense for you and answers some questions. Feedback is appreciated.
Hi guys, since there really seems to be a language barrier here I will try to step in and post my 2 cents of the system presented here. As some may know it is a variation of Udines "As simple as possible - 00 level trading" (Have a search on FF and you will find plenty of information about it!). Some traders like Nasap, Jibala, LuXing and others took this as a starting point and adapted the rules presented there to their personality/needs. So before turning to the entry conditions lets have a look at the indicators and their functions used here:...
Thanks Crystal-clear now...
