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Start Winning - Trade the Current Trend

  • #481
  • Jan 4, 2017 8:28am Jan 4, 2017 8:28am
Quoting wizlon32
{quote} Ok Nelson, thanks for your opinion. Here is a look at where I'm going with my system. Entries are still based on the 3 RSI, but I am prefering the OB/OS levels instead of the 50 level. I am not using any other RSI on my trading chart but I am using my dashboard to spot trends and opportunities. I am using just the 34 EMA on my chart. No others for now. It simply changes colour to display direction or slope. Top right is 34 EMA Dashboard. I am using channels to keep me trading in the right direction. Any of the standard MT4 channels - I just...
Here is the same chart but on M5. I have added another Fibo Channel (blue and yellow) and you can see multiple opportunites to buy. My SL was hit on this trade.

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  • #482
  • Jan 4, 2017 8:30am Jan 4, 2017 8:30am
Quoting wizlon32
{quote} Here is the same chart but on M5. I have added another Fibo Channel (blue and yellow) and you can see multiple opportunites to buy. My SL was hit on this trade. {image}
Bullish Channel, Bullish 34 EMA + 3 RSI buy signals are ideal buy conditions and vice versa for shorts.

Check any chart and any TF and you will see many opportunities.
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  • #483
  • Jan 4, 2017 8:38am Jan 4, 2017 8:38am
AUDUSD M5. Currency Strength Meter can also be used to spot opportunities.

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  • #484
  • Jan 4, 2017 9:28am Jan 4, 2017 9:28am
Hi Wizlon, great to see you back. I know personally I have learnt a lot from you and I agree with Nelson regarding the thread. Interesting I have made a few minor tweaks myself but it is more about putting information on the chart that I want to use since I can be so forgetful but entirely trying to stick with your overall process. Also, thanks for the dashboard and explanation, I am liking it and it has helped me spot a few setups all ready.

This is a trade I have just entered and the template I am using now. I have a couple of higher TF things on it which just helps me.

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  • #485
  • Edited 11:31am Jan 4, 2017 11:08am | Edited 11:31am
Quoting Grantmac
Hi Wizlon, great to see you back. I know personally I have learnt a lot from you and I agree with Nelson regarding the thread. Interesting I have made a few minor tweaks myself but it is more about putting information on the chart that I want to use since I can be so forgetful but entirely trying to stick with your overall process. Also, thanks for the dashboard and explanation, I am liking it and it has helped me spot a few setups all ready. This is a trade I have just entered and the template I am using now. I have a couple of higher TF things...
Good stuff Grantmac and thanks for your comments. I considered MTF MAs but decided on the 34 EMA Dashboard instead for a cleaner chart. But if it works for you mate thats what matters!

Here is my new template and indicators for anyone who wants it. Just copy the template file to the templates folder and drop all the indicators in to the main indicator folder. As usual I havent included the volume suite or the volume candles suite. Also I can't share my RSI Alerts indicator so I have made something similar the best I can.

Attached File(s)
File Type: zip INDICATORS AND TEMPLATE.zip   91 KB | 675 downloads
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  • #486
  • Jan 4, 2017 11:24am Jan 4, 2017 11:24am
Quoting wizlon32
{quote} Here is the same chart but on M5. I have added another Fibo Channel (blue and yellow) and you can see multiple opportunites to buy. My SL was hit on this trade. {image}
Made my money back on EURCHF plus some. Top entry is safe now butneed to keep an eye on it now so I don't hand my profits back.

Edit: Both positions closed. BRN 1.07000 just below and it's getting late in the day now.

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Daily View - Definate down trend.

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  • #487
  • Jan 4, 2017 4:58pm Jan 4, 2017 4:58pm
Quoting wizlon32
Here is a new RSI Dashboard that I have been working on. (Edited screenshot as Timeframes on left were in wrong order on 1st screenshot) {image} It uses the same indicator twice. Right Dashboard - (trend direction) Set to 21 RSI to show main trend on each TF Colours - green above 50 level. Red below 50 level. Left Dashboard - (pullbacks) Set to 3 RSI to find pullbacks. Colours - Green Oversold (possible Long opportunity). Red Overbought (possible short opportunity). Position = TL (not TR). Timeframes reverse order from right side ofdashboard. Other...
I found a problem with this dashboard (but I have a fix).

If like me you put it on a Monthly chart it won't update for a month! If you want it to update every minute then put it on an M1 chart. Every 5 mins then put it on an M5 chart etc.

I put it on a Monthly chart so my verticle line and rectangle wouldn't keep disappearing to the left. Also I don't really want it updating every minute or even every 5 mins. I want it to update just before I look for an opportunity and then freeze. To achieve that you can simply change the TF just before you look at it, even if you change from Month to week it will update. The easiest way to do that is to add the symbol changer to the chart as I have done here and click it before you look.

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  • #488
  • Jan 5, 2017 4:56am Jan 5, 2017 4:56am
A bit about channels. There are several different channels available as standard in MT4 and they all have their uses. I will make a post about each for anyone that is unfamiliar. It is important to understand that 2 people could look at the same chart and apply the same type of channel but pick completely differend anchor points -but it doesn't matter. What matters, in my opinion is that your channel makes sense to you and gives you the confidence to enter trades.

I would like to recommend this thread by Eaglestar. When I first looked at it as very new and aspiring trader I found it to be truly enlightening.
http://www.forexfactory.com/showthread.php?t=565188

Here is EURAUD H1. I plotted this channel yesterday by lining up with high points 1 and 2. I then moved the yellow centre line to a position that made sense to me. Having just turned my MT4 platform on now I see that point 3 hit my upper TL perfectly and dropped. I would have taken that trade if I was watching it.

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  • #489
  • Jan 5, 2017 5:00am Jan 5, 2017 5:00am
Quoting wizlon32
{quote} I found a problem with this dashboard (but I have a fix). If like me you put it on a Monthly chart it won't update for a month! If you want it to update every minute then put it on an M1 chart. Every 5 mins then put it on an M5 chart etc. I put it on a Monthly chart so my verticle line and rectangle wouldn't keep disappearing to the left. Also I don't really want it updating every minute or even every 5 mins. I want it to update just before I look for an opportunity and then freeze. To achieve that you can simply change the TF just before...
Hi Wizlon,

Thanks a lot for the RSI Dashboard. Very useful for finding pairs to trade.

I was playing around with the "Refresh Period" field in the dashboard settings and found that the numbers will update at whatever value you set, i.e. set to M5 and the numbers update automatically every 5 minutes. I haven't tested the higher values (M15, H1 etc) but checked M5 for a couple of cycles and it works. Setting the value to 0 instead of the default +0 gets real time updates of the numbers, but presumably that will prove to be CPU intensive. Like you I have mine on a monthly chart.
  • #490
  • Jan 5, 2017 5:09am Jan 5, 2017 5:09am
Quoting Nelson35a
{quote} Hi Wizlon, Thanks a lot for the RSI Dashboard. Very useful for finding pairs to trade. I was playing around with the "Refresh Period" field in the dashboard settings and found that the numbers will update at whatever value you set, i.e. set to M5 and the numbers update automatically every 5 minutes. I haven't tested the higher values (M15, H1 etc) but checked M5 for a couple of cycles and it works. Setting the value to 0 instead of the default +0 gets real time updates of the numbers, but presumably that will prove to be CPU intensive. Like...
Well done mate. I did try playing around with that setting but it did my head in.
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  • #491
  • Jan 5, 2017 5:18am Jan 5, 2017 5:18am
The Basic Trade

You don't need to use any channels for this system. Here is an example of what I will for now call the basic trade.

For this method the 34 EMA shows us the direction we want to trade. If its sloping up and price is mainly above it we want to be buyers and vice versa for selling.

The last trade in this example would have been a short trade but the rest are longs. On every occasion the 3 RSI is reaching OS/OB levels and then signals by crossing back above or below that level in the direction that we would be looking to trade. The levels I have used here are the 30 for buying and the 70 for selling.

You could also use the MACD crossing the signal line for extra confirmation and that could help to filter out some of the bad trades.

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  • #492
  • Jan 5, 2017 6:07am Jan 5, 2017 6:07am
A lot of my trades are taken using my mobile phone when I'm out and about. Not ideal but easy enough. Here is a long scalp that I took earlier for a few pips. The yellow boxes show where I entered the trade. It was a high volume scalp so I just closed when I had a few green pips.

Blue line is 34 EMA. Obviously it doesn't change colour when the slope changes so I added a 10EMA of the 34EMA.
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  • #493
  • Jan 5, 2017 6:27am Jan 5, 2017 6:27am
AUDUSD H1 with A Regression Channel applied. ADR is at 97% but there could be a long trade here from the median line if it gets there.

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  • #494
  • Jan 5, 2017 7:22am Jan 5, 2017 7:22am
Quoting wizlon32
AUDUSD H1 with A Regression Channel applied. ADR is at 97% but there could be a long trade here from the median line if it gets there.
I'm with you for AUD long. Lets hope it gets a kick up now with the US red news not so good.
  • #495
  • Jan 5, 2017 8:19am Jan 5, 2017 8:19am
Quoting wizlon32
AUDUSD H1 with A Regression Channel applied. ADR is at 97% but there could be a long trade here from the median line if it gets there. {image}
How do you get these dots on the indicator Daxtrader?
I would love to see them too. Thanks!
  • #496
  • Jan 5, 2017 8:26am Jan 5, 2017 8:26am
Quoting kofix11
{quote} How do you get these dots on the indicator Daxtrader? I would love to see them too. Thanks!
I mentioned this indicator in post 480. I bought it along with an EA some time ago and there for I am not allowed to distribute it. There is a link in post 480 to where I got it from but it doesn't seem to be available anymore. I read somewhere on the site that the EA has been permanently leased to a hedge fund so I presume the same must be true for the indicator.

If anyone can prove that I am infact allowed to share it then I would be happy to.
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  • #497
  • Jan 5, 2017 9:25am Jan 5, 2017 9:25am
Quoting wizlon32
{quote} I mentioned this indicator in post 480. I bought it along with an EA some time ago and there for I am not allowed to distribute it. There is a link in post 480 to where I got it from but it doesn't seem to be available anymore. I read somewhere on the site that the EA has been permanently leased to a hedge fund so I presume the same must be true for the indicator. If anyone can prove that I am infact allowed to share it then I would be happy to.
I found one but it showes crosses and I don't know how to ajust the levels because they are not set as parameters.
Maybe someone can program it. Thanks anyway. :-)
Attached File(s)
File Type: mq4 -- 2lrsilcustom.mq4   4 KB | 360 downloads
  • #498
  • Jan 5, 2017 2:07pm Jan 5, 2017 2:07pm
EURUSD M1

I have been scalping this ranging market for a few pips each time.

I have added a standard Deviation Channel set to 2 deviations and I have been trading long and short. I am using the 20 and 80 levels for the RSI. The arrows are produced by my RSI Indicator. I don't normally use them but I have used them here for illustration purposes.

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  • #499
  • Edited 2:39pm Jan 5, 2017 2:28pm | Edited 2:39pm
Quoting kofix11
{quote} I found one but it showes crosses and I don't know how to ajust the levels because they are not set as parameters. Maybe someone can program it. Thanks anyway. :-) {file}
Good find Kofix! I have been looking for something similar to mine to share here but haven't been able to find anything nearly the same.

Here is a chart with my indicator (top) and yours made to look like mine. I think yours alerts or displays a cross when the RSI candle closes above or below the level and the candle closes but mine alerts when the RSI croses above or below and then re-crosses in the desired direction and the candle closes. The levels can be adjusted by using the levels tab but it doesn't seem tochange the alerts which defeats the object really.

At least you found the source code. Maybe someone could get it changed. Mine has a lot more settings which can be viewed by the following the link I already posted or I will post here if anyone wants to take this on.

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  • #500
  • Jan 5, 2017 2:38pm Jan 5, 2017 2:38pm
Here is an auto linear regression channel indicator. All you need to do is change the number of candles you want it to look back. You can use more than 1 of these on any chart so you could set 1 to look back say 150 candles and 1 to look back 50 or something. I don't use it but I found it yesterday and thought it might be worth sharing.
Attached File(s)
File Type: mq4 uLinRegrBuf.mq4   3 KB | 466 downloads
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