Float - page 3
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Good setup
I am using it just to let me know where is a POSIBLE change in the trend,once the Float shows the POSIBLE stop and reverse i look at two more indis, this is how i trade it and the indicators... I trade this mainly whit the Eur/Usd 5Min, and almost always enter two trades because the Eur/Usd almos always retrace a little to allow me a second entry
Thanks Saintroman. Pairing Float with Level Stop Reverse indicator does make sense. As an added precaution, I am demo trading this setup with a simultaneous watch on MACD cross on 15M chart to make sure I don't get on the wrong side.
Raju
I lost the MT4 conection!!!!!
But i use it for the charts only,i trade with another broker... This is an entry point for me...
Significance of Red and Blue dotted lines in Float
I lost the MT4 conection!!!!!
Are we supposed to associate the formation of vertical dotted red line exclusively with shorting and the formation of vertical dotted blue line as an indication only for looking to long or can they be interchanged?
Your previous example showed shorting with the dotted red line with price reaching the top edge of the box at the horizontal solid blue line, which seems correct. But in the next example you seem to be attempting to go long after the formation of a similar dotted red line even when the price had already hit the bottom horizontal solid blue line and there is no more shorting to be done. I think that this renders the signal no good both for short and long trades and since the line is dotted red, there is not question of looking for a long trade. So one has to wait till the next vertical line is formed which will be a dotted blue line and see if the price is still close to the bottom horizontal solid blue line. If so, then look for a long trade.
Am I interpreting this correctly. Kindly inform of your views.
Raju
Hi Raju, i read the red dot as a change of the previous trend, not as a signal to long or short, if the trend is bullish(look at the chart below) and the dotted red line appears that means that a change in the trend is about to start, so if it is bullish the bears will start, in the other example when the dotted red lines appears the BEAR trend ends and start the bulls thats why i went long at 1.4125 and enter a second trade at 1.4150 after the retrace but i close both positions because the Float shows a POSIBLE change in the trend but i now see that was too early to close it...
The Float has repainted right now,but as i say before, i only trade when the price hits the MT4 Level Stop-Reverse, this is the main filter for this great indicator because I DO think that this is a great indicator to identify a POSIBLE change in the trend, but is just an INDICATOR, indicates you a situation and you have to decide what to do based on the PRICE ACTION...
Vertical line color
decide what to do based on the PRICE ACTION...
I think it makes good sense to treat the vertical line as prospect to go both long and short irrespective of color as it multiplies potential opportunities. Thanks again.
Remember that this is the 5min chart and this is scalping so take your profits when you can,i trade 2lots and exit 1 lot at 10pips, and follow the rule with the other lot and re-enter one lot when it retraces
Possibility on a larger timeframe
Saintroman, please check out the PM I have sent you.
Your PM save my day
What do you know about the COG indi? I was searching for some settings for the 5min charts...
Looks great but i don t know how to use it...
Cog
What do you know about the COG indi? I was searching for some settings for the 5min charts... Looks great but i don t know how to use it...
I find default setting to work the best. Slope of these lines will simplify in choosing a productive trade and weed out the signals in the potentially wrong direction. Link in your PM gives very good information about the indicator.