This is gonna sound confrontational, but, it ain't gonna happen. Period!
The only way to trade tops and bottoms is to Trade them, and most Traders will tell you not to even bother. Just try to pull something out of the middle. You can't Follow an indicator and have it accurately pick the tops and bottoms. It's the same way that you can't Follow an indicator that accurately identifies trend vs. chop. They don't exist and never will.
What you're asking for is what EVERYONE that has EVER traded has been asking themselves: how do you accurately identify tops and bottoms (or trends vs. chop). There is only ONE way to accurately pick tops and bottoms....
I should probably charge for this as I could get a lot of money for this secret, but I like this forum, so here goes...
To accurately pick tops and bottoms all you have to do is look at last weeks charts and I guarantee you, you'll see all the tops and bottoms on whatever time frame you want.
Sorry for the joke, but I just couldn't resist.... Being serious, though, learn to TRADE. Stop looking for the magic indicator. It doesn't exist.
Just my 2 pips,
You can rely on indicators to pick tops and bottoms as they are right until they are not, hence the use of filters, visualise this, the super signals has picked a possible top, then the next candle closes and another signal comfirms the super signals, then on the close of the third candle, another comfirmation signal appears, there you have it, three confirmations all lining up, have you got the top? Yes! But you enter the trade on the open of the fourth candle, that's how you trade using indicators, and there is a holy grail, it's just not in our circulation as yet but keep searching, you will find it!
Don't believe the big boy traders who tell you it doesn't exist, it's in their interest to tell you this!
Now, so what three indicators can we use together, New Digital, anyone, any ideas?
I should have added that these signals are on a lower time frame period to the one you trade off, ie, 15 min chart to trade of the hourly....
Also what we need is to beable to adjust and apply more than one set of super signals to a particular chart, example, to select super signals on look back/foward on period of 14, then 21, better signal as more comfirmation!
It is very difficult to work with the indicators which is painting the past. Very difficult. I gave some example how to use this kind of indicators here (read it from the post #17).
Usually the signals from painting-the-past indicators are coming first. Not strong signals. The last signal is coming from the "nornal" indicator (which is not painting the past). This last signal is very strong but too late sometimes.
If we want to get very early signal (for sell or buy or to estimate the trend) we are under the risk because such sort of the signals are very weak and may be disappeared in any moment. If we want to estimate everything exactly we are under the risk as well because "the exact" buy or sell signals are coming too late.
The other timeframe?
If we are trading on H1 for example and will look at D1 timeframe to take the direction of the trend we are under risk: we are taking the trend direction from D1 timeframe on the close bar. But if the trend is changed we will not see anything on the D1 timeframe first because the trend will be changed starting from H1 timeframe (from M1, M5, M30 and H1 and later on D1).
Trade on H1 taking the direction from M15?
Well it is ok but the trend is changed very often on M15 and we are under the risk once again.
So what to do?
Estimate your trading strategy and prove it by manual trading and with full explanation "why". And in the most cases one person can not do it: it is very difficult. We are doing it on the forums for example (much more easy).
With respect, saying Super Signals "picked a possible top" implies that the indicator is TRYING to predict tops - it is not! It is simply highlighting successive highs and lows as they occur. If there was a way of trading each and every signals you see - each and every 'arrow' you see is a winner which screams 'BEWARE!' - you would indeed have discovered a HG indicator. It is disturbing to see people wanting to 'develop' this indicator based solely on it's ability to highlight highs & lows of historical data.
The danger is that traders not familiar with how it generates its signals will see the 'arrows', think, damn this is good, and trade with it. This indicator should be consigned to the Recycle Bin immediately. I bet whoever wrote it gets a chuckle out of seeing people including it in their setups. Just my opinion..........
It somehow manages to indicate where possible turning points arise, sooner or later the turn it notices will be a significant top or bottom, it all depends on what size swing you trade, why am I bothering to explain all this......?
Some people are using standard DeMarker, or CCI, support and resistance indicators, Fibo indicators, and so on. With some probability.
Hi fred give this a go.
Hi New Digital
I use Fib, Fib exp, Elliott wave counting, CCI, it's useful but I want better, hence my search.
I want better as well.
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