Forex Freeway - page 3
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I usually place my stop at the last swing low. DeSoft
I hardly ever see this posted on a forum and yet it is one of the most important things you can do.
Everyone always wants either a fixed pip stop (20 pips, 40 pips, etc) or an indicator based stop. I think the reason they want that is so that an EA can be programmed based on specific rules. That's just not smart (an indicator stop is better than a fixed pip stop, though), IMHO.
Stops should be based on market conditions, volatility, and support & resistance. The problem with that, for most people, is that they now have to use discretion, and nobody seems to want to do that. Everyone wants things purely mechanical.
I don't know if this trading model is profitable or not, as I haven't tested it yet, but the fact that you haven't tried to make it a completely mechanical system means that it's off to a good start, again, IMHO.
Good job!!!
Keris
It would be great to have more "roadblocks" on the 4 freeways. Any potential trouble prices like a pivot or a fib level or a significant MA like the 200.
I know these can be added to the main chart anyway but it would be very handy to see what resistance (or support) there is across 4 timeframes on the freeway.
Four bright green lights and a clear road ahead, press the gas pedal.
Mike4X.
aannd sheees buying a stair way to haven
desoft
hello
I want to ask you how many signals did u had ( medium everage) weekly or monthly according to your trading with your system ? and did u always waited till all the 4 TF to become bright green or red?
You did a great job keep on !!!
Yass,
Thanks for the compliment. As for far as how many signals I average per week using this strategy, there is usually one or two per day. I monitor multiple currency pairs and choose the one with the best setup. Money management again is important. I try and calculate my risk to reward ratio according to the stop and potenential targets.
When taking trades I began by only taking trades when all the bars were bright in my trade direction. These are high probability trades due to market momentum. Recently, I've taken trades when only the 15, 30, and 60 bar are bright and the 240 is normal. This usually telling me of a strong retracement from the 240 timeframe. This is where fibonacci can help you for support and resistance levels. I look to take profit at these levels. Again, these trades are not as high but still can let you gain some nice pips. Another bad thing about taking trades like this is that the market could be going into a sideways congestion and you may get whipsawed out of you trade. So for beginning, I would only take trades when all four light up in you direction.
DeSoft
Hi! Thank you for the awesome indicator. I was wondering if instead of fibs and or MAs we could use Murrey Math. I believe that when the MM lines agree on more than one tf, we get a higher probability trade, just like with the Forex Freeway. What do you think guys? Can it be done?
DanielTyrkiel,
Thanks for the input Daniel. I've actually worked with MM in the past and did notice that when MM lines matched on different timeframes they acted as strong support and resistance, especially the 0/8, 2/8, 4/8, 6/8, and 8/8 lines. Maybe someone can try and impliment them into the indicator. Anyone?
DanielTyrkiel, Thanks for the input Daniel. I've actually worked with MM in the past and did notice that when MM lines matched on different timeframes they acted as strong support and resistance, especially the 0/8, 2/8, 4/8, 6/8, and 8/8 lines. Maybe someone can try and impliment them into the indicator. Anyone?
Yes, use the Forex Freeway for momentum, but MM for entries. Would be great to have MM icorporated into the FF. pretty please
Yes, use the Forex Freeway for momentum, but MM for entries. Would be great to have MM icorporated into the FF. pretty please
I'd still prefer the fractal breakout as my entry technique. Only because I know it works for me and I've made alot of pips with it. And it adheres to proper stop placement for me as well. I would only use MM as potential support and resistance because in a strong trend even the MM lines recalculate.
DeSoft
Desoft,
when you traded for 20 pips, did you only take the first breakout after the freeway cleared or can you have re-entries later when its building new fractals on the way down or up?