I was wondering if any gurus came up with any breakout system based on Support and Resistance indicator? I believe it should be very possible with a decent S/R indicator. Let's make a holy grail out of this new indicator guys!
I've been playing with Barry's Support and Resistance, but only to find out that the indicator repaints the past 3 bars. When an indicator repaints the past, it will look so good on chart, but in fact it's totally different in real-time. If you've been fooled by ZigZag indicator, you'll know what I mean. But anyway, let's give a cool "Multiple Personalities" to the indicator that repaints the past.
One more thing about Barry's SR is that it is highly volatile (changes value too often). Support and resistance lines are supposed to be low volatile, right? Because of its high volatility, Barry's SR just allows too many false breakouts; too many that it shouldn't be called Support and Resistance.
So at the end of the day, I recoded the whole thing to get a slightly better S/R: single personlity and lower volatility. It's only slightly better, because my S/R is gonna lag 3 bars behind to cope with the so-called "multiple personalities." But it sure does guarantee static support and resistance. Once the level is located, it will stay the same for bars ahead.
See how good Super S/R is, compared to S/R (Barry).
Barry s/r are just another nice way to display fratcals. I used it as my S/L level. Also used when the s/r level are close to each other, it gave me a hint that a big move is about to come. I stick with it
It's nice in showing illusion, sorry fractals.
Hi. I attach an interesting strategy (not mine). Some of you may already read this...
This is a Breakout strategy that allows you to anticipate and get in the market before the Breakout. It should work across most Time-Frame
If anyone can code this simple indicator would be great.
yeaa,they are right - good observation
looks good on m60; getting killed on ranging markets - needs something 4 flat and chopp; but good idea, though
need some filter indicator to optimize it btw nice idea
Forex Indicators Collection
It's a very interesting idea.What indicators should we use for filtering the market noise,I wonder??
Yep. Looks better on TF 60Min >
The "5 Pip Rule" seems like a good filter?
I have coded an EA based on support and resistace(Barry) indicator and I have used 2 pip rule for it and for the rang trend I have used 12 pip rule for it.and just chck out the result.
Have you tried using the Daily S/R instead of the Super S/R Barry to compare the results?