Hi Valeo,
"Daily direction....."
This is really the $64,000 question, the holy grail of all traders.
"I am clearly still looking for improvements."
I believe we all are still looking, I certainly am!
So what have I been doing? At the moment I am following JD's wave action as described in https://www.mql5.com/en/forum/174180
I haven't been a great follower of wave theory but this thread is interesting. It does seem very similar to the Big Ben strategy for GBP/USD, which is described in several forums.
What I have abandoned is MACD, MA's, most indicators that appear here for MT4.
MT4 indicators that I do like are FisherYurick and the StepMAStoch as used in the Nina thread. There are several of each so pick those that suit you.
I will follow this thread with interest....
BigBen Indicator
Anyone got a working BigBen indicator please?
I don't want an EA, just the indicator for MT4.
Thanks
Wayne
to take a trade I have about 6 -7 templates, sometimes I use a naked chart.
for breakout and trend direciton its rather simple , I have two setups
this is one of them the other one is a private , I wont explain a lot a picture worth a 1000 word
very good thread
this is very good thread I wonder why only few people replied and no new post anymore? I am trading on daily chart as well.
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If we could accurately (or at least 80% of time) forecast the direction of the DAY, life would be a lot easier.
Could we (no offense meant, but preferably "seasoned" traders) collectively try and find a "better" way of trying to determine the overall direction of the DAY by posting what we have been using to help us decide which direction we "feel" after our analysis, the trades may go for the DAY, irrespective of Fundemental Announcements.
What I am using at present (and I feel this is not adequate, hence this posting):
1.DAY-Chart:
a. What does the previous day's candle suggest?
b. Is the previous candle showing strong momentum? (how do we define that momentum?)
c. Is there any reason why this "momentum" cannot continue? Such as i.e. that the candle has come to close on the 38% Fib level or at major Trendline, etc.
d. Do the wicks play any roll here, for the wick represents actual price during that day. So, if the wick is long, does it mean that the opposing forces (Bulls / Bears) are winning and may therefore change the direction today?
e. Maybe the Candle is already showing that the marketforces are "turning the tide" where as the indicators/oscillators may not yet.
f. Fib-levels.
g. The usual EMAs and Oscillators such as EMA-8 and 21 plus the 100-SMA that is generally used by the Banks, etc.
h. Personally I find the "NewTrend" highly effective, but at this stage I don't want to suggest that what I use is beneficial, as I am clearly still looking for improvements.
2. 4-HRLY_Chart
Much in the same way as for the Daily.
3. HOURLY-Chart.
Any positive developments will be much appreciated. Thanking you in advance.