Linuxuser, I really appreciate your openness and hardwork. You have inspired me to respond to this thread. This perhaps is not the right thread to be sharing this, so please forgive me. However, I, too, have tried working with ATRs and ZZs.
At this point, I only trade the GBP / JPY trade with this setup because it is so easy to follow and easy to make money trading.
Below is a picture of my setup that works quite well. Perhaps you already have these indies, I don't know. If you are interested in persuing this further, please let me know.
1. FAST GMMA (I removed some of 'unecessary' lines)
Settings: 2 / 5 / 14 / 3 / 0
2. MTF Absolute Strength (thanks to Igord) this version is better than the original IMO.
Settings: M30/ 1 / 8 / 5 / 5 / 0 / 3
3. FX Snipers T3 CCI
Settings: 26 / 9 / 0.618
4. ZZ butterfly
Settings 32 / 3 / 12
(I use these to quickly spot the high / low
Two different Setup ideas -
1. Look for the previous high / low and Apply the Fibo Retracement lines and wait for a retrace above the 50% then enter assuming your bottom indicators ALSO agree.
2. OR each time the Fast GMMA Yellow Line Xcrosses its other lines, then apply the Fibo Retracement lines and wait for a retrace above the 50% line then enter a trade assuming your other indicators agree.
I was taught by Joe DiNapoli that one draws the Fib-retracement from the old price TOWARDS the latest price and so it prevents one from making mistakes in reading the retracements.
Also, once the price has entered the "channel" between the 38.2% and 61.8% levels, one has to wait for either 38 / 61% to be broken again before entereing. Interesting to note that you use the 50% which falls smack in the middle of this "channel" - how long have you been trading it like this without getting "burnt"?
Could you please let me have a copy of your improved version #MTF_Absolute Strength as I would like to test it again, please?
Looking forward to hearing from you.
Here is a new one that might be worthy of elite indicator status.
Thanks Nicholishen. Am I correct in having downloaded the Chart-Transposition_Ind_zip file? It looks impressive, but maybe we need to just talk to each other so that I can get up-to-speed quickly?
TDI indicator https://www.mql5.com/en/forum/175290/page29
The other good indicator from Nicholishen: (FPI) predictive price
Nice move on GBPUSD today. Price was waiting above 19506, when the pair could take it down goes to 19441 (S) but without a close below rebounded.
Concerning to elite indicators:
- i found very interesting forum concerning MT4 and fibo indicators. in Russian language. Trying to register there. Once do it so i will post or inform about some indicators.
- somebody is posting very good images on public Ichimoku thread and i am trying to get which indicators they used. I will post it once get the indicators.
Zigzag Ensign Fibo indicator.