Need help with great indicator - page 2
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Ok I have no idea how this should look in the end but I am sure you do, so take a look and come back to me.
Thanks - looks great. I think the defaults need to be 5 and 5. It provides a smoothed visual of a trend, and the oscillator tracks peaks and valleys pretty well. I guess it can be used as another confirmation.
I have seen great results using the first indicator with settings of 5 and 5 combined with a 10 period RSI. Take the trade when RSI touches or is above/below 70 and 30 and my indicator signals a crossover. I try to get 10 pips on 1 and 4 hr charts, and 75 to 100 on daily chart signals, depending on the volatility of the currency pairs
Also, the indicator shows divergence faster than RSI
Can you create an EA of your system? I would be interested in testing it out.
Thank you
bhale
Have you tested this in forward testing also?
I am backtesting visually, and forward testing by demo acct. I don't have time to develope an EA, and I don't feel confident enough to put my money on automated trading. But if anyone wanted to try it, here are my rules.
If RSI <= 30 (or realy realy close) and Slope indicator crosses over from the bottom, take a long posistion
If RSI >= 70 (or realy realy close) and Slope indicator crosses over from the top, take a short posistion
1 HR and 4 HR
Take 10 to 15 pips target - Stop loss - whatever is comfortable to you or a recross of the indicator
Daily
Take 50 to 75 pips target - Stop loss - whatever is comfortable to you or a recross of the indicator
And close all positions on Non farm payroll Fridays and go play golf.
I am backtesting visually, and forward testing by demo acct. I don't have time to develope an EA, and I don't feel confident enough to put my money on automated trading. But if anyone wanted to try it, here are my rules.
If RSI <= 30 (or realy realy close) and Slope indicator crosses over from the bottom, take a long posistion
If RSI >= 70 (or realy realy close) and Slope indicator crosses over from the top, take a short posistion
1 HR and 4 HR
Take 10 to 15 pips target - Stop loss - whatever is comfortable to you or a recross of the indicator
Daily
Take 50 to 75 pips target - Stop loss - whatever is comfortable to you or a recross of the indicator
And close all positions on Non farm payroll Fridays and go play golf.this is an awesome system..really appreciate it...and aaa perhaps codersguru can EA it..
Thanks. I'd be interested to know how others are using it. Specifically if they are using any other indicators to verify the signals, or using different settings.