I do not use the arrow, arrow is just visual indication.
durring any reversals i either hedge it or cut-n-reverse, but i will based it on analysis of highertimeframes like 4hour.
for example, if the initial signal is BUY, but latter if we get a SELL signal and if this sell signal is in-line with the 4hour DOWNTREND, then it wud be better for me to get rid of my BUY trade and only keep SELL trade as it has better chances to succeed cos 4hour TF is also in DOWNTREND.
Hope this helps.
jmuhil: i couldnt open that chatroom link, cos my ISP proxy is blocking me from skype website
I found this indicator that seems to have potential for helping determine trade direction...haven't done a lot of research on it but looks interesting combined with this pivot.
I like the HAS indicator to determine the D1 and W1 trend and then trade only in the D1 and W1 trend direction. Has anyone tested only trading in the D1 and W1 trend direction only?
We have started a new week and the mid-term GBPJPY trend is short. I entered a short trades based on the chart signal. Based on the short signal we are going with the mid-term trend and we could see 212.00 again.
How should use the MTF indicator. Wait for all 4 to line up or is 3 good enough provided it includes the hour?
First off, a BIG thanks to Tony D'Trader for introducing me to this system. I like you method Stevenali, thank you for sharing it
The last few post discussing different peoples take on what crossovers to take has helped out a lot.
I tried the skype chat link but it didn't work...
GBPJPY 7 am bounce (GMT)
Looks like we are going to get the typical reversal here for a while whilst the Europeans make up their mind.
14 Jan 2008
Today SELL signal,
150pips banked. Another 90pips floating
what a start of the week
Closed another for 103pips, so total this first day of the week 253.
Weekly target achived
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