Follow The Bouncing Pip - page 164
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I just use the mfi for a confirmation that the trade might be a good one. ALOT of times it will reverse off the 20 and 80 levels, but not always. The most important thing i look for are.
1. A arrow (either down or up)
2.A candle with a long wick bouncing off the non-lag zigzag
3. When that happens then I look at my MFI and see where it is at.
4. I also use a RSI with a 50 level. you want a cross of the 50 level.
I hope this helpsthanks alot for the quick reply Mr Forex11.
actually, i lost my 600 pips becoz i didnt pay attention to mfi.
i use rsi too but my setting is rsi(25). after i lost my 600 pips, i realized that i cant rely only with nonlagzigzag & zigzag pointer. thats why i add nonlogdot on my FTC template, just like someone said (sry, forgot his name, i think it was dxtrade), & pay attention to mfi.
i try to learn candle stick pattern, but it seems i cant apply it on real trade very well
We have a up arrow on the 4h gbp/jpy.
my stochastic filter is at 5
my rsi is at 10
but my mfi is at 45
So i will wait until it falls alittle bit more and wait for a good candle-formation before i jump in to go longhi forex11, can u share ur indicator please.. the stochastic filter,rsi, and mfi..
thanks
I have noticed that the zigzag lines and arrows move with the price so for example if an arrow appears for a long trade and price continues to go down then the arrow just follows the price action and looks as though it is perfect. Very risky in my opinion.
could be
I have noticed that the zigzag lines and arrows move with the price so for example if an arrow appears for a long trade and price continues to go down then the arrow just follows the price action and looks as though it is perfect. Very risky in my opinion.
that is why we use several filters and also learning candle-formations to help determine when to get in.
the arrow only lets you know to be ready for a trend reversal. thats all
metatrader
hi forex11, can u share ur indicator please.. the stochastic filter,rsi, and mfi.. thanks
all three filters are already in metatrader under indicators.
My Chart
Here is my chart.
Hey, Bigbear!
Been a fan of the thread from the start, great stuff. Now trading your original take on it...outstanding. The only addition is a Stochastic filter. Also, I take small bites (25 pips) then go fishing.
It's turned my trading - & my life style, around.
Owe you, man.
If you ever make it to the Whitewater country, BC, PM me & I,ll show you around.
Hey All,
Before I forget, yes the arrows move. If a new high/low is established, the arrow will move to the next PROBABLE reverse point. So backtesting is useless. Only forward testing applies & thats why I know it works.
https://www.mql5.com/en/forum/177573/page102Hi bigbear,
Thank you for this system. Backtesting is a problem with most systems because even when you use something like a MA (every tick method) the MA will change as the last price change but with backtesting the MA value stays the same for the last bar. With the ZigZag indicator this problem is even worse. I wish the guys at metatrader can make the indicators change like it will change with live prices. Then we would even be able to backtest something like the zigzag.
Best regards
Derik
Been a fan of the thread from the start, great stuff. Now trading your original take on it...outstanding. The only addition is a Stochastic filter. Also, I take small bites (25 pips) then go fishing.
It's turned my trading - & my life style, around.
Owe you, man.
If you ever make it to the Whitewater country, BC, PM me & I,ll show you around.What time frame are you using?
Goinglite
Time frame
What time frame are you using? Goinglite
Hi Guy,
I use 4hr TF.
My full system is this: Follow the 'Bigbear' & enter on a ZZ & Pointer confluence. Exit on a 'Bounce' or another confluence.
I also trade counter trend with Stochastics, 5,3,3.
If main trend is down, enter long when Stochastic %K turns up through 20. If main trend is up, enter short when Stochastic %K dips through 80.
Set your take profit at whatever...I set 18 pips, three for them, the rest for me.
I trade the European & Asian sessions, & run a spread betting account in the UK. It's tax free!
Take your money, & go fishing!
May the pips be with you.