here is my chart.
I am willing to put all my effort in this method.
I believe it will make money.
I just don't understand, I tried the Strategy Tester(visual mode), and it shows me that the indicator repaints. The ZigZag Pointer. Maybe it's becuase of the Strategy Tester? Maybe becuase of the company's Mt4? So, would someone please tell me what Mt4 broker they are using(the ones that have been trading this profitably), so I can install it? Also, can You please post the 2 indicators and templete again? So, I can be 100% sure that the indicators are right? Look at the following attachaments:
1 is before, 2 is after.
In at 216.16 out at 218.16 +200 pips
I think you mean 226.16 and 228.16?
I am still following this nice thread.
Have a few questions regarding your trade:
Did you get in way up the trendline because it was still bullish?
You stayed in the trade even though there was a big retracement after your entry? Did you follow this trade or you just set your TP?
I already see that you are High, but the real question is on what. The subject has been discussed in this thread and the conclusion is that it DOES REPAINT, because it's just a stupid indicator not the CRYSTAL BALL. It cannot fortell the price change, only estimate it, and in a strong trend WILL be WRONG many times. It is up to the money management of the trader to make it profitable based on its signals.
Good luck, and stay away from that SH**
Since I still have to work(for now) I placed a stop and a limit. and when I got home it had hit my stop.
as of now I am not in any trades, because I don't see anything.
but im up for the week which is always a good thing.
I like this system so i created an EA. Let me tell you how it works:
1) First of all compile it with MetaEditor
2) It has 3 parameters: Lots,Tp,Wick
-Lots is the number of lots you want to play with
-Tp The target profit in pips. After that number of pips in your profit, the EA will automaticaly start placing stopLoss from PriceChanel_Stop_V1 indicator. (trailing or what's the name for that? )). If you set it 0 won't be used so price will be trailed with that indicator from the start of the trade.
-Wick- Forex11 said that he uses candle paterns to identify if a reverse will follow or not. And if the wick is biger than the body and we have the signal than we can enter. So wick means: how many times the wick should be bigger than the body. (If you set it 0 will not be used)
For example if we set wick=2 than a trade will be done if we have the normal signal (arrow + nonlagzigzag) and one of the wicks doesn't matter which one, is 2 times bigger than the body of the candle when the candle is closed.
Anyway i did not understand very well how should a reverse candle look like. Any of the wicks bigger than the body? Both of them?...The topWick?theBottom?...please explain Forex11. Thanks.
Now, I tested this on M5,M15,H1...and i got good results on short periods. But because the zigzag repains, sometimes the entry signal is wrong which makes a little hole in your budget ).
Another problem will be ...what should we use to trail a good position? I used the indicator turnupvol showed in his post because i knew it from another place.
This is the first version i write for this strategy so any comments will be welcomed, only so we can make it better.
Forex11,BigBear,others, please let me know how could we improove this if you have ideas. This is my yahoo id if you want to contact me, so that things go faster. email@example.com
The stoploss at when starting a new trade was set as i understood Forex11 does. Last candle low/high + spred + 1 pip, meaning a little under/over the arrow.
mpower can you please give me that heineken ashi you use for confirmation? And if possible tell me exactly what you want to see when sure a good trad will follow. Thanks
This is one of the most affective exit strategies!!!
It depends on price action and not a fixed interval.
A complementary strategy will be to use Fibonacci projection profit target,
i.e. 1.618, 2.0 etc.
Thanks for the ea. I am testing it right now with the gbp-usd, gbp-jpy, and the cad-jpy 4hr tf. I'll let you know how it goes.
Attached is the best heiken indicator I've seen. Image below.
Here's a better image below:
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