Right Trading Timeframe vs Incorrect One - page 2
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Rigth
If you have a correct system you will not think about making pips, all you will do is set trades and follow a system, thinking about making pips does not make sence.
The trader should follow the chart and system to trade, thinking about a trade is not right.
WPR fast/slow(mql4)
Hello, I am attaching wpr's
Timeframe
I hate to say it, but your system could be very effective at lower timeframes too - with a bit of tweaking.
Good suggestions
Thank you mp for detailed help to improve system.
Can you point me to indicators you suggested for tp.
MP -- some problems with HA and WPR that i notice.
There are TWO problems involved using the HA candles with the WPR that one should be aware of and can be tweaked to make a much more effective system in my opinion.
HA candles "lag" the REAL price movement because they need to average high, low, open and close, so naturally the price has moved on by the time all this is done. The ONE overpowering candle one should never ignore is a HA DOJI, as this pretty much tells you of a reversal --- another hint with HA candles is to watch their size as they move up or down --- as they DECREASE in size, you are getting closer to the tp point !
The problem I see with the WPR is that it gives no ADVANCE warning of approaching a tp point, which could easily be solved by the addition of an indicator called "support AND resistance". By the time WPR shows a reversal (because you have to wait for each next candle to see if it changes color) it will be VERY late and the price will already be well past your tp point !
with this overlay on your chart, you will be getting an advance warning when youre approaching profit taking and there are a few others, like silverlining, zigzag pointer, super sr7 and super signals.
the last named chart overlays DO repaint, but they repaint because they are DYNAMIC SUPPORT AND RESISTANCE INDICATORS -- you can choose to take profit when they appear, or working on the lower timeframes (such as 1 or 5 minute) watch if another arrow forms above (for longs) the arrow that already formed, because after a slight retrace from the first arrow, the price will go to the next arrow, and so on as long as arrows are formed !
If you are using zigzags, I would NOT enter a REVERSE trade before you actually see the movement taking place, as often the zigzag may continue up a few more pips (although today with GU it was something like 20 pips move )
Understand that when a zigzag gives a reversal signal, that currency may not start its reverse move till the next intraday reversal point, of which the majors are 12 NOON and 12 MIDNITE, EST
of all of them though, the most important to consistent trading would be "support AND resistance", IMO !
enjoy and trade well
your obedient servant
mp
Super Signals
I have tried super signals and it does not workit always gives exit signal then will remove next day, I am talking about exit signal on closed bar. I beleave I found much better system.
The system that I have listed at the beginning of the tread does not produce good results although it looks good. If you are willing to try it out use demo account instead of live one.
If anyone is willing to work with me to develop profitable daily system let me know, I still think lower time frames are not worht trading, where you make few pips.
Hi,
I couldn't agree more ! Daily timeframe gives less false signals and bigger moves, unfortunately it is easy to become stuck to the screen and try smaller timeframes, many people dismiss daily tf as they want more action... but it's about being patient ! Could you post the indicators ?
Thanks for sharing, great post, just gave it 5* please newbies pay attention to this post it will save you many $$ I am now trading mainly daily with a few EA's running intraday to catch smaller movements so I don't have to watch the screen.Although I'm a fan of the Daily as well, everyone has different strategies, and I have seen live statements of expert scalpers trading the M1/M5.
We can't say what is the "best" timeframe.
Only what best suits us.
I have tried super signals and it does not workit always gives exit signal then will remove next day, I am talking about exit signal on closed bar.
Ahh Super Signals, everyone who sees that for the first time thinks, "wooooooww", when looking at it's past signals, lol.
You'd better not used signal but only sopport and resistance line to help determine buy or sell. it;s simple
Nic
About System
Although I said not to use stop loss, I was wrong. In any case before trading any system, even if you think it to be profitable, test it on a demo account for a month.
There are many systems available on this forum, the challenge is to find the profitable. The recent trend is probabilistic neural networks, the system used by Better on ATC 2007. It seems to be the right way to go to automate trades and not to think much about using this or that indicator.