Also on your next chart the 20 is changed to 25, and the system orginator mentions he has adjusted the standard settings, but he does not say change only once for the system setup, or change according to market conditions. Do you think it would be better to set this according to the general volatility of the pair, or better to dynamically adjust the setting according to current market mood?
Sorry 25 value is wrong.
About stochastic, if you use the default MT4 indicator:
I don't believe so much on adjust indicators to market conditions.
To follow this way we need and have another set of tools like Ehlers indicators which has been designed as adaptive indicators.
If we always use the indicator with same values our mind starts to think in different way. If I had changed MACD values continuously I wouldn't have seen the MACD pattern
Note: 120 EMA on my chart is not on the original method.
Thanks Linuxser. I will work with this and report back anything of use. The longer D line gives a sense of higher time frame - simillar in effect to using MTF on one indicator.
Thank you for advice that indicators should not be adjusted not for market conditions, to properly learn characteristics. But perhaps adjust for time frame/goals. eg scalping for small moves on 1 min chart would need faster settings than bigger trend trades on longer time frame.
Yours "perhaps" is absolutely right. That's the idea.
About our talk, I'm sure Richard Lee has spent a good time looking for a proper setup. He found it as 7.3.20 and on this particular case the Setup is focused on time periods. After work he is free to apply the system to almost any pair following the 7.3.20 and without jumping form one to other value.
His examples mention two completely different crosses and we can see here Euro and others are suitable.
Obviously this rule is not absolute and it's heavily related with currency personality.
But because traders does not focus on several products, just a few, 6/8 as much, I don't care
Manual Trading Script/Internal S/L
I have a script that will open up 3 equal trades with 5% freemargin. The idea is to set 3 goals based on the Fib lines (100, 161, 261). Is it possible to add an internal S/L so that (say) if the 1st trade hits Fib100 then the 2nd and 3rd trades would automatically set a new S/L at the the Fib100 and if the 2nd trade hits Fib161 that the 3rd trade would set a new S/L at the Fib161 line. I would imagine something like this would already exist since this is a not a new concept.
Yes. It's possible. Lot of EA do that.
I thing, also, you could extract some examples from next thread
New to the elite forum, really enjoying this forum. Anyway I was hoping some of you guys could take a look at this and offer any improvements or suggestions. i have been using a variation of this in demo for a couple months with success. Stochs (8,3,3), Advanced ADX, Wattah Attar, pivots, and I have the pcci renko up here which I found here and have been experimenting with. Simple here it is. ADX shows trend, wattah has a spike, stochs in your favor, and respect pivots and you have an entry. Looking at the renko it would seem that if it is flat no trade. If the pcci is on correct side of position much safer. Looking for 6 pips per trade. I only use in ny session, I would expect it would work during the euro session. I never let myself lose more than eight pips. Use price action to make sure entry is safe. Looking for your expert suggestions, thanks.
The aqua vertical lines are entry signals. Seems to generate around 10 per ny session. Hope I did not forget anything...
you forget the renko indicator. Thanks for uploading.
sorry, here is the renko and pcci...
I forgot to add that if price lingers for 2-3 bars and does not move much I get out and take the small loss or profit..