Spike Bar Indicator - page 6
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Trading System
Attached is the picture of what it should look like.
HI..PJ
do you think your above said system is worth to code ?
HI..PJ do you think your above said system is worth to code ?
arshadFX,
It's up to you to decide. If it's not worth I would not suggest. If you develop a simple indicator-based system it will enhance your coding skills as well as you will learn about trading deeply. How you use the knowledge is something you know if it's worth acquiring.
arshadFX, It's up to you to decide. If it's not worth I would not suggest. .
I may not decide, because i dont know about this system. I am just asking if you are already successfully trading this method and you are satisfied then i will code it, if it is new to you so please test it on demo for a reasonable period of time
Added
PJ
I add shift option check it
I may not decide, because i dont know about this system. I am just asking if you are already successfully trading this method and you are satisfied then i will code it, if it is new to you so please test it on demo for a reasonable period of time
arshadFx,
Yes I am satisfied. I am an experienced trader. It's simple to understand.
But it can't be done without paying any attention. You need to spend time on opening/closing time of each or any one Session Asia, Europe or US.
This is mainly dealing with range trading and not trend trading. 80% of the time market range trade. So my strategy is based on range trading only.
you can confirm this by checking each of time frame by selecting big candles of more than 80 pips and see their hi-low and open-close. Open-close will be smaller while hi-lo will give you an idea of the range trading.
Normally the big traders move market in a big way so big candle will be created. you have to work within the hi-low of the big candle after it's created and do range trading.
I see from your profile you are an importer. Just like you I am a trader of consumer goods. I treat forex a business. What I aim to look is to buy or sell currency after big movement. Every time, I can't succeed because the market moves in a random way so I have to take my chances and use probabilities. Money management is most crucial as I want to control my expenses, investment and capital and aim for bigger wins and smaller losses. This you can do only after live trading because then fear and greed will affect your decisions. I will start with small leverage of 10 times and not 100 times to gain knowledge. Demo trading is no use it will only give you knowledge to read charts and understand how to trade. Pyschology training is the key to our business and unless your money is at stake you can't really learn trading.
You use spike bar on weekly or monthly bar and see for yourself what is really the percentage of movement. Don't look at hi-low .Look at open-close and see how much movement is there and think of how you would buy at what time and sell at what time considering you have limited capital and you want to make maximum use of your limited capital and aim for regular profits and not for a lottery.
I want you to take a look at a picture I will send later and give your ideas what you would do as an importer and reseller of forex as goods. When would you buy and when would you sell and how much turnover you will try to achieve.
Also think there will be price drops and you can lose if you keep the stock for long. So you have to quickly decide to take loss . If you can't take quick loss then don't enter this business.
I treat big candle as a trading zone (which means the market is hot now) . I only use big candle of H4 or D1 or W1. In order to determine the stoploss, I want to fix Fibos changed to any of my percentages. I like Fibo tool because it calculates percentage and also prints position on the chart.
50% of your job is already done in your spikebar. it already gives hi-lo and op-close.
Another 50% you need to do is to code fibo tool separately or in the spikebar itself which can create light color rectangle of hi-low of the big bar and remain fixed to big bar so that when you enter the position in the small-time frame of M1-M15 it is visible.
Spikebar as a whole will thus act as a tool to find hot market zones, entry, stoploss and profit taking points. All this you have to decide by yourself and not depend on anyone's signals.
If you want to cook Khyali Pulao (booty) and dream of making big money then stick to demo trading and after gaining confidence from it go into lottery mode then it's OK.
Forex is a serious business and you need to take it like anyother business. It is very lucrative for a person with patience and willing to fight fear and greed which is just not easy.
Forex as a serious business
PJ I add shift option check it
Thank you. But the problem on the top bars remain the same.
Attached is the picture showing how a businessman treats whole forex business.
Good post
arshadFx, Yes I am satisfied. I am.................... which is just not easy.
PJ,
Seems professional approach, so 1st we need to convert SpikeBar indicator to multi time frame with TimeFrame input option, then add Fib-Levels, am i right ?
Arshad
Make sure you download new indicator
Thank you. But the problem on the top bars remain the same.
Make sure you have download the new version with option shown in attahced pic, I am attaching it again
Make sure you have download the new version with option shown in attahced pic, I am attaching it again
Thank you. Yes it's working. I used template which had old version. My error.
apologies.
Salam to Shaikh Yusuf and Arshadfx for trade ideas and indicator.
Just check if this indicator will help you both to get more ideas.
Good luck.level_trading_12345.mq4 (11.5 KB, 57 views)
This one look quite good on AUSSIE-KIWI 15min chart but also based on ZZ principles