if you get some free time and wouldn't mind having a look at this indicator maybe you have an awesome idea to make it better?
so i have decided to start from scratch here is what i have so far since the 18th ive managed (being too risky, 1 lot on 5k) to take my account from 5k to 7100
O YES THANK you very much
this is much much better!!
greatly appreciated thank you thank you !!!
its been 3 days and up a tiny bit over 50%
Elder impulse system
As I posted in the elite section I want to improve 2 interesting indicators based on the impulse system of Elder.
Basically I use them on 2 different timeframe H4 ,H1.
I attach them to a 15 min time frame for better entry using trend lines,flags or pennant break out as triggers.
When bot H4 and H1 impulse match I wait for the breakout in that direction.
This manual system is very profitable for quick trades, usually I take profit at the next pivot,fib pivots or other support or resistance.
The problem of those indicators is that they repaints the last bars because are MTF based and I need to switch on higher timeframe to refresh their colours and it is annoying.
At the moment I'm using @Ratio indicators and I recreate the impulse system using Ema and MACD in different TMF, but I don't have the simplicity of candle colors and color bars at the bottom of the chart.
Sorry for bad english.
Could you please help me to fix or improve those indicators?
what are you using for your other support and resistance?
ill take a look at your indicators
thanks for your reply.
For other support or resistance I mean dynamic or static levels like trend channel or recent highs or lows tracked from higher time frames.
I don't have a specific indicator for that,I never found a good automatic channel or trendline plotter, I think that is very difficult to develop.
I made these things manually.
I will appreciate your effort to try to improve the impulse system of Elder that is Imho the best way to stay out when the market is choppy or without true strength.
Have you tried to attach the Elder candle color indicator based on 240 time frame on a 15 min chart?
following our discussion with msquared I want to share with you a technique that I use to track some support/resistance level that I use for my take profit or to take position on the market.
This technique is based only on my charts observations.
Maybe it is already known but I never red that in any books or other things.
As you know the cross of two moving average maybe a good signal to enter
or reverse a position, well I don't use it in that way.
I use the cross to know the" this nor that" levels, let me explain:
When the fast moving average(eg.EMA20) crosses over the slow moving average(eg.EMA 50) I track the HIGH of the bar where the cross happened.
When the fast moving average(eg.EMA20) crosses under the slow moving average(eg.EMA 50) I track the LOW of the bar where the cross happened.
Attached an example:
So, in a bull market I wait the EMA 20 cross Under Ema50 and track the low of the bar cross.
If the price goes lower that level it is a breakout down but my mind is bullish so I wait the price to return the level tracked.
The same for the bear market but reversed.