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Ok, but i have not change back to m1 again and again? so, i se you trade just in m1.
No, one time only.
Because I did not want to wait 5 minutes on M5 timeframe when bar will be closed (the lines will be on the chart only when current bar will be closed. using M1 - I will wait just 1 minute.
I am talking about red/blue dotted lines only.
Timeframe to trade:
M1, or M5, or M15.
How to select timeframe for me?
It is indicator which is drawing support/resistance lines based on some number of the bars (8 bars by default settings).
In case of M1 timeframe - we will have many good signals (price crossing the lines) to trade, but many false signals too.
In case of M5 timeframe - lines will have different location (because 8 bars on M15 are not the same as 8 bars on M1).
We can select timeframe according to our experience, volatility of the market and so on.
Example, if you select M15 timeframe so we can wait whole the day without any signal ... but we will have less false signals too.
red/blue dotted lines.
Those lines (red/blue) will be started to be appeared only when bar will be closed.
For M5 timeframe - you need to wait 5 minutes max for the bar to be closed and for those lines to be on the chart.
For M15 timeframe - 15 minutes max.
So, I am switching to M1 timeframe (1 time only), and in this case - I will wait 1 minutes only.
It is one time only when I open Metatrader or attaching indicator to the chart.
What this indicator is doing?
This indicator is drawing support/resistance/trend lines automatically for intra-day trading.
Traders created it because it is difficult to draw those lines manually in case of lower timeframe.
--------------------
285 pips on open trades for now:
It is what I have for now:
Initial deposit was 500 ... for now: 1,500 for 3 days.
Paramon/Maksigen (nick names; real name is Sergey) called it as a scalping but I am not sure ...
because 50 pips in profit is not a scalping anyway ...
So, freewayfx is right: trading without any indicators is more profitable.
But I am sorry: we should have good experience, good skills and a lot of learning for example.
To make it shorter: it is not simple to do.
It is what I have for now:
Initial deposit was 500 ... for now: 1,500 for 3 days.
Paramon/Maksigen (nick names; real name is Sergey) called it as a scalping but I am not sure ...
because 50 pips in profit is not a scalping anyway ...
So, freewayfx is right: trading without any indicators is more profitable.
But I am sorry: we should have good experience, good skills and a lot of learning for example.
To make it shorter: it is not simple to do.My chart looks same.
I think, an EA would be really great.
You mean: create EA based on this 1 indicator?
Yes, agree .... but it is not simplete do ... as I remember - Igorad could not ...
Well.
We can definde the rule ...
The problem for coder is the following:
we are trading by openning pending orders. But our lines are moved all the time ...
so ... when to move ... or delete and create next buy stop for example ...
It is not simple ..
I will think about the rules.
Yes, it will be great to have EA.
Why is it difficult to code?
Example ... you see here: it is USDCHF right now:
I call it "ready to go" by "Warcraft"
Means: all support/resistance lines came to very close way to the price ....
How to code it? No idea ...
I think, it can be program but on some semi-automatic way in the beginning.
It is the statement:
I agree - it may be good to create EA for pending orders placing according to red/bloe dotted lines. But I am not sure that it is simple to code as those lines are moving all the time (especially for M1 and M5 timeframe as those lines are drawing based on the past 8 bars).
It is updated statement:
It looks great
as this page diagram
for the indicator called Maks GEM range alert
-- the ORANGE sloping line there ---- is that orange thin line, tell the direction of the next leg ??
I think we should wait for 1 to 4 days before correcting our mistake (if any), that should be better - rather than over-reacting , so some people trade very relax -- some people kill by margin call
as this page diagram
for the indicator called Maks GEM range alert
-- the ORANGE sloping line there ---- is that orange thin line, tell the direction of the next leg ??
I think we should wait for 1 to 4 days before correcting our mistake (if any), that should be better - rather than over-reacting , so some people trade very relax -- some people kill by margin callThe gold color line drawn by maksigen range move indicator not necessary as direction of next leg. Most of the time i treat it as drawing chart pattern lines.
You need not over-reacting with this type of trading, what you need is timing of entry and trading skill.