Linear regression indicator - page 3
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I am the trader who named the Kelpie Trading method, but I am not the originator of this method of trading. It is a counter trend trading method that can be very good if used carefully, however if the reversal doesn't come, it can spell disaster, so it is very important to test it and be very sure to use definate stops. Used properly it can give about 70% winning trades, but only after a lot of testing to discover the time frames and stops to use that suit your trading style. The method I used was with Bollinger bands and the liniar regression indicator (not the standard one in MT4) The LR indicator is standard fare in FXTREK Intellicharts, and thats where we first discovered it. After I stopped using Intellicharts, I helped in finding a programmer who put in the time to make this indicator work on MT4. I used it to concistantly trade profitably on Intellicharts 10 min chart, on GBP/USD, however MT4 does not have a 10 minute chart, and I was not as successful using it on 15 min MT4 charts. I gave it to Rick Young and named it The Kelpie system... I am Australian and the Kelpie is a cattle dog here. I no longer use it, in fact I don't use any indicators at all these days. I trade bare candlesticks on 4 hour and daily charts. Pure price action works best for me after 8 years of trading... and it takes only an hour or 2 a day to average about 200 pips a week, and make a steady 5 to 10% profit a month.
Hello pt49,
I read with great interest your comments and involvement with the Kelpie. I was a subscriber to the now non-existent GaubFX (since Dan's passing) and learned about the Kelpie there. The LR indicator you offered here (thank you) seems to be working fine on my computer. Dan had a programmer change it so that it printed one candle later on the screen. Too bad Dan's is no longer working any longer on my MT4 platform but yours is, I just need to realize it's hooking one candle earlier than Dan's LR does. Sometimes Dan's seems to get you in the trade one candle too late but I have seen very often that Dan's hooks over at the same time that a candlestick reversal pattern has just completed, like a bearish/bullish engulfing for example. What I mean is it was almost like a cheat for those who haven't yet learned the candlestick reversal patterns.
I'm very curious to know your trading method with just the bare candlesticks. Are you just using the main reversals (engulfings, hammers, shooting stars) with support and resistance from previous swing highs/lows, trading only if it is confirmed by former support/resistance? Which are your favourite pairs to trade and what time of day?
Thank you,
cchilian