"truth About Indicators" - page 2
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I was checking about candlestick and I have found some good info about it and I think it is a simply way of looking at price without any calculation.
I have updated my own indicator yesterday based on EUR/USD on 15 minute time scale. It has 5 different trend lines ranging from near the lowest level the pair has been to near the highest level (for over a month) with 3 bars spaced out between them . If the order is below bottom line, between the bottom and middle line I place buy orders if it's above the top line or between the top and middle I place sell orders.
From 1.46pm on my platform to 10.27pm yesterday I placed 8 buy orders (0.10 lots) while the sell line showed between the second last line and middle line all orders closed on their 15 point trailing stop-loss giving me a profit of $161.60 now at 10.31am today the sell line showed near the middle line of my indicator so I placed a sell order on the pair, it started to keep rising for a while so because I know if the EUR/USD goes up the USD/CHF will almost always come down, and having made a good profit I placed a counter sell order on USD/CHF. I am still working to inprove my file throughout the day and make my USD/CHF indicator, I'll try to keep you posted on any updates I make and updates on my testing.
You can download my EUR/USD file on page 4 at my website, I've got it named as a mq4 file but it's an EXE file so you'll have to place it in your programs folder.
Over the years I've noticed that there are two basic types of traders.
I think indicators are great, they let me see prices easier and trends easier.
If you can count to 3 and are not colorblind, then you don't need indicators.
If you can count to 3and are not colorblind, then you don't need indicators.
//---- counting and coloring can be considered indicating themselves..... h
Yes I agree with who said dont use indicator , because I lose my money
when I used Indicator , and I agree that some of scammer sell them indicator
useless , i bought one indicator $100 and made me loset $1000 , because of
my lasy , my advice Dont let Indicator Drive your tread like what hapend with
me .
Thank you
Yes I agree with who said dont use indicator , because I lose my money when I used Indicator , and I agree that some of scammer sell them indicator useless , i bought one indicator $100 and made me loset $1000 , because of my lasy , my advice Dont let Indicator Drive your tread like what hapend with me . Thank you
No, YOU lost the money, NOT the indicator. YOU are responsible for your actions, NOT the indicator.
Indicators are nothing other than derivitives of price, indicators are NEVER WRONG, they are ALWAYS RIGHT.
Zupcon I do not agree with your statement.The scammer who sold the indicator showed the images and videos of his indicator and hyped it on all the forums , using pumping and dumping methods,using other scammers under different internet handles.He presented some fictitious lies about the indicator,based on those lies the trader bought the indicator and lost money. If the doctor perscribes a generic medicine,recommending one on which he is getting higher referral fee, stating it is safe and will cure the patient,who do we blame if the medicine kills the patient? OILFXPRO
I hate to burst your bubble, but if you live in the UK at least, you'll find that MANY medicines prescribed by your GP will be being prescribed precisely because the GP gets the best referral fee from the pharmacutical companies selling that product
Indeed, many GP's believe that they are acting ethically in doing so as in general the referall fee benefits them personally, and it generally benefits the practice too.
Now back to indicators. Correct me if Im wrong, but I believe you are referring to this silly probability meter marketed by FerruFX ?
I agree that the pump and dump attempts are pretty amaturish, but surely noone is fooled by these for a moment, we all see them for what they are, nothing more and nothing less.
The guy's pretty honest about the indicator, its a strength meter which is completely useless due to a very major design flaw that's obvious to most moderately intellegent 9 year olds, it also measures differential between the base and quote pairs, again the same basic design flaw renders this useless, and it monitors MACD and Stochastics, and displays em in pretty colors, and combines the signal from these variously flawed components to give an equally flawed overall probability.
If I told you I was selling magic beans that would grow you a beanstalk which would allow you to enter a magic land where you'd be able to steal a goose than laid golden eggs from a giant would you believe me ?, would you buy the magic beans ? (If so theyre available for sale at /go?link=http://www.imagulliblemoron.com/)
Well then why the hell you you expect to identify trend from 2 fundementally flawed currency strength concepts and a couple of standard indicators. You dont need that crap to tell you what the market was doing 30 minutes ago, just look at a bleedin chart, its either going up or down !
As for the video, he really must regret the day he made that, just take a look at it, I know its speeded up, and its hard to follow but just watch how this puppy lags, and check out the number of false signals. Anyone who actually watched that video wouldnt touch this thing with a bargepole !
Now lets get to the crunch. Although I certainly dont endorse this indicator, the guy who made it posts his stuff for free on various forums, he's pretty open about what he's doing, and he contributes to the open source development forums, he's more of an assett than a liability, he does more good than harm. Now some of the people reading those forums are a bit thick, they arent capable of taking whats being offered for free and improving them, so its only fair that these people pay if they wish to take part in evaluating these ideas. They have a choice, do some feckin work, get their coding skills sharpened up, and contribute, or sit on their lazy fat arses and pay a few bucks in the hope that they get a holy grail indicator. I know which I'd do given the choice.
The guy quite openly states that his indicator is simply a utility that he feels could benefit those with existing systems. So either you can incorporate this thing into your system and it helps confirm a trade, or it doesnt. Now if your trading a trend trading strategy, and your too thick to see that price is either going up or down, then I guess having a little box that lights up red or gree might just be of some help, similarly having a little box that lights up to tell you stochastics have crossed might be of some help, personally, Id just stick a stochastic on the charts, its hardly rocket science to check if it crosses is it ?
So this guy had a signal from his system was confirmed by the probability meter, and he lost money, so whats the problem ?. Presumably he'll keep trading until such point he can determine if his system is fundementally crap, and if thats the case, the probability meter would have been of no help at all, or he determines that his system is sound, but the probability meter is actually diminishing his edge. Then at least he'll have gained some knowledge from his investment in time and money in evaluating this tool, he can use it, or bin it (or even fade it)
its just a tool, you dont have to buy it
seems somebody has had success with his conformation tool
Probability Trades
and this guy apperently has adapted it to his trading style
The Probability Meter - Page 12 - Forex Trading