Using Speed Resistance Lines
Hello,
Are we able to tell the program to buy or sell based on these lines, the lines are what I use currently to trade, so they are of great interest to me.
Are we able to create an indicator line?
and when the indicator line is place on the chart the program can pick it up and buy or sell accordingly?, depending on the perameters within the new trend indicator line?
Now I think that would be a goodie, because when the mkt forms and gives its swings, then another opposing line could be placed to exit the trade.
Say, buy when indicator line is crossed (stops 30 pips) so this would be a downward trending line runnuing from top to top and once in a trade an opposing trend line could be place and this used as an exit (once swings occur), as the article says, when it breaks the 3rd trend line its usually over, I refer to this as the base line, once base line is broken, you can usually expect the previous run in the same direction to repeat, large or small..
Cheers, sorry I didn t mean to rave on.
Pottsy
The problem is not about possibility, because I think it is definitely possible to be coded.. However, complexity is the real problem and this is what will prevent coders from even giving it a try...
Programming such a thing to draw the lines would be reasonable, but it would need to have input as to the 'extreme high and low' that are to be used. All in all I think it would be more suited to manual analysis than to automated trading.
The purpose of the thought was to be able to (if possible) have an indicator that can be selected manually, but when activated on the chart would trigger a buy or sell once crossed, the only purpose is to get the ones you may miss if trading several or even if you needed to be away for a while but didnt want to miss a move.
I do trade it manually now.
Cheers
Hello Bossxero does all mt4 platforms have these speed and resistance or can someone use fibonacci fan as well?
Hello Bossxero thanks for all you are doing here i really appreciated it all even my trading is improving i actually believe in support and resistance techniques can you give a breakdown on how to determine and recognise a false break of support and resistance lines in a strong market move. Ialso want you to resend that template for(perfect trend catching system) there was no link on the messenger when u chat with me yesterday. Thanks
HI
Hello Bossxero
i cant find this indicator in technical indicators in MT5. is there any specific tool for drawing these lines in MT5?
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Speed Resistance Lines is a great tool when in the hands of a savvy and intelligent trader. These lines are similar to the fibonacci fan lines. Learning and mastering the usage and application of these lines in your trading methods can prove to be very profitable. Speed Resistance Lines is not a trading system or method by itself but it is another tool which you can use altogether with other tools to determine good strong entry and exit points in the market. Speed Resistance Lines can help you spot support and resistance lines with some high rate of accuracy. Learning about it is never a waste of time. Enjoy the reading.