I once heard of a guy who made millions of dollars trading simple breakout triangles.This indicator will draw a triangle and give buy and sell recommendations although I have noticed that you may have to exit and re enter in order for the strategy to be sucessful as sometimes price will pull back.It seems if you stay focused and enter and exit and reenter when you have to at the end of the week you will have more winners than you will have losers.
tq a lot bro
thanks for the great indicator
thanks I will try.
Thanks again Kevin. Coincidentally, I just went through a lesson thread taught by someone using the Gann Grid, in an unconventional way, to plot triangles for breakout.
The difference was they waited for the pullback and subsequent break of the new high or low. They targeted the 161.8 extension for profit.
Since his English was his second language, it took me a while to figure out that their system can simply be recapped as such:
Plot triangle using Gann Grid, wait for an ABC to form outside of it, enter at break of Swing B price angle.
I use the ABCD, but advocate break of Swing B price on a horizontal basis. That person's system, and your indicator, allows for a diagonal breakout.
thanks Bro, I will try first
Can you please send me this indicator and also show me how to use it until I get to 161.8 Fib level.
I would appreciate your help.
its great indicator thx man
First, thanks for posting this indi. Second, the indi doesn't really draw consolidation patterns commonly known as triangles or wedges. It is based on Chuvashov's Fork, which uses Fractals to draw trendlines and stoploss levels.
To name just a few differences... In trading triangles and wedges, your upper and lower lines should be equidistant, at least to some degree. Also in trading triangles and wedges, you would generally look to go long on upward patterns and short on downward patterns. In this regard, Chuvashov's Fork is contrarian, or opposite.
Thanks again for posting. The Fork looks promising on a 10 pip EURUSD Range Bar chart.
the indi does not work mate on the latest metatrader build, could some one check.
Builds 600+ contain major updates to the mql4 language, so... many files from earlier versions are not compatible with the newer Builds. Try adding #property strict at the top of the indicator's mq4 file, and recompiling. Post back if you need further instruction.