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Originally Posted by mystified
Hi Simba
Thanks for your response.I always find your contributions enlightening.Can you explain more in details when you said '' use any oscilllator plus a volatility filter check it daily and forget about it until closing time''
thanks
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Thanks for your kind comments,I understand that the volatility filter is the issue here...if not,please correct me
The aim of my reply,to forex_for_life,was ,first to ask if he could be more explicit in order to help him,and second,in case he couldn`t,just give him a general guideline that works fairly well for me.
Once you have defined the trend in the higher tfs,you just use any kind of oscillator based entry(your pet one just to say
),with a volatility filter,to be sure that you enter or wait to enter when the market starts to move in the direction of your surefire trend,so,if you use standard 14 rsi,and it gives you a signal,you wait until the volatility filter says you the market is hot,this way you will probably get a worse but very profitable entry(because there will be be a continuation move in your chosen direction),while avoiding the usual premature and "make you sweat for hours" good signals ..You can see to the left of the signal in the attached picture,that there was another oscillator signal,that would have made you sweat,and,at the end,will have been right for you too(presumed you had the intestinal fortitude needed to stick with it..
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Make sure that you use the same cycle settings for both your pet oscillator and the volatility indicator(ie if cycle is 10 periods,use half cycle,5 periods,on both of them)
Regards