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You have 5 minutes to write a post describing the use of each indicator on your chart.
Have fun.
If you can't do that, then they're mostlly useless.
Quote:
Originally Posted by beppi
Hi joesmoe,
Thank's for your admission.
Your Setup was only a inspiration for me to make my very safely but very heavy Setups easier to use.
To "Trading for a Living" along the prices line is no easy solution in this world.
To be a successful Trader you have to make your own rules that works only for your own psychology.
Use the Setup on a Demo, look what works for you and make your own rules.
The explanation of the "WATL" indicator is the "wati.rar" file.
Here is a new version of my Setup with implemented "Tick-Smoother",
"DayBreakout" and (inspirated from "Yard-Stick-System" at this forum) adjusted "StopATR Auto" for better entrances and exits.
I think I have finally found the answer to trading the forex - Your picture of your chart graph must be the answer. Question? Did you leave any indicators known to forex off your charts?? This was better than doing ink blots! Good luck with your KISS system to scalping forex - I got several good laughs out of seeing this graph setup! :-)
I feel that should be hanging in my house as a painting.
It goes against what the author described in the very first post.
KISS. Even though the fractals appear 2bars later. Joe stated they are used for entry not exit.
I think what Joe is stating is that you use simple R:r aka risk to reward ratios, and the time of day to determine your targets and stop lose...
So 5-6pm half at 30pips, let rest ride at opposite signal, stop lose would be I guess under the support or resistance...
This seems like a buy stop type of system instead of placing limit orders and playing bounces...
At choppy times, news mostly, half at 10pips with a 1:1 ratio, stop lose at 10pips, so you worst case break even, smart in my opinion, with a target at 30pips for second half of position or opposite signal...
Last middle say 30 pip target with a 15 pip stop lose so 1:2 Rr
I have another set up I love to use. This one is very easy to see, easy to trade and you don't have to be glued to your computer as much. It also will satisfy the trader who wants multiple trades a day and does not want to be as patient and feels he has to make alot of trades each day.
1- Put up every single pair that your broker will allow on your MT4 Platform
This allows you to have lots of choices
2- Set everyone to 1HR time frame.
3- Drag TRO 3_Level_ZZ_Semafor onto each pair.
4- Put MAC D onto each Pair set at 11,12,11
5-Drag TRO support and Resistance onto each pair
6- Put 100 SMA for Entry. ( This is not on the Templete you will have to add it.)
See Picture below for example.
Rules
1- Wait for Number three to show up on the pair.
2- Wait tell the Histogram peaks and retraces back 2-3 Histogram bars the other direction.
3- It's better to see a High peak on the Mac D Histogram
4- Switch to 1m chart. When Price Crosses 100 SMA take the trade.
The reason why this works so well is it allows you to trade often because you are looking at so many pairs. You start to not take junk trades because you know there are more pairs to look at and it allows you to not force a bad trade just for the sake of trading.
This also works because the 1hr time frame will have a pullback or reversal and it does not have to be much to make a great number of pips. Going to the lower time frames would work as well but your risk of how much it will move is the key. This will also take you out of lower time frame wip saw.
Linear Mode
