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Maybe when the dotted orange bar leaves the blue and it looks like it is a reversal, then when it goes back into the blue and resumes the direction of the previous signal you could reenter.
Signals are generated on crossovers from positive to negative, but maybe if you traded it actively sort of like the MACD, using the signal for the trend direction, it would be more successful.
Could also maybe use a trailing stop.
I'm going to experiment more when the market opens.
hi kalenzo
thanks for sahring.would u mention that what time-frame do u suggest for the system also what pairs.
thanks
I think it can be used at all pairs, but the m30 I think is the smallest timeframe for it. I added some instructions how to read the signals with are given by indicator.
I hope this will help.
Let's improve it and clear weak signals !
Regards
Kale
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I was watching this indicator friday aftenoon - just when I wrote it.
The dots was shown near (1-3 pips) from open of bar or at the open.
The problem is that the dot can be shown and then vanish, mabye we will need something to confirm that dots.
There's only one thing that will confirm those dots: The close of the bar.
That's the problem with trying to develop an indicator like this. You have 2 options with this type of indicator. You can try and TRADE the signals, or you can FOLLOW the signals.
If you want to Follow the signals, you can only do that at the close of the bar. That's the only way you can look at the back tests too. If you don't use the close of the bar, then you're just deluding yourself. (That was directed at the collective YOU/WE, not you in particular, Kalenzo )
If you want to Trade the signals, then you need to watch to see what price is doing when you first get a signal. Then, make a decision whether or not to enter, based on what the market is doing. Know that if you decide to enter mid bar, the signal may have disappeared by the close of bar. This doesn't mean that you shouldn't have entered, it just means that that particular signal is gone. If you decide to Trade the signals, know that automated back tests wont be possible and that you will be relying on your Discretion. I know that Discretion is a scary word for a lot of people, but I'm of the opinion that most successful traders use at least some discretion in their trading. That doesn't mean they don't have a system, they just choose to Trade the system, not Follow it.
So, I guess the question is, are we trying to be Day/Swing/Position/Longterm Followers or Traders???
There's only one thing that will confirm those dots: The close of the bar.
That's the problem with trying to develop an indicator like this. You have 2 options with this type of indicator. You can try and TRADE the signals, or you can FOLLOW the signals.
If you want to Follow the signals, you can only do that at the close of the bar. That's the only way you can look at the back tests too. If you don't use the close of the bar, then you're just deluding yourself. (That was directed at the collective YOU/WE, not you in particular, Kalenzo )
If you want to Trade the signals, then you need to watch to see what price is doing when you first get a signal. Then, make a decision whether or not to enter, based on what the market is doing. Know that if you decide to enter mid bar, the signal may have disappeared by the close of bar. This doesn't mean that you shouldn't have entered, it just means that that particular signal is gone. If you decide to Trade the signals, know that automated back tests wont be possible and that you will be relying on your Discretion. I know that Discretion is a scary word for a lot of people, but I'm of the opinion that most successful traders use at least some discretion in their trading. That doesn't mean they don't have a system, they just choose to Trade the system, not Follow it.
So, I guess the question is, are we trying to be Day/Swing/Position/Longterm Followers or Traders???
Just my opinion,
Keris
Yes U have absolutely right, but if u will be able to clear weak signals, and u will follow the signals, this method will be very proftable. When I counted all (not filtrated) signals at close of the bar - this method is still proftable.
When U will trade the signals, with that kind (eg. adx) of filter, this will be even much more proftable. So the point is to find that filter.
Regards
Kale
__________________
You need proffesional mql coder? Contact me! I will help you!
........................................ http://www.fxservice.eu/
........................................
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