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I have used MM for 18 months and use only the 64 setting. I generally trade off the 5 min while checking out the 1 & 15 min, with a brief check now and then on the 60 min just to see where the support/resistance ( MM Levels ) is and what MACD & RSI are up to.
I confirm MM support/Resistance with MACD/RSI and pick entry off 1 min.
15 min MM Levels & MACD/RSI give me the short term trend strength.
On the 5 min chart when price reaches a potential MM reversal level wait for MACD to start turning RSI Oversold/Bought & where RSI is in relation to the 50 level ( The 50 level can provide support/resistance & help confirm trend ) also look for Pos/Neg divergence on MACD/RSI ( MACD Histogram often gives early warning of price direction changes with Divergence )
Check 1 min to see where price is in relation to MM levels and enter after RSI has turned ( from above 70 or below 30 )up/down and just as MACD Crosses
Works real well in a consolidating market or a trending market
Tonight made 3 good trades all worth 30 plus pips just by trading the short term shifts, the more you use MM levels the better you get to know what price is going to do next.
OH and you have to be really aware of up coming NEWS because that can throw a real curve ball into the proceedings if you are not ready for it.
See the attached 5 minute chart for my trading setup
It is the most wonderful system for trade that i've seen before. What a curious thing to ask is, which tf is the confirmation to enter the price 1 min or 5 min?
It is the most wonderful system for trade that i've seen before. What a curious thing to ask is, which tf is the confirmation to enter the price 1 min or 5 min?
Thanks A lot,
Ejo3s
I use H4, H1 & M30, ppl that scalp the market probably use M30, M15 & M5 for entry.
The Trend Direction explained, so you know what is happening.
If blue and red cross above yellow - signal = UP
If blue only crosses above yellow - signal = WAIT
If red only crosses above yellow - signal = WAIT
If blue and red cross below yellow - signal = DOWN
If blue only crosses below yellow - signal = WAIT
If red only crosses below yellow - signal = WAIT
cja also added in the minor crosses of the red and blue
If blue crosses above red below the yellow - signal = MINI/UP
If blue crosses below the red above the yellow - signal = MINI/DN
It appears that if the MINI/DN MINI/UP signal switches back and forth then there is price consolidation and if the WAIT flashes on and off it could signal the change in trend and a Major REVERSAL is about to happen.
Happy Trading
Xard777
PS I can't code to save myself, so thanx go to cja for turning my ideas into reality....Thanx cja
thanks goes to all those who developed the price trend indicator. It has replaced my KGSP indicator as the blue line follows it exactly + all the added bells and whistles ofcourse.
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Metatrader 4 - EA Live and Demo Hosting Solutions http://www.omegasupreme.com & Omega Trading Blog!
thanks goes to all those who developed the price trend indicator. It has replaced my KGSP indicator as the blue line follows it exactly + all the added bells and whistles ofcourse.
I am using the Price Trender indicator by Kalenzo, does exactly as it says on the box.
You could use this indicator as a system on its own - Thanx Kalenzo
You the man !!!!! Cheers
Linear Mode
