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Lately I find out Float indicator, I realized that it can predict a change in the trend direction really good. I am using it in GBPUSD on 5M chart.
It giving me at least 10-50 pips every day. It missed sometimes and give u early alarm, but if u wait for a confirmation bar, u can be right most of the times.
The attached image can explain the system.
As u can check the 2nd signal was too early, and we exit with S/L, but we make enough pips in the 1st trade.
I have read the book of Steve Woods published here in the forum. Then I made a little search over another forums and I start to think this indicator seems to be different applications.
Most of traders use float to predict reversals, looking from top or bottoms.
Steve Woods in my (newbie) opinion has a different explanation about the use ( in the last screen is my interpetation)
Due to time problems I canīt extend my research of the correct way to use.
I attached a screen from my last trade.
I think the setup is completely empirical one and needs to be filtered with another indicator. Because itīs extremly important to predict the end of the trend/reversal with some exhaustion indicator for example.
I have another version wich I use to trade (first picture)...
Iīd like to work to find the best setup for this indicator. It has good potential.
As u can see from the image I posted, I am using it with a 30M chart too. I am using Pivot levels too to make sure we are in a safe way. I am selective in my trades and not trade all the signals I have. Looking at daily chart can give me a good prediction if the market is up or down. If I see that the daily/4H or even 1H trend is down I will wait for the Float to show a sell signal.
I am using 13EMA/20SMA to find out the direction(it is working not bad at all)
I don't know which setup is better. I am using 100.
As I said, sometimes yes. But if u will be selective and use other indicators to predict the direction, the float will be a very good entry point.
The best entry point.
About setup, I think itīs good play a litlle until you find some common patterns. Sometimes 300 bars, sometimes 100, sometimes, 30, start by d1 then switch to a minor scale.
About setup, I think itīs good play a litlle until you find some common patterns. Sometimes 300 bars, sometimes 100, sometimes, 30, start by d1 then switch to a minor scale.
Regards
Looks good. As I enter in 5M in conjuction with 30M I am using 100 as my setup. Maybe I will switch to 200 on the 30M TF.
As I enter in 5M in conjuction with 30M I am using 100 as my setup. Maybe I will switch to 200 on the 30M TF.
Linear Mode
