i see ok i will try high_low v2 and test it overall thank you for the information

hello newdigital

this is a 4hr chart which encouraged me to take the trade netting 47 points total on usd/jpy. I am still learning my ways and looking all the indicators available on this great forum. Right now i am on demo but very soon planning to go live. after the 4hr chart i drill down to 1hr and 30 min for entries

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usdjpytrade.JPG (46.0 KB, 4159 views)

Seems you created new system.
Will you post some explanation, rules and so on for discussion?
It may be very interesting (and for me as well).

yes ofcourse i will post explanation
ok i wait for two things
(1) price at end of shi-channel either at the top or at the bottom which is the normal way you posted as a system
(2) price has already been to lets say from one corner to other and now retracing back to the mid-line of the shi-channel

i am talking here from 4hr to 30 min charts

ok with 2nd option (midline) instead of fractals or anything else yet i used RSI (simple ) set to 14 for any possible divergence or overbought levels or oversold levels with price and then drill down to a lower time frame to see where the last low was if lets say the price was down and now comming up then i measure the retarcement of that move from a-b which should end near 0.236 or 0.786 which is also going to be mid of shi-channel (most of the time ) if not then i will check for price to stay at that level for some in a shorter time frame and then create a divergence which will again trigger my entry. with step rsi what i have gained is the slow rsi which ofcourse works as a major support and reistance for me if it is above 50 a mojor move will come if not expect small retracement or maybe big move.

for the 1st option i use the same technique instead i am not thinking of any retracement i am more thinking of an end of price move. One more thing is i wait for entries and love to trade with eur,gbp but was not sure about them so traded jpy which ended ok. Sometimes even price is end of the channel and rsi doesn't show me good entry so i have no option but wait.

hello newdigital

i checked the high-low v2 with usd-chf 15 min along with normal rsi and shi-channel looks very good maybe it can get even better with some more indicators
will continue testing it.
i like to post a chart but the shi-channel has increased the size now so i wont be able to show my views there is a forecast indicator you have posted goes with zig looks good on it too.

hello again newdigital

i have managed to get the latest development for my original system but it's in lower time frame i am posting here to try to show you how my system works consider the same things happening in 4hr time frame to hourly just i dont wait for crossings also this trade could become valid trade for the target of next shi-channel corner.
tf 15 min.
no high-low indicator

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chf1.GIF (17.0 KB, 3989 views)

in addition to above i also look for where i got the signal i mean at what fibonacci level since price can just go to midline and come back and it will become a loosing trade there are lots of details and its very hard for me to explain because sometimes i just dont take signals even though it gaved me cause the other currency e.g euro is behaving differently so there is too much decision making i hope one day i can explain properly maybe in sometime

As you can see l how the chf- is behaving and sometimes i wont even wait for the rsi to cross the green line which is actually slow line from the 30 min time frame.

Hello, NewDigital. I have some questions you may be able to help me with:

1. Is there a "new and improved" Shi_Channel indicator available somewhere? The one I am using says, "Copyright © 2004, Shurka & Kevin" Another one in my collection is, Shi_Channel_true.mq4. Surprisingly, the code appears to be identical to the first one. Is there a better one?

2. My preferred trading time frame is 5 minutes. In the past Shi would disappear for a while then show up again. Someone on this forum recommended changing the "Allbars" setting from 240 to 400, which I promptly did. So far it works. Did the change adversely affect the trend indicating behavior of the indicator?

3. You use the "High_Low v2 (ZigZag)" indicator when channel trading. In post #8 you state, "we will wait to the signal from zigzag." What signal are you waiting for? Is it the completion of a Zig-zag indicator drawn line from a V-top (or bottom) to its corresponding opposite (V-bottom in this example)?

4. A month or so ago there was a thread on Zig-Zag indicators and EA's. There was a lot said about the history of a Zig-Zag trading system and much discussion about the new and improved EA's coming out of Russia. But, I did not find mention of how to manually trade the thing (with MetaTrader 4). Could you point me to a post that will tell me how to do that? Thanks

5. And finally, the most important question of all: Does anyone on this forum have a clue of how to determine if a current 5-20 bar trend is a simple retracement or the beginning of a 20+ bar change in price direction? Yeah, I know, it is like asking directions to the actual location of the Holy Grail. (Smile)

Thanks!

All the channel indicators are here. Almost all. Because there are a lot of channel indicators. Some people are improving these indicators to move any line of channel indicator by mouse to any place on the chart, and other improvements.

And as you know the Russian programmers did not care about authorship before. Because they did not belive that it is important. And nobody said simple "Thank you". Nobody. We have a lot of indicators from unknown authors or authors with strange nicks without any e-mail etc. Programmers from other countries became a famous if they created just one useful indicator. But not Russians (and Ukrainians). Why? Because the Forex world was devided on to groups.

I know many funny cases: one man asked in the forum how to use some indicator. And an other person said: common! It is your indicator which you wrote 1 year ago!

And there are a lot of cases like this. We want to create some special thread when we will describe about the authors. Because we use indicators and EAs but few people only programed everything: 20 or 25. No more. And we do not know all of them. Some people from some Russian forum tried to find some coders (Russians tried to find the Russians). They failed. And people are still trying to find captain Nemo from Latvia who is co-author of zigzag trading system and fractal trading system. I believe that this situation will be changed.


Should be. People who are using channel indicators do not using it as a main indicator. These kind of indicators are using to get the infirmation about the market very early. Sometimes it may be mistaken of course and indicator is changed on the chart. But sometimes it is valid just for some period of time
and it may be enough to get some profit.


I said Zigzag but it is High_Low v2 (ZigZag) indicator. When the price is reversed from downtrend to uptrend (for example) to the direction from the border of the channel to inside, the indicators will say nothing. You may see just a price. Indicators understand this reversal just a small attempt and do not re-act on it. We should wait. What for? We should wait for 3Line_Break color changed (to the blue for uptrend) and for Low from High_Low v2 (ZigZag). After that we have validated uptrend (for some period of time only or up to an other border of the channel). In this case this zigzag or High_Low v2 (ZigZag) together with 3Line_Break is a filter to filtrate some signals from other indicators for some period of time. I did not create this "filter system". Tartan (Russian) and captain Nemo (nobody can find him now) created this filters' system of these two indicators and they made 2 or 3 EAs based on this filter. I forgot name of these EAs, it is something as Samurai EA or hara-kiri EA.
If you use it on M5 timeframe these filters' indicators will draw the past very often valideting the local uptrend and local downtrend all the time and you will not be able to catch some profit. People are using it on timeframe higher than M30 (H1 and H4 for example) to have a time to get the profit until the indicators will be changed to validate an other local direction.


We have this thread here. It was very interesting development: once upon a time one person from Latvia said: look at the image, it is very interesting how this line is crossing an other line. Can you develop EA for me? An other person from an other country said: ok, it is just a few days. Very simple.

And they did it during the 5 years almost every day and never met each other in real life. It was really great. 5 years as a show. Nobody paid them.

I discribed in this Channel trading system thread the original channel system. There are a lot of modifications of this system.