I am testing new channel system on M5 timeframe. It is easy one but difficult to trade as it is more breakout (trading to outside the channel) then trading inside the channel. I am testing 16 pairs now trying to estimate the rules for exit, enter, pending orders for breakout and so on.
I am doing it the second day already.
Will post everything if sucessfull.

Just some image about what i am testing now. And some other images are on zip file.

Attached Images

cadchf_channel.gif (23.0 KB, 1218 views)

Attached Files

pairs_channel.zip (178.7 KB, 237 views)

Hi ND,

What's the name of the channel you are using?

Newdigital

Have you tried the channel testing with any ranging pairs?

ET

This channel http://www.forex-tsd.com/42997-post10.html

I am testingit for M5 timeframe for 15 different pairs simultaniously.
I am testing just to estimate the trading technique rules: trading technique using channels (support/resistance etc0 are very difficult so i am trying to prictice with it. I will post everything of course later. Just need to be more comfortable with it.
We are having channel trading system for H1, H4 and D1 timeframe. So it will be system for M5 timeframe.

Results for today:
GBPJPY: +69 pips.
EURCHF: -15.
GBPCHF: +20.
EURGBP: +10.
USDCAD: -20.
USDJPY: +17.

It is very difficult to trade many pairs simultaniously and i am doing it just to test the trading technique with this channel (not for profit).

When I see something written on the chart: 'Width of the channel: 13, not trading' so i am not trading 'inside the channel' in this case and looking for breakout.

Everything is written on the chart by indicators so it is not difficult to understand everything. But as this system is 'price action' system so it should be good trading technique developed for this system and that is why it is so difficult for me now and i am trying to test it before post. Yesterday I tested MM, today - correctional trade (some trades were as counter trade), tomorrow will test enter and exit, then will test trading during the news.

Everything is moving on the chart: price, channel indicator, Maksigen indicator, breakout levels, support/resistance lines, PT indicator (it is MTF indicator)
Only RSI filter indicator and MaksiGen_KaHaJI_CkaJIneP indicator (horizontal channel in blue color and text about width) are not moving together with price.
So, basicly it is price action system.

Please find indicators and template for new Channel Trading System for M5 timeframe. I am currently testing it now to define the rules for 16 different pairs.

As it is price action system, and M5 timeframe is not easy to trade (channel is changed and everything is changed on the chart) so I am suggesting to you to use this indicator Screenshot script? to take an image on every bar and to analyze the trades after that.

First post of this thread was updated.

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edited.

Igorad coded Var Mov Avg indicator with alerts.

If AlertMode=1 so:

- we will have alert on the indicator's dot (on close bar). Simple like that: "VarMA Signal for BUY" or "arMA Signal for SELL"
and
- we will have alert on price cross indicator's line (on close bar). Simple like that: "Price Crosses to above VarMA from below" or "Price Crosses to below VarMA from above"
and
- we will have warning alert (sound only) if the distance between the price and indicator's value is less than DeltaPips (DeltaPips - in the settings of indicator).

Please change Var Mov Avg idicator in your template to #Var Mov Avg indicator attached.

--------

edited.

MTF version of Var Mov Avg (use with #Var Mov Avg) was coded by Igorad. Indicator attached.

Attached Files

	indicators_template.zip (9.6 KB, 908 views)
	#MTF_Var Mov Avg.mq4 (2.3 KB, 108 views)
	#Var Mov Avg.mq4 (4.4 KB, 71 views)

hey

recent here and junior member, but forex has been what keeps me alive for the past 6 years. Ive made tons of mistakes and learned a lot from them, so now I make a lot fewer !

I'm known as an "indicator geek", having come up with a few "systems" for the equity world, which are NO WHERE near as predictive as Forex, but still there are 7500 copies out there wandering around.

over the years, I took the original system (which relied HEAVILY on the LRC) and modified it to use on my quotetracker and MT4 charts, and its pretty danged good at this point for both my usual 1 min, 5 min, 15 min scalps, 30 min flips up to the H4 --- heck, I even use the weekly charts and just sit back with a core position and then daytrade the living daylights around that core position, playing the intraday reversals and flips.

enough of me - - - - - - -

for me, the LRC is the king and queen of indicators, followed by "some" form of zig zag, dynamic support and resistance indicators and a trend indicator --- with these, I can trade 4 timeframes at once, and they always seem to hit !

now where im heading is simple --- for each one of the above indicators I have found MANY indicators that do the job VERY well. For a trend indicator, I use 4 MA crosses and a modified MACD, all superimposed on each other --- it works wonderfully BUT SO DOES a bunch of the other "predictive" indicators !

For dynamic support and resistance I use "trend signal", "zig zag pointer, "support resistance", "support AND resistance" and "super signals", BUT EMA predictive, i-HDR Projections, calculation the future day and a few others work JUST AS WELL !

AND SO IT GOES FOR ALL THE INDICATORS I USE ---- the CCI and "forecast oscillator", "MTF_stochastics and others ALL do the same thing also !

where im heading is towards the idea that THERES MORE THAN ONE WAY TO SKIN A CAT, or to prophesize forex and with just a few simple indicators and experience in using them, you will be amazed at how easily you can get into the seat of that new Maserati !

I use the indicators I grew up with and am comfortable with, but know enough about the others to see they would do what i need also ---- just go and throw some on your charts, see what they do and hopefully actually find some instructions as to how they work !

YOU LIKE CHANNELS --- the often ignored "Mr. Bollinger's Band" is a pretty danged good one, as is Mr. Keltner's often misunderstood one !

for instance, for years people poo poo'd the idea of "super signals"because it "repaints !" Well, indeed it does, moving up or down as it determines a higher or lower entrance or exit price ---- IT IS NOT AN ABSOLUTE tp point (until of course, it is !), but a dynamic support and resistance indicator and it moves as the momentum and strength of the currency moves ---- perhaps one out of every thousand people know and understand what its doing and so the indicator has a bad reputation, while in reality its one of the handiest daytrading indicators there is !

Newdigital has the greatest source of history and indicators I have ever seen, and while I'm known as an indicator "geekfreak" and highly respected for my knowledge, I dont approach his "librarial knowledge", so hats off to him and his encyclopedic collection !

enjoy and trade well

mp

__________________
Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

This channel system (on this thread) + Maksigen trading system. Very simplified one.
Indicators and template attached.

channel_maksigen.jpg

Attached Files

channel_maksigen.zip (8.1 KB, 213 views)

GBPUSD, D1 timeframe:

channel_maksigen_gbpusd.jpg