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Downloaded zee_zee_i indicator by ZeeJay. An indicator (cci based) that shows in color overbought and oversold levels. Put it on h4 eur-jpy with period 14 and just looked at it.
Noticed that when the indicator goes in overbought (red area on my pic) or oversold (green) and than comes out into regular movement (light blue) you can make some pips. On my pic if one were to trade every signal taking profit and reversing on opposite signal, than from point 1 to 2 there were 900+ pips to collect with max drawdown of about 50 pips on one of the positions. Trades calculated from open price of candle with arrow.
So i am wondering if someone can try and add to inciator some code, to make those arrows appear when conditions described by me earlier exist. Could potentially be good and profitable little setup.
Of course the hind sight is 20\20 so it could look good on chart but be total waste in live trading. Just thougth if was nice little thing to discuss and ponder about.
observations continue. at bar 1 we had cci in red going up, crossing through level 200, williams came out of oversold, but since we don't predict, let's say we were too late for the signal. what to do, what to do
put fibs on that bar and wait for 61.8 retracement, stop loss eigher at 76.4 +1 or at low of bar 1 +1, (no more than 20 pips), moved about 90 pips well we could have gotten 60-70.
NEXT i said next
bar 2 cci in blue, good resistance at 163.00 could have taken short on 61.8 retracement, let's say missed that one, and took next one with stop loss at 163.00 (33 pips) took a nice ride for over 150 pips, could have taken 120-130
lookie here we got another one
bar 3 cci in red moving toward 100, williams oversold, as you might have guessed we missed bar 3 signal, poor us, retracement did not reach 61.8 so could have taken entry on any of retracements going up, or on delayed entry of bar 3 high plus 1. stop loss as high as 45 pips, move made 200 plus, could have taken from 100 to 200 pips.
there were two other possibilities at bars 4 and 5 could have taken some losses or maybe little bit of profit
of cource pictures are always fun to look at, but nobody knows what would have happened in real time, hind sight is 20-20
thoughts, comments, flames ..............................
Here's another chart. Different indicators different time frame, however very interesting stuff. Singals on dots, with oscilating line confirming.
This is eur/usd 15 min. chart. On the picture you see the area of congestion, filltered out. First arrow (down signal) did not move much about 10 pips with draw down of 2-3. if you quick could have taken it. Second signal moved about 75+ pips, with draw down of about 10. Third signal moved initially about 50 pips drawdown about 6 pips, move made it into 80s but after a bit of consolidation so that does not count.
Again hind sight is 20/20, but it's a nice picture to look at.
Thouths, comments, flames are welcome.
Linear Mode
