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Here is an interesting trading strategy that I have been playing with. It involves a modified fibonacci forex grid as the main indicator. I call it the Forex Freeway. Basically, when all roads are bright and a fractal support or resistance is broken, then a trade is placed. The Forex Freeway indicator is based on the market trend strength using the 50 CCI. If the 240, 60, 30, and the 15 min all agree then the market should be strong enough to carry us into some strong pips. I've been trading this for awhile using 5 and 15 minute charts and have had good success but still needs to be tested for further modifacations if any. The problem I see is that you need to monitoring your screens to see when the roads all agree. If someone could program an audible and visual alert notifying you when the freeway opens then that would be great. Please take a look and give your feedback. Thanks.
Traderhouseglobal.net had created a similar model but didn't include fractals and also costs an arm and a leg, it is called Money Map, when I go to their site I don't see it anymore though so maybe they have another site for it. Anyway your indicator looks creative and potentially useful. cheers
Quote:
Originally Posted by desoft
Here is an interesting trading strategy that I have been playing with. It involves a modified fibonacci forex grid as the main indicator. I call it the Forex Freeway. Basically, when all roads are bright and a fractal support or resistance is broken, then a trade is placed. The Forex Freeway indicator is based on the market trend strength using the 50 CCI. If the 240, 60, 30, and the 15 min all agree then the market should be strong enough to carry us into some strong pips. I've been trading this for awhile using 5 and 15 minute charts and have had good success but still needs to be tested for further modifacations if any. The problem I see is that you need to monitoring your screens to see when the roads all agree. If someone could program an audible and visual alert notifying you when the freeway opens then that would be great. Please take a look and give your feedback. Thanks.
Nice adaptation. Thanks. I am a fan of CCI, esp the 50.
Can you tell me why the ma lengths are as below ? I can't make sense of it unless they should all be fib numbers ?
extern int ma1.Length=20;
extern int ma2.Length=34;
extern int ma3.Length=34;
extern int ma4.Length=50;
extern int ma5.Length=89;
extern int ma6.Length=144;
extern int ma7.Length=200;
The only other indicator I am using is the support and resistance fractals. For example, when all the roads light up for to signal a long trend, then I way for a resistance fractal to be broken and a candle closes above it. That is my signal to enter the trade. I usually place my stop at the last swing low. Typically at a fractal support. Hope this helps. I'll post the inicator.
don.gading,
My trading definately took on a different approach after learning to implement the 50 CCI. What I like about the Forex Freeway indicator is that it immediately lets me see the trend for the timeframes I specify. As for the MA lengths in the indicator, I'm not quite sure what should be standard. I've been playing with different settings and am still trying to find the optimal ones. Any thoughts? Have you tried the fibs?
Yes the commercial site selling something similar is http://www.fxmoneymap.com/Pages/Home.htm
I don't know how much the software costs but I do know that it only works with their data feed which costs over $200 a MONTH!
It would be great to emulate their system for free.
There are 37 video tutorials too on thier site so we should be able to see how they do it
Mike4X.
To be honest, this has nothing to do with the moneymap setup. The look is similiar but the indicator is different in itself. With moneymap, they use fib levels to project support and resistance. Once those roadblocks are clear you can take the trade to the next set of roadblocks. And they trade on the 1 minute chart. Try trading it with the spread. It's not easy. What I'm trying to accomplish with the Forex Freeway indicator is to allow a trader a more comprehensive view of the overall market trend. This is accomplished with the 50 CCI. When the trend is strong, all bars will light up. Basically it is a momentum trader. As for the use of the MA's and Fib numbers in the Forex Freeway indicator, we're still looking for an optimal settings. I'm still looking for someone to try and add an alert function to the indicator. Any help is appreciated.
Desoft,
Can you clarify this indicator for us so that we can all look at optimisation?
See if I have this right - the 4 vertical bars on the right side are in order from left to right 15m, 30m, 60m, 240m.
But you can have the 5m chart open right?
Four bright green bars means look long (wait for breakout).
Are the small lines within the bars resistance levels? What you call a roadblock?
Or are they targets to aim for?
Thanks for clarifying.
Mike4X
By the way, whoever programmed this indicator did a fine job.
Linear Mode
