can you set this up so we can change the DI periods?

thanks

so to clarify if todays low is lower than yesterdays we only go short when -di goes above 20? thanks in advance.

??? Not sure I understand your question.

Look back at the rules of the system, the only thing we are concerned with about yesterdays high / low is to calculate possible support / resistance levels.
================================================== ====
"""Important info:

GBP support / resistance levels to figure these out we take the daily high and low from
3 p.m. est. and add or subtract these # from it depending on which way we are trading.

The # are: 100, 150, 200 and 250.
100 and 150 are moderate s/r levels you will see price action hesitate at these levels but usually go through however not always some times price will reverse at these levels so you need to watch them.
200 and 250 are strong levels. Price will most of the time stop and sometimes reverse at these levels so watch these like a hawk and take profits early if price starts hesitating too much when getting close to them.

Quick example of figuring these levels;

Take the 3 pm est write down the high and low of the previous 24 hrs and add / subtract the levels from there.

High = 1.7590 low= 1.7350

I get a signal to go long at 1.7395
Resistance levels will be 7350 + 100 = 1.7450
7350 + 150 = 1.7500
7350 + 200 = 1.7550
7350 + 250 = 1.7600

with a signal to go lon at 1.7395 I know I have a resistance point to watch for at 7450 but my target will be in the 7445 – 7450 range however I know that 100 is a weaker s/r level but will pay attention to price in the 1.7430 + range and close early for a profit if need be.

If my target for 50 pips was at 1.7550 + I know that if the market is not moving strongly I probably will close for 30 or 40 pips instead of waiting for 50.

hope this helps

Ok traders I took the adx and modified it myself ( first time I have programmed an indicator) thanks to codersguru for the course)

the attached indicator is almost a perfect match to the one on my other charts. we will watch it for a while to make sure

put this on the 5min gbp and follow the rules

I ONLY TRADE THIS ON GBPUSD
This will not work well on euro and the avg. daily range of euro is too small

5 min charts with 5/13 EMA and DMI 34/14.......DMI+ and DMI- ==34 and ADX 14



we look at the ADX 14 , this is our grail , as soon as ADX turns up from below and crosses 20 marked by WHITE line , we r ready to trade……….
On completetion of next candle[ 5 min candle] we place a buy order @ +5 of high of last candle { pls note that 5/13 EMAS would have crossed much b4 we enter our LONG trade} .Now we keep making it +5 of high of last candle , even if price starts to FALL , so now as soon as it hits our mark we have a LONG trade.
3….STOP LOSS…….we put a loss at -35 {includes 5 pips for broker}.
4…PROFITS…….1….we set limit order to take @ +50 pips
……………………2….we take ¼ @ +25 , next ¼ @ +50 , next ¼ @ +75 and last ¼ @ +100
……………………3…we take 2/3 @ +50 and with rest 1/3 we can play around.
5…WHEN NOT TO TRADE…….1…..During major Data time (NFP)
…………………………………….2…when made 50 pips for the day.
6…WHEN TO TRADE………….1…Between 2am EST to 12 noon EST[ not b4 and not after]
…………………………………2…whenever u need 50 pips, pls don’t get addicted to trading

Once in profit of 30 + pips move stop loss to b/e


Important info:

GBP support / resistance levels to figure these out we take the daily high and low from
3 p.m. est. and add or subtract these # from it depending on which way we are trading.

The # are: 100, 150, 200 and 250.
100 and 150 are moderate s/r levels you will see price action hesitate at these levels but usually go through however not always some times price will reverse at these levels so you need to watch them.
200 and 250 are strong levels. Price will most of the time stop and sometimes reverse at these levels so watch these like a hawk and take profits early if price starts hesitating too much when getting close to them.

Quick example of figuring these levels;

Take the 3 pm est write down the high and low of the previous 24 hrs and add / subtract the levels from there.






High = 1.7590 low= 1.7350

I get a signal to go long at 1.7395
Resistance levels will be 7350 + 100 = 1.7450
7350 + 150 = 1.7500
7350 + 200 = 1.7550
7350 + 250 = 1.7600

with a signal to go lon at 1.7395 I know I have a resistance point to watch for at 7450 but my target will be in the 7445 – 7450 range however I know that 100 is a weaker s/r level but will pay attention to price in the 1.7430 + range and close early for a profit if need be.

If my target for 50 pips was at 1.7550 + I know that if the market is not moving strongly I probably will close for 30 or 40 pips instead of waiting for 50.

This is an easy system to use. Watch it while demo trading it and you will get the feel for how important the 100 & 150 levels are. If there is data coming out the data can strengthen the lower levels.


have fun and don't get addicted to trading.

Attached Files

ADXdon.mq4 (4.3 KB, 408 views)

Hi Donb01,
Thank you for sharing your system. You just said you are using different ways to filter.
Would you kindly tell us what ways they are? I'm always confused to filter the consolidation stage.

Best Regards,
Steve

Hi Don
Thanks for sharing your system.
I can only trade from 2.00 am EST until about 6.00 EST. From your experience, are there sufficient trades during this limited time period?
Regards and thanks.
Mike

MIKE,
Yes there are but we will be better off if we can find a good filter if only trading half the session

Steve and Mike,

filters that I am looking at are: 1. definately data releases i.e. if data is good for GBP then do not short GBP and vise versa.

other filters I am looking at are CCI I am currently playing with parameters to find the best setting. will post when I do settings I am currently looking at are 50, 30 and 21


VERY IMPORTANT:

be very careful taking any trades with this in January as big traders are winding down their positions etc...

Last year January , Feb and Mar. were very bad months with this system. after getting 5 loosing trades in a row I ended up trading opposite direction of signal for +30 pips.
in other words when I got a signal to go long in Jan, feb and march I took that signal short with a tight stop of 10 pip above the high and a target of 30

hope this has not confused you

here is one filter that may work. It will not keep us out of false set ups but will possibly show us to close a trade early at B/E or - a few
it is called FATL link to download is below

OK what we are looking at with fatl is where price is so if we get a signal to long the trade is ok unless price crosses the fatl line if this happens close trade.
The other thing with fatl is if we are in a trade and price keeps pulling farther away from fatl the trade is good and may go more than +50.
I will attach charts
on these charts the only line by price is the fatl indicator and is colored red

I am also looking at the Awsome oscillator as a possible filter but not impressed yet and have no rules

filters indicators

the first chart is trades for today

the second chart shows a gap between price and fatl which is a sign of a good trade.

my new rule is when there is a gap like the one in the chart or a wider gap than shown in the chart I will not exit until price crosses the fatl in opposite direction. the trade in the chart was worth 70 pips instead of 50

Attached Images

	gbp +50 w fatl.gif (50.2 KB, 438 views)
	gbp w fatl.gif (50.1 KB, 369 views)

Please keep me posted on your development. I will do the same from my side as I ONLY trade GBP/USD. I cannot get myself assigned to this thread, so your contact would be much appreciated. Thanks.