I was wondering if someone could confirm if I have my settings correct on MetaTrader. I have done the following and my settings have had to be edited to the ones in brackets as I was not able to do them exactly as directed.
4hr. Chart Settings:
� 5 EMA applied to the close (with Shift: 0)
� 10 EMA applied to the close (with shift:0)
� Stochastics (10,3,3) (Use slow and simple settings) (%K Period= 10, %D Period= 3, Slowing= 3, Price field= Low/High, MA method= simple, Fixed minimum = yes at 0, Fixed Maximum = yes at 100)
� RSI (9) (Simple) (Period = 9, Apply to close, Fixed minimum = yes at 0 Fixed maximum = yes at 100).
15 Minute Chart Settings:
� Settings same as noted on H4 one above apart from histogram.
� MACD (12,26,9) (Exponential histogram)- Make sure the histogram displays the difference between the 2 lines (Fast EMA = 12, Slow EMA = 26, MACD SMA = 9, Apply to close, I have left the fixed minimum and fixed maximum boxes unchecked here as you need to specify a number, it is unchecked as default.)
Also I have put the Cowabunga anypair V2 onto the 15 min chart.
Firstly, I was hoping someone more experienced and familiar with MetaTrader can say whether these are right or if I need any changes. That would be so much appreciated.
Also, I have 4 months demo trading experience and back tested to have a year worth of trading data of using the settings on the H1 chart (I have done with and without the histogram and it doesn�t help on the H1 chart��or I have it setup wrong). There is definitely good potential but the amount I need to invest per trade is high to cover stop losses being triggered before the trade gets going (if it is right). I need to save further to make sure I can have a good balance in order to use some reasonable money management before I start trading the H1 chart.
On this basis I have done some back testing on the 15 min chart and using the H4 one as a guide in the hope of perhaps finding a way of trading to start with using smaller investments (to cover the initial price fluctuations) on the 15 min chart. I am not sure I have the settings correct:
If I manually look at the charts and wait for the signals to line up (quite often the Cowa. arrow doesn�t accompany trades I would have done) and they are right.
Also though, often the signals don�t line up and the arrow is there and the trade would have been right. On this latter point it is always the histogram that stops me from entering. I am wondering especially if this is setup wrong.
Finally if I was to just follow the Cowa. arrows and ignore the collective chart signals quite a few of these are wrong.
There does seem to be some potential but as you can see quite a few grey areas.
So I am thinking I hope someone may have advice on my settings.
Finally I am thinking of starting on the 15 min chart and just following the manual signals and trend on H4 chart as a guide and ignoring the Cowa. Indicator arrows.
Any advice would be very much appreciated.
Long message................I know...sorry!:o
Thank you so much for any time and advice you may have