There are reasons why traders, me included, have a hard time committing to a published method. You start with a thread that may be anywhere from 100 to 20,000 posts. If you manage to get through that and distill what is meaningful from all the bs and the pa Nazis who stomp in and tell everyone to forget their crap indicators and follow the true religion, you come away with a nugget of an idea. Remember that mining for gold is 95-99% dirt and, if you’re lucky, the rest gold.
With only a few ounces of precious metal, again, if you’re lucky, there is now no substitute for a lot more work. You absolutely must go through a period of trial and error where you are learning to trade this method as discussed or make adjustments more suited to your personal trading style. In my opinion, most of the work in trading should not be to complicate and obscure, but should be to clarify, objectify, and simplify. At the university, I was an identified “Reductionist,” always working to boil down the esoteric theories to something understandable. I remain less than reserved in my view that the more complex someone tries to make it, the more they just like smelling their own farts. Show me a post that starts off with two or three pages of what you will have to learn to master this method and I will show you a lot of intestinal hot air.
Don’t be put off by the gurus who just want to show you their rate of synaptic transmission. Some of the best information you will ever find will come up on searches of the word, “simple.” “Trading Made Simple,” “Trading is as Simple as ABCD,” “Super Simple System.”
Hi Pipwoof
Thanks for the comments
Yes I understand your saying, I have been trading for over 2 years now some good ones some very bad ones
Just trying to go round seeing what fits me best as obviously a person wants to settle on a good strategy and stick to it
I have tried downloading this file and putting it into my indicators file, but when I want to use it on the charts it does not work. Am I missing something or doing something wrong
I have been doing well with Fibonacci levels although I like to trade Fibs on higher time frames, but saying this you dont find a trade each and every day though, so hence me looking for something else on the side to help me rake in some profit
If only there was some super Guru somewhere who can tell us when the markets will do what then we can all be smiling ont he way to the bank with too much of pipness in our pockets:)
Ice, sorry you’re having trouble with the ea. Have you unzipped it? Unfortunately, bp won’t let us post an unzipped file, so that would be your first step. If you don’t have an unzipper, let me know and I’ll try to give you a little help with that. Also, this is not an indicator, it is an ea. It would go into your “experts” folder.
Hello Pipwoof,
The exit is fine. We can modify the entry. Taking only long trades when higher timeframe candle is green and taking only short trades when higher timeframe candle is red. Will reduce wrong trades.
Regards,
Abhinav
Has anyone tried daybreak with Super Trend as a filter.
May not catch every breakout but seems to avoid periods of whipsaw.
SuperTrend setting: Period:1 and Multiplier:1 seems good filter for entry with daybreak.
Regards,
Abhinav
Hi Again all,
The system backtests very well with higher time frame Pivot points and also with Higher Time Frame Weighted Price.
For example. When the daily price is below the weighted price of weekly we had good runs till the weekly weighted prices. And likewise when daily price is above the weekly weighted price of weekly, we had corrections till the weighted price. Lower time frame price eventually meets higher time frame weighted price or pivot points.
Fell in love with the system and sometimes also using the system on Four Hours with Weighted Price of Daily and Weekly analysis. FXCM Tradestation II allows us to plot a weigthed moving average or any moving average of higher time frame on a lower time frame chart unlike Meta Trader 4 where we may need a special indicator for the purpose.
Happy Trading,
Best Regards,
Abhinav