O.K. the gloves are off. Lets hear all of your opinions.
I have been trying to figure out what indicator is best for what situation. I have heard that macd is good for long term charts i.e. 4 hour and up, and I have heard that stoch is best for short time frames.
Here is my challange tell me how you use your indicators. Just the time frames, values and what you like about it. Please no systems we will put that together on a later date.
And shadow I don’t want to know about your number 7 until you have it written down
Perhaps it would be helpful to approach this from a slightly different angle. Maybe you could make a few observations about price movements and patterns. Then study these price movements by applying different sets of indicators and determine which of those indicators best measure these price movements such that they aid your decision making.
You know I have tryed that. The problem is I got so many notes and different stragities that I got a bad case of information overload. Remember that feel you got back in school when you were cramming for a test? You knew everything in the book, you sit down with pencil in hand, look at the test and you just felt evey bit of information drain out of your head?
Well thats how Im feeling right now. maybe I need a week off. I was just wondering how other people use thier indicators and to what level of succes. Because I always run across these great systems. The problem is they give limited information on their indicators.
I use a modified MACD coupled with a beautiful indicator called the Guppy multiple moving average (GMMA) so named after the Australian master share trader who did a lot of research on it.
My MACD is 26,19,9 thus being a little more conservative for added reliability.
The GMMA consits of 2 streams :
ema…3,5 8, 10, 12 and 15 periods.
and…ema…30, 35, 40, 45, 50 and 60 periods.
Short in light blue, long in red. Thicken price bars in blue/red for clarity.
The GMMA depicts the [B]character [/B]of the trend and therefore [B]vetos [/B]or [B]confirms [/B]a MACD entry.
Regards, Tymen Wortel, Newbie, Perth, Western Australia.
tymen I like your answer. My question is how did you come up with the numbers for the macd and do you use it on all time frames? The GMMA I think I have seen it befor but have not used it. What platform do you use? Is it available on MT4? If not can I just put in all of those moving averages?
Thanks, Keep your stick on the ice
Hello Bazooko, i will try to answer your questions.
Best way is with a screen shot commonly seen on these posts on this forun but i had some problems uploading - will try again soon.
MACD numbers - my idea. The standard 26,12,9 is too fast to match up well with the GMMA. The modified MACD is used on all time frames. I use the 30 min time frame or greater to allow for a decent amount of pip travel.
I use all these indicators on 7 time frames ie 1,5,10,30 mins,1,4 hrs and daily.
The platform i use is the GFT forex platform although the broker is not GFT forex (FXS Forex in Australia.) It takes quite a while to load the ema’s because I have to load them one by one, therefore, 12 on each screen,7 screens means 84 loadings.
That done then their values are given and then their colours are given.
A lot of work but it is very rewarding to be immediately see the true character of the trend which is otherwise invisible and then you are trading blind except for maybe, the help of candlesticks.
I do not know what MT4 is but I do know that you need a good charting package to be able to load the GMMA, although piece by piece.
Do not make the short term blue averages too light in colour or you will not be able to see them - mid blue is best.
[B]VERY IMPORTANT[/B] - Use a [B]white [/B]background and not a black one. The black may be more sexy - it looks like an astronomy exercise! but sadly lacks in resolution which is crucial when dealing with this many lines.
Kind regards, Tymen Wortel, Perth, Western Australia.
Hey thanks for outlining your system Tymen. Just one suggestion. Perhaps you should try a demo account with a metatrader 4 broker, such as Interbank FX (just google metatrader 4 forex broker). With metatrader you can set up your chart conditions ONCE and save it as a template. After that, you just load the template on each additional chart. Saves a lot of time.
Any joy with AUD/JPY yet? Seems to be in a triangle at the moment to me. Maybe a short opportunity later today?
Well ty, orangutan beat me to the punch. MT4 is metatrader4. It is vary easy to use, but a little trickey to figure out. Once you have it. you wont go anywhere else. The only problems I have with it is that if you use trailing stops then you have to leave your computer on 24/5.5 Cannot even put your computer in sleep mode. If you shut down your hard drive you lose your t/s. My other problem with it is you the smallest t/s is 15pips. But it gives you an excellant charting package that you can use with no minimum balance. Something that I don’t think orangutan made clear, is that when you put in your indicators they get transfer to every time frame for that pair. You can go in to properties and pick which time frames you want to view your indicators on.
Hey orangutan don’t worry about hi-jacking this post all is welcom. By the way what indicators do you use???
good luck and keep your stick on the ice
I probably should have mentioned something about that in my last post :o
I use a system similar to Ty’s, but not quite the same.
It relies on 5 and 10 period EMA crossovers. I also have a 20 and 50 EMA on my chart for supporting information. I also use Stochastics slow (10,3,3) an RSI of 9 and a standard MACD (12,26,9). The MACD isnt all that important, just confirmation.
I also rely heavily on chart lines. I define the overall trend with chart lines and trade only when I get a signal in that direction. I also use candles to help with exits, and dont ignore chart patterns.
If you like, I can email you a copy of my metatrader template (havent figured out how to attach files here yet).
Hello again.
I am allright with the GFT platform right now. The indicators have been loaded and every time i close the computer, the program saves the layout for me so it was a one off effort to load all those ema’s. When i re-open the program the indicators are all there ready to go.
Placed another trade yesterday, had to sleep. Through the night it went into profit just short of my limit target, then dropped so that by morning it hit my stop loss and i scored a loss.
The strange thing is that i scored a rollover [B]after [/B]the trade had closed and the rollover was a tiny profit!
Kind regards, Tymen Wortel, Perth, Western Australia.
Well Ty, I have not tryed to load a picture so the only advise I can offer is to try a hammer. You may have to buy a new computer but sometimes it helps. I also had a similar problem you just posted. Just comming short of your target and then losing it all. I have a system that is close to you and orangutan. I use ema’s of 5,10,50 & 200. I also use trend lines with fibos, bollanger bands, SAR and the clasic macd, stoch and RSI. You guys see why I have been asking on what to go with? I have all of these indicators on 3 different charts andlook at the 1 day, 4 hour and 15m min chart. After just missing my t/p limit and going to straight loss, I switched to a trailing stop. I have mangaged to pull out a win rate of about 72% however I usually have my t/s take me out of the play befor I get any real gain so I am not making much money. This week I have changed my stragity I will set a s/l of 20 pips and a t/s of 15 pips. So far this week I have 2 wins and 1 loss for a profit of 16pips.
i agree. the ichimoku line and the parabolic SAR are just for a little bit of confirmation, nothing fancy. you know, when you have been looking at charts for a long time and studied the market, then u sort of know or predict with 80% let’ say, accuracy. you get the general feel of the market, the market sentiment.
i believe using too many indicators is not good for you because your chart can get cluttered and that might prevent you from seeing clearly what really must be seen: the candleticks
just trade demo for a long time(6 months for example), almost every day, different time frames, and i can almost assure you that after that when u look at the 4 hr time frame(that’s the time frame i use, although i also use 1hr sometimes) u get the general feel
Well I am only a very newbie and I definitely need indicators or something to guide me.
I think you are very good if you can go without them - advantage - use whole of the screen for your charts without a slice being taken off to display an indicator.
Tried to upload a chart on this reply again. And it failed again.:mad:
Still asking for someone who has had success at chart uploading to post on this thread - help much appreciated. I have some very nice charts to show.
In what time period are you trading?
Do you use daily bars or 1 minute bars?
Do you scalp or position trade?
Do you think you may need different tools for each style? Why?
Tymen - you may need to check the file extension on your charts. Also, make sure it’s small enough (under 1 MB).
