HI,
I just thought to share a simple strategy here and would like the reviews of pro traders that it would work fine or not. I have mixed few points from different systems posted here and it is not my trading system and is a general strategy which i am leaning towards to adopt.
Indicators:
ADX, 14 period.
MACD
parabolic sar.
Go Long:
When the macd crossover shows an uptrend which is fast ema crosses slower ema from downwards.
and
ADX is over 20 with DI+ over 20 and DI- less than 0r equal to 10
and
Parabolic SAR dots appear below the price indicating uptrend.
Go Short:
when macd crossover shows a downtrend that is fast ema crosses slower ema from upwards.
and
ADX is greater than 20 with DI- over 20 and DI+ less than 20
and
Parabolic SR dots appear above the price indicating a down trend.
PS:
has anyone used such technique successfully?
Any suggestions are welcome plus the suggested time frame etc.
regards
note: Sorry if some one ha already posted such thing but this is just my understanding.
Just my opinion but indicators are perhaps not the way to go as they more often than not bite you in the bum,try instead price action with support and resistance and save yourself a lot of agrivation,but as I said just my opinion good luck anyway.
Hi Ibrartariq
I like your strategy, don’t be put off using indicators just because some traders stick to price action. I use indicators always and consider myself a successful (profitable) trader. Master 3 to 5 systems and keep some others under your belt for different market conditions and different time frames. Always remember time frame is the key to using some indicators! What time frame are you suggesting for your strategy?
Good luck, James:)
Hi guys, @buster48 you mightbe right but i think for shorter time frames some indicators work good if not perfectly. @jaeleone , my suggested time frame for
This strategy is 30m.
And as far as price action is concerned i combine fibonocci retracement levels most of the time before entering into a trade so basically i combine these inficators along with prive action to have a better trade.
Ps: i am not very good in price action strategy. If someone can shed light on some simple and profitable technique
Thx
Indicators:
ADX, 14 period.
Bolinger Bands
Parabolic SAR.
Go Long:
When the candles begin to touch the upper band and the lower and upper bands are diverging from each other. This usually happens after a Bollinger squeeze.
and
ADX is over 20 with DI+ over 20 and DI- less than 0r equal to 10
and
Parabolic SAR dots appear below the price indicating uptrend.
Go Short:
When the candles begin to touch the lower band and the lower and upper bands are diverging from each other. This usually happens after a Bollinger squeeze.
and
ADX is greater than 20 with DI- over 20 and DI+ less than 20
and
Parabolic SAR dots appear above the price indicating a down trend.
Stop loss: I use the [B]Move_Stop_To_Psar[/B] e.a.
Sounds like a decent strategy. You should look into applying some sort of basic filters or figure out what types of market conditions it generally performs better. This should allow you to decrease some of the worse trades without hurting your overall profit. Since it is a discretionary system it is up to you to learn its nuances and what factors affect how well it trades.