thank you, looks robust.
-guandi
guandie,
thanks for the website, thats a good idea
Hi slipshod,
Thanks for the sharing. I like the blog too. However, Iāve problem dropping my comment. Iām not sure if u have received multiple or none. Much apologies if u have received multiple.
Nevertheless, can u share with us on the creation of StochRainbow? Iāve a typical Stoch Oscillator and I notice a significant difference between the two.
Thanks in advance.
JimmY
Hi Jimmy, yes I saw your comment but didnāt understand it, but your post above makes things clear. The Stoch Rainbow comprises 8 stochastics, each with different input values ranging from fast to slow - its really quite a simple indicator.
Hi Slipshod,
Many, many thanks for all the information you have given thus far. I have just reached the point with spread trading that I need some hard and fast rules to stick to mainly to discipline myself but also to hone my skills so I can ideally spend less time day to day identifying trades.
I use IG Index and have followed your guide to setup the indicators successfully. I have, however, a few questions on the trend signal indicator. You say at the end of the section that you were unable to find a way to automatically change the values for different time frames. As a relative novice I was wondering if you could explain the range of values needed for different time frames? Forgive me if this question has been asked already, if so just a link to that post will do! I guess my question also applies to the stochastic rainbow, I will play around with it but just wanted a rough guide of values to start with.
Thanks again for all your help,
Si
Really impressed with the training concept and the presentation is excellent, as a relative newby this is something I am keen to try. However my trading platform do not contain the ATR or the rainbow stocastic that you use on your system. They do have a range of tools including stocastic momentum index and bollinger bands. Can these be adapted for your system and if so which perameters should be used?
Thanks,EJEH
The indicators necessary for this system can be downloaded from the link in the OP.
O.
Oliver please where is the OP.O? i dont know where to find it,u can also recomend any brocker that has the indicator on their platform so that i can open another account with them.I will appreciate your further assistance.Thanks U.E
OP means āOpening Postā, the first post of this thread.
You wonāt find a broker with these indicators, because theyāre all custom made.
O.
Thanks Oliver i have seen the indicators but one more chalange, i use lite forex and they hav no provision for instaling custom made indicators please can you tell me the brocker you use so that i can try on their demo? Thanks very much
You donāt install custom indicators with your broker but in your MT4; they will work with any and every broker.
Read the first few pages of this thread, slipshod explains how itās done; all you gotta do is copy them in the proper MT4 folders.
O.
Further update for me, I used this strategy to great success a few weeks ago then like all newbies started to listen to āāProsāā and lost the profit I had built up.
So started back with training wheels again today, first trade closed at 11 pips (should have been 24pips but got greedy looking for more, luckily I moved my SL up) then IGNORED the rules and lost 7.
So listening to the chart and the strategy again I was up 21pips, moved SL to BE and instead of banking the pips AGAIN I got greedy which came back to bite me and hit my BE so ended up with 0.
This time I caught another move it was around 15pips up, noticed a reversal and moved my SL up to 11 which got hit so another +11pips in the bag.
Lessonās learnt today, DONT GET GREEDY, Always listen to the signals and above all DONT GET BLOODY GREEDY
Overall though Iām up today which is good and some lessons learnt.
A great strategy
lol, I like that ā¦ itās so true.
And it works both ways: donāt allow your fear to dominate you either. Just stick to your trading plan, even if a trade runs the wrong way ā¦ thatās what stop-losses are for.
O.
Itās very true. The main thing Iāve taken from today is the strategy works and donāt listen to other traders
Donāt listen to other traders about the trades they are taking
So another profitable day today. No losses but I was over cautious and BE a few times. If I gave my first trade a bit more room to breath before braking even it would have gone onto 100pips.
However, that said I bagged 20pips and BE on 4 trades so didnāt get greedy which is good.
Profit is profit after all
Which is what your warned me about Oliver
So mid week and just finished my trading day with training wheels again.
Ignored the rules lost 25pips
Listened to the chart and followed the rules strictly and made 86.
So up 61 pips today very happy and further confirmation (although i hate myself for ignoring the rules today) that listening to the signals on the 1hr and going with the trend makes pips.
Jumping the gun and getting in before the signals say the chart is ready and youāll get burnt.
I hope any newbies like me reading this will take comfort from my results trading training wheels. It does work, I trade GU mainly sometimes EU and Iām on a live account.
Someone please convince me this worksā¦ It looked so promising until I used MT4 to backtest with multiple TF. I looked simultaneously at 15 min 1 hr 4 hr and 1 day charts and from what I sawā¦ the indicators didnt help at all.
Candles didnt react to the levels at allā¦ Price did what it wants as usual and the indicators may as well have not been there.
I was watching this in a quick time but just casually looking at how price went along with the indicatorsā¦ I saw no correlation at all. Cant see how this can help a traderā¦
For oneā¦ that MA is useless. 90% of the time price is just going up and over down below up and over down below. and the MA is o lagging that when there is a trendā¦ its to late.
Bare in mind that there a few moving averages hereā¦ all lagging and IMO not good.
Well i had a good day with eur usd yesterday 