Hi everyone
I have been trading using a variety of indicators. Listed below:
Pattern Recognition Master 3
Trend Magic
Super SR7
MACD
I have been trading the EUR/GBP only, and looking for at least 3 of the above 4 indicators to suggest a forming trend on both the 30 minute and 1hr chart. I am trading between 2pm - 5pm GMT to look for liquidity between the UK and US markets.
I have had some success so far, and am understanding more every day.
I've been considering the idea of creating a team to work on some sort of indicator compilier. Software that looks at the output of these (and perhaps further) indicators, and gives them a score. This is arbitrary, so for the sake of clarity lets make it:
-100 to +100
-100 is a definative sell trend, +100 is a definative buy trend. All other numbers are proportions of the same.
The compiling indicator would take the sum of these and create an average. With custom alerts given when the average reached a certain amount (for instance +75 overall).
Some important points of such an indicator would be:
I have been trading using a variety of indicators. Listed below:
Pattern Recognition Master 3
Trend Magic
Super SR7
MACD
I have been trading the EUR/GBP only, and looking for at least 3 of the above 4 indicators to suggest a forming trend on both the 30 minute and 1hr chart. I am trading between 2pm - 5pm GMT to look for liquidity between the UK and US markets.
I have had some success so far, and am understanding more every day.
I've been considering the idea of creating a team to work on some sort of indicator compilier. Software that looks at the output of these (and perhaps further) indicators, and gives them a score. This is arbitrary, so for the sake of clarity lets make it:
-100 to +100
-100 is a definative sell trend, +100 is a definative buy trend. All other numbers are proportions of the same.
The compiling indicator would take the sum of these and create an average. With custom alerts given when the average reached a certain amount (for instance +75 overall).
Some important points of such an indicator would be:
- The ability to weight the value of individual indicators in the final 'averaged' score. For instance we may decide that MACD on the 30min chart is of low importance, so give it an overall score of 5% (so its figure makes up 5% of the final 'average'), and believe that Trend Magic on the 1hr was of high importance and give it 20%.
- Adding further indicators to the above, or taking ones away. As the team decides, and as works for peoples trading styles.
I would like to work either with a small group of people to do this 'off board', or alternatively throw it open to the community and if people think its a good idea we could run with it here. We would need to create the indicator, along with deciding on which indicators to use with it, what weight to give each indicator and so on.
Personally I am more interested in live trading rather than EA's, but would be happy to see people going down that road too.
Any thoughts, ideas or criticisms will be gratefully recieved!
David