Advanced system #6 (Picking Tops and Bottoms)

Really Good strategy. But how do I spot if the market is oversold or overbought.
Sometimes the pair may be clealy on divergence and a signal show against the divergence, please could someone help on how to handle such trade.

Udom.

why not try it yourself?
Your results might be different from others.

so , can i ask here about the result of this system, can give a high %of profit?

Hi panavacci,

great indicator, thanks a lot for it!

Here is a quick screenshot of the indicator for everyone:

Regarding pending orders at 20 moving average and price changes:
- the system requires periodical monitoring, it is, unfortunately, not the one of those set-and-forget systems.
- ADX may also change during the day. Basically, the smaller the time frame for placing a trade, the more frequently we need to review and adjust our pending orders.

With the help of your new indicator, we now don't need to click through all time frames everytime we adjust pending orders :)
Great stuff, thank you!

Best regards,
Edward

Hi great Edward,
You are a great philantropist.
Thanks a lot.
I have some worries and I would really appreciate your answer.
1. concerning entry, if i place a pending order on the 20 ema e.g on 1 hour
chart and walk away, the 20 ema value that would serve as a bounce would have
changed whenever the price eventually bounces.
2. Also, by the time my bounce finally comes, the ADX might be going under 30.
Pls I am worried.
I have written an indicator that displaces the ADX value from monthly to weekly to daily to 1 minute.
And it tells which is first greater than 30. I would be most happy if people would find it useful though
I am still battling to have a profitable and consistent system in forex. If you need any improvement on the indicator,
pls you could mail me on charlesadejumo(at)yahoo.com as i might not be able to check the site in due time.

Tops___Bottoms_using_ADX.mq4

And please great Edward, if you know any system that could guarantee me of 20 pips a day and allowing me to trade
just in the night around 22gmt to 7 gmt as i am a doctor with a tight schedule, i would be most grateful..
Sincerely yours & more pips to your account,
panavacci......

Hi Christian,

Normally you'd set a Limit entry order close to or exactly at 20 EMA and wait for it to be executed.

Regards,
Edward

Hi

I have read through this thread now but i´m still not sure exactly when to enter the trade, should i enter exactly when a candle touches the 20EMA or should i wait and see if the candle crosses the 20EMA and e.g buy when the price crosses again in the right direction? Hope you understand what i mean.

Regards
Christian

Thanks Kris and welcome!
You're right, there are lots of sellers out there. The main problem is: there are also lots of buyers, who don't seem to try to understand that a system that is sold for $100 or higher/lower cannot make you rich, because it obviously didn't make seller's life blooming with money in the first place so that he would forever forget about making an income on $100 sales...

Regards,
Edward

This website is totally awesome! Everywhere else you look there is some VENDOR SELLING his system/technique for $100 - and of course you can't test it before you buy it. THANKS SO MUCH, ED! Kris in Minnesota

In the upper menu go to:

Insert - Indicators - Trend - Average Directional Movement Index
That's ADX = Average Directional Movement Index.

Thomas

Hi Guys,

I am using a MT4 platform but cannot find the ADX indicator, any idea's?
my email is [email protected] Thanks in advance

Hi Alex,

My choice is to trail stop beyond recent swings high/low.

Regards,
Edward

Hi Edward, thx a lot for this strategy. I have one qustion: do u move the SL with the EMA 40 or do u let it at origin position?
Thx a lot

Alex

Hi John,

By trading the bounce off of 20 EMA I mean that we already have a pending order ready sitting on 20 Moving average line.
In case, however we missed the touch of 20 EMA or it never happen and we believe that price will reverse now, we enter after the first bearish candle (Short) or after the first bullish candle (when we plan to go Long).
Also, if we spot such reversal candlesticks as doji or stars, we enter a trade immediately upon the close of those candles.

Regards,
Edward

Hi Edward, How do you define a "bounce" in this approach? In other words, how far do you allow the price to head back up (in a long trade) before entering? I know it would be different for different time frames but I am guessing there are some parameters that you use. thanks John