Advanced technique #9 (System Selection Technique)
Submitted by Edward Revy on September 18, 2008 - 10:21.
Choosing the right strategy for trading is a strategy by itself. (from Edward)
All credits and special thanks to Arsalan, the author of this technique.
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Hello everyone and thank you Mr.Edward Revy for publishing my ADX+EMA SYSTEM.
I want to share one very good idea with everyone.
This is not a trading strategy but a technique to determine which system to use and when. There are many systems available to use some are trend following systems like moving average crossover and some are oscillator based system which utilize indicators such as Stochastic, Rsi and William %R but if all these systems are good then why they work sometimes and sometimes they fail?
The reason is selection of a good system at wrong time.
Read entire post >>>
Thank you friends for your beautiful comments.
Happy Trading,
Arsalan.
Superb idea, by the way where can i get that MACD like yours Andrew?
That exact MACD is available on FXTrade with Oanda broker.
For MT4, you can download this one: MACD_2_Colour_HISTOGRAM.mq4
Regards,
Edward
Thanks Edward. Great site you have here!
Hi Arsalan and Edward.
I have enjoyed reading many of your strategies and have found that underlying nearly all of them the knowledge of what indicators should be weighted is crucial.
I have attached an indicator I wrote that attempts to graphically portray the concepts that Arsalan has put forward here.
I have used it to great effect with other strategies that I use and as a way of giving back to you I attach it here. I have attached the same period chart as yourself but with the indicator attached so that people can relate to the same info.
I hope you find this useful as I have.
One thing worth noting is that when using Mt4 (Metatrader) the ADX must be set to 28 to emulate what Arsalan has as his Adx 14. This I believe is a known issue with Mt4.
The indicator is bound to a 0-10 range and has a legend that explains the color codes so that people can visually see whether they should wait, look toward oscillators or trend indis or take the money and run :-)
Hope this is useful to all.
Cheers
Brooky.
Brooky_Indi_Select.mq4
This is the chart with the Brooky_Indi_Select.mq4 indicator loaded so you can see how it portrays the info.
Cheers
Brooky
Great job,
Thank you Brooky!
Regards,
Edward
Arsalan, Thank you for sharing all of this informaion. I have been trying to reinvent the wheel for some time, and the information on this site along with Edward's examples have been an tremendous help.
David
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