Hello community, first time threader here.
Ive been playing with this a bit on xauusd 5M demo and i think it has potential.
Your scrutiny is most welcome
Theory .
The basic prinicple of this method is to enter a trade when higher highs and lower lows/ support and resistance levels are broken in trends and/or at reversals.
The key is to know which higher highs/ lower lows or support/ resistance levels we should look at being broken before considering opening an trade.
The indicator pro has potential to show these key areas which is displayed by the zigzag indicator.
Once the NRP indicator pro has alerted, a HH or LL/SR level will be formed.
Once this key level is broken we will consider entering into a trade.
Practicle using 1:1 RR
Sell
1)A sell arrow appears.
2) lower low is formed displayed by zigzag.
3)Enter at break of lower low formed by indicator pro.
4) Stop loss at last swing high displayed by zigzag.
Continuation shorts lower lows broken.
and higher lows broken
Longs
Continuation longs higher highs broken
A major con about this method and the part that needs filtering is " very often" ( i say this with a pinch of salt) before stop losses are hit, price will go at least a few pips in our favour before turning on us. The higher the time frame, the more the few pips will be.
A trailing stop would be an option in this scenario.
The zigzag indicator as we all know is a repainter and in the greater scheme of things should not be an issue as price will pull away first and then head to key level (theoretically) however in fast movements it may cause problems.
This zoomed out image will show everytime a HH/LL or S/R level is broken.
Notice the dashed lines are losing trades often go in our direction first before reversing. 
Parameters of indicators
Zig zag
5
41
3
Fibo for Tp and Sl set at 1:1 RR
0-Sl
1-Entry
2-Tp
For those that didnt know, adding %$ after discription will display targets on Fibo.
Indicator pro
Signal period set at 40.
All parametres are still being toyed with.
The indicator pro DOES NOT repaint but for some reason will only show a certain amount of bars back so for back testing the strategy tester should be used.
An alert for when key levels are broken would be very useful.
I am creating this thread via mobile and am now struggling to add more attachments. I will add the indicator pro and some more examples in a reply.
...like i said, first time threader.
Ive been playing with this a bit on xauusd 5M demo and i think it has potential.
Your scrutiny is most welcome
Theory .
The basic prinicple of this method is to enter a trade when higher highs and lower lows/ support and resistance levels are broken in trends and/or at reversals.
The key is to know which higher highs/ lower lows or support/ resistance levels we should look at being broken before considering opening an trade.
The indicator pro has potential to show these key areas which is displayed by the zigzag indicator.
Once the NRP indicator pro has alerted, a HH or LL/SR level will be formed.
Once this key level is broken we will consider entering into a trade.
Practicle using 1:1 RR
Sell
1)A sell arrow appears.
2) lower low is formed displayed by zigzag.
3)Enter at break of lower low formed by indicator pro.
4) Stop loss at last swing high displayed by zigzag.
and higher lows broken
A major con about this method and the part that needs filtering is " very often" ( i say this with a pinch of salt) before stop losses are hit, price will go at least a few pips in our favour before turning on us. The higher the time frame, the more the few pips will be.
A trailing stop would be an option in this scenario.
The zigzag indicator as we all know is a repainter and in the greater scheme of things should not be an issue as price will pull away first and then head to key level (theoretically) however in fast movements it may cause problems.
This zoomed out image will show everytime a HH/LL or S/R level is broken.
Notice the dashed lines are losing trades often go in our direction first before reversing.
Parameters of indicators
Zig zag
5
41
3
Fibo for Tp and Sl set at 1:1 RR
0-Sl
1-Entry
2-Tp
For those that didnt know, adding %$ after discription will display targets on Fibo.
Indicator pro
Signal period set at 40.
All parametres are still being toyed with.
The indicator pro DOES NOT repaint but for some reason will only show a certain amount of bars back so for back testing the strategy tester should be used.
An alert for when key levels are broken would be very useful.
I am creating this thread via mobile and am now struggling to add more attachments. I will add the indicator pro and some more examples in a reply.
...like i said, first time threader.
