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Nova Volume Trading System

  • #101
  • Oct 31, 2024 2:14pm Oct 31, 2024 2:14pm
One more thing, it doesn't make sense to enter a BUY or SELL without being protected by a low (personal opinion) so don't enter any signals that appear at the high to buy or at the low to sell. Hope that makes sense.

I also appreciate all the messages being sent to me regarding this. Thank you.
You can lead a horse to water, but you can't make it drink
  • #102
  • Oct 31, 2024 2:17pm Oct 31, 2024 2:17pm
If you have been testing this out and it's working for you be sure to use the poll on the first page to give feedback and any questions I'm here to answer them.

Would love to hear how it's helping you all.
You can lead a horse to water, but you can't make it drink
  • #103
  • Oct 31, 2024 2:22pm Oct 31, 2024 2:22pm
https://www.tradingview.com/script/7...ssion-Channel/

Check this indicator out, its tradingviews most trending indicator atm. Buy entries when Candles are dark deep red. This signals that price is currently extremely deviated.
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  • #104
  • Edited 2:46pm Oct 31, 2024 2:28pm | Edited 2:46pm
Quoting MachineLearn
https://www.tradingview.com/script/7...ssion-Channel/ Check this indicator out, its tradingviews most trending indicator atm. Buy entries when Candles are dark deep red. This signals that price is currently extremely deviated. {image}
I like this, will check it out!

Be sure to keep us updated with your findings. As I said before, this indicator is better off as a confluence for your own systems to give confidence in entries.

Just to add, I would make sure market structure is followed before entering unless experienced.

Also, try looking at RSI candles where you can set candles to change colour when overbought or oversold - I used to use them

Thanks MachineLearn
You can lead a horse to water, but you can't make it drink
  • #105
  • Oct 31, 2024 2:45pm Oct 31, 2024 2:45pm
Following on from what MachineLearn said, if you want to use the indicator he suggested its up to you. Anything that helps will work.

Just don't use too many indicators that confuse you as I am ANTI indicator unless it adds value and keeps charts clean.

For me, Volume & Price is what matters in my system. Moving averages just help to be on the right side of the market.

Again, if entering any positions consider breaking even when at 1:1 so you can keep yourself from too many losses.

For me, losses indicate trend change with this indicator so I dont mind losses especially if I win 13 in a row and take 2 losses... minimal impact.

Attached Image (click to enlarge)
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You can lead a horse to water, but you can't make it drink
  • #106
  • Oct 31, 2024 2:47pm Oct 31, 2024 2:47pm
Quoting xkwisit2001
{quote} I like this, will check it out! Be sure to keep us updated with your findings. As I said before, this indicator is better off as a confluence for your own systems to give confidence in entries. Just to add, I would make sure market structure is followed before entering unless experienced. Thanks MachineLearn
I'll be forward testing of course. Agreed, market structure should be considered. Since the ema ribbon is integral to the system and identifying market structure maybe you can add it to the Nova indicator as an option.
  • #107
  • Oct 31, 2024 2:55pm Oct 31, 2024 2:55pm
Quoting MachineLearn
{quote} I'll be forward testing of course. Agreed, market structure should be considered. Since the ema ribbon is integral to the system and identifying market structure maybe you can add it to the Nova indicator as an option.
Check out RSI candles (by glaz)

You can set the overbought and oversold and see if they work well for you too. They defo work for pullbacks

My RSI is set to 65 - 35

If you set to 50 - 50 then you see just 2 colours

Like below 65-35

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50-50

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You can lead a horse to water, but you can't make it drink
  • #108
  • Oct 31, 2024 3:13pm Oct 31, 2024 3:13pm
Quoting xkwisit2001
{quote} Check out RSI candles (by glaz) You can set the overbought and oversold and see if they work well for you too. They defo work for pullbacks My RSI is set to 65 - 35 If you set to 50 - 50 then you see just 2 colours Like below 65-35 {image} 50-50 {image}
Very familiar with this indicator ive used it a bunch in prior systems. It's great
  • #109
  • Oct 31, 2024 3:17pm Oct 31, 2024 3:17pm
Quoting MachineLearn
{quote} Very familiar with this indicator ive used it a bunch in prior systems. It's great
It definitely helps once you know what RSI settings you want to use. For 1M i usually use 7.

But the one you provided looks good as you can choose to enter counter trend on the lighter colour changes. I wouldn't enter on the deep red as it can be deep red the whole downtrend.
You can lead a horse to water, but you can't make it drink
  • #110
  • Oct 31, 2024 3:55pm Oct 31, 2024 3:55pm
So for an MTF approach

If you were monitoring the 15M trend and price broke down below the 200EMA you could set a 1:2 trade on the 15m and follow it on the 1m chart.

Example of 15M entry below:

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Once you identify the 15M downtrend you can move down to the 1M chart and look for entries like todays (below)

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The same will work if you use the 1HR or higher to identify a new trend. Red line is the entry on the 15M.
You can lead a horse to water, but you can't make it drink
  • #111
  • Edited 4:25pm Oct 31, 2024 4:05pm | Edited 4:25pm
Quoting xkwisit2001
{quote} It definitely helps once you know what RSI settings you want to use. For 1M i usually use 7. But the one you provided looks good as you can choose to enter counter trend on the lighter colour changes. I wouldn't enter on the deep red as it can be deep red the whole downtrend.
It's less likely to keep running then the extreme levels of something like the rsi, if you use NOVA for entries and structure deep red gives excellent entries. Atleast on h4
  • #112
  • Oct 31, 2024 4:14pm Oct 31, 2024 4:14pm
Quoting MachineLearn
{quote} It's less likely to keep running then the extreme levels of something like the rsi, if you use NOVA for entries and structure deep red gives excellent entries. Atheist on h4
I'm just glad it's helping you. Probably more advanced for beginners, for me my strategy works for me and me only. But I want this to just aid people instead of sticking to rigid rules that work for some and not others.

Your input here is exactly what I was wanting to happen. Let this aid your trading decisions.

Thanks dude!
You can lead a horse to water, but you can't make it drink
  • #113
  • Oct 31, 2024 6:49pm Oct 31, 2024 6:49pm
Could you please post 6 or so months history or a trade explorer to view it's consistency over time? I've seen a few traders who use moving averages and what not but personally I don't really understand how they indicate too much.

I like drawing horizontal lines to plot important price points but never felt the need for indicators or tools. Just want to grasp an understanding, apologies if I'm asking for too much!
A big dog
  • #114
  • Oct 31, 2024 7:48pm Oct 31, 2024 7:48pm
Seems similar to the "King of Forex" method.
  • #115
  • Oct 31, 2024 7:55pm Oct 31, 2024 7:55pm
Quoting edge540
Seems similar to the "King of Forex" method.
Not sure who that is tbf

EDIT: I see now, he uses volume too. Volume is king of forex lol
You can lead a horse to water, but you can't make it drink
  • #116
  • Oct 31, 2024 7:58pm Oct 31, 2024 7:58pm
Quoting Cujibear
Could you please post 6 or so months history or a trade explorer to view it's consistency over time? I've seen a few traders who use moving averages and what not but personally I don't really understand how they indicate too much. I like drawing horizontal lines to plot important price points but never felt the need for indicators or tools. Just want to grasp an understanding, apologies if I'm asking for too much!
My results won't prove anything here because I have a longer period of experience and this system I created was for people new to it.

The best way to see results is to back and forward test it which I've been showing.
You can lead a horse to water, but you can't make it drink
  • #117
  • Oct 31, 2024 8:41pm Oct 31, 2024 8:41pm
Hello! Should I use the Nova Indicator with default settings? Thank you much!
Build habits through consistency
  • #118
  • Oct 31, 2024 11:06pm Oct 31, 2024 11:06pm
Can you upload an MT4 version of your Nova indicator for those of us that use MT4

Thanks for taking the time to share your system btw
  • #119
  • Nov 1, 2024 12:28am Nov 1, 2024 12:28am
Thanks a million Xk man for this thread!
I trade only EURUSD M2, based on Stop Run by the Big Boys Algos.
This is the first time a volume Indicator makes sense to me, added value is that I also use Ic Markets.
Here´s an example of volume diversion, I did not take the trade, news too close, and I am missing a liquidity run.
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  • #120
  • Nov 1, 2024 1:49am Nov 1, 2024 1:49am
Morning trades 2 win each one 2 R totaly 4R.
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You can kill children but never their dreams!!!
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