I just wanted to open a short thread with an updated version of my PowerSwing trading system for everyone to try out. This new version was revamped with new indicators and removed the clutter to help simplify the entries and exits. I also have dropped down from trading the daily to a 4 hour timeframe since I have more free time to dedicate to trading.
The indicators and template are included in the zip file for you along with the link below to my Camtasia video showing the indicator setups and also an explanation of the entries and exits to save a little time on reading a bunch of posts and to avoid confusion.
UPDATE!
(There are some issues with the sound on the video so I have temporarily removed it until the sound problem is fixed)
***New video to be added shortly***
Here is a screen shot of the trading setup to show you what the template looks like. Feel free to change colors and setup the screen anyway you like.
Entry Criteria
1) We look for the ZigZag arrow to indicate the start of a trend direction. We will only take trades in that direction only.
2) We look for the cross off the forex offtrend indicator (thicker lines). If the indicator crosses back after a trade is made, wait til the close of the candle to make sure the cross will be valid due to the repainting.
3) The last one we look for is for the trendline indicator to change color to coincide with the direction of the Zigzag arrows. Wait til the close of the candle before making any decisions.
We all three have been met then we can place our entry. And just to make sure, confirm the indicators have crossed or changed color at the end of the candle first, then we determine our entry point. If all criteria is met, place your order at the opening of the next candle. If you have doubts on a cross, please use common sense and wait for another candle to close, then re-evaluate the chart because we want to see a little separation.
A small tip for you:
When the Zigzag arrow forms around the oversold Murrey levels (0/8, 8/8, +1/8, -1/8, +2/8, or -2/8) these are prime trades and usually very strong and fast movers.
Exits
The blue line of the forex offtrend is the key to exiting your trades. Look for both lines of the trendline indicator (red for shorts, blue for longs) to touch the blue line of the forex offtrend indicator to close your trade. You don't have to wait for the close of the candle to exit. I close my trades as soon as the lines touch, just my preference.
Next week I will setup a demo account and provide the account # and investor password and make some actual live trades to show how the system works so everyone can watch the trades develop.