Hi Folks,
I wanted to share the system I'm developing to gather opinions and criticisms from more experienced traders. I've only recently started trading a live account and frankly, it scares me quite a lot. I've been in constant study of the Forex market since the Spring of 2013 and within that time, I've tested systems of all kinds; systems that others have prospered with. For some reason, whether from ego or from a creative spirit, I had to design my own.
I also found that I needed something that could keep me from becoming confused; something that would definitively tell me when I was wrong, how much to risk and what a reasonable profit target would be.
I developed some ideas from several places, but the majority of it came from forexalien's thread. Many thanks to him, dear teacher that he is. I studied his ways for two years and I'm so grateful to him for his generous spirit. His concept of multiple time frame analysis made perfect sense to me but the difficulty is that I have Asperger's and tend to get overly fixated on things. With Alien's systems (and I think they are wonderful), there are a lot of things to look at and I feel that it's too easy for me to focus on one thing while ignoring others. Anyway, I had to try to boil down a few elements and see if I could find a way to do the work of many indicators using only two. Moreover, there had to be little left to interpretation - the fewer "if this then that" scenarios, the better.
First, I'll explain the underpinning of the indicators. Next, I will illustrate how best to use them (as far as I could figure out anyway).
I wanted to share the system I'm developing to gather opinions and criticisms from more experienced traders. I've only recently started trading a live account and frankly, it scares me quite a lot. I've been in constant study of the Forex market since the Spring of 2013 and within that time, I've tested systems of all kinds; systems that others have prospered with. For some reason, whether from ego or from a creative spirit, I had to design my own.
I also found that I needed something that could keep me from becoming confused; something that would definitively tell me when I was wrong, how much to risk and what a reasonable profit target would be.
I developed some ideas from several places, but the majority of it came from forexalien's thread. Many thanks to him, dear teacher that he is. I studied his ways for two years and I'm so grateful to him for his generous spirit. His concept of multiple time frame analysis made perfect sense to me but the difficulty is that I have Asperger's and tend to get overly fixated on things. With Alien's systems (and I think they are wonderful), there are a lot of things to look at and I feel that it's too easy for me to focus on one thing while ignoring others. Anyway, I had to try to boil down a few elements and see if I could find a way to do the work of many indicators using only two. Moreover, there had to be little left to interpretation - the fewer "if this then that" scenarios, the better.
First, I'll explain the underpinning of the indicators. Next, I will illustrate how best to use them (as far as I could figure out anyway).