Which indicator is the best to measure breakout ?
Member Since May 19, 2011
6 posts
Jun 10, 2011 at 07:09
Which indicator is the best to measure breakout ?
Some traders told me, support & resistance, but didn't say in detail;
some told MA cross line;
some said RSI 20-80;
What does indicator use in good successful break out system ?
Some traders told me, support & resistance, but didn't say in detail;
some told MA cross line;
some said RSI 20-80;
What does indicator use in good successful break out system ?
forex_trader_28881
Member Since Feb 07, 2011
724 posts
Jun 10, 2011 at 08:08
None.
They don't work. Just draw yourself a nice support or resistance line and then realise that price doesn't spend a lot of time in the vicinity of support or resistance, it tends to bounce on it. So if you don't see volatility on your levels it ain't a level.
And once it's gone through wait for the retrace, take the second train, not the first.
They don't work. Just draw yourself a nice support or resistance line and then realise that price doesn't spend a lot of time in the vicinity of support or resistance, it tends to bounce on it. So if you don't see volatility on your levels it ain't a level.
And once it's gone through wait for the retrace, take the second train, not the first.
Member Since Jan 14, 2010
2299 posts
Jun 10, 2011 at 09:19
It is clearn from the name. When break out occurs, price does not come back. It nis in very good scenario, otherwise, it still can visit previous s/r area to trigger more orders but then again, it stays above below s/r line. No indicators.
Member Since May 19, 2011
6 posts
Jun 10, 2011 at 10:50
PipGnosyic & Chikot,
I plan to write EA to trade. By manual trading, I can easy to follow your suggestion in the MT4 chart.
However, it is difficult to teach EA for stimulating you idea.
Any point?
I plan to write EA to trade. By manual trading, I can easy to follow your suggestion in the MT4 chart.
However, it is difficult to teach EA for stimulating you idea.
Any point?
forex_trader_28881
Member Since Feb 07, 2011
724 posts
Jun 10, 2011 at 10:55
(edited Jun 10, 2011 at 10:58)
Use the fractal indicator then...it will do the same job.
So you wait for the fractal to draw and then wait for price to go inside the fractal, then you know if it goes through again that it's most likely breaking out.
So you wait for the fractal to draw and then wait for price to go inside the fractal, then you know if it goes through again that it's most likely breaking out.
Member Since May 19, 2011
6 posts
Jun 10, 2011 at 11:10
PipGnostic,
You are so professional and familiar with Bill Williams' theory !!.
Your suggestion seemed positive. But fractal is difficult to determine sharp of rectangle for breakout dowwards or upwards.
Anyway, I will test it again this weekend. There is another indicator named 'Gator Oscillator'. How to use it?
You are so professional and familiar with Bill Williams' theory !!.
Your suggestion seemed positive. But fractal is difficult to determine sharp of rectangle for breakout dowwards or upwards.
Anyway, I will test it again this weekend. There is another indicator named 'Gator Oscillator'. How to use it?
forex_trader_28881
Member Since Feb 07, 2011
724 posts
Jun 10, 2011 at 11:22
I don't use indicators so I don't know. The only thing the fractal does is put a arrow on a high higher than the previous 2 bars and followed by two lower highs, the shape doesn't mean anything.
Just a high or low that needs to be broken.
Just a high or low that needs to be broken.
forex_trader_2062
Member Since Oct 24, 2009
186 posts
Jun 10, 2011 at 11:55
TheCyclist posted:
None.
They don't work. Just draw yourself a nice support or resistance line and then realise that price doesn't spend a lot of time in the vicinity of support or resistance, it tends to bounce on it. So if you don't see volatility on your levels it ain't a level.
And once it's gone through wait for the retrace, take the second train, not the first.
Agree with PipGnostic, this is the only method that works for BreakOut, BUT, Breakout is not very reliable as a lot of times the signal is triggered and it is just a market spike. If you are going to trade Breakout, use tight SL and wait for candle close/Open.
There are indicators out there that will draw the lines for you, or you can do manual as I used to, it is a lot of fun.
Good luck.
forex_trader_28881
Member Since Feb 07, 2011
724 posts
Jun 10, 2011 at 12:31
Fun ?!
I've called forex many things, but fun is not one of them. More like a decade of pain and suffering.
I've called forex many things, but fun is not one of them. More like a decade of pain and suffering.
Jun 10, 2011 at 12:49
Well if you don't <i>have to</i> make money <s>gamb</s> trading, well it's a lot of fun actually. 😄
It's like anything ... if you take it too seriously, it's gonna hurt.
It's like anything ... if you take it too seriously, it's gonna hurt.
Surround yourself with people whose eyes light up when they see you and who have no agenda for your reform.
Jun 10, 2011 at 12:53
Back to the subject, I read somewhere that you can use Bollinger and Keltner bands to see if a breakout is imminent. Volatility drier than a nun's muff, Bollingers tight, then breakout is likely. That's what the book says.
Surround yourself with people whose eyes light up when they see you and who have no agenda for your reform.
forex_trader_28881
Member Since Feb 07, 2011
724 posts
Jun 10, 2011 at 12:54
(edited Jun 10, 2011 at 12:57)
I don't have to, got a decent job. But the cost to me was very high, almost to high in terms of time, doesn't matter how much I make from fx, not all the money in the world can buy me one extra second.
forex_trader_2062
Member Since Oct 24, 2009
186 posts
Jun 10, 2011 at 13:00
Keltner works, yes, but win % is 65%. MM is the key.
I would stay away from breakout, but that is just lil old me .
I would stay away from breakout, but that is just lil old me .
forex_trader_2062
Member Since Oct 24, 2009
186 posts
Jun 10, 2011 at 13:10
Oye tu ta como la sopa, en toa parte!!!
A little Cuban right there. oh, and little compare to my African friend Dominic.
A little Cuban right there. oh, and little compare to my African friend Dominic.
Jun 10, 2011 at 13:30
Oh yeah, money is so temporal ... These days it ain't a pile of cash anymore, it's just numbers somewhere in a server room ... Money won't make anyone happy. Fortunately, it doesn't make anyone sad either, LMAO.
TheCyclist posted:
I don't have to, got a decent job. But the cost to me was very high, almost to high in terms of time, doesn't matter how much I make from fx, not all the money in the world can buy me one extra second.
Surround yourself with people whose eyes light up when they see you and who have no agenda for your reform.
forex_trader_28881
Member Since Feb 07, 2011
724 posts
Jun 10, 2011 at 13:46
Money is not important, lack of money is very important.
But the cost in time....isch.....
But the cost in time....isch.....
Jun 10, 2011 at 14:25
Time ... we have nothing, but time, really. All the time in the world.
Once you're done with something, a period of your life, or a big project, you can look back and say, holy shortcake, it's over, done, finito, you have to come to some conclusions, how to make it better next time but ... it's just so good to be able to say ... been there, done that ... in a good way. If it hasn't killed you, must have made you stronger ... and forex hasn't killed you, has it Elkart.
Once you're done with something, a period of your life, or a big project, you can look back and say, holy shortcake, it's over, done, finito, you have to come to some conclusions, how to make it better next time but ... it's just so good to be able to say ... been there, done that ... in a good way. If it hasn't killed you, must have made you stronger ... and forex hasn't killed you, has it Elkart.
Surround yourself with people whose eyes light up when they see you and who have no agenda for your reform.
forex_trader_28881
Member Since Feb 07, 2011
724 posts
Jun 10, 2011 at 14:34
No speki,
It hasn't, but I would have had a better quality of life without it. Chasing the dragon....fools game. I'm still debating with myself if the cost was worth the returns....
It hasn't, but I would have had a better quality of life without it. Chasing the dragon....fools game. I'm still debating with myself if the cost was worth the returns....
forex_trader_2062
Member Since Oct 24, 2009
186 posts
Jun 10, 2011 at 14:52
Seems to be you are giving up on Forex, persistence is the key to sucess, do not forget that..
