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Im in the process of developing a trading plan based on ADX(14), ZerroLag, 34/55 EMA, and SuperTrend indicators.
It is a trend following strategy trying to use the ADX to keep me out of chop. Trading off the 144 tick bar charts and looking at 5/15/30 min charts to define the trend direction.
Longs = zerro lag> 34EMA>55EMA and all are blue. ADX crosses above 20 going green within 10 bars of a supertrend switch in color to green.
Shorts are reversed with the exception of the ADX.
While looking back at the charts this strategy does do pretty well at keeping me out of the chop but probably not well enough. I would like to be able to gauge if there will be chops or waves.
Can you help answer these questions from other members on NexusFi?
Undoubtedly one of the most ludicrous, recurring themes on this forum. It bears testament to the obsessive preoccupation with useless indicators and indicators in general. What's next, an indicator to tell you when your ass itches? Try using common sense and your knowledge of price patterns, intraday seasonality, intermarket correlations, etc. instead of attempting to rely on some textbook cliche of an indicator or some other contrivance. Study the market(s) you are trading and learn it's nuances and tendencies and you'll know in advance when it's the best time to trade.
I think you can download it from the download section. The problem is sometimes the indicator didnt produce any signal but since your ass itches you click buy/sell
What about if this soul is looking for a few clues he could use to develop an automated strategy? Ever seen an auto strategy that does not use indicator(s)? Maybe you should define what is a useless indicator as i see many in your own thread.
Can u link me to the MP indicator ur using, I just added Gomi but his has a different look from urs or am I mistaken? I try to search on nexusfi.com (formerly BMT) I go into advance into platforms/indicators but I rarely find what Im looking for normal threads is no problem.
Thanks again
R
But even if indicators are useless, it is more fun trading with some pretty colors, which will explain price action with hindsight and embellish your chart. Does n't this look convincing, and would not you have told you that price would have to hit these S/R lines prior to the start of the trading day?
There is a nice thread on random lines, which explains how a few horizontal lines may influence our brain.