@acetrader: When I have some free time (maybe next weekend or the weekend after) I can try to backtest ist using R. However, it's not clear what your signal is. Should the stochastics be above 80/below 20? What about the RSI?
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Disliked@acetrader: When I have some free time (maybe next weekend or the weekend after) I can try to backtest ist using R. However, it's not clear what your signal is. Should the stochastics be above 80/below 20? What about the RSI?Ignored
DislikedHi acetrader, now I've analyzed the M15 chart of last year. As you've observed yet, it can take many more candles until prize will really turn. And that's exactly what I've seen with my analysis: I've surveyed all cases which fulfilled your conditions. Then I compared the prize 5 candles later with the prize at signal. Just in 48.32 % you can see a turn in prize 5 bars after you get your signal. This means that you need another pinpointing entry signal (don't aske me - if I'd have find some, I most probably wouldn't be in this place ...).Ignored
DislikedHi acetrader, no, I wouldn't trade it. Maybe you can use it in order to determine the state of the market. However, 'overbought' and 'oversold' is not a guarantee that prize will immediately turn. If you've read the complete similarity thread than you will have seen even Eurusdd traded his similarity method (which is very different from what you try to do) by hedging positions. I haven't really analyzed how long it takes until prize changes its direction. But if it doesn't after 5 candles why would you trade this? I can only suggest to study some...Ignored
Disliked{quote} If the EMA 1 & PRICE are outside of the Bollinger Bands ABOVE & RSI is ABOVE 80% & Stochastic 300 & 100 are ABOVE 80 & turning DOWN this would be considered SIMILARITY & considered a SELL signal. The reverse for a BUY signal. What we are looking for is for ALL indicators to lineup giving the same SIGNAL. There are FIVE parameters that need to be met for a VALID signal. 1. EMA 1 Outside of Bollinger Bands. 2. Candle Outside of Bollinger Bands. 3. Stochastic 100 BELOW 20% or ABOVE 80%. 4. Stochastic 300 BELOW 20% or ABOVE 80%. 5. RSI 8 BELOW...Ignored
DislikedHi acetrader, no, I wouldn't trade it... I've used the ZZ indicator (which shows also the repainted legs) in order to decide if a top/bottom will be taken out until a new trend starts ... Nevertheless, wish you much success with your trading!Ignored
DislikedHi acetrader, no, I wouldn't trade it. Maybe you can use it in order to determine the state of the market. However, 'overbought' and 'oversold' is not a guarantee that prize will immediately turn. If you've read the complete similarity thread than you will have seen even Eurusdd traded his similarity method (which is very different from what you try to do) by hedging positions...Ignored
Disliked{quote} Take a look at this chart if it uploads. Notice the first signal from the left side of chart price took off immediately. The second took off off immediately & the third signal price was slow to turn. Now on each of these signals notice where Stochastic 100 & 300 as well as RSI 8 where located. What signals were they giving? Let me know what you think after you observe more charts using this one as a guide. The more you look the more you will understand what these signals are telling you. Look for all indicators to line up & you have SIMILARITY....Ignored