BONZ. Using technical indicators to trade.

[StylusK]

I've been reading kreslik for some time and I'd like to follow along here. 'Price action' was never my strength but I know how important it is, so when I read this:

"With double MAs you don't really need that much of price action reading skills plus you also have the static bias. In short, the MAs are the dynamic bias the overlay is the static bias. No need for price action reading skills (though it's of course good if you have it)."

I think that it might actually help me. I also like that the indicators are kept to a minimum.

I'd be using the 1 minute on EURUSD, and I have my chart set up like this:
These two form the 'band' (buy above, sell below, middle no trade):
- 7 EMA (high)
- 7 EMA (close)
Bias:
- 8 Hour Overlay

Basically I'd trade when those agree, enter on the candle close (for some reason I prefer that vs entering on the extreme), SL where it makes sense based on a recent high or low, target 1R. Maybe that helps minimizing the variables.

Two questions that I thought of when reading:

1) Sill, one of the issues I've had in the past with MAs is that I don't know how to overcome a range, or how to potentially anticipate it. Any tips there? Or for that do you have to resort to something else?
2) Is the slope or angle of the MA of any importance here? Or it's not something to take into account?

Thanks for the thread and hopefully it keeps going

[Don_xyZ]

Remember 1 & 3?

1 = as a bias
3 = as a discount area

FriChi combo april 3.png (35.6 KiB) Viewed 1824 times

FriChi combo april 4.png (55.58 KiB) Viewed 1824 times

It's up to you whether you want to use Slayer or not. Slayer = SLE1R.

Rules:

1. When Ichi is bearish (red), only take sell trades.
2. Enter after fractal is formed.

Review the previous links on Ichimoku on the 1st post to refresh your memory.

Again, the weakness of this strategy is when Ichimoku shows bullish but the price keeps dropping and dropping even more. That is why you must have a filter to prevent you from taking all the losses all the way down. How? Use your WIL How about SL placement? Choose from the list available in your WIL

[Don_xyZ]

When you look at it this long, it's much more clear.

Comparative analysis.

BONZ whole day.png (175.13 KiB) Viewed 1796 times

MOBOS ORTHODOX whole day.png (241.25 KiB) Viewed 1796 times

Frichi combo whole day.png (208.28 KiB) Viewed 1796 times

Which one is better? Each has its own set of SWOT analyses. See you tomorrow!

[nonibadsha]

Maybe some of you still can't see it. Well, how 'bout this chart?
Big box' the kill zone.
Big tf candle overlay the bias.

Rules:
Only trade during the kill zone.
Only take trades that go with the current bias.
Only trade up when MA cross is up.
Only trade up when the candle closes up.
Bear, vice versa.
Indicators are on the 1st post.

BONZ 2023 Ultra Clear.png

BONZ 2023 Ultra Clear 2.png

BONZ 2023 Ultra Clear 3.png

If you still can't make money after this post... go back to what you were doing! Like, seriously!

Putting this on the 1st page for all of you.

Hey Don.. Thanks for sharing your ideas.. I'm going to try and follow along and see if I can make use of this and make some money. Lets hope I don't have to go back to what I am doing

Attaching my EURJPY chart, with what I think you are showing.
7 EMA Close
21 EMA Close
Big TF candle overlay, set to H8

EURJPYM1.png (69.49 KiB) Viewed 1766 times

Need some clarification about the rules:
Only trade during the kill zone. I'm not sure about the kill zone. Could you kindly elaborate?
Only take trades that go with the current bias.I might be wrong, hence happy to be corrected. The bias you are referring to, is the H8 candle. Trade long when the H8 is up and vice versa?
Only trade up when MA cross is up. And H8 is up?

I'm guessing the Big Box is the big TF candle overlay set at H8.
If I'm wrong then what is the big lavender box alongside the other 3 boxes?

[nonibadsha]

Following on from my last post.
Why not trade long when he MA cross is up, even though the H8 bias is down?
The last cross up seems like a good opportunity to go long and is still currently climbing.

EURJPYM1_2.png (71.43 KiB) Viewed 1764 times

[Don_xyZ]

I've been reading kreslik for some time and I'd like to follow along here. 'Price action' was never my strength but I know how important it is, so when I read this:

"With double MAs you don't really need that much of price action reading skills plus you also have the static bias. In short, the MAs are the dynamic bias the overlay is the static bias. No need for price action reading skills (though it's of course good if you have it)."

I think that it might actually help me. I also like that the indicators are kept to a minimum.

I'd be using the 1 minute on EURUSD, and I have my chart set up like this:
These two form the 'band' (buy above, sell below, middle no trade):
- 7 EMA (high)
- 7 EMA (close)
Bias:
- 8 Hour Overlay

Basically I'd trade when those agree, enter on the candle close (for some reason I prefer that vs entering on the extreme), SL where it makes sense based on a recent high or low, target 1R. Maybe that helps minimizing the variables.

Two questions that I thought of when reading:

1) Sill, one of the issues I've had in the past with MAs is that I don't know how to overcome a range, or how to potentially anticipate it. Any tips there? Or for that do you have to resort to something else?
2) Is the slope or angle of the MA of any importance here? Or it's not something to take into account?

Thanks for the thread and hopefully it keeps going

Hi and welcome aboard!

Kreslik is a place where knowledge and info are found in every corner.

Now to your questions (I must've missed your post when I posted my reply)...

I'm an advocate of using WIL and if you don't currently know what that is, you can find it on the 1st post links on my other thread (the Patterns Observation thread). Of course, the tight range (what most people call sideways market) is a problem. But this problem is minimized by the use of static bias (H8 overlay candle) and dynamic bias (the upper and lower MAs). The chance of sideways market giving you a headache will only happen when the H8 candle overlay just started and then price just dangling over the open price of H8. It can also happen when price return to H8 open price after traveling above or below it. Those 2 scenarios are the real headache because the bias might be changing quickly during that time. However, when the price is far enough below the H8 open price then you only have 1 static bias and that is down and vice versa for bullish. When a sideways market happens during that time you don't need to worry that much because the price will eventually take off from that ranging condition. If you are worried of getting whacked multiple times when it's ranging then you can do:

1. lower your risk (dollar risk or percentage risk) after getting SL-ed 2 times (or 3 or whatever you deem reasonable).
2. stop trading after getting SL-ed 2 times (or 3 or whatever you deem reasonable) and only resume taking trades after the price is "OUT" of that sideways range.
3. using bigger pip size SL after getting SL-ed 2 times (or 3 or whatever you deem reasonable) and only resume your normal pip size SL trades after the price is "OUT" of that sideways range.
4. and so on and so on......

Obviously, there are more ways but that's all for now

Angle? You can use take it into consideration but you can also ignore it. Find out what is best for you. Using your WIL

[Don_xyZ]

Maybe some of you still can't see it. Well, how 'bout this chart?
Big box' the kill zone.
Big tf candle overlay the bias.

Rules:
Only trade during the kill zone.
Only take trades that go with the current bias.
Only trade up when MA cross is up.
Only trade up when the candle closes up.
Bear, vice versa.
Indicators are on the 1st post.

BONZ 2023 Ultra Clear.png

BONZ 2023 Ultra Clear 2.png

BONZ 2023 Ultra Clear 3.png

If you still can't make money after this post... go back to what you were doing! Like, seriously!

Putting this on the 1st page for all of you.

Hey Don.. Thanks for sharing your ideas.. I'm going to try and follow along and see if I can make use of this and make some money. Lets hope I don't have to go back to what I am doing

Attaching my EURJPY chart, with what I think you are showing.
7 EMA Close
21 EMA Close
Big TF candle overlay, set to H8

EURJPYM1.png

Need some clarification about the rules:
Only trade during the kill zone. I'm not sure about the kill zone. Could you kindly elaborate?
Only take trades that go with the current bias.I might be wrong, hence happy to be corrected. The bias you are referring to, is the H8 candle. Trade long when the H8 is up and vice versa?
Only trade up when MA cross is up. And H8 is up?

I'm guessing the Big Box is the big TF candle overlay set at H8.
If I'm wrong then what is the big lavender box alongside the other 3 boxes?

Answer for Q1: The killzone is the boxed area marked in Lavender. However, a killzone can be different depending on where you live or when you prefer to trade but typically it's either the EU session or US session. But, since I don't trade during the US session, I didn't include it in my kill zone.

Answer for Q2: Yes, that's pretty much it. But the MAs are also acting as a bias, a dynamic bias and yes, the overlay candle is set to H8.

Following on from my last post.
Why not trade long when he MA cross is up, even though the H8 bias is down?
The last cross up seems like a good opportunity to go long and is still currently climbing.

EURJPYM1_2.png

Answer for Q3: It is much easier and simpler to think and trade when both of them (the static bias and dynamic bias) are moving into the same direction. Technically, you can trade when a divergence like that happens but that depends on your WIL. Are you well-equipped to handle such a situation? In my Patterns Observation thread, I trade up and down, anchor and scalp, using SL or not using SL but many people will die a thousand SL if they try to follow me when their WIL is only a couple of pages long. What I attempted to do when I opened this thread is to present a simple solution for those looking for simple tactics to make money trading.

[nonibadsha]

Maybe some of you still can't see it. Well, how 'bout this chart?
Big box' the kill zone.
Big tf candle overlay the bias.

Rules:
Only trade during the kill zone.
Only take trades that go with the current bias.
Only trade up when MA cross is up.
Only trade up when the candle closes up.
Bear, vice versa.
Indicators are on the 1st post.

BONZ 2023 Ultra Clear.png

BONZ 2023 Ultra Clear 2.png

BONZ 2023 Ultra Clear 3.png

If you still can't make money after this post... go back to what you were doing! Like, seriously!

Putting this on the 1st page for all of you.

Hey Don.. Thanks for sharing your ideas.. I'm going to try and follow along and see if I can make use of this and make some money. Lets hope I don't have to go back to what I am doing

Attaching my EURJPY chart, with what I think you are showing.
7 EMA Close
21 EMA Close
Big TF candle overlay, set to H8

EURJPYM1.png

Need some clarification about the rules:
Only trade during the kill zone. I'm not sure about the kill zone. Could you kindly elaborate?
Only take trades that go with the current bias.I might be wrong, hence happy to be corrected. The bias you are referring to, is the H8 candle. Trade long when the H8 is up and vice versa?
Only trade up when MA cross is up. And H8 is up?

I'm guessing the Big Box is the big TF candle overlay set at H8.
If I'm wrong then what is the big lavender box alongside the other 3 boxes?

Answer for Q1: The killzone is the boxed area marked in Lavender. However, a killzone can be different depending on where you live or when you prefer to trade but typically it's either the EU session or US session. But, since I don't trade during the US session, I didn't include it in my kill zone.

Answer for Q2: Yes, that's pretty much it. But the MAs are also acting as a bias, a dynamic bias and yes, the overlay candle is set to H8.

Following on from my last post.
Why not trade long when he MA cross is up, even though the H8 bias is down?
The last cross up seems like a good opportunity to go long and is still currently climbing.

EURJPYM1_2.png

Answer for Q3: It is much easier and simpler to think and trade when both of them (the static bias and dynamic bias) are moving into the same direction. Technically, you can trade when a divergence like that happens but that depends on your WIL. Are you well-equipped to handle such a situation? In my Patterns Observation thread, I trade up and down, anchor and scalp, using SL or not using SL but many people will die a thousand SL if they try to follow me when their WIL is only a couple of pages long. What I attempted to do when I opened this thread is to present a simple solution for those looking for simple tactics to make money trading.

Awesome.. Thanks Don.
Will attempt this and report back.

[nonibadsha]

The custom candle indi that Don posted, for some reason was pausing my MT4 every few minutes. Tried it on 2 different machines, same issue.
I found another one that appears to be working better. Posting here in case anyone else is having the same or similar issue.

CustomCandle.mq4

(8.48 KiB) Downloaded 165 times

[Don_xyZ]

The custom candle indi that Don posted, for some reason was pausing my MT4 every few minutes. Tried it on 2 different machines, same issue.
I found another one that appears to be working better. Posting here in case anyone else is having the same or similar issue.

CustomCandle.mq4

Your PC needs more computing power.