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TRO PMSM HL is the POOR MAN'S SLOT MACHINE VERSION of my Higher/Lower High/Low indicators.

Top row is for High and bottom row is for Low.

Green is Higher, Red is Lower and Yellow is flat.

It's almost too easy to scalp with this when you combine it with the TRO 2 CANDLE TRADE indicator.

All green is long entry, all red is short entry.

A long exit would be when you get a lower high and/or lower low, or when the 2 Candle Trade indicator signals short.

A short exit would be when you get a higher high and/or higher low, or when the 2 Candle Trade indicator signals long.

Of course, if you hit your price exit, take it.

ELD attached.



eSignal users... be patient!

eSignal users... be patient!

LOL - ok ill try.

airball

what are the few little candles above the two indicators showing?

That's the 60 min chart ( data 2 ).

I just scrunch it down. Don't really need to see it. Just a distraction.

Nice work, again, TRO!

Enhancement suggestion -- could you code the Higher/Lower High/Low "lights" relative to a 20ema (or, maybe even an ema length as an indicator input)? That would improve the accuracy. I know I could just look at lights relative to a plotted ema, but together as a single indicator would make it... well, you know... plus another opportunity for you to tinker!

Thanks!
jeff

jeffx, I am not sure what you mean?

I could make the what the high/low is an input.

Then you could tell if the ema(20) is making higher/lower highs/lows.

But price is a better indicator.

TRO, agree that price is the best indicator, but was looking for price indicator as something like this:

Price is making HH and HLs and you get a LL with price dropping below the 20ema -- look for LH to short
Price is making LH and LLs and you get a HH with price going above the 20ema -- look for HL to go long on
The above will let you catch what is usually what ellioters call wave 3

Price is above the 20ema making HH and HL and the pullback doesn't overlap the prior swing H - take the HL long
Price is below the 20ema making LL and LHs and the pullback doesn't overlap the prior swing L - take the LH short

Made this combination into a strategy on EURUSD 5/60 and tested last 30 days. Best I could do with a dfined pip-based exit was a PF of 1.19. It's intuitively appealing though - maybe others have better results -- or perhaps best used as a trigger for specific situations.