Traffic Light System | Gold EA Download- MT4/MT5 Resources
It took me a while to work up the courage to demonstrate this method for fear of being laughed at. But without risk, there is no gain. So I officially propose the "Traffic Light" Daily Trending System (or Method). I have been trading this method since early December with great success. Granted, I overtraded, didn't have a stop loss or take profit, and didn't use any smart money management, but starting with $300, I've made a little over $7400 in profit (I've attached a spreadsheet with all my trades).
Since I have a non-trading job (which I hope to change one day) and am unable to trade during the day, I have been trying to find/develop a way that would allow me to trade at night. After spending a year and a half flipping three real accounts, a ForexFactoryFriend (FFF) suggested a scalping system and I immediately put it on the daily chart. I was fooling around, adding/subtracting indicators, consulting my FFF (daily), and finally came up with what I thought was a pretty good trading method - well, it worked for me! So, let me thank everyone on FF for their systems, methods, ideas, metrics, etc. It's because of everything I've read here, and a lot of help from friends (you know who you are), that I offer this method for your consideration.
TF - Daily (this is what I use)
Platform – MT4 (version 220)
Broker - IBFX (not saying this method is broker specific, they are just the ones I use)
Pairs - All (as long as you feel comfortable)
index:
HMA modification
RSI Custom Gold Miner 2
(I will attach indicators and templates in subsequent posts)
These are indicators that visually show trends, which is what this method is all about. I can't really talk about what makes these indicators work, I can only say that together they visually tell you where the trend is going and when to enter (quite early in most cases) and when to exit.
For sell transactions:
HMA Modified must be red, Goldminer2 must be red, and RSI Modified must be red or yellow.
For buy transactions:
HMA Modified must be green, Goldminer2 must be green, and RSI Modified must be green or yellow.
quit:
You exit when the HMA modification line changes color or Goldminer2 changes color to the opposite color of the HMA modification line.
That’s it, very simple!
I have attached a diagram showing how to enter and exit the trade. Now I'm sure someone will say that my indicator repaints so this method doesn't work. I haven't found this to be an issue. I usually trade on Sunday evening (to give the new daily bar time to adjust). I tried to take profits around Wednesday morning and exited Wednesday night/Thursday morning. The market seems to be leaning towards a pullback towards the end of the week - I'm still looking into that.
Well, now it's your turn, what do you think.
Since I have a non-trading job (which I hope to change one day) and am unable to trade during the day, I have been trying to find/develop a way that would allow me to trade at night. After spending a year and a half flipping three real accounts, a ForexFactoryFriend (FFF) suggested a scalping system and I immediately put it on the daily chart. I was fooling around, adding/subtracting indicators, consulting my FFF (daily), and finally came up with what I thought was a pretty good trading method - well, it worked for me! So, let me thank everyone on FF for their systems, methods, ideas, metrics, etc. It's because of everything I've read here, and a lot of help from friends (you know who you are), that I offer this method for your consideration.
TF - Daily (this is what I use)
Platform – MT4 (version 220)
Broker - IBFX (not saying this method is broker specific, they are just the ones I use)
Pairs - All (as long as you feel comfortable)
index:
HMA modification
RSI Custom Gold Miner 2
(I will attach indicators and templates in subsequent posts)
These are indicators that visually show trends, which is what this method is all about. I can't really talk about what makes these indicators work, I can only say that together they visually tell you where the trend is going and when to enter (quite early in most cases) and when to exit.
For sell transactions:
HMA Modified must be red, Goldminer2 must be red, and RSI Modified must be red or yellow.
For buy transactions:
HMA Modified must be green, Goldminer2 must be green, and RSI Modified must be green or yellow.
quit:
You exit when the HMA modification line changes color or Goldminer2 changes color to the opposite color of the HMA modification line.
That’s it, very simple!
I have attached a diagram showing how to enter and exit the trade. Now I'm sure someone will say that my indicator repaints so this method doesn't work. I haven't found this to be an issue. I usually trade on Sunday evening (to give the new daily bar time to adjust). I tried to take profits around Wednesday morning and exited Wednesday night/Thursday morning. The market seems to be leaning towards a pullback towards the end of the week - I'm still looking into that.
Well, now it's your turn, what do you think.
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