4 TF HA | Forex indicator download- MT4/MT5 resources | MT4/MT5 download- MetaTrader 5 resources
This thread will use the "4 TF Heiken Ashi arrows" indicator.
This works for 1 hour and above TF, also for lower TF, but the spread will kill you.
Entries will appear on closed candles with arrows.
If the HTF is still fluctuating between different HH candle colors, the indicator will not redraw on the lower TF as it will not set the arrow on the stone.
So, for example, if the lowest TF is H4, the highest TF is monthly. So if you have a confirmed bullish candle on the daily and weekly lines, but the monthly one is still unconfirmed, then there will only be a bullish arrow on H4 if the monthly candle is bullish. If it turns bearish, the candle on H4 will disappear during its month-long formation.
Now I have visually backtested EURUSD on 4-hour TF from March 2018 to present. I will be conducting forward testing starting on Sunday, August 5, 2018.
I have used two types of entry... the first one is after the close of the candle there is an arrow on your current TF (lowest TF) and you trade in the direction of the arrow and close the position after the next candle whether it is profit or loss.
The second entry type (preferred) is to place a pending order when the signal candle (the candle with the arrow) opens and close the trade when the candle closes above/below our entry price.
The chart below shows a few recent trades (entry 1 in white, entry 2 in orange), the big numbers are the results since March 1, 2018.
Note that there are no stops set in any of these trades, if you wanted to set your stop at the recent high/low you would only encounter your stop being hit a few times. Look at the last two pictures. This only affects type 2 entries.
chris
PS; if you find any reason why this doesn't work, please let me know. All results are in points and not points.
This works for 1 hour and above TF, also for lower TF, but the spread will kill you.
Entries will appear on closed candles with arrows.
If the HTF is still fluctuating between different HH candle colors, the indicator will not redraw on the lower TF as it will not set the arrow on the stone.
So, for example, if the lowest TF is H4, the highest TF is monthly. So if you have a confirmed bullish candle on the daily and weekly lines, but the monthly one is still unconfirmed, then there will only be a bullish arrow on H4 if the monthly candle is bullish. If it turns bearish, the candle on H4 will disappear during its month-long formation.
Now I have visually backtested EURUSD on 4-hour TF from March 2018 to present. I will be conducting forward testing starting on Sunday, August 5, 2018.
I have used two types of entry... the first one is after the close of the candle there is an arrow on your current TF (lowest TF) and you trade in the direction of the arrow and close the position after the next candle whether it is profit or loss.
The second entry type (preferred) is to place a pending order when the signal candle (the candle with the arrow) opens and close the trade when the candle closes above/below our entry price.
The chart below shows a few recent trades (entry 1 in white, entry 2 in orange), the big numbers are the results since March 1, 2018.
Note that there are no stops set in any of these trades, if you wanted to set your stop at the recent high/low you would only encounter your stop being hit a few times. Look at the last two pictures. This only affects type 2 entries.
chris
PS; if you find any reason why this doesn't work, please let me know. All results are in points and not points.
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