Damonl Wave Trading | Forex Indicator Download - MT4/MT5 Resources

1. TF - works on any timeframe, but I usually trade on the M15 chart.
2. pair - should work with any pair, but I'm a gbpjpy guy so that's what I trade
3. Indicators and templates
   1. template
      appendix

      [TPL] m15.tpl 15 KB | 430 downloads | Uploaded December 16, 2008 at 9:17 pm
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   2. slope direction line
   3. Woody CCI Super
      appendix

      [MQ4] WoodyCCISuper.mq4 4 KB | 454 downloads | Uploaded at 8:14 AM on December 18, 2008
   4. Bill Williams Gator....I don't really use this in my trading, but I've grown to like having it on the screen as a reference point. It is also beneficial to observe the price action surrounding this indicator.
   5. Price Action - You need to understand higher lows and lower highs based on candlestick action, related to wave changes in the slope direction line
   6. Bill Williams Gator Oscillator - I started using this as an exit point and found it had some nice re-entry points as well.
   7. MultiplePivotsV2 - I use Piovts, fib pivots, center pivots and standard pivots

General concepts

Use price action highs/lows and slope direction lines to trade continuation waves.

Use Slope Directional Lines and Price Action to Determine Trading Direction

In our case, this line will have some functionality.

1. Determine when a new wave forms. It's very simple. When the indicator closes in "blue", it is either a continuation of an upward wave or a retracement of a downward wave. Many times, the retracement of a downward wave actually becomes the first downward reversal move that we miss when using this system.
2. When the indicator closes in "red", it is either a continuation wave of decline or a retracement of an upward wave. Many times, the retracement of an uptrend actually becomes the first upleg reversal move that we miss when using this system.
3. Sometimes it signals a "consolidation" wave, although by rule this also means a trade will be made.

Start your assessment

The first thing you must determine is whether you are looking for a short trade or a long trade. You can do this using the slope direction line and the high or low of the last swing high or low.

Typical brief transaction description

1. Has low high formability
2. The slope direction line is or was blue
3. CCI Downward Cross
4. Gator Vibrator Wands Are Not “Pure Red”
5. Enter a value 1 point below the lowest point of the setting bar
6. If CCI crosses the trading direction in the opposite direction, the order is deleted
7. When the Gator oscillator bar turns solid green, T/P is 1 point above the bar
8. When the Gator Oscillator bar turns solid green, S/L is 1 point above the bar

Typical long trade instructions

1. Has high low formability
2. The slope direction line is or was red
3. CCI Bearish Cross Up
4. Gator Vibrator Wands Are Not “Pure Red”
5. Enter a value 1 point above the set bar height
6. If CCI crosses the trading direction in the opposite direction, the order is deleted
7. When the Gator oscillator bar turns solid red, T/P is 1 point below the bar line
8. When the Gator Oscillator bar turns solid red, S/L is 1 point below the bar

Double breakout and short trading scenarios

1. First you gain more altitude
2. Then you get lower lows
3. Then you get a lower high
4. CCI cross down
5. Gator Vibrator Wands Are Not “Pure Red”
6. Enter a value 1 point below the lowest point of the setting bar
7. If CCI crosses the trading direction in the opposite direction, the order is deleted
8. When the Gator oscillator bar turns solid red, T/P is 1 point above the bar
9. When the Gator oscillator bar turns solid red, S/L is 1 point above the bar
10. An example transaction can be seen in post #13

The goal of this system

My goal in simplifying this system is to produce a trading method based solely on price action. For now, I will use these rules as a guide to correlate price action.