The Pullback | Foreign Exchange EA Download - MT4/MT5 Resources - MetaTrader 5 Resources
I just wrote an entire system that was successful for me, but I just lost it somehow. Anyway, a picture would be better. check it out. Here's the summary:
1) Wait for a strong trend with the EMAs all moving in one direction. No wrapped ema. It would be great if there was some good separation between the 200 EMA and the 41 EMA.
2) Wait for countertrend "3" to appear, which is above 200 points in an uptrend or below 200 points in a downtrend.
3) Enter only if the fisherman bar closing price is lower than the previous value and "3" is displayed. See the arrows on the chart.
4) Exit when "2" appears and the fisherman bar is closed with a smaller value than the previous one.
5) Stop loss can be set at the last high/low or the 200 EMA, depending on how close you are to it.
I'm aware of the level 3 ZZ repaint, but if combined with the Angler, it will allow you to trade at value levels and get good results. It keeps you on the right side of the trend, keeps your stop losses small, and allows for some home run trades. It can also be used on any time frame. However, I wouldn't recommend anything shorter than 5 minutes. If you have any questions please feel free to ask as I write fairly quickly.
1) Wait for a strong trend with the EMAs all moving in one direction. No wrapped ema. It would be great if there was some good separation between the 200 EMA and the 41 EMA.
2) Wait for countertrend "3" to appear, which is above 200 points in an uptrend or below 200 points in a downtrend.
3) Enter only if the fisherman bar closing price is lower than the previous value and "3" is displayed. See the arrows on the chart.
4) Exit when "2" appears and the fisherman bar is closed with a smaller value than the previous one.
5) Stop loss can be set at the last high/low or the 200 EMA, depending on how close you are to it.
I'm aware of the level 3 ZZ repaint, but if combined with the Angler, it will allow you to trade at value levels and get good results. It keeps you on the right side of the trend, keeps your stop losses small, and allows for some home run trades. It can also be used on any time frame. However, I wouldn't recommend anything shorter than 5 minutes. If you have any questions please feel free to ask as I write fairly quickly.
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