McElotDino-Trading 4h (McElotDino-Trading 4h) - MT4/MT5 Resources
Hello,
I'd like to introduce you to a trading method I've laid out that worked well in backtests back in 2008, and I'd like to test and improve it with you on this post.
It uses three indicators on the 4-hour timeframe attached below. I tested this strategy on GBP/USD. Of course, you can use it on other pairs as well, just modify sl and tp.
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rule:
Wait until the Elliott Wave Oscillator displays arrows.
Wait for the candle to close.
If the dinapoli stoch has crossed and the MACD shows the corresponding color, go in the direction indicated by the arrow.
Do not enter if the trade is not confirmed by dinapoli stoch and MACD.
Enter three locations:
First Stop Loss -100 points/Stop Loss 100 points Second Stop Loss -100 points/TP 200 points Third SL -100 points/TP 300 points or open a position
If the first tp is hit, move the second and third sl to +/-0
If the second tp is hit, move the third tp to +100
If you think the downtrend is strong, do not break through the third point and hold the position until a reversal signal appears.
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
The idea of this system is simply to check the chart every 4 hours and take the guesswork out of the screen. It's very mechanized so people can live away from computers.
Money management is important because there are always losers. But the monthly running results will be profitable.
Sincerely
I'd like to introduce you to a trading method I've laid out that worked well in backtests back in 2008, and I'd like to test and improve it with you on this post.
It uses three indicators on the 4-hour timeframe attached below. I tested this strategy on GBP/USD. Of course, you can use it on other pairs as well, just modify sl and tp.
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
rule:
Wait until the Elliott Wave Oscillator displays arrows.
Wait for the candle to close.
If the dinapoli stoch has crossed and the MACD shows the corresponding color, go in the direction indicated by the arrow.
Do not enter if the trade is not confirmed by dinapoli stoch and MACD.
Enter three locations:
First Stop Loss -100 points/Stop Loss 100 points Second Stop Loss -100 points/TP 200 points Third SL -100 points/TP 300 points or open a position
If the first tp is hit, move the second and third sl to +/-0
If the second tp is hit, move the third tp to +100
If you think the downtrend is strong, do not break through the third point and hold the position until a reversal signal appears.
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
The idea of this system is simply to check the chart every 4 hours and take the guesswork out of the screen. It's very mechanized so people can live away from computers.
Money management is important because there are always losers. But the monthly running results will be profitable.
Sincerely
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