OTTF system for Newbies | Foreign exchange indicator download - MT4/MT5 resources
I have been trading forex for a while now, I'm not a professional trader but I seem to have found a system that has advantages that I would like to share with newbie traders and see if we can all demo traders or live small trades to see the results and if some people can back test as well but I don't, what I do is forward test using a demo account.
Also, English is not my native language so I make a lot of grammatical mistakes, just ignore them and understand my message.
So what is OTTF, OTTF simply stands for Opportunity Trend Trigger Filter , in this system we look for these four parts to align or occur one after another and we use 7 indicators to define when each part of the system occurs.
For opportunities we use 3 indis, fasttmaline indicator, zigzag channel indicator and Semaphor 3 point indicator where points 1 and 2 are removed and only point 3 circle is visible.
For trend we have a very simple definition using the 50 period HMA which is a moving average and once the price is above it we say it is a bullish trend and if the price is below it we say it is a bearish trend, remember this is a short term trend on any time frame we are using.
For trigger it could be gold finger point, below price is bullish, above price is bearish or flat trend indicator, thick green is bullish and rich red is bearish
Now we have to filter some trades to help us minimize our losses and manage our risk, for this we use the supply and demand area indicator which shows us where the possible resistance or support could be, once we have a support or resistance area close to a comfortable area we filter out that trade and wait for a better trade.
If we can see that everything is aligned and we enter a buy or sell order at the market price and set the stop loss below the 3 pip circle, the take profit should be at least a 1:1 risk reward. You can use any time frame, but I like the 15-minute time frame.
Please see the charts for more explanation as I will post them once I have live trading examples. Indicators will also be attached (once asked) even though everything is available on FF with very little search
Also, English is not my native language so I make a lot of grammatical mistakes, just ignore them and understand my message.
So what is OTTF, OTTF simply stands for Opportunity Trend Trigger Filter , in this system we look for these four parts to align or occur one after another and we use 7 indicators to define when each part of the system occurs.
For opportunities we use 3 indis, fasttmaline indicator, zigzag channel indicator and Semaphor 3 point indicator where points 1 and 2 are removed and only point 3 circle is visible.
For trend we have a very simple definition using the 50 period HMA which is a moving average and once the price is above it we say it is a bullish trend and if the price is below it we say it is a bearish trend, remember this is a short term trend on any time frame we are using.
For trigger it could be gold finger point, below price is bullish, above price is bearish or flat trend indicator, thick green is bullish and rich red is bearish
Now we have to filter some trades to help us minimize our losses and manage our risk, for this we use the supply and demand area indicator which shows us where the possible resistance or support could be, once we have a support or resistance area close to a comfortable area we filter out that trade and wait for a better trade.
If we can see that everything is aligned and we enter a buy or sell order at the market price and set the stop loss below the 3 pip circle, the take profit should be at least a 1:1 risk reward. You can use any time frame, but I like the 15-minute time frame.
Please see the charts for more explanation as I will post them once I have live trading examples. Indicators will also be attached (once asked) even though everything is available on FF with very little search
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