Pabloski System | Forex indicator download- MT4/MT5 resources
I have been studying the fascinating world of Forex for over two years now, and ForexFactory was one of the first places I found valuable help and information. I usually spend all my time on this forum reading and learning so I thought now is the time to share.
Over the months I created and tested many systems and finally one seemed to be bringing me regular profits. I only tested GBP/JPY. I am convinced that H4 is the best time frame for spotting a firm trend, and quite early. We know that the trend in GBP/JPY is strong and long-lasting, but identifying the right time to start and exit it is not easy. I'm sure this system should work with other pairings and make the right adjustments if needed, as each pair has its own personality.
As I said, the TP and SL of this system are "dynamic" in that they change depending on the metrics used. Once you read the logic, you'll understand what I mean. It may seem a bit complicated at first, but soon you'll realize that it's easy to follow and understand. Of course, diagrams with examples will ultimately give you a comprehensive understanding.
Okay, let's get started.
The system uses two visible indicators: ATR Channels and StepChoppyBars v1.1, and requires the StepMA v7 and StepRSI v5.2 indicators to work properly.
StepChoppyBars is a great indicator created by Igorad in the Forex-TSD.com forum. An example of the StepChoppyBars indicator is as follows:
Blue: Strong uptrend.
DodgerBlue: Retracement of uptrend
LightBlue: Volatility Uptrend
Aqua: Get ready to change UpTrend
Red: Strong downtrend Tomato: Retracement downtrend Orange: Shocking downtrend Yellow: Ready to change DownTrend
Buy and Close Buy Logic When a candle closes between the Lime ATR center line and the Aqua ATR line, buy three equal positions, the Step Choppy Bars candle is blue and the previous Step Choppy Bar candle is blue or yellow. The stop loss for the three open positions is a candle with a closing price below the yellow ATR line.
The target price for the first position is a candle that closes above the Aqua ATR line. Once that target price is reached, the stops for the remaining two open positions will be moved to the break-even point. The price target for the second position is a candle that closes above the DodgerBlue ATR line. Once this target price is reached, the stop loss for the remaining open positions will be the closing candle below the Aqua ATR line. If the trend continues and price "touches" the blue ATR line, the last stop will now be the candle that closes below the DodgerBlue ATR line. The last position will remain open until the stop loss is triggered or the candle is colored light green.
Note: If at any time during this process the candle is colored red, tomato, orange or yellow, all positions should be closed.
Sell and Close Logic When the candle closes between the ATR lime center line and the ATR yellow line, sell three equal positions, the Step Choppy Bars candle is red, and the previous Step Choppy Bar candle is red or aqua. The initial stop for the three open positions is a candle closing above the Aqua ATR line.
The price target for the first position is the candle that closes below the yellow ATR line. Once that target price is reached, the stops for the remaining two open positions will be moved to the break-even point. The target price for the second position is when the candle closes below the orange ATR line. Once this target price is reached, the stop loss for the remaining open positions will be the closing candle above the yellow ATR line. If the trend continues and price "touches" the red ATR line, the last stop opened will now be the candle that closes above the orange ATR line. The last position will remain open until the stop loss is triggered or the candle is colored yellow.
NOTE: If at any time during this process the candle is colored Blue, DodgerBlue, LightBlue or Aqua, all positions should be closed.
Note: If we see a selling opportunity, but the candle closes between the yellow and orange lines (instead of between the lime and yellow lines), very close to the yellow line , you can:
- Open three positions, apply the TP and SL of the 2nd and 3rd positions as usual, and use the same TP and SL for the 1st position as for the 2nd position.
- Open two positions, ignore the first position and apply Take Profit and Stop Loss prices for the second and third positions as usual.
The same logic applies to buying opportunities, but they don't happen very often.
When opening a position, be sure to wait for the candle to close. One possible variation is to open only one position and move the stop loss accordingly.
What I like about this system is that it usually gives accurate signals and, if not, tells you to exit early to avoid significant losses. Additionally, with less persistent trends, it is likely that at least the first price target will be reached, so you will usually exit with satisfaction. This system requires attention, but not too much, it is enough to check the chart every 4 hours to see how the candles are closing.
Of course, always test each system before risking real money. This is open to modifications and improvements, so feel free to leave comments!
Pabloski
Over the months I created and tested many systems and finally one seemed to be bringing me regular profits. I only tested GBP/JPY. I am convinced that H4 is the best time frame for spotting a firm trend, and quite early. We know that the trend in GBP/JPY is strong and long-lasting, but identifying the right time to start and exit it is not easy. I'm sure this system should work with other pairings and make the right adjustments if needed, as each pair has its own personality.
As I said, the TP and SL of this system are "dynamic" in that they change depending on the metrics used. Once you read the logic, you'll understand what I mean. It may seem a bit complicated at first, but soon you'll realize that it's easy to follow and understand. Of course, diagrams with examples will ultimately give you a comprehensive understanding.
Okay, let's get started.
The system uses two visible indicators: ATR Channels and StepChoppyBars v1.1, and requires the StepMA v7 and StepRSI v5.2 indicators to work properly.
StepChoppyBars is a great indicator created by Igorad in the Forex-TSD.com forum. An example of the StepChoppyBars indicator is as follows:
Blue: Strong uptrend.
DodgerBlue: Retracement of uptrend
LightBlue: Volatility Uptrend
Aqua: Get ready to change UpTrend
Red: Strong downtrend Tomato: Retracement downtrend Orange: Shocking downtrend Yellow: Ready to change DownTrend
Buy and Close Buy Logic When a candle closes between the Lime ATR center line and the Aqua ATR line, buy three equal positions, the Step Choppy Bars candle is blue and the previous Step Choppy Bar candle is blue or yellow. The stop loss for the three open positions is a candle with a closing price below the yellow ATR line.
The target price for the first position is a candle that closes above the Aqua ATR line. Once that target price is reached, the stops for the remaining two open positions will be moved to the break-even point. The price target for the second position is a candle that closes above the DodgerBlue ATR line. Once this target price is reached, the stop loss for the remaining open positions will be the closing candle below the Aqua ATR line. If the trend continues and price "touches" the blue ATR line, the last stop will now be the candle that closes below the DodgerBlue ATR line. The last position will remain open until the stop loss is triggered or the candle is colored light green.
Note: If at any time during this process the candle is colored red, tomato, orange or yellow, all positions should be closed.
Sell and Close Logic When the candle closes between the ATR lime center line and the ATR yellow line, sell three equal positions, the Step Choppy Bars candle is red, and the previous Step Choppy Bar candle is red or aqua. The initial stop for the three open positions is a candle closing above the Aqua ATR line.
The price target for the first position is the candle that closes below the yellow ATR line. Once that target price is reached, the stops for the remaining two open positions will be moved to the break-even point. The target price for the second position is when the candle closes below the orange ATR line. Once this target price is reached, the stop loss for the remaining open positions will be the closing candle above the yellow ATR line. If the trend continues and price "touches" the red ATR line, the last stop opened will now be the candle that closes above the orange ATR line. The last position will remain open until the stop loss is triggered or the candle is colored yellow.
NOTE: If at any time during this process the candle is colored Blue, DodgerBlue, LightBlue or Aqua, all positions should be closed.
Note: If we see a selling opportunity, but the candle closes between the yellow and orange lines (instead of between the lime and yellow lines), very close to the yellow line , you can:
- Open three positions, apply the TP and SL of the 2nd and 3rd positions as usual, and use the same TP and SL for the 1st position as for the 2nd position.
- Open two positions, ignore the first position and apply Take Profit and Stop Loss prices for the second and third positions as usual.
The same logic applies to buying opportunities, but they don't happen very often.
When opening a position, be sure to wait for the candle to close. One possible variation is to open only one position and move the stop loss accordingly.
What I like about this system is that it usually gives accurate signals and, if not, tells you to exit early to avoid significant losses. Additionally, with less persistent trends, it is likely that at least the first price target will be reached, so you will usually exit with satisfaction. This system requires attention, but not too much, it is enough to check the chart every 4 hours to see how the candles are closing.
Of course, always test each system before risking real money. This is open to modifications and improvements, so feel free to leave comments!
Pabloski
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