MTF Trendcatcher | Foreign exchange indicator download - MT4/MT5 resources
Many thanks for the hard work of those who created the indicators I use here, which I found in this thread.
This is the idea of a mechanical system that attempts to capture long-term trends with relatively small entry stops. I will then then add positions as the trend develops, with all positions being closed once the trend ends (if not having been stopped out before). I am using the MTF method and trying to ride the long-term trend by entering positions on shorter time frames. In other words, follow the H4 trend through the M15 entry. I would like to say that, while it seems logical and plausible to me that this approach could be generally interesting over time, I'm not presenting a tried and tested system but an experimental one that I would like to forward-test here and to encourage feedback, participation and brainstorming. No doubt the precise entry and exit can be tweaked - I'm interested in seeing if the basic approach works over time. There is no doubt that it will perform better in strongly trending markets.
My entry rules:
For a long time -
1. H1 trend and H4 trend (as shown in ASCTrend-Matrix 2TF) must be bullish/bearish
2. the M15 trend must be shown as bullish by all four of TVI, CCI, T3 and GHL (as indicated by GenesisMatrix 2.22), after at least one of them has just been bearish/red for one or more bars.
(Basically, after one or more bars of at least 1 of the first 4 are red, you look for all 6 bars to turn white again.)
In short - H1 trend and H4 trend (as indicated by ASCTrend-Matrix 2TF) must be bearish/red and the M15 trend must be shown as bullish by all four of TVI, CCI, T3 and GHL (as indicated by GenesisMatrix 2.22), after at least one of them has just been bearish/red for one or more bars.
(Basically, after at least one or more of the first 4 bars are white, you look for all 6 to turn red again.)
There is one exception - When the H4 trend changes from red to white or white to red on ASCTrend-Matrix 2TF, I will make one entry at the start of each new trend (on the first bar where all 6 indicator blocks are unanimously white or red), with a stop beyond the recent swing low/swing high
My exit rules:
I'm using chart stops (ie just beyond the highest high or lowest low of the recent pullback in price) and if I don't get stopped out will hold these entries made on the M15 until the H4 trend changes (as indicated by ASCTrend 2TF going from red to white or white to red). Hopefully this will lead to some very high RR trades, though I realize a lot of otherwise good entries will get stopped out by the large swings in price that may be expected by holding on to trades so long.
Money management:
1% risk per trade
Here's a nice screenshot of the long-term trend showing the rough entries. Exit will occur after the bottom red line (H4 of ASCTrend-2TF) turns bullish/white.
Attachment: Important: To use the same Multi-Time frame combination as I am ( M15 for Main Chart; M15 for GenesisMatrix 2.22 and H1+H4 for ASCTrend-2TF ) you will have to adjust the TimeFrame1.Period and TimeFrame2.Period settings in the ASCTrend-2TF indicator to 60 and 240 respectively) and set TimeFrame Auto to false.
This is the idea of a mechanical system that attempts to capture long-term trends with relatively small entry stops. I will then then add positions as the trend develops, with all positions being closed once the trend ends (if not having been stopped out before). I am using the MTF method and trying to ride the long-term trend by entering positions on shorter time frames. In other words, follow the H4 trend through the M15 entry. I would like to say that, while it seems logical and plausible to me that this approach could be generally interesting over time, I'm not presenting a tried and tested system but an experimental one that I would like to forward-test here and to encourage feedback, participation and brainstorming. No doubt the precise entry and exit can be tweaked - I'm interested in seeing if the basic approach works over time. There is no doubt that it will perform better in strongly trending markets.
My entry rules:
For a long time -
1. H1 trend and H4 trend (as shown in ASCTrend-Matrix 2TF) must be bullish/bearish
2. the M15 trend must be shown as bullish by all four of TVI, CCI, T3 and GHL (as indicated by GenesisMatrix 2.22), after at least one of them has just been bearish/red for one or more bars.
(Basically, after one or more bars of at least 1 of the first 4 are red, you look for all 6 bars to turn white again.)
In short - H1 trend and H4 trend (as indicated by ASCTrend-Matrix 2TF) must be bearish/red and the M15 trend must be shown as bullish by all four of TVI, CCI, T3 and GHL (as indicated by GenesisMatrix 2.22), after at least one of them has just been bearish/red for one or more bars.
(Basically, after at least one or more of the first 4 bars are white, you look for all 6 to turn red again.)
There is one exception - When the H4 trend changes from red to white or white to red on ASCTrend-Matrix 2TF, I will make one entry at the start of each new trend (on the first bar where all 6 indicator blocks are unanimously white or red), with a stop beyond the recent swing low/swing high
My exit rules:
I'm using chart stops (ie just beyond the highest high or lowest low of the recent pullback in price) and if I don't get stopped out will hold these entries made on the M15 until the H4 trend changes (as indicated by ASCTrend 2TF going from red to white or white to red). Hopefully this will lead to some very high RR trades, though I realize a lot of otherwise good entries will get stopped out by the large swings in price that may be expected by holding on to trades so long.
Money management:
1% risk per trade
Here's a nice screenshot of the long-term trend showing the rough entries. Exit will occur after the bottom red line (H4 of ASCTrend-2TF) turns bullish/white.
Attachment: Important: To use the same Multi-Time frame combination as I am ( M15 for Main Chart; M15 for GenesisMatrix 2.22 and H1+H4 for ASCTrend-2TF ) you will have to adjust the TimeFrame1.Period and TimeFrame2.Period settings in the ASCTrend-2TF indicator to 60 and 240 respectively) and set TimeFrame Auto to false.
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