Slay the Dragon | Forex indicator download - MT4/MT5 resources - MetaTrader 5 resources
Started researching everything about these diagrams in 2007 and tried everything systematically and indicatively. This works...
Indicators lag, throw them out and trade like a shark.
I'm using hourly GBP/JPY. Or every day, if that suits you, or 15/30, but not 4 hours! Anyway, except...
G/Y has the most liquid markets imaginable and the signals are the purest.
Using stop is key, otherwise you will be killed by the dragon very quickly.
Place standard Heiken Ashi bars on your chart.
The setup is two HA bars of the same color in a row. The trigger point is the breakout of these bars. Stop is the other side of the setup. Take Profit is based on your ability to draw support/resistance lines, trend lines, Fibonacci lines and most importantly standard pivot points (S2/R2 takes a lot of hits once the move starts...). Always set your take profit based on the pivot...you never know when the market will move in your favor when you're not paying attention. An excellent trailing stop is to use the retracement of the last flat HA bar (using the visual level of the bar, not the actual price). By "flat" I mean a bar with no shade.
The accompanying chart should suffice as an example, backtest to convince yourself...
Keep in mind that as part of the game we will occasionally have losers, and there will be many break-even situations. Take advantage of your strengths and get rich slowly!
Side note Not sure why this particular pivot indicator works, but it does. Trust the lines!
Indicators lag, throw them out and trade like a shark.
I'm using hourly GBP/JPY. Or every day, if that suits you, or 15/30, but not 4 hours! Anyway, except...
G/Y has the most liquid markets imaginable and the signals are the purest.
Using stop is key, otherwise you will be killed by the dragon very quickly.
Place standard Heiken Ashi bars on your chart.
The setup is two HA bars of the same color in a row. The trigger point is the breakout of these bars. Stop is the other side of the setup. Take Profit is based on your ability to draw support/resistance lines, trend lines, Fibonacci lines and most importantly standard pivot points (S2/R2 takes a lot of hits once the move starts...). Always set your take profit based on the pivot...you never know when the market will move in your favor when you're not paying attention. An excellent trailing stop is to use the retracement of the last flat HA bar (using the visual level of the bar, not the actual price). By "flat" I mean a bar with no shade.
The accompanying chart should suffice as an example, backtest to convince yourself...
Keep in mind that as part of the game we will occasionally have losers, and there will be many break-even situations. Take advantage of your strengths and get rich slowly!
Side note Not sure why this particular pivot indicator works, but it does. Trust the lines!
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