H1 Backlash | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources
This thread is (currently) only for GbpUsd H4 charts. I'm still looking at other pairs, but GbpUsd has earned an average of 4 pips for every -1 pip using this method since June.
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Been busy working on H1 charts. What I'm showing you here is nothing new. It is basically support and resistance on an hourly chart. I imagine that H1 charts look the same for everyone in the world except India, because all or most of India is 1/2 hour different from most other places on Earth.
The idea for this setup was suggested to me by my friend fxpivots. While the core setup doesn't exactly match what he had in mind, that's what I came up with, so thank you fxpivots.
I hope I can get some help figuring out the basics presented here. A major improvement is the use of EAs to handle stop losses. The trade itself can be easily handled (most of the time) using pending orders (limit orders).
If you have any ideas I would be grateful. One thing I am 100% against is the chart looking like a psychedelic trip. In other words, I'm not currently using any indicators at all. I might add a chart plotting the highs/lows of previous days, that's what I see fit. If you have some crazy idea about a bunch of metrics, please don't post here. Send me ideas via pm on FF. My main aim is to make it as simple as possible. I thank you all in advance.
Another thing that will not be tolerated is "peeing contests." If you have questions for me or anyone else on this thread, please address them elsewhere. Those who persist in insulting and intimidating others will be expelled.
Thanks,
Daryl
Before discussing the setup, let me show you 2 screenshots that explain most of the basics of this setup.
• Light gray boxes are open to closed for London. The smaller dark gray boxes are the first four hours of the New York meeting.
• Currently most of my testing is done on EU.
++++++++++++++++++++++++++++++++
Been busy working on H1 charts. What I'm showing you here is nothing new. It is basically support and resistance on an hourly chart. I imagine that H1 charts look the same for everyone in the world except India, because all or most of India is 1/2 hour different from most other places on Earth.
The idea for this setup was suggested to me by my friend fxpivots. While the core setup doesn't exactly match what he had in mind, that's what I came up with, so thank you fxpivots.
I hope I can get some help figuring out the basics presented here. A major improvement is the use of EAs to handle stop losses. The trade itself can be easily handled (most of the time) using pending orders (limit orders).
If you have any ideas I would be grateful. One thing I am 100% against is the chart looking like a psychedelic trip. In other words, I'm not currently using any indicators at all. I might add a chart plotting the highs/lows of previous days, that's what I see fit. If you have some crazy idea about a bunch of metrics, please don't post here. Send me ideas via pm on FF. My main aim is to make it as simple as possible. I thank you all in advance.
Another thing that will not be tolerated is "peeing contests." If you have questions for me or anyone else on this thread, please address them elsewhere. Those who persist in insulting and intimidating others will be expelled.
Thanks,
Daryl
Before discussing the setup, let me show you 2 screenshots that explain most of the basics of this setup.
• Light gray boxes are open to closed for London. The smaller dark gray boxes are the first four hours of the New York meeting.
• Currently most of my testing is done on EU.
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