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TraderFX65 Dynamic ATR Indicator

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  • TraderFX65 Dynamic ATR Indicator

    Another tool I use when looking for trade opportunities is my Dynamic ATR indicator. This indicator had an uncanny knack for predicting possible reversal points, with reversal often occurring to the pip! I do not use this indicator for buy or sell signals, only to keep an eye on things. The indicator consists of 5 plotted horizontal lines, A green line, which is the Asian open, two blue lines representing todays high and low and two red lines representing todays projected high and low. This indicator automatically resets itself at the start of the asian session. I posted a chart of todays GBPCAD. You can see todays low (blue) came within 4 pips of the projected low (red) then reversed as much as 35 pips.

    I'll be posting more in depth info on this indicator. As I had mentioned in the forum, I am a "utilitarian" MT4 programmer. I would eventually like to write an EA based on this indicator because it is so accurate at calling tops and bottoms.

    Happy Trading!

    Joe
    Attached Files
    "The trend is your friend - until it bends at the end"

  • #2
    How many indicators are you using in total Joe?
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    Open an account at Blueberry Markets and save the $97/monthly fee.

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    • #3
      Nick, I use Dynamic ATR and Strength Meter as my primary indicators. If you want to count Fib and pivots as indicators I use those too. I may also look at MACD and Stochastics to look for divergences. Then of course I draw and update trend lines and channels on my charts thru the day to help keep "in tune" with what's going on.
      "The trend is your friend - until it bends at the end"

      Comment


      • #4
        Textbook example of using the Strength Meter along with Dynamic ATR

        I mentioned in my first post that my Dynamic ATR indicator has an uncanny ability to pick tops and bottoms. Here is a textbook example of how I use both Dynamic ATR and the Strength Meter toigether:

        Last night NZDJPY opened at 77.181 in Asia as plotted by the green line. Its no secret if you read the forums or see me in the live trading room that I am bullish JPY (and to a degree CHF, EUR and GBP) and bearish USD, AUD and NZD (although I am now cautious about AUD and NZD short). When I awoke I found NZDJPY to be trading below the Asian open, no big shocker there for me. Later in the AM we see that NZD (Lime Green) began a nice move up and JPY (purple) began moving down. This is the kind of set up I prefer...a weak currency moving into overbought levels (above 60) on the Strength Meter and stronger currency moving into oversold levels (below 40).

        At around 10:30 AM EST the Strength Meter began to turn down on NZD and up on JPY. This is really a perfect set up. At this point you are short NZDJPY at around 77.15 (just after NZDJPY breaks below the Asian open). At this point the Dynamic ATR was predicting a possible range low of 75.58...and thats where it wound up going to...to the pip! It's not uncommon for me to see this happen on 4-5 pairs in one day. And almost happens at least once every day on the 28 pairs I monitor.

        Now had you been short, what you would do is direct your focus on the Strength Meter. As long as JPY is moving up AND OR NZD moving down, there is no reason to release the trade. Now you can now use the Dynamic ATR range low as a potential profit target (now myself if the price reaches 80% of the range I have my finger on the trigger to take profit if things get squirrelly). If you have a massive pair of ball$, you get out right at the ATR range low and immediately go long and catch another 45 pips going the other way..I have never done that myself, but thought about it many times...heheheheh.

        Join me in the LiveForexTrading.info live screencast trading room for live trading and commentary!

        Happy Trading!

        Joe
        Attached Files
        Last edited by Turtle Forex; 06-14-2013, 07:15 PM.
        "The trend is your friend - until it bends at the end"

        Comment


        • #5
          Dynamic ATR nails another bottom within 1 pip!

          AUDUSD moved down to within 1 pip of the project low and ran up nearly 70 pips in under an hour....similar with NZDUSD...came within 5 pips and reversed close to 40. I really need to write an EA or alert for this indy!

          atr.jpg
          "The trend is your friend - until it bends at the end"

          Comment


          • #6
            Originally posted by TraderFX65 View Post
            AUDUSD moved down to within 1 pip of the project low and ran up nearly 70 pips in under an hour....similar with NZDUSD...came within 5 pips and reversed close to 40. I really need to write an EA or alert for this indy!

            [ATTACH=CONFIG]50[/ATTACH]
            Nicely done Joe

            It does seem to be insanely accurate based on the info you've posted here.

            An alert would be a cool addition as you mentioned. Hopefully in the next screen cast you'll be able to identify a couple more opportunities using it.
            Would you like free lifetime access to our forex trading room?

            Open an account at Blueberry Markets and save the $97/monthly fee.

            Click here to find out more.

            Comment


            • #7
              TraderFX65

              IS the Dynamic ATR indie something you developed for yourself only, or is it available publicly? Thanks
              Last edited by pakeha; 06-18-2013, 05:18 PM.

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              • #8
                pakeha,

                This is an indicator that I wrote in MQL for my own use. Same with the Strength Meter.
                "The trend is your friend - until it bends at the end"

                Comment


                • #9
                  The range meter once again nails AUDUSD within a pip

                  Again the Dynamic ATR nailed AUDUSD to within a pip of the bottom...AUDUSD moved up over 70 pips from there...First Image show where the Strength Meter gave the go ahead. Second image show what happened after....
                  au1.jpg
                  au2.jpg
                  "The trend is your friend - until it bends at the end"

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