I added some new parts to it but the concept is the same. You trade on reversals on the 4hr TF. I look at Daily also and above before taking trades.
The idea is once a pair has been trending one way for a while it will have to recover as it is mostly likely being sold to low or bought too high. So the nihilist trend detector and Ibuks bread and butter is what shows exhaustion. If on all Tf it shows all red or all green above atleast 100. Wait for sign of reversal using the other indicators.
I'll explain anything that is unclear about this strategy. I am still perfecting it as I have found it recently.
The main template is the NVMNTBLNG. The screen 1 nihilist is separate, it shows the news, trend detector, and ibuk's breadbutter for all pairs. This is just to keep track of all pairs. It uses alot of stuff so if you don't have a good computer or it slows down mt4 don't bother using it. Since the trend detector and ibuk breadbutter for current pair open is already in other tpl. you can just leave it in a separate profile if you want, and not in a separate chart.
The rules for the system are like Ghost walker's system.
- look at pair nihilist trend detector numbers. Red color is its down. Green is up. If all timeframe R/G and number above atleast 100 look for signs of reversal.
- Look at ibuk breadnbutter. Same thing is #1 rule. Don't need W1 number to be high if you are trading 4hr. Just mostly D and below for this indicator.
- Make sure price touch one of the kelter bands. Top look for Short / bottom look for Long
- Look subwindows. This is where you will have to customize it for you. Pull up charts and backtest the entry based on the indicator i included.
The most important indicator for me is OBV AND OBV MA on these subwindows. It basically shows accumulation of where volume is. So if its above 85 or below 15 level on 4hr with everything signaling oversold or overbought. I wait for indicators to signal reverse. Most important is also higher TF can signal best trade if the obv and everything confluence. It will be a huge move.
Yellow line is Ifisher, when it crosses 15 and 85. It signals buy or sell. Also when it cross the blue line the correlation
White line is a different correlation indicator i look for it to be crossed by the other indicators and for it to cross obv ma.
- correlation trend cross and its slow but its the overall wave. I wait for it to look like its about to cross or at over 15/85 level for awhile
- obv over 85/15. Also rsirsi above obvma for bullish or below for bearish.
- Ehler fisher at 85/15 level and wait for rsi 2 to cross it, sve fish to cross it. with ifisher.
- also Ifisher crossing sve.
- Look at levels, ADR,AWR,AMR. I tried to take sells above previous month high/year high. vice versa. Also fibo levels can be targets.
You don't need all obv on all subwindows or histo. Keep what you want. But i prefer it. You don't need fibo u can just use another indicator for prev week/month high low.
For Stop loss I usually look at daily TF and put it below the main support. For take profit I recommend quick take profit after ifisher has reached 85/15 opposite level. That is if you entered on time as ifisher crossed 85/15 level for entry. If you enter late there might be a drawdown but only enter late if D/W or even monthly obv are at 85/15. This signals it will keep going on a trend for a while or a strong move most likely. Especially if AWR or AMR has been surpassed and needs to recover. But if you want to hold longer I recommend looking at daily chart.
Also download script to clean chart object if anything happens.
EXAMPLES; EXHAUSTION
Open notes and write Pairs you see close to exhaustion and above or below monthly high and low that you are looking to see signals of reversal. Patience is key. You can take a few trades a month i would say is best if you want the best results. Quality over quantity. Get familiar first.
GOOD LUCK to you all. This website has helped me alot.
