RedEye Implementation of X-Gen Trend Trading System
Introduction
This trading system is based on X-Gen Trend Trading System by BeatlemaniaSA. It uses combination of various indicators by other contributors/coders that are freely available to the public. As an intraday trader, I mainly trade in M5 or M15 timeframe. If the trade goes my way and the trend conditions are in my favor, I SOMETIME will leave it open to the next day, but I never leave any trade open through the weekend. Anyway, if you are a long-term trader and don’t mind the swap, you can leave your trades open, all depends on your way of trading.
This setup is presented with one objective – to enhance and improve X-Gen Trend Trading System so it can benefit everybody. It has to be further discussed and improved with open minds and good intentions.
Price Actions & Support Resistance
I will always look at Price Action and Support Resistance levels as my primary decision making before I enter any trade. Indicators are great tools, but PA and S&R are essential.
Candle types such as Hammer, Shooting Star, Bearish/Bullish Engulfing are crucial. Same goes to S&R levels such as Moving Averages and previous multi-timeframe support/resistance zones. So, always look at PA and S&R and do not blindly follow indicators because indicators are based on price movements.
Indicators
There are many indicators used in this setup and some of them are essential to this strategy, as listed below:
1. 2xMA (candles + arrows) BT 1.2
2. waddah attar explosion averages nmc alerts 2_2
3. TDI_CB_SSA_v1.0
4. MACD_MTF_V1.0
5. 7 Signals MTF Mod
6. genessis histo BT
7. SRZ_MTF_v1.0
Other non-essential indicators are optional but good to have to give better understanding of the market conditions.
Long/Buy Entry Conditions
This is my long/buy entry conditions that I follow:
1. 2xMA lines are BLUE (Blue dot shows on chart)
2. Waddah Attar histogram bar is GREEN
3. TDI GREEN line has crossed ‘0 Level Line’ moving up (Blue up arrow shows on chart)
4. MACD line is GREEN
5. 7 Signals top 3 dots (Stoch, Waddah and CCI) are GREEN
-OR-
All Gennessis Histogram bars are GREEN (click Gen button to show Gennessis Histo)
When all above conditions are met, I will enter long/buy trade on the next open candle (previous candle close satisfy all above conditions).
I will set my Stoploss at 1 ATR low of the previous candle that closed and met all entry conditions.
I will exit the long/buy trade when a short/sell conditions are met. In sideways or choppy price condition, I sometimes look at 2xMA 1 timeframe higher signals for confirmation.
IMPORTANT: Always check support and resistance levels. I normally use the SRZ_MTF_v1.0 indicator.
Please refer to the attached photo for description and long/buy entry in M5
Short/Sell Entry Conditions
In summary, short/sell entry conditions are the opposite of the long/buy conditions.
Other Indicators Functions
1. FiboSR_v1.0
Plots daily Fibo support and resistance levels.
2. FiboBB_v1.0
Plots Bollinger bands with multiple Fibo deviations setting.
3. FractalSR_v1.0
Plots Fractal Based Support and Resistance.
4. TradingSessions_v1.0
Plot Session / Trading Periods - Sydney / Tokyo / Frankfut / London / NewYork with option to display session range in points, HiLo value and show open price.
5. My Color Notes V5 BT
Modified version that can show 20x color notes, button and notes can be placed in any window / subwindow, option to enable/disable background box.
X-Gen RedEye Template
- Put the folder “X-Gen RedEye” into Indicators folder (normally in MetaTrader 4\MQL4\Indicators)
- Put “RedEye XGen.tpl” into your MT4 template folder (normally in MetaTrader 4\templates)
- Put “libSSA.dll” into your Libraries folder (normally in MetaTrader 4\MQL4\Libraries)
Regards,
RedEye
