Re: Range Trading & Sideways Market filters for MT4
Posted: Thu Sep 21, 2017 1:31 am
There are other approaches to see in what market phase we are. Elliot Waves are one. After an correction follows an impulse. Yes, it's very complex but some simple rules helps to understand, NTL.
The daily Market Profile identifies the value of a pair. It is represented in an area around the POC, the point where most of the price/volume is traded in that day. This price is the fairest one. Does the price follow the value (rangy) or does the value follow the price (trendy)?
And a third approach is the EMA-fan. I used EMA14, 35 and 50. For me, I use EMAs or SMAs only for dynamic S/R, but I guess it could be helpful in higher tfs.
Why shouldn't a trader trade corrections? It consists of smaller Impulse waves, but when you can make also good money here. Don't repeat blindly what all others say. Yes, also me can be wrong and that's why you must learn to think for your own when you want to become successful in this business.
The daily Market Profile identifies the value of a pair. It is represented in an area around the POC, the point where most of the price/volume is traded in that day. This price is the fairest one. Does the price follow the value (rangy) or does the value follow the price (trendy)?
And a third approach is the EMA-fan. I used EMA14, 35 and 50. For me, I use EMAs or SMAs only for dynamic S/R, but I guess it could be helpful in higher tfs.