Firstly, we have the BB MACD indicator. This indicator is almost a stand-alone indicator if only it had good exit points (the exits are ok, but I believe an exit could be better handle with stop-loss, take-profits, or trailing stops).
Secondly, the... *inhale*.... SVE Inverse Fisher Transformation RSI ... *gasp*... This is also a wonderful indicator that displays early entries in a very clear way when compared to the standard RSI indicator.
Thirdly, the Kelly Cycle Identifier. This is a beefed-up version of ZigZag and the 3 Level ZZ Semafor indicators, and yes, it does repaint just like the ZigZag and 3 Level ZZ Semafor. But, despite this drawback, Kelly's Cycle Identifier is still very useful.
And Lastly, the SEFC Bull/Bear indicator. This will display the prevailing trend in a blue (bullish) or red (bearish) colour. Unfortuanly, this indicator also repaints. At times this can be very inconvient, but for the most part it helps out quite a bit in filtering out the false signals.
In addition to these indicators I also have a 5 and 8 EMA crossover with alerts to give me another early entry signal.
Now I got these indicators from a variety of forums from Forex-TSD and Forex Factory (See Top Websites side bar), and each one was used for another system. These systems seem to appear to work (I did not test them myself; just going on what other people have posted on the forums), but I was more interested in playing with the indicators to find a more optimum system for myself. I like playing with the 1 hour -1 week charts because it allows me to make mistakes and still walk away with a little bit of profit, or breakeven (I get into that on a later post). A lot of the forums never called for high timeframes, and was more gear towards scalping. I wasn't too keen on that (I don't have the patience to look at my screen minute by minute).
So, let me show ya a how I have it set up:
The plan is:
Entry (in order):
- Kelly's Cycle Identifier (the black spikes in the picture) will show a Major Top signal (red bar in a black spike) or a Major Bottom (blue bar in a black spike)
- SEFC Bull/Bear indicator (the one with the blue and red vertical bars) will display the prevailing trend as blue for bull and red for bear
- BB MACD ... OR ... EMA Cross Arrow will appear (choose which ever one comes first)
- Stop-Loss (level of your personal preference), Take-Profit (your personal preference), and/or Trailing-Stop
- Wait for the a black spike to appear to exit (wait for the close before exiting on the black speak; remember, it can repaint and change its mind)
- Wait for the Major Top/Bottom of the Cycle Identifier (more risky, but it can payoff)
