The sideways market messed my new strategy. Any help or suggestions?

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  • #135797 quote
    Frankkeyo
    Participant
    Junior

    I am using a strategy that I have created over a period of time.  I have backtested it to find good results.  However, when I finally put to the real thing, it backfired on the first 2 trades.  It backfired because it just happened that the market went sideways.

    A little on my strategy:

    I use Ichimoku on default settings on a 1-hour chart along with a modified MACD and Stochastic.  I am also using the 4 hours and 1-day MACD to help me to make a decision if I will be in the trade for a long or short period of time. I am using Pivot Point on the 5-minute chart and 1-hour chart.  I trade on the 5-minute chart.

    When the candlestick passes the Kijun-sen line in the Ichimoku on the 1-hour chart, as well as the other conditions of the Ichimoku indicator being right, I place a horizontal trendline on/below the candlestick.  When the candlestick passes the horizontal line within the 5-min chart, then I place a trade depending on the conformation on the Stochastic.   I use the Pivot Point on the 5 min chart for my stop loss for both long and short trades.  My decision on whether I will be in the trade for a long period or a short period of time is based on the results showing on the MACD with the 1 and 4-hour chart.  As well as the MACD on the daily chart.  My MACDs has been modified.  My limit/take profit is set using the Pivot Point on both the hourly chart and the 5-minute chart.   Long trades are done using the hourly and the 5 minutes is used for short term trades.

     

    Now, here is the problem, when the trend turns sideways, my indicators are not telling me and I am placing a trade. Then my stop loss is hit.  I want to find other ways in determining when a sideways trend has started and finished other than using trendlines.  If anyone knows of any indicators I could download from prorealcode that could help, then great, and thank you in advance.   Or any other plans, then please share them with me.

    #135801 quote
    robertogozzi
    Moderator
    Master

    I moved your topic to the ProBuilder support forum, as it deals with indicators.

    These links might be worth while reading:

    https://www.prorealcode.com/topic/flat-marked-code/#post-106659

    https://www.prorealcode.com/topic/range-compression-indicator/

    #135817 quote
    Frankkeyo
    Participant
    Junior

    Thank you.  I have download those files and imported them into my platform.  I think there are some that I can try to work with and see if they fit into my strategy.  If you have any more suggestions, then please post them.

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The sideways market messed my new strategy. Any help or suggestions?


ProBuilder: Indicators & Custom Tools

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Frankkeyo @frankkeyo Participant
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This topic contains 2 replies,
has 2 voices, and was last updated by Frankkeyo
5 years, 8 months ago.

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Forum: ProBuilder: Indicators & Custom Tools
Language: English
Started: 06/12/2020
Status: Active
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