Support/Resistance Indicator

[slipshod]

Good to see you around too

Thanks! I'm regularly checking the forums now & then, but my programming work has really taken off over the last year, keeping me waaay too busy to do any EA development or testing. My only trading now is on daily charts using my highly effective manual strategy (http://www.stevehopwoodforex.com/phpBB3 ... f=16&t=553 - though its evolved a little more since I last posted there) - with dailies it only takes about 15 minutes a day to analyse & manage trades, and that's about all I have time for.

I'm also trading 100% on cTrader now, which is a wonderful platform.

[MKFXTrader]

Good to see you around too

Thanks! I'm regularly checking the forums now & then, but my programming work has really taken off over the last year, keeping me waaay too busy to do any EA development or testing. My only trading now is on daily charts using my highly effective manual strategy (http://www.stevehopwoodforex.com/phpBB3 ... f=16&t=553 - though its evolved a little more since I last posted there) - with dailies it only takes about 15 minutes a day to analyse & manage trades, and that's about all I have time for.

I'm also trading 100% on cTrader now, which is a wonderful platform.

Slipshot,
Wanted to thank you for the indi update. I had a question regarding the function of how a zone is turned into a turncoat and one that just disappears when broken. Can you please clarify for me, as I'm having trouble trying to figure it out.

Also wanted to ask if you have any plans for future updates? Would you consider having zones drawn similar to Sam Seiden, with the bullish or bearish move engulfing the previous candle body (not including it's opposite wick). Only start where the wick establishes the fractal and engulfing the previous candle up to the whole body being covered. Hope it makes sense.

Another idea is maybe have ALL zones that are broken to have the option of disappearing. Option to do away or turn off turncoat.

Thanks again for the great indi

[slipshod]

The idea of the "turncoat" is that the price breaks the zone rapidly and cleanly, and then turns to re-test it from the other side where it acts as support if it was previously resistance or vice versa.

If the price zigzags back and forth through the zone without bouncing off it, the zone disappears as the market's not respecting it. That's the theory anyway

I'm loathe to include an option to remove them as I see turncoat zones all the time on forex charts, in fact I regard them as more powerful and tradable than most other zone types, including Seiden ones.

Regarding Seiden zones, I've often thought about it but been unsure how to detect them programattically. For instance, a strongrise-hesitate-strongrise pattern is enough to draw a Seiden fresh demand zone, but no fractal would be created as there weren't any turning points, just a hesitation. I've also seen many examples of Seiden zones being created at the same time as the price is breaking a more traditional zone, which makes sense - the extra Supply or Demand is needed to smash that zone and set the price moving, and I guess that's why I come back to Turncoats being some of the strongest zones.

[MKFXTrader]

The idea of the "turncoat" is that the price breaks the zone rapidly and cleanly, and then turns to re-test it from the other side where it acts as support if it was previously resistance or vice versa.

If the price zigzags back and forth through the zone without bouncing off it, the zone disappears as the market's not respecting it. That's the theory anyway

I'm loathe to include an option to remove them as I see turncoat zones all the time on forex charts, in fact I regard them as more powerful and tradable than most other zone types, including Seiden ones.

Regarding Seiden zones, I've often thought about it but been unsure how to detect them programattically. For instance, a strongrise-hesitate-strongrise pattern is enough to draw a Seiden fresh demand zone, but no fractal would be created as there weren't any turning points, just a hesitation. I've also seen many examples of Seiden zones being created at the same time as the price is breaking a more traditional zone, which makes sense - the extra Supply or Demand is needed to smash that zone and set the price moving, and I guess that's why I come back to Turncoats being some of the strongest zones.

Thank you for the reply slipshod. I'm thinking you mean rally-base-rally or drop-base-drop. Yes?

I much prefer using your sup/dem indi because it is fractal based. I only wish it was able to draw as SS describes. Your zones are accurate, and most importantly it doesn't clutter the charts. Maybe please consider just have an option to turn off turncoat for now. It would clean up the charts even more. I believe SamSeiden doesn't draw levels that pierce through a trend.

Also would like to confirm the slow fractal and fast fractal is just a setting of fractal setup? ex; 3 candle or 5 candle, 7 candle, ect?

Thanks again slipshot. I've been following your work for a long time on another message board, and recently found you here. Thanks for contributing and sharing with the FX community. God Bless.

Sorry for my English and run on sentences.

[MKFXTrader]

Slipshod,
I've encountered a bug in v6.0. When show weak zone is set to false, a pop up alert still sounds off when PA enters a weak zone, even if the weak zone doesn't appear on the chart. I never could figure out why I was receiving false pop up alerts. I was able to verify the problem today, as I just tested it on G/U by switching show weak zones to true, because an alert kept popping up and the weak zone appeared where the alert was generated. Just FYI.


Thanks

[slipshod]

Well spotted, I'll see if I can get that fixed.

[MKFXTrader]

Well spotted, I'll see if I can get that fixed.

Slipshod,
3rd request: Any way that when zone show weak is off, the zone show info does the same? Right now zone alarm alert, and zone show info doesn't function properly when turned on while weak zone is turned off. Zone info shows regardless if weak zone is turned on or off, just like the alarm. Sorry for the requests. I really would like your indi to be the most ideal sup/dem indi out there.Thanks again Slipshod.

[slipshod]

No problem with those either. And don't worry about making requests - I may not have time to implement them, which is often the case for me these days, and sometimes I'll disagree with the suggestion - but it never hurts to ask

[MKFXTrader]

No problem with those either. And don't worry about making requests - I may not have time to implement them, which is often the case for me these days, and sometimes I'll disagree with the suggestion - but it never hurts to ask

Thanks Slipshod. Have a great evening down under(Aussie).

[MKFXTrader]

Slipshod,
Any chance you've had any time to start on an update? Thanks Slipshod