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  1. #1
    Administrator Martin Kay's Avatar

    Urban Towers – Point me in the right direction !!!

    Hi guys, Bogdan presented new indicator to all of us - Urban Towers

    This new custom indicator will be very usefull when trading binaries, check it out!

    Originally posted by Bogdan G. For the full review and download click here.

    The clear conclusion

    I like it! Yes, it’s not the Holy Grail and it will give bad signals. But it’s easy to trade and I get some extra confidence when I see the arrows agreeing with my opinion on a trade entry. Just because I like it, it doesn’t mean you have to so install it and test it on a Demo account. Don’t think I forgot about the fact that you still don’t have the actual indicator. It is already available for free download on our Forums and at the bottom of the page. Enjoy!

  2. #2
    Legendry Member Michael Hodges's Avatar
    seems ok as a basic trend following strategy. I wonder how it performs in trading ranges, consolidations and reversals?

  3. #3
    M.J
    M.J is offline
    Veteran Member M.J's Avatar
    It is mainly based on MAs and a little on Price action. As an indicator, it is good. It takes MAs + a little price action into consideration and then shows us an arrow. I think we should not mistake this INDICATOR as a full system. Like any other indicator, it will actually give us an indication about market direction. We have to use more tools to confirm if this indication is correct or not.

  4. #4
    Master Member Bogdan G's Avatar
    Michael, you are right, it's a basic trend following strategy and the reason I wrote an article on it and posted teh indicator is because the novices sometimes cannot follow simple trend following strategies and this tool does the job for them. In time, their eyes will get accustomed to trends and retracements to a MA and they will get the idea. Then, they will not be needing the indicator anymore. Unfortunately, a trend following system will be useless in ranging periods; otherwise it would be the Holy Grail that all traders are looking for.
    Just like you say, M.J, we need more tools to filter out bad signals. For some of my trades I sometimes have 10 or more things i check before entering and I wouldn't recommend anyone to base a trade on just one tool.

    Good trading guys

  5. #5
    Master Member vinayakm's Avatar
    Quote Originally Posted by Bogdan G View Post
    Michael, you are right, it's a basic trend following strategy and the reason I wrote an article on it and posted teh indicator is because the novices sometimes cannot follow simple trend following strategies and this tool does the job for them. In time, their eyes will get accustomed to trends and retracements to a MA and they will get the idea. Then, they will not be needing the indicator anymore. Unfortunately, a trend following system will be useless in ranging periods; otherwise it would be the Holy Grail that all traders are looking for.
    Just like you say, M.J, we need more tools to filter out bad signals. For some of my trades I sometimes have 10 or more things i check before entering and I wouldn't recommend anyone to base a trade on just one tool.


    Good trading guys
    Would you care to let us know what the usual 10 things you check for some of your trades are? Or do you have it in a post on this website? Could you give me the link, if so?
    Other than that I found this to be a pretty useful tool.

  6. #6
    Senior Member Grae's Avatar
    Quote Originally Posted by Bogdan G View Post
    Michael, you are right, it's a basic trend following strategy and the reason I wrote an article on it and posted teh indicator is because the novices sometimes cannot follow simple trend following strategies and this tool does the job for them. In time, their eyes will get accustomed to trends and retracements to a MA and they will get the idea. Then, they will not be needing the indicator anymore. Unfortunately, a trend following system will be useless in ranging periods; otherwise it would be the Holy Grail that all traders are looking for.
    Just like you say, M.J, we need more tools to filter out bad signals. For some of my trades I sometimes have 10 or more things i check before entering and I wouldn't recommend anyone to base a trade on just one tool.

    Good trading guys
    That is a good tool to have. Though a little late on the signals. You have a checklist of 10? That's thorough.

  7. #7
    M.J
    M.J is offline
    Veteran Member M.J's Avatar
    Quote Originally Posted by Bogdan G View Post
    Michael, you are right, it's a basic trend following strategy and the reason I wrote an article on it and posted teh indicator is because the novices sometimes cannot follow simple trend following strategies and this tool does the job for them. In time, their eyes will get accustomed to trends and retracements to a MA and they will get the idea. Then, they will not be needing the indicator anymore. Unfortunately, a trend following system will be useless in ranging periods; otherwise it would be the Holy Grail that all traders are looking for.
    Just like you say, M.J, we need more tools to filter out bad signals. For some of my trades I sometimes have 10 or more things i check before entering and I wouldn't recommend anyone to base a trade on just one tool.

    Good trading guys
    wow.. 10 tools is a lot. It means u r following some kind of defensive strategy. Usually people use confluence in forex with just 2 to 3 indicators and sometimes indicators + news.

  8. #8
    Senior Member Grae's Avatar
    Quote Originally Posted by M.J View Post
    wow.. 10 tools is a lot. It means u r following some kind of defensive strategy. Usually people use confluence in forex with just 2 to 3 indicators and sometimes indicators + news.
    Yes. I also use confluence of 2-3 indicators or triggers.

  9. #9
    Master Member vinayakm's Avatar
    Quote Originally Posted by M.J View Post
    wow.. 10 tools is a lot. It means u r following some kind of defensive strategy. Usually people use confluence in forex with just 2 to 3 indicators and sometimes indicators + news.
    Yup! 10 tools is a tough act to follow. I agree that 2-3 indicators sounds about right for a trader like myself, but Bogdan might be onto something here. The question of whether it is a defensive strategy or not depends on what the specific tools are.
    Some tools don't take much time and resources to utilize, anyway.

  10. #10
    Master Member Bogdan G's Avatar
    Hi Guys, I've been away for a bit and I've got some catching up to do. My jaw was swollen from a tooth infection and I constantly felt like bashing my head against the wall from all the pain. Then the dentist took care of the problem and now things are better, but I don't wish that kind of pain to my worst enemy
    About the 10 confirmations that I use: I am primarily a technical trader (I am aware of the fundamentals, of course) and that's why I try to keep an eye on all the things that I know are important and see the bigger picture. I have never done this before, but I am going to give it a try. Here's what I do:
    1. Get an overall view of the market trend by visually checking the Daily TF
    2. Draw S/R on Daily
    3. Apply steps 1 and 2 to the H4 chart
    4. Check the position of price relative to SMA 200
    5. Check for chart patterns on Daily, H4 and H1 - anything below H1 does not interest me
    6. Check for Candle formations - i dont trade against Daily or H4 Pin bars
    7. Check Divergence on Daily, H4 and H1 - I never trade against divergence, especially against hidden divergence (!!!)
    8. Check RSI (my favorite indicator) on all three mentioned TFs - they dont all have to agree so I use discretion sometimes
    9. Go to 15 min TF and check S/R levels, trend lines, RSI (also trend lines on RSI)
    10. Wait for a move on 15 minutes that disagrees with the trend identified with the use of the previous steps
    11. Wait for that move to be over and a move that agrees with my trend begins
    12. Check if that move is against a previously identified Daily, H4 or H1 support and resistance level (more emphasis on Daily and H4). If a S/R level is in the way, I dont trade, I wait to see if it will be broken or not
    13. Check if there are important news coming out at the time of my trade
    14. Enter the market if everything looks right.

    Some of the things I mentioned are discretionary and sometimes I give more importance to one thing or another. It is not a strict system, it's more a style or method of trading. Maybe I'm not making sense, btw, I'm still a bit high on all the painkillers I took. Anyway, my clear opinion that will never change is that you don't have to trade like a maniac just to be in the market; I just take the safest trades (or at least what I consider safe) and I don't worry if I don't find a good trade everyday. I just go in the market when everything lines up. This seems to work for me so far as I can more than triple an account in about 3 months if I am perfectly focused and watching for trades all day (not trading all day, but looking for the best trades). Add compounding to that and you get the picture

    All the best, my friends

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