John, I saw your question to Shop and wanted to share what is helping me. I hope shop shares some more stuff I always pickup something new from him.
One thing I am doing now is live demo trading on High ADR pairs like GBPNZD, EURAUD, GBPJPY on the 1 minute time frame and using a trade simulator on the 5 and 15 minute time frame. Asian cross pairs move most of the day so you can often find several setups and exits.
Please refer to the Chart I attached so that my explanations will hopefully make sense.
I have added 3 standard MT4 indicators to improve my accuracy in identifying good DT and DB Buy / Sell Entries and Exits.
The extra MACD is used as a trend direction and strength indicator. I use Shops fast 87 and slow 729 to define trend. If I am trading on the 1 min, I want to have its trend in harmony with the 5 for practice and several higher time frames with real money. I shifted the signal line by 20 to make a visible trend strength indicator. Since I feel the highest probability trades are going to be retracements with the trend I want to see the histogram inside the signal line and near zero . If I see a signal with the oscillators and the histogram is outside the signal line this is not a good entry but it could be an excellence exit signal if it occurs at a shop target.
The combination of Williams %R and RSI help me identify good DT or DB entries. One reason I think these additional oscillators help is that they all use different periods. Note that the Zlag is 12 & 24, the Rad Sto is 21, Williams %R is 14 and RSI is 2. This deceases the chance that they give positive signals simultaneously and when four oscillators simultaneously give a valid signal it probably is a good one. Here is the youtube video I found that explains how a trader uses the Williams %R and RSI for entries in a trading system.
https://www.youtube.com/watch?v=bI95IPGvc7g
I highlighted what I consider to be three good entries on this chart. Note that the exit shows that when the 629 Target was achieved the oscillators were also showing strong Sell Signals and an exit signal.
