I need more information about that, in the compilation
Dear gentlemen and ladies (maybe) /forgive me for my English/ however after reading all the pages of threads, unfortunately I did not find a product review without some bias.
What I understood:
1. This indicator Lexus - to ride him you will have to spend more than 10k time (from personal experience of a successful trader)
2. The successful combination of simple single indicators on the same chart
3. Secret additive in the style of "Velvet Hands" Celentano associated with merging zones Fibonacci and it is very expensive.
What is I not understood:
1. Who is the target audience ...
However, I will be very grateful to those - who tried to use a similar approach to trade, and show screenshots or will list a set of indicators that are used to build the chart
Is welcomed in two variants:
- A set of free indicators
- A set consisting of labor that must be financially reward
I think after using a BM's Forum combination of indicators - evaluate Lexus in the future will be easier
P.S. Perhaps many have written sloppy. I hope in the future, most likely after 10k hours on the forum Mr. Big Mike, I'll write better
You all good health and all blessings
Last edited by trader2012; May 6th, 2013 at 04:58 AM.
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I think maybe they used to have the ATR set to 3 when they were using tick charts, but they now set the ATR for the EMA 55 Keltner channel to 3.5 rather than 3. I just wanted to make that clarification in case someone is trying to replicate the system as it is currently being sold and taught.
This really depends on the bar type used. Let us take three different bar types: a Better Renko, Renko-Hybrid and Kase bars. Then you will find the following:
A 4-BetterRenko bar has a similar sensitivity to reversals as a 6-RenkoHybrid and a 9-Kase bar. Or otherwise put, for a given bar size (range or true range) Kase bars react to smaller reversals than RenkoHybrid bars, which in term are more sensitive to reversals than Renko bars.
When the market is perfectly trending, Renko-Hybrid and Renko-Spectrum bars still show an overlap. This means that those bars are oversized relative to price action, if you compare them to other bars. You would therefore need to reduce the multiplier applied to the bar range to calculate your Keltner Channels, and you are back to 3.
I would not try to exactly replicate the Nexgen system. There are numerous approaches possible, which are based on a similar logic
-> identify trend (slope of regression line, price versus regression line, price versus midband)
-> identify support and resistance (fib lines, pivots, etc.)
-> identify overbought and oversold conditions (Keltner Channel)
Then wait for a consolidation within an established trend and enter when price resumes in the direction of the original trend and nothing is in the way of the price move.
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The LOM is actually based on a CCI overbought/oversold. Nothing special. Basically, if there's a close on the opposite side of the Small triggers near the Outer Band or beyond (EMAkeltner channel 55 with multiplier of 3.5) it will plot LOM...
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NexGen is a trading toolbox that needs to invest a lot of money and time
I studied too many systems and indicators for over 15 years and I can say now that I earned a lot of experience. Personally, I am an Elliottician in philosophy. I crossed with NexGen through a friend of mine 3 years ago and I studied it carefully. I managed to reproduce quite well all of its indicators except the most valuable (my opinion) which is the Fibonacci levels of support and resistance. As far as I know these levels are clusters from 10 time intervals so it is not an easy task to reproduce them correctly. Yes, the software is very expensive and also the marketing tactic of the company is not friendly enough with new and old also users. Nevertheless, I believe that the value of the toolbox (which Fibos are the main weapon of it) worths the money, the time and the effort for someone who is serious about trading. It needs to invest to it hunderds of hours to understand the ''set-ups'' and the philosophy behind them. Note that I do not like the semi-auto version of Revolution although the Renko bars are interesting. I prefer the old-fashioned version of T-3 at Tradestation which gives a lot of freedom to a well-trained trader to follow the set-ups and also his/hers instict of the trader. Surely, it is not something that it is plug and play after 1-2 hours of reading. But I believe it worths the (admitable the high price) money for someone who is willing to invest to it a lot (and I mean A LOT) of time and effort.