The7 Trading System

Visit Steve Hopwoods' website and you will find all it does:

http://www.stevehopwoodforex.com/php...php?f=5&t=1311

Did The7 blow up his account?

[quote=Silat50;6280913]ARE YOU ALL MAKING A BUNDLE THIS WEEK? After the advice I gave all of you, and the market action of 4 and 5 up or down days in a row, on most pairs and with the bars being big enguphing bars, how could any of you not made back all you lost in the last month? I wasnt here for my health, but if the market goes sideways in this fashin, 5 days up and then 6 days down all season,I will be a rich man in a couple of years. What you guys are doing I dont know. But share with us anyway, Maybe we can make the system even better since so many of you seem to have lost heart!

One thing I never understood is how to GET THE MOST OUT OF using the MT4 EXPERT ADVISORS. HECK, 33% of the people here dont even know what they are and are afraid to ask. I myself dont know how to program them and that should have been easy standard info to get,especially on this entire website! LOL

Paul, read my post on I think around 704 and that will help you. Yes the system says to wait for bar close. I will since you are a question asker,I like that, I will tell you a variation I am so far(about 10 days) doing very,very well with. I follow the system and set the stop at the high or low of the previous bars close when the market opens up, but if good news comes out or I feel the pattern is very strong I will put a second position in with the stop right under/over the current moving daily bar. It makes for a lot more excitement and will help you learn to read charts better. But.............you better know what you are doing before trying it. I only do it if I have 35 pips or less to lose on the 2nd position. You'd have to be crazy to get in on a big bar thats still in motion on the daily. And yes it appears that only the daily bar(not even the 240m!) has any chance of working.

Thanks for your insight. I read some of your posts very helpful. I to trade NY time and use other indies to help with the decision process for entry. Also I go with pending order because I use the previous candles high or low as entry level. Looking for more of long term gain than short ones and sometimes you get that candle that sticks it to you. What indies do you use to help with the decision or do you strictly adhere to entry rule?

Silat50, if you had to narrow down to 5-6 pairs to trade with this one, which ones would you choose?

It has been a wonderful month so far.Attaching my trade report of this month.I am going to continue demo trading for couple of months.
Hope you all are in profits..
Currently 4 positions are open at my end:
1)audusd-short
2)audcad-short
3)nzusd-short
4)gbpnzd-long

Cheers
Mc

It seemed to be a very good trading system, but found too many false signals while looking at the chart. Is there any way to identify the false signals and avoid them?

I made 500.00 yesterday and all I do is only take trades where the signal candle is followed by one of the next three candles breaking the low of the signal candle if short or the high of the signal candle if long. I set my stops normally and I am making consistent money. Hope this helps. Let me know, msn

So when you have a valid signal candle, you monitor the candles and take whichever one of the three breaks the low?

Rob

Booked these 4 positions in profits.. Took a short position in GBPUSD and long in USDCHF on friday. Booked half in GBPUSD for 81pips..
This system is rocking...

Cheers,
Mc

Great question Paul. Really the only logical NEXT question you could ask. Sharp guy! Ok, since I also use a harmonic pattern system, I will play heavier $$$ if my bat,butterfly or crab pattern also likes the trade in the same direction. I am also experimenting with 2 moving averages, the 70 and the 12 to see how it could help me stay in a trade longer,because as you know when we exit a short, very often the sucker is really just taking a bbreather and is building up steam for the big move but we have to exit on a break of the previous days high. Im trying to use the 70/12 to change that. Just experimenting on paper now. This system im using for real money,though.

I think i told you: MY modification better than any indicator I ever saw is: learning how each system you try might require different money mgmt. Read that again.....very important. So to re-iterate, what is making up for the system taking us out too early is that when i get in I wait till the asian session is at least moving a bit and thats about 7pm est. So Im really giving the market a chance to digest any crazy news and see with my oqwn eyes what the asians are thinking at the open. Usually they are soooo slow to act its nothing! lol So now Its 7pm tuesday,lets say for example. I then place my stop either 1 full pip or 1/10th of a pip over the previous days high(monday). but now I watch the mkts till 8:30 and if I like what I see, I will place another lot over the high of the current bar. And you know why this works well? Oh man, you will love this!

It works well in my hands anyway, becaUSE WHEN THE NEWS COMES OUT MUCH LATER WHEN HOPEFULLY iM SLEEPING....news on the pair im in can really only work for me in a big way, but never against me by morer than 20 pips.Often seven or 8 pips on the second current bar!!!

why? let say im short the gbp/usd. Now bad news comes out for the gbp, I make double the amount as the system would make by itself,right? ok, follow me now.................. but if the news is bad I am only going to lose maybe 15-20 pips more because the 2nd bars high is so tiny. so this is a great system to use on big news days. when you know the market is going to rip one way or the other. You can just add (usually its only about 15-20 pips avg) the few extra pips onto your loss and count it as one loss but if you win, you get twice the bang for the buck. Sounds too simple but it works. and sometimes if i get stopped out on the small one before news, i may jump in again 5-10 min before the news but now i only give todays bar a 20 pip automatic stop loss no matter how big it might be. and if its only moved 8 or 9 pips,then thats all my risk is!!!!! People are afraid of news. I love news because with tight stops you can always jump back in 2 or 3 times when you have the experiencve to know they are faking you out. I can expain more on how to tell by previous few hours price action how to tell. Hopefully its moving sideways, which if you notice....lately most pairs dont do anything but go sideways before news. thos e big jumps by the rich gamblers are disappearing most times. notice that?

News events should make you the most money as long as you go in not caring which way they go. Invent a system like that and you will be rich....fast!

Rob, why not use my method and take BOTH the current candle ANDthe previous days candle by like 7-7:30 when the risk for another position is tiny because the candle likely current daily candle probably only moved 8-20 pips anyway so early. Its almost like 2 for the price of 1 and a 1/4!!!!! Especially if news is coming you have double the exposure but only 1/4 (or less) more risk! Its awesome.

yes thats correct but only for the following three candles, after that it seems less reliable.

Upon reviewing my charts, I see four yen pairs with setups(one spans both EMAs, but I like it anyway). Since the charts show very similar price action, I'm thinking of just running one yen pair to streamline the process. I'm also thinking of using the pair with the biggest average daily range and lowest spread.

What are your thoughts on this?

Rob

this will be a disaster in the long run. i can show you many occasions when the signal candle low / high was broken , if entered you would be stopped out (market reversed in the opposite direction). too many of these false trades. its not reliable. be very careful..

Sorry guys been floating between here and Hopwoods website.
First of all have a Happy New Year!

Now I maybe punch drunk from all of the holiday celebrating. What if instead of trying to formulate a ea for this system in which we all have different opinions and are worth exploring. How about creating a EA to take over the trade after we setup up our own entries. Such as a money management system, trailing stops, martigale type system ( I know just example. Kinda like it as long as you watch it), etc. That way we are comfortable with our own trading styles and then the ea wont put us in trades we dont like or would not of taken.
Just a thought. anyway enjoy the New Year!
Paul

3 candles is more than enough to get rich on ,especially if you are adding on the present candle and using its low(for a long play) as a stop! I have had the most incredible run doing things that way, especially anything against the JPY! Anyone who didnt profit with this system these last 3 weeks ,its not for you.

To re-iterate: You plan to get in on open of next candle when it breaks band. When the next candle comes the next day, by 9 or 10pm the market drops dead and it isnt going anywhere till the London boys come in around 1 or 2am. Maybe 3am. So if this present day candle is only about 15-30 or so pips,either against you or with you, take a second entry,(you must double the amount not cut it in half....cheapskates! LOL ) on the smaller bar,it must be much smaller or no more than another 15-30 pips of risk and now yopu are getting 2-1 for your money from that point on, with only a max extra risk of 30 pips! ****Then you pray for news to come out. It goes abainst you, big deal you lost 30 pips more, but if it goes WITH you....jeez, you know it might carry that pair for 2 or 3 days on that news. I LOVE NEWS WITH THIS SYSTEM. NEVER GET OUT WITH PENDING NEWS! NOT UNLESS ITS A HUGE WINNER ALREADY,THEN BRING YOUR STOP UP TO THE HRLY OR 4 HOUR BARS LOW/HIGH.Thank me "next Christmas.


I will give you guys a late Christmas present now. If I have 2 or 3 pairs to choose from I will leave out the pair on a long play where both bands are still pointing down. On any play I prefer at least one band to be going my way which makes it a four star play but if both are flat, thats still 3 stars, and if both bands go in different directions thats 2 stars.

DONT GO AGAINST 2 BANDS GOING IN OPPOSITE DIRECTION THAN WHAT YOU WANT TO PLAY!

Now...would someone keep track of how well that would work out as a continuation play, as another system, if we only got in when both bands turned in our favor and we still used the low of previous days candle to get out. Id sooner do that,than go against TWO bands!!! This should help you guys a lot. Save a loooot of losers. Add to that my adding on the current bar which better not be bigger than the preceding bar and youll make bucks.

Also, you guys talk about 3 candles....do you know what daytraders using what???...say 5 or 15 or 30 min bars. How many times did they get in and out on that same pair you have,in one day. 3,4,5,6 times??? And you are just kicking back relaxing. Not giving all that "spread" away. Daily bars no matter what system you use, 90% of the time are the winning-est time frame without rediculous risk of weekly frames.

And if you want to make a 3 day system out of it(which I dont!) PM me and I will tell you the perfect method of getting out early) Yes I back tested it.) Best way is to use my system of adding to present candle to give you 2 entries and exits and leave it alone till you get stopped out of both stops. 3 days? You guys see these JPY pairs? I caught some that went 9 or 10 days! iF YOU ARE WORRIED, TAKE HALF OFF AFTER 3 FULL DAYS OF PROFIT, AND LET THE REST RIDE. THEN let all the scalpers try to take that away from you. Good Fing luck to em! My mortgage gets paid on this, almost. The scalpers aint taking my money.

Wanted to just chime in and say thanks to the OP and the numerous contributors in this thread. Been entertaining and informative to watch. Thanks again, Happy New Year everyone.

Cant believe some of the negativity on this thread. If you think your previous day high or low will get taken out so easily...this isnt the system for you. Truly. As for me, if I take a trade, I prefer to take it without changing the system but not indescriminately either.

#1-The best setup is after 6 or more bars going one way, obviously would register as overbought/oversold on any oscillator like RSI, stochs, MACD, etc......and then it reverses with a big solid engulphing bar where 90% or more of the bar is in the direction you want! The chances of you getting stopped out the next day are the chances of (seriously) picking up 2 gorgeous women in the same hour. Its going to be rare! Plus with a big bar, it aint getting you stopped out but maybe 15% of the time ...at most!

2-The next best set up is where you had a doji candle at the last days bar, after several candles the other way. Also way over/under sold or bought. THEN place the stop using the next previous candle so when the market opens you have your stop under/over candle #3! Thats a lot of candles even if pips are only 50-60 for one days action to take out.

****IN OTHER WORDS, GET IN WHEN THE DAILY TREND HAS BEEN SUPER STRONG AND YOUD NEVER THINK OF GETTING IN WITHOUT THIS SYSTEM.

3-Getting in on news..............If big news is coming out on ypour pair later that night, you want a small -medium size candle behind you for the stop so you dont get hurt by the news. In this case if its a huge candle you must use, just place your stop at about 55-60% of the candle so you still would need a retrace of over half of a lets say 130 pip move. If the news goes your way which the candle is saying insiders already have an idea, you dont need the full candle risk. If the news is opposite the previous candle, why lose the whole 90-140 pips? But if you are alive after the nights trading you immediately go back to placing the stop at the top/bottom of that days candle....unless its even bigger!!!!....then you can use the 55-60% again also on that candle, and maybe take a second position after the market is open 2 or 3 hours on the small current candle. This requires expert money mgmt.

I cant believe all of you with the 6-12 candle swings weve had lately especially on CHF and also JPY pairs........ that you all arent flush with cash! These last 2 weeks were the best of my career in a long time. And since I know how to handle it, if I got stopped out after 3 or 4 days run and the candle comes back inside the band, id re-enter with a 20-30 pip stop loss from the point of the high of the current candle if thats what stopped me out. Or I will wait for next day and if it closes back inside i will put the 30 pips back up as close to the top/bottom as I can of previous session. what a great system this is. But dont do all this playing games till you are really winning every week.

I may start moderating a trading room if a few of you want to set up a room for me to moderate. Let me know. There are "other ways to manage the trade once you added 2 more times to the trade so you dont get out all at once and get thrown off of a huge trend.

I REPEAT: This system is good enough by itself especially if you dont get in until my conditions of a doji or engulphing bar are met after a big swing. I cant see how one can lose.