Silat,You will be pleased to know that I took the short on audchf. Entered @98109. Got lucky.Paul, About to read your pm.gregben
Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 180 replies
Day Trading system - Simple system to make money 51 replies
Trapping System: Way to Fully-Automated Trading System 47 replies
The7 Trading Method Signals Thread 136 replies
DislikedPaul,At the moment I am with Silat and think we should leave the integrity of the system as per the rules in this forum. The original author The7 and Silat50 have obviously had success by adhering to the simple rules of the system. No system is perfect and losing trades are the norm with any system and the relative short time I have been a part of this forum and studying the system, the more entrenched I am with this notion.I have used various indicators with the system in an attempt to filter entries and discarded most of them (Indicators are like...Ignored
DislikedOk i've read every post in this thread and understand the system fairly well now. Just a one thing:
"Closing candle has to open outside the channel to become a valid signal. Let it run until you see opposite signal. Stop Loss is high/low from last candle."
Could anyone explain further the part in bold. I think i understand it, but need to be sure.
I'm still learning. : /Ignored
DislikedNametaker np,
Ex: you have a up candle(green) opened outside the channel and closed inside the channel that's your signal candle. Now the trend continues. Now you get a down candle (red) opened outside and closed inside this would be your opposite signal and to close the trade. As for the stop and loss it is placed at the high or low of the signal candle and is moved to the next high or low of the next closed candle. And continues until you see a opposite signal or the trade gets stopped out.Ignored
DislikedWhat a shame that Maverick X cannot see his way to sharing his powerful and secret "edge."
Maverick, try to see this in perspective. In a four-trillion-dollar-per-day market, your "edge" would not represent a blip on blip on the back of a pipette. In fact, even if every trader on Forex Factory traded your edge, it would not register at all in the bigger scheme of things. Get real!
As for not caring what others (your fellow traders) think? Well, that is a subject another forum. Suffice to say that compared to the generous contributions of...Ignored
DislikedThanks Tim,
I have been reading through a couple of Mark Douglas's books. Very informative.
Im new to all this but studying all the time.
Have i got this system right so far:
1. Look for a signal. Up candle (Blue) has to open outside and close inside.
2. Place a pending order (in MT4). Set the stop loss at the HIGH of the up candle (signal candle) or if down set at LOW of down candle (opposite signal candle).
Not sure about this part. Set buy limit/buy stop etc to current price of last signal candle. Not sure about what to do...Ignored
DislikedThat tempting Eur/Usd trade:
Many of you consider the EUR/USD to be breaking out of a base right now on this bar. But its entry was already trigered. In my opinion those who love the Euro(I dont!) can take that trade and treat it as a new one. So, get in now at 1.3461 with a stop at1.3349. Dont worry, since it is not over extended yet, your computer wont tell the Forex factory cops you bent the system a bit. You are still risking one bar worth of pips to make many.
Disclaimer:This trade should not be done by persons with less than...Ignored
DislikedTim,
keep us updated with the 4hr timeframe, some maybe interested in it. Now with the calculator just input my entry and stop loss?Ignored
DislikedHello, just wanted to say hi, and thank you all for the great info. I have started trialling this system for myself and am finding all the posts incredibly helpful. I took (in my log only) USD/JPY on Friday. Am I correct in saying I shouldn't have, as the candle touched the 5ma on both the upper and lower side? Currently it is ok (by 40pips...), but waiting to see how it all progresses.
Once again, thank for all the helpful info.Ignored