[Gambler180]

Have you ever heard the expression that less is more? This is true in many cases but especially in forex. I have found a very profitable long term strategy using point and figure charts. Here are the rules for the system.

Buy at one box above the starting point of the first box in a downtrend
Sell at one box below the starting point of the first box in an uptrend.
A trend is defined as 10 or more boxes in the same direction.
Stop loss is when you get a signal in the opposite direction. Alternatively stop loss could be placed near support or resistance on a candlestick chart
Use the system on EUR/USD

Example
Sell at the red horizontal line which is one box below the starting point of the first box in the current uptrend.


Take profit when you are satisfied with your profit. Don't be greedy.


What do you think about this strategy? I don't have the exact figures but I think it is profitable in about 90 % of the trades. the problem is when to take a profit. I don't have exact rules for that. The indicator I use is attached in this post.

Edit: Before you ask any questions please read all the posts in the thread. I don't like repeating myself again and again.

[Superscalper]

can u plz put the indy?

[Gambler180]

Originally Posted by Superscalper

can u plz put the indy?

Sorry. I thought I had done that.

[blanca]

do you have the indicator for metatrader .mq4 extension?

[Ronald Raygun]

Interesting system. I think in the P&F manual I have that's called the "slingshot breakout" entry.

Counting backwards, wouldn't the 4th column from the right be a losing trade?

[Gambler180]

Originally Posted by Ronald Raygun

Counting backwards, wouldn't the 4th column from the right be a losing trade?

yes it would but as you can see on the chart there is more winners than losers. Depending on what your target would have been you could either have lost a lot of money or won a lot of money. Counting backwards in the third column there is a short signal and in the first column a re entry. Adding to positions is a good idea when the market is trending.

[jgadefelth]

can you shoe some more pictures i dont get it ?



best regards

[Gambler180]

Originally Posted by jgadefelth

can you shoe some more pictures i dont get it ?

Buy at one box above the starting point of the first box in the latest downtrend



Take profit when you have earned some pips

[blanca]

can you post the mq4 indicator, the ex4 do not work fine in metatrader. thanks

[zykas]

Originally Posted by Gambler180

yes it would but as you can see on the chart there is more winners than losers. Depending on what your target would have been you could either have lost a lot of money or won a lot of money. Counting backwards in the third column there is a short signal and in the first column a re entry. Adding to positions is a good idea when the market is trending.

Ya, will be following this thread to see how it goes.Good luck

[jgadefelth]

Think i get it you trying to get a position in the oposit direction of the latest trend how many pips are you gong for and what do you have for stopp loss and how long have you been trading this system ?


best regards

[Gambler180]

Originally Posted by blanca

can you post the mq4 indicator, the ex4 do not work fine in metatrader. thanks

I have just done that.

[Superscalper]

Originally Posted by blanca

can you post the mq4 indicator, the ex4 do not work fine in metatrader. thanks

he alredy post it

and here is another one

thank u

[Gambler180]

Originally Posted by jgadefelth

Think i get it you trying to get a position in the oposit direction of the latest trend how many pips are you gong for and what do you have for stopp loss and how long have you been trading this system ?


best regards

I have already answered those questions. Is it too much to ask that people at least read the first post before asking questions?

Edit: I have not used the sytsem yet. the other questions I have answered.

[karun]

Originally Posted by Superscalper

he alredy post it

and here is another one

thank u

I tried adding this and my MT4 got hung... Tried in 1H and 1M both the same. Looks like it takes lot of CPU for processing or it may be just me.