very nice spotting ( you were too late in, with a big candle, and this is a 5 min chart ) i will not take responsabelity if you dont do what is described, but anyway.
To return to your question, i will tell you something, after you feel having some nice profits, even with the Exit rules i gave you, its your choice to choose one of them.
This system is based on the thing that, ( Entry is the first condition to begin a trade, protecting yourself from losses and your few maybe big profits, and the exit can be choosen, the important thing is that you are in profit.
If the trade begin and do not CCI weak, and already have profit, wait for 100% break and 100% reversal exit, when not, continue and so on also for the 200% break and 200% exit reversal...
After that, its about you again to choose, if you wish to exit now, or you will wait for the 3 Ema - 34 Sma cross, for getting max profit, or risking again most of your profits to get just a few, because from this point, the only thing what can make you nervous is to see the 34 Sma swinging with price, and all your profits can return again ( or it gives you more than you estimated ).
Never be greedy, when you feel good with your profits, and seeing market conditions are not encouraging you to continue, get your profit and exit, wait for the next trade etc.
Its a step by step work, not a one trade being a billionair holly grail watching charts click drinking Champagne thing.
Get your profits at the first best condition! that is what i do, even with the big trades, if someone is also patient, and have enough money to wait for a 3 Ema 34 Sma reversal and perhaps loosing his profits again ( just the profits of his trade, not of his balance ) and wasting time, cheers.
If the position has average progression, 10 to 30 pips
If the position is healthy, profit can be from 50 to 100 or more pips
it depends on the pair you trade
usd/jpy or gbp/jpy are one of the best
This all just in the 15 min chart, higher timeframes can result in hundreds and hundreds
Can I make a suggestion for posting charts? I have a 17 inch computer monitor (I'll upgrade when I'm filthy rich) and it's hard to read the thread when you have to scroll left to right line by line.
You can easily attach images from your computer by clicking the "Manage Attachments" button under the dialog box. A menu will pop up where you can browse your hard drive to find the file you want to post, then just select it and click "Upload".
It will automatically resize the image to fit in the normal width of the thread. You can still see the full size image just by clicking the image in the post.
See mine below. Go ahead! Click it!
You can magnify it once it opens in the new window.
I realized what you meant about not waiting for the signal from the crossover alert indicator. I got a short signal later in the day on the USDJPY one hour chart but it was after the candle had formed (well after) and I'd missed the best entry.
So anyway, I was pittling around and tried some other settings for the alert indicator and I was wondering if you've ever tried using the 34 as a linear weighted moving average rather than the simple moving average? On the chart it appears to form about one candle earlier than using SMA, and I assume the crossover indicator would give the signal earlier.
It's without a doubt a great system as is. I was just wondering as to your opinion on it. Don't want to waste my time if it's a bad idea.
Hi Ken, hi Waterflame, and hi everyone else.
Let me first congratulate Waterflame for this simple, yet very effective method. I haven't used it yet though, but what i see on the chart looks like more than a 90% accuracy, depending on discipline and strict adherence to the rules.
I agree with Kenmannia's effort to create an alert for this system, as it is possible to sit for long waiting for a signal and miss it just when you had to answer a call or something. The alert must however be such that it comes at the precise time, as this system succeeds best when one is right on time.(It is at times like these that i really wish i could code!).
If anyone out there could make an ea out of this, it would be even better.
Thanks again to all of you trying to make this system work at it's best.
a EA for backtesting this would be great, to give alerts at accurate time would be also great so far i will give it s try to code it.
does anyone know how long it takes to load 2 years of history into mt4?
i loaded the offline chart with my history data but itīs still in prosessing for over 20 minutes now... i am on a iMac with 2 gb, this canīt take so long, or?
loading the history data is still processing, now already for over 2 hours...
To Andigho and liOuid, ( thanks Andigho, you are welcome man )
im sure that an EA will do the work too, giving profits, but basicely we trust our cognitive thinking by observation and understanding the entry conditions, even if mostly every entry can result success, a machine will execute signals, and not understand the fact that the market is alive have moods on what we react again ( that is where an Ea can effect greater stop losses as we can stop manualy, imagine a news event, and a too late signal, it will be a disaster, maybe 3 days of profit blown away, a great reason why i don't use EA's).
For me is to trade manualy enjoying to make my business, where only myself will be responsible for my acts.
water, i agree with you.. a fully automated system demands good nerves if you not at home i think a good fully developed alert system that analyses charts and gives you early signals could be an edge so you donīt have to stay the hole day watching the charts if you trade longer timeframes with your system
Lol buddy, you wil maybe do all to get almost of everything doing nothing, even a bureaucratique work will demand from you to be all the day at office, just tradig can let you work freely and home, doing sport excercise while trading, having a glass of wine, are talking with your girlfriend until making money.
If you have a regulated working time from morning to evening, trading the euro session, you can go out doing a ballade nights, and enjoy the week ends,
buy a PDA for Metatrader at cell phone or something
water, since when you are testing this system and do you allready trading this system live? did you any kind of backtesting ? what about the roi, could you may give any percentage success rates you having with this system, what timeframe, what pairs and how much trades you mainly do with it?
that means i trade 4 pairs x 2 = 8 trades a day x 5 = 40 trades a week
the max loosing of 40 trades a week are 7 max.
the minimum profit of a trade are 10 pips x 40 trades = at least 400 pips a week
The maximum Loss by a stop loos loosing are 15 pips x 7 loosing trades = are 105 pips loss
400 pips min profit - 105 max loss = 295 pips in the pocket
if you Martingale this system, imagine what will your success and monthly income be.
I will not make you dreaming, but this are facts, you can Test yourself.
can i ask with how much you started live and what your maximal risk is for every trade.
i had a hard time to not fall in stop loss with my low capital ( because it was the only money i had ) , but after flourishing, and being disciplined for the rules, i didn't care anymore.
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