Derek et al Easy Trading System

Good Day Forex Factory.

So many times on these forums traders will tell you that the best trading method is with a naked chart and making trades off of price action. This is certainly possible as the indicators of a system are showing us what these traders are seeing on their charts. I think though that for a lot of people it's hard to see this. Also, different instruments behave in different ways and they can take time to learn. So here is a system that shows this to you. All the indicators are borrowed, hence the, "et al", in the title.

Here is what the complete system looks like:



There is the full system and a simple system. Here are the indicators used in the simple system:

Here are the rest of the indicators to complete the full system:





And here is a template for the complete system:

If you load the template you should get the full system. Now remove the Gann Averages and the Ichi360 Monitor indicators and you will have the simple system, which looks like this:

A note on repainting indicators. Chaos is a Support and Resistance Indicator and will therefore repaint. There is no problem in this. The arrows generated by the Forex Sweepmod indicator do not repaint. The FXMax indicator will not repaint either.

I also use the system on other instruments, but on H1 and H4 time frames.

I will publish some trades here and you are welcome to publish yours too if you find this system useful. I'm sure it will be interesting for other to see. I don't use a stop loss, but close your trade if the trend reverses - If FXMax changes colour against you. If you prefer a SL, then place it above the last high or low that your Arrow indicates from.

Thank you for the template and the system. But what you said is not true. The arrow indicator (Forex Sweepmod) does repaint a lot.

Ah yes, you are actually correct here, kleybenny, after a few bars it will stick. But this doesn't matter too much as you would never buy at the top of the channel.

Hi Derek,
Good luck with your thread. To make life easier, attached are all indicators/template in a zip file.
Regards
maahome

Thanks maahome!

I went short off the channel top, Used M1 chart for entry. SL moved to Break Even.



SL hit for BE

Ah yes, you are actually correct here, kleybenny, after a few bars it will stick. But this doesn't matter too much as you would never buy at the top of the channel.




Thanks Derek, Could you tell us what criteria do you use to enter?

Pity that one stopped out because a great place to Take Profit is the lower channel.

Looking at the H1 Chart we can see Support being challenged. I think it will break and price will go further down, with more bad news for stocks across the board. I might use the M1 chart to look for a short...

This is an M1 Chart. The Ichimoku Indi does not change when you change TFs as it is showing all the TFs.

Will this be the elephant in the room?

Short. I used M1 for entry.

Hi Laitus. Mostly the channel top, (or bottom), the arrow helps. Of course the most important one is the trend. I'll post some trades with comments though. I often use SL not as a normal SL, but to cover trades in BE or to trail profits.

But look at this H1 Chart of Gold. Here we could just trade the trend. When FXMax changed to Red, (trend down), we can sell and the add to short positions when we hit the top of the channel. See where the arrows are. So now I'm waiting for FXMax to change to green...