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Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 182 replies

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Simple Daily System

  • #681
  • Oct 31, 2007 7:17am Oct 31, 2007 7:17am
Thanks, birdt. I'll take a look at the Auslanco threads. Also thanks for the idea of the three momentum indicators. Will experiment.
  • #682
  • Nov 7, 2007 1:15pm Nov 7, 2007 1:15pm
Here you go, a simple system that can be left alone (doesn't require being in front of a computer screen all day) which uses Momentum and 5SMA's on a daily chart. It can certainly be used in conjunction with the Simple System.

http://www.forexfactory.com/showthread.php?t=54585


Bear in mind that this system is still being tested, but is showing some promising results.
  • #683
  • Nov 23, 2007 7:30pm Nov 23, 2007 7:30pm
Why did this thread die? I didn't keep up with it.... haven't read it since about page 10 or so.....

Did it look unprofitable? Thx
  • #684
  • Nov 24, 2007 3:22pm Nov 24, 2007 3:22pm
Quoting TheThing
Hello guys!

I would like to share this simple but effective system with you. I'm not an author of it but use it quite successfully. Hope for some of you it will give a nice profit specially for those who is not a full-time trader and has only limited time to trade. OK here it is:

Buy Rules
1) Daily Charts with 20/50 EMA (close)
2) If price has 3 consecutive days where the Close is higher than the Open and 20 EMA > 50 EMA and the slope of these two emas is positive, on the OPEN of the 4th candle, Initiate a Buy Order.
3) Stop is 2 pips below the previous candle, or 90 pips (whichever is lower)
4) Take Profit is in 2 steps...
a) Take half profit at 30 pips and move stop to break even
b) Take remaining profit at 100 pips


Sell Rules
1) Daily Charts with 20/50 EMA (close)
2) If price has 3 consecutive days where the Close is lower than the Open and 20 EMA < 50 EMA and the slope of these two emas is negative, on the OPEN of the 4th candle, Initiate a Sell Order.
3) Stop is 2 pips above the previous candle, or 90 pips (whichever is lower)
4) Take Profit is in 2 steps...
a) Take half profit at 30 pips and move stop to break even
b) Take remaining profit at 100 pips


This is an easy system because it eliminates many factors that make the novice trader unsuccessful (overtrading, ignorance about how to effectively use indicators, etc.).

I would recomend to move your SL to breakeven as soon as possible, 20-30 pips are quite enough.
TP levels may differ depending on pair being traded. Say for GBP/USD optimal TP is 39 pips and 80 pips. You have to optimize your TP for each pair you trade.

You may paper trate any pair you like and post your results!
Thanks to IndyCash for creating backtest tool for SIMPLE. You can find it here and experiment with optimal TP and SL levels.
You trade only once a day and it takes about 15 minutes to look over the charts and make your decision.
I wish you success and have fun!

Take care!

http://www.forex-tsd.com/images/vbseo/digg.gifhttp://www.forex-tsd.com/images/vbseo/delicious.gifhttp://www.forex-tsd.com/images/vbseo/technorati.gifhttp://www.forex-tsd.com/images/vbseo/furl.gif
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Thanks..The Thing,
I am very interested in Daily Charts with 20/50 EMA (Close). How do I get the 20/50 EMA on my Daily Chart?
Best regards,
Arnoldchidi
  • #685
  • Dec 17, 2007 5:28pm Dec 17, 2007 5:28pm
This thread is dead. Perhaps this may be of interest to some of the followers.

I focus mainly on GBPJPY these days but I noticed a number of three candle formations which may or may not be valid depending on whether you are willing to trade contra-trend and how you define that trend.

Three black crow formations exist on:

AUD/CAD
AUD/JPY
AUD/USD
EUR/JPY
GBP/JPY
NZD/USD


and there is a three white soldiers (bullish) formation on:

EUR/AUD


They all look like pretty good set-ups to me, but I do have reservations about trading in such a thin market. Therefore I'd recommend reducing position size and leaving stops a little wider or profit targets a bit closer.

Happy trading all!
  • #686
  • Dec 17, 2007 10:20pm Dec 17, 2007 10:20pm
I liked this little thread.... sorry to see it die away over time....

Did Indycash ever finish that backtester? I will keep an eye peeled, hope it comes back.

Quoting birdt
This thread is dead. Perhaps this may be of interest to some of the followers.

I focus mainly on GBPJPY these days but I noticed a number of three candle formations which may or may not be valid depending on whether you are willing to trade contra-trend and how you define that trend.

Three black crow formations exist on:

AUD/CAD
AUD/JPY
AUD/USD
EUR/JPY
GBP/JPY
NZD/USD


and there is a three white soldiers (bullish) formation on:

EUR/AUD


They all look like pretty good set-ups to me, but I do have reservations about trading in such a thin market. Therefore I'd recommend reducing position size and leaving stops a little wider or profit targets a bit closer.

Happy trading all!
  • #687
  • Edited 12:45pm May 16, 2008 10:57am | Edited 12:45pm
-Simple Daily System signal using MT4 charts at X-trade brokers (daily candle closed at GMT+1):

Week in review......

LONG USD/CHF

Entry 14/05/2008 (1.0543)
TP1:1.0573
TP2:1.0643
SL:1.0443

TP1 HIT +30 pips
2nd Lot BE


LONG EUR/CHF

Entry 15/05/2008 (1.6319)
TP1:1.6349
TP2:1.6419
SL:1.6229

TP1 HIT +30 pips
2nd lot BE


LONG CAD/JPY

Entry 15/05/2008 (104.64)
TP1:104.94
TP2:105.64
SL:103.54

TP1 HIT +30 pips
2nd lot BE

LONG EUR/JPY

Entry 15/05/2008 (162.53)
TP1:162.83
TP2:163.53
SL:161.63

TP1 HIT +30 pips
2nd lot BE


LONG EUR/GBP

Entry 15/05/2008 (0.7949)
TP1:0.7979
TP2:0.8049
SL:0.7859

TP1 HIT +30 pips
2nd lot BE


LONG GBP/CHF

Entry 15/05/2008 (2.0522)
TP1:2.0552
TP2:2.0622
SL:2.0432

TP1 HIT +30 pips
2nd lot BE

LONG USD/JPY

Entry 15/05/2008 (104.96)
TP1:105.26
TP2:105.96
SL:104.06

SL HIT -180 pips


LONG CAD/CHF

Entry 15/05/2008 (1.0510)
TP1:1.0540
TP2:1.0610
SL:1.0420

TP1 HIT +30 pips
2nd BE

Total since 12/05/08 = +30
  • #688
  • May 23, 2008 5:00pm May 23, 2008 5:00pm
Trades this week:

LONG EUR/JPY

Entry 23/05/08 (163.69)
TP1: 163.99
TP2: 164.69
SL: 162.79

SL HIT -180 pips


Total since 12/05/08 = -150 pips
  • #689
  • May 23, 2008 9:04pm May 23, 2008 9:04pm
Quoting tdion
Why did this thread die? I didn't keep up with it.... haven't read it since about page 10 or so.....

Did it look unprofitable? Thx
I think like most threads and systems people get bored with not being able to make their first million in a week or two .... so off they go in search of greener pastures... you know, the old grener grass syndrome....
Same Whore .... Different Dress
  • #690
  • Aug 13, 2009 2:58pm Aug 13, 2009 2:58pm
this incredible slow system WILL NOT make money for 98%, i guess.

after three days in a row? I'd say a reversal trade must be better!
  • #691
  • Jul 2, 2011 5:14pm Jul 2, 2011 5:14pm
WOW I remember when this thread was alive and kicking... IndyCash doing his backtester.

Damn, 3 years ago... I'm getting old!
  • #692
  • Last Post: Oct 13, 2011 10:45am Oct 13, 2011 10:45am
Another defunked system.

The originator of the systems results were totally floored with huge errors.
The system was then modified as they all seem to be when they lose.
Funny how all these systems go back to price action to get in and out of trades, why not just learn and use price action in the first place.
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