A VALID BUY SIGNAL that is not taken because near closing time to trade, plus busy observation of the RANGING period. It looks like the observation COINCIDE WITH my TRADING SIGNALS which is GOOD.
It looks like a good 5min system. You must be observe and study a lot to create it. 5 minute time frame normally have a lot of false signal, but i can see your system handle well especially for GJ, of course must stick to the rules to make it works.
Although i trade higher time frame but it interested me, will give it a try.
AND, a very important observation also A PROOF of the Bollinger Band TRUE POWER in the Ranging market, THE TOP AND BOTTOM lines drawn is almost exactly the same as the Top of BB and the Bottom of BB, so the RULE coincide again!
So, for next week (I only like FORWARD TESTING), here is my New Rule UNDER TESTING :
RANGING MARKET :
When RSI 3/7 cross first before Stoch 7,3,3, either the Lowest Low prior to the RSI cross or the Highest High prior to the RSI cross, shall be the BOTTOM and TOP of the Ranging Price.
BUY ENTRY SIGNAL :
10 pip Higher than the Bottom Line or the Bottom of BB, with SL of 15 pip and TP of 15 pip.
SELL ENTRY SIGNAL :
10 pip Lower than the TOP line or the Top of BB, with SL of 15 pip and TP or 15 pip also.
It looks like a good 5min system. You must be observe and study a lot to create it. 5 minute time frame normally have a lot of false signal, but i can see your system handle well especially for GJ, of course must stick to the rules to make it works.
Although i trade higher time frame but it interested me, will give it a try.
Thanks for sharing.
Ignored
Hi mattrader,
I believe in "When we give, we get back, only thing is that we get MORE, especially KNOWLEDGE AND SKILLS".
It is for all of us, and me. That is the beauty of sharing.
Refer to the chart, somehow northfinance chart still moving, fxcm trading already closed.
If based on the new rule under testing, could have made at least 30 pips.
We, the TRADER always have the problem to IDENTIFY, whether it is Ranging or Trending, while the COMMON indicators like trendline or EMA actions can easily show this, but to my experience, it shows the picture only after the Range or Trend has developed - which many many times, I have been caught in this situation.
Hope with this, the EARLY AND CONFIRMED picture of Ranging can be IDENTIFIED.
1)BUT, i have been trading in forex for more than 8 months with multiple techniques (by other PROVEN METHOD like Imran Sait, James IB).
Ignored
Just curious, since you have experience with Imran and James IB systems (both of which can be used on 5 minute charts) in your opinion do you feel this new strategy could possibly have a higher success rate and be more profitable than theirs?
Imran's system is good but to be honest I haven't yet reached the point of getting anywhere close to his 90%+ even though I diligently try to avoid trading against S/R as he says. I realize your system is new but I still like to get your opinion how you think it compares with Imran's and James's.
Question is - do I follow my Rule? I want to discuss detail about the nuances.
Looking at the chart, u will see that the RSI cross happen first before Stoch. Later u see a term called 'RSI Kiss' (I am sure anyone have heard about Stochastic Kiss term before) and at the same time, the SMA3/7 cross happen. This is a Valid Signal, because to me an RSI KISS, happen after the Stoch is consider the same as RSI cross, plus at the same time the SMA cross happen, so it is a VALID (plus in fact, one of my BEST Entry signal).
Just curious, since you have experience with Imran and James IB systems (both of which can be used on 5 minute charts) in your opinion do you feel this new strategy could possibly have a higher success rate and be more profitable than theirs?
Imran's system is good but to be honest I haven't yet reached the point of getting anywhere close to his 90%+ even though I diligently try to avoid trading against S/R as he says. I realize your system is new but I still like to get your opinion how you think it compares with Imran's and James's.
Thanks Caireono for your trading system.
Ignored
I have great respect for Imran and James, they are the proven MASTERS. I have used also Dr Bob CCI 5034, 3 Stoch by BoxingisLife, James PSAR and MACD crossing. But, many times, time and again, NOT that the SIGNALS are wrong, it is just that we don’t understand the true nuances of those RULES. We tend to follow our intuition. And also, many times we have seen great move, but any of the system mention does not show THE SIGNAL, and we tend to wait longer than we should – 4-6 hours even 8 hours a day. And this has been my problem and I believe to other traders as well. What I want to do is within 2-3 hours, I would have minimum 2 trades that can give me CONSISTENT PROFIT of 50 pips a day – and to me that’s enough. The keyword is consistent, without having to glue onto the screen. We all have life. That’s why we keep on searching for System after System, and I really hope that this system of mine can achieve that goal.
I have great respect for Imran and James, they are the proven MASTERS. I have used also Dr Bob CCI 5034, 3 Stoch by BoxingisLife, James PSAR and MACD crossing. But, many times, time and again, NOT that the SIGNALS are wrong, it is just that we don’t understand the true nuances of those RULES. We tend to follow our intuition. And also, many times we have seen great move, but any of the system mention does not show THE SIGNAL, and we tend to wait longer than we should – 4-6 hours even 8 hours a day. And this has been my problem and I believe to other traders as well. What I want to do is within 2-3 hours, I would have minimum 2 trades that can give me CONSISTENT PROFIT of 50 pips a day – and to me that’s enough. The keyword is consistent, without having to glue onto the screen. We all have life. That’s why we keep on searching for System after System, and I really hope that this system of mine can achieve that goal.
Ignored
Hi a777,
I have even trade 'LIVE' with the combination of indicators at this forum
Another good example of the nuances in detail. Refer to the chart. I nearly took the trade at the first arrow (left), only to find that the price go down, and but later, there are stoch kiss (first), then RSI kiss (second) then SMA cross (third), so I took the trade, later nearly hit the SL, and this trade I left it open due to some other business, and when I open later, it hit my 30 pip target.
I believe I have posted many examples, enough to be tested by any Trader out there. Please try it DEMO, and tell me, or give inputs if any. And, if you believe after demoing it can make money with it, go for LIVE, AND if it truly makes you tons of money - just pray for me to have good life and also share with me if you have any other system that can be set and forget and make profit, daily.
Hi all,
I tested this great system,finding out some delays and false signals for news hours and rapid moves.
Hope any buddy could edit EA or improve the setup
Regards,
