Simplicity is the ultimate form of sophistication ( Elite )

Quoting kenmania

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For people looking for a "hard exit" rule, you might check out TEB's simple system thread. I've used a combination of other methods with TEB's method and it works very well. I'm amazed at how often both of the targets are hit, especially on the lower time frames.

Here's a chart with showing yesterday's short signal on the USDJPY 1 hour chart from the Elite system, and TEB's Fibonnaci tool that shows the potential exits. One exit has already been taken out for 41 pips. I'd be shocked if the second exit isn't taken out also for an additional 41.

TEB's method gets the "planned" exit, but I believe 9 times out of ten Elite will get you in the trade sooner. (just my opinion...haven't extensively backtested it).

We can watch this trade and see how many (if any) pips are left on the table.

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Quoting LoLoAC

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Hi, I am just wondering if you would be kind enough to post the sup/res indicator on your chart. It would be very usefull for me to use the code in an EA im currently making.

Chears in advance!

LoLo

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Quoting Waterflame

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why did you remove them kevin, i haven't yet download them to see your proposition, please give them back to us...

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Quoting fxxx;[COLOR=black

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1927602[/color]]hi, Waterflame!
cci 34 cross 0 and and sma34 cross price line(or MA1) - you looking basically on a same thing (like use macd with same MAs - instead confirming they just show same thing)
but well, if you found - this set (combination) works the best for this strategy...
could you tell again what you do for filtering false signals; for flat, narrow range and chop conditions?
thank you
Attachment

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Quoting behof

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Hi Waterflame !

Congratulations for introducing this method.
I'm trading this for a longer time and I'm satisfied with the results.
In the long term it's not possible to run an EA because you get too many
losses in a ranging market.

I'd tested this and was not successful ;-(

So folks trade this system manually and if you could handle it by
paying attention to money management and discipline, this will be
a gold mine !!

Just my 2 cents.

P.S. Waterflame could you post the indicator which is showing market
open and close by drawing coloured vertical lines ?
Thanks in advance and happy trading ;-))

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Quoting kenmania

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It's the standard fib tool from MT4, with the settings changed to reflect:

0- for the 0% line (Stop Loss)

0.5- for the 50% line

1- for the 100% line (Trigger)

2-for the 200% line (Target 1)

3- for the 300% line (Target 2)

Here's a template with the fib settings on it. You know if you open the template and open the "fibo properties" and just change the fib color it will make the settings on it the new "default" settings for your platform.

Hope this helps.

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Quoting Kevyluvu

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Checks and Balances?

Hey WaterFlame. Here is my original idea. I did not want to use mandrake to replace waterflame.tpl. Waterflame.tpl is perfect as it is and it could not be more simple.

thanks man

What I was thinking about is a potential inticator/system that could give waterflame.tpl a confirmation signal on entry and exit. A system/indicator that could spot this "sick"/"slow" price action for us so we make more winning trades and can get out early if the trade is bad. I am mainly thinking about using the indicators you see at the bottom for this. This is what the updated .tpl would look like:

trust me, there is none, i have already researched about a indicator giving market moods, none banks or political administrations will give you how market moods will be ( in normal conditons, not the news events )

one question. you do everyday wake up in different conditions, happy, sad, melancolic, but just your understanding of the mood will show you what your mood is, i have simplify the market conditions psychology ( also for my self ) in this 3 moods, to simplify it, ( healthy , sick and lazy )

a healthy was described by a slow entry continuing the trend

a sick market has too large candles what can reverse against you ( dont care if it continue the trend, most of times it consolidate the market, search another pair)

and the lazy is a a slow entry continuing but not effective trending wave ( see the market condition thread )

You have already made trading more simple for everyone trading your system

i've tried to give my best and share it with you friends

but recognizing price action is still a skill that takes time to master.

Its very very easy, after reading the market condition thread, there is just one thing

- you can't know before if the market will change mood

- the only thing you can do is to watch the changing mood and identify it, than behave on it, if its a healthy one, continue, if its a sich one, try to at least having some profits, getting your spread, or the system will protect you by a little stop loss ( it was managed and included by the combination of the system, to pretoect and give more results at first )

So my question is do you know of any indicators for the noob trader to use to stay away from trading "slow/sick" markets or is it just a matter of studying the current market conditions?

- your question will be answered if you have read well what i wrote above and in the rules, you have a simple system, just take a look of the market ( take the market like a friend ) have a nice day or not, if he is on point, laugh with him, if not, let himdecharge his frustration.

One flaw I can see with my idea is that it will reduce the total number of trades and will also give worse entries because the trader would have to wait for the 15m candle to close before possibly entering a trade.

Seriously, the rules of CCI exits are made for traders who have just low capital on their balance, to get as quick and easy some money to continue real trading.

Because one time you have enough to cover your balance, and don't need anymore to think about money for the next week how to buy your daily bread,

even with some stop loss exits, and little good trades of min 10 or 30 pips, the most of time you will get the best of it, recovering your losses, and having high results.

( Dont be afraid of the candle thing, its just an advise, after reading it, you will understand, having a habit to trade the good onces. )

I will be back testing this strategy today to let you know what I find. This is a great thread Flame. I noticed most your charts you have posted are U/J 30m so this is what I will use for the test.

- The market will tell you, trade the best pairs, if you loose 2 trades with stop loss, no problem ( you will loose just your spread ), other pairs will give you highly results, just take the rules as a religion to execute.

IF signal than enter

Than wait for :

- weakening, taking now your few profits ( if you are a beginner with low capital )

- CCI 100 or 200 % reversal if you are an average trader ( with some good money on your capital )

- or wait everytime for 3 Ema - 34 Sma crosing with CCI 34 zero line crossing ( if you have enough to cover your balance on your account, because most of times the big trades will give you 70% more as you have loosing while stop loss and few profit )

thats it

Thanks again.

-Kevin

PS: Would you like me to remove the mandrake files to keep your thread on track?

no please let the post for others, to see the difference, between simple and complicated, thanks

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