Need New Long-term System

Forex Factory:

I've been trading several years. I know what I am doing; haven't made sustantial money, but haven't lost any as a whole since I began.

I used to have more time to try to watch the screen and either scalp with 5 minute charts, or execute medium-length trades on the 15 min. Can't do that any more with new business which is taking up all of my time, but would like to continue to trade. I'd like a system that would make steady gains using daily, or maybe 4-hour charts without being glued to the screen.

Can anyone suggest a system, either commercial or on here, that is not too heavy on the indicators, but offers semi-mechanical entries, S/L, and T/P, that I could follow once a day, or 3-4 times at intervals during the day.

I appreciate it,

Killer

You may go through Stevie's live trades in Journal factory section. Steady, cool strategy.

Hi. I think that you can try the slope system, is in the section "Trading systems", it work well in long tf. All good for you and the new business.

this is what "longterm" means

you want to go by price pattern and action? fine

want to use the indicator (those crosses are indicators)? my pleasure

good luck

The first sentence of my post is "I've been trading several years. I know what I am doing;" and my post was quickly moved to "Forex Rookie Q&A." Irony.

Thank you for your replies. Gift Art, I have no idea what your post is about, but thanks. Good luck to you, too.

I would suggest maybe looking into trading some of James16's stuff, but on the daily and weekly charts. Nice and slow....little stress at all.

But then again....I might be biased, because it helped me!

Good luck,
Clockwork

Until one learns that all they know may not be correct their posts should be relegated to this section.

when you said long term my thought was on the at least weekly timeframe, medium / swing traders use H4/daily tf, and short term traders use H1/M15/M5 timeframes, I think those are common definitions

due to your limited amount for trading i believe that weekly/monthly option is the best to hold on, and actually playing on those timeframes is very easy

you can use the trendline based on support resistance or just use indicators for the sake of simplicity

watch the pictures I attached for you, those lines were drawn from as early as 2001 so those projections on 2007 - 2008 are all predicted easily, if you think that those were coincidence (also means you don't have confidence in the theory) just use the indicator, follow those arrows which were just plain and standard MACDs

Is it you, Mr. Green, that is making the subjective calls on what I know?

"Objection, speculation."

"Sustained."

Yes, Speculation is the game.

I do most of my posting in this section, why? Cause I do realize that what I know may not be correct.

I'm not a mod so I didn't move your thread - LOL -

It's not the system that makes money, it's the trader. Learn to cut your losses really really short, learn to let your winning trades continue winning, learn to manage your profits and losses and the vast majority of "losing systems" will work just fine.

Very very few systems give you greater than 50% odds. But you don't need them to, either.

true, can't agree more with this

I am not sure I agree with your self assessment, just because you have been trading for several years does not mean you know what your doing.

You said you haven't made any substantial money.... why not? if you know what you are doing.......

You said you haven't lost any as a whole since you began...... What does that mean? ..... You have just been on a teeter totter win a little lose a little, sounds more like luck than a knowledgeable trading plan.

So you want a long term trading plan....... READ THIS (at least the first seven posts) ... maybe it will put you on the path to profits. If that sounds interesting then keep reading further into jacko's thread.

I am very, very sorry I asked for assistance at this point.

ROFL. At this point it should be clear that nobody has the holy grail. The only good system is the one that works for you. What works for me probably wouldn't work for you, and vice-versa.

Have you read Van Tharp's "Trade Your Way to Financial Freedom" ? If not, read it. Worth it.

Yep, Van Tharp has an interesting theory based on coin tossing!!

max

I have Van Tharpe's book and have read it. Agreed, very good book.

Cool, so past that point then. The "coin flip" is funny. Tested a coinflip approach, coinflip+SaR, (exit MoC), it wasn't nearly as profitable as you'd think.

The "no free lunch" thread has an inside bar technique based on reduced volatility. A similar approach can be used on the H4, trading inside bars on the H4 or D1 works very well. Had a good day today trading an H4 IB b/o.

You can also trade traditional price patterns off the daily. Pring's "Price Patterns" is good for that. Or use the "turtle soup" approach in Raschke's book (trading against 20 day breakouts when they drop below the previous high/low) Street Smarts.

If you don't mind indicators then Elder's "impulse system" can be adapted to forex. Or a simple "Bollinger Squeeze straddle" which, basically, is the same thing as an NRx straddle. All B/O techniques are prone to whipsaw, so cut losses quickly.

Toby Crabel did some indepth research on ORBs (opening range breakouts) and trend days. Also some good info on thrust reversals (ie: key-bar reversal patterns). Depending on your schedule and trading habits those can work pretty well.

Long story short... take your trades, cut anything that's questionable, find ways to tighten your stop loss w/o giving up good trades, move quickly to break-even, take 2 lot trades (close 1 lot quickly, let the other run for a while), etc.

The entry is a tiny portion of things, you could make up any random bar pattern and the right MM would probably be fine. And the exit strategies all seem about the same... close partials, move to BE, trail stops a fixed %, etc.

There was a guy on "Wallstreet Warriors" last season that traded based on astrological patterns. Funny but true.

You ask for a long term system.... read Jacko's thread.
The link is in my last post.

W%R and Aroon(up and down), ADX

study above 3 indicators.

more you study more better you will be.

Aroon work best in longer time frame, but if you able to using W%R and ADX to help you too, well be best.