Also went long on the NZD/USD and CAD/JPY all looking good at the moment. I'm not sure if I entered at the right signal but they are still going in the right direction.
My own developed benkyalate system
Draw downs can be quite large before a trade comes back and hits your TP..but opening extra trades as it moves against you does seem to work but I do get worried some times.
Paulus you are right about that especially on 1 min timeframes. But I haven't had any big draw downs on the 4 hour time frame, the biggest dd being around 20 to 30 pips
. I think the 4 hour time frame is much safer to trade with and the rewards are much bigger. That's why oan uses it. - #786
- Nov 13, 2008 4:44am Nov 13, 2008 4:44am
Nope i changed, im using the godfather. All the recent posts are with the godfather and i am just going to keep using the godfather. I dont have time to be testing all those other templates, so far so good with the godfather
I'm long at UJ,NC,and CJ too, lets see where it takes us
Thanks.
- #787
- Nov 13, 2008 6:45am Nov 13, 2008 6:45am
Hi pipin, I like the godfather too, the others are too cluttered in my opinion, so for the signal did you wait for the Green (3) to appear first? and then look at the candle average and the T3 RSI right?
I'm long at UJ,NC,and CJ too, lets see where it takes us
Thanks.
If you see from my charts i removed alot of the indicators that came with the TPL so far what i have been doing to confirm my signals are the candle avarage (which is awesome), stochs and my favorate is fib retracement and a touch of the dotted red or green dotted line.
Trades that i am currently in are
USD/JPY Long
EUR/CAD Short
EUR/AUD Short
I only use 4HR time frame as i am a long term trader. I do not like 1M or anything close to that as there are to many sharks in those waters and i do not like to be bitten
- #792
- Nov 13, 2008 1:22pm Nov 13, 2008 1:22pm
- | Joined Nov 2008 | Status: Trader | 2,055 Posts
thewls
If it is in a sideways channel there is still good trades available if you follow the indicators with patience for example USD/JPY on a 4HR.
On short time frames such as 1m you will have a lot more trend changes to look out for as oppose to the 4hr time frame. I am not trying to persuade you
into using larger time frames i am only saying be carefull, as we can see we do have some who are successfull on the 1m time frame.
oh don't worry
i understand that this system is most suited for 4hour time frames. i just want to understand the system better. my point is if the trend is changing, how do we know based on this system? it takes a while for the indicators to repaint itself so it will not be exactly immediate that we can notice the shift in cog. if at this point we took a trade, we might take a trade that is about to move in another direction.
this happens a lot on 1 min charts. it is also bound to happen on 4 hour charts... just that on 4 hour charts it will take a long long time before it happens.
i just want to understand the system better. since im already learning, might as well learn everything
- #796
- Nov 13, 2008 4:19pm Nov 13, 2008 4:19pm
So far so good as i stated this morning i will enter short if i see a touch of the doted red line along with respect of the 38.2% fib retracement and the candle moving avarage is up