poormansystem (PM System)

Hi everyone!

I am currently trading with this system. Please share with me. I am often very busy, but I will try to help as much as I can....and also please, please this system is not for sale! I will soon release the system here.Thanks!


Rules for Trading

BUY

RSI should show good resistance at 45 and should not break below it. As the market price is moving up, it should go above the 55 and you should be aware of the overbought 75 mark as the market goes on.

CCI you should notice a gradual end to sell (red region) and the start of a new buy trend (green region). This should coincide with an arrow showing buy signal and the MA turning Blue

Turbo JRSX has to come from oversold region (down) going up the 50 mark.

200 MA is your MAJOR TREND- take trades when prices are above it!!!


SELL

RSI should show good resistance at 55 and should not break above it. As the market price is moving down, it should go below the 45 and you should be aware of the oversold 25 mark as the market goes down.

CCI you should notice a gradual end to BUY (green region) and the start of a new SELL trend (red region). This should coincide with an arrow showing SELL signal and the MA turning red

Turbo JRSX has to come from OVERBOUGHT region (up) going DOWN the 50 mark.

200 MA is your MAJOR TREND- Take trades when prices are below it!!!



Trading Time Only the time the market is open for its currency.


Time Frame

10 minute TF

NB: you need to open "2-4-10minutetemplate" running on 1-minute TF on your selected currency. Then go to offline on the file section and open the "10 min TF". Then use the poormansystem template on the 10 min TF.


Currency
GbpUsd, EurUsd, GbpJpy, UsdJpy & EurCad...You may want to try others too. Should work as the system is based firmly on trend lines.


Stop loss
25pips....remember this is a 10 min TF, 25 pips should be enough to avoid your stop loss being hit unnecessarily.

Take profit
75pips+....at least you net 50pips with this system in each trade. You may also use other taking profit e.g 00-50 numbers etc.

Counter-trade
It is also possible to do counter trade...that means going against the trend with this system. You shouldnt be trying this if you are not familiar with the system. Demo it first and be farmiliar with overbought and oversold regions before you decide to counter.

Money management
This is the most important part in trading. Please read good articles in FF on how to go about it.

Last but not least, remember professional traders dont stay in the market all the time. You have to know when to get in and out. Dont over-trade at anytime!

All credit and thanks to all who made the indicators & scripts! I hope we can all benefit from them.

This is just another overview of the system. Please try to see where the system tries to show good resistance and support areas, also check the indicators when they all agree and the market starts to move, places where you can enter the market and profit from it. Cheers!

I would not be too confident using a poor man's system

Here is the screen shot.

You should share the system along with instructions, indicators, templates, time frames, currency pairs, etc.

Also, posting a poll on the system is a mistake. You will find that polls are usually taken after one tries the system for a certain length of time. Posting now will only result in wannabe traders posting negative for your system without even testing it.

I have now attached the files you need for the system.

NB: you need to open "2-4-10minutetemplate" running on 1-minute TF on your selected currency. Then go to offline on the file section and open the "10 min TF". Then use the poormansystem template on the 10 min TF.

All credit and thanks to all who made the indicators & scripts! I hope we can all benefit from them.

Please demo the system!!!

Cheers

Have you ever seen a richman begging from a poorman!!, you will be the first one!....I just posted the system

This is for today....A long for GbpUsd 112 pips!!!! and still going up

The Turbo indicator wasn't in your Zip file.
Thanks

Hi mate!

I have now added the turbo indicator and also updated the template. Please download the updated version file. Cheers

Thank you.

Hello Abagi thanks for posting your system. Well i need to know what is the difference between traditional RSI & Doted RSI?
i think in doted Rsi dots indicates about candles??? Am i right?
Thanks again

yes more like it...gives you the direction of the current candles from the most recent closed ones.

Anyone trading EurUsd...so far this is how it looks....In case you might have missed the trade earlier, there is always places where can get in trade provided the prices are showing good resistance and the trend is not broken.

Here is an update of the trade ended as prices stalled with a 265pips!!

If you are demo trading with this system, please share with us and if there are any changes or tweaks to the current settings, please do share with us too. Also any demo trades you would like to discuss, please feel free to discuss in the forum.

Many thanks

Hi all,

I am about to trade this one...I will be ignoring (at the same time keeping an eye) the buy signal as the main trend is going down and hasnt changed so far. As you may notice, the CCI hasnt changed from SELL. The turbo is coming from the top approaching the 50 mark and the RSI has found resistant below 55 mark...So am monotiring waiting for the prices to start running down so that I can short!

Hi Folks,

For those keeping thing in track....I hope you managed to see that the prices finally came down and was as expected even though it took a while to get there It was worth while waiting after all as the market was not very active after tokyo opened. I will post the figure for it later on as am away from my trading station.

Here is the figure showing prices running down.....Please note the MAJOR trend for gbpjpy is BUY (bullish) but for that particular trading period, the trend was SELL (bearish) - minor. This is where you have to be careful and not take on every signal that is coming up.

Hi all,

This is another view of the market using 4min. I normally get the signal from the 10min chart window. The 4min chart window is where I use it to enter the market (optional).

Again the rule is the same for all chart windows. You can get the 4min chart window from the "open offline" within the "File" section.

I have also included a 200 MA which acts as your Major Trend and a solid arrow to show change of trend. Note how the prices never broke the Major trend!! I will update the original file soon.

Happy trading!