The CARMEN System Indicator

Ezzy,

I was wondering, to determine to the trend on the larger timeframes do you use any assistance from indicators such as moving averages or just plain looking at price and which direction its been going over the last little while.

Also what kind of take profit strategy do you use?
What kind of results have you seen with this 1hr GBP

Mannai70

I have NOT lost any trades using the 30 min. Can you take a look at this. If we can develop a better methodology that would be great.

I usually put in 3 lots. Get out 1 lot after +10pips profit. Get out another 1 lot after 20pips profit. And let the other run. SL is triggered at the open price after the first take profit.

forexforex,

do you open your trade before that candle is finished.

As per my method in my earlier post, I don't believe there was a losing trade since I started demoing it last week on either the 15 min or 30 min. Carmen itself is pretty good to use on the 15min or 30min timeframe but the reason I use the other indicators is to minimize risk and increase my confidence that the trade will be successful. So in the other words I try to decrease the amount of variables that I can not see when determining if I should go in based on a particular Carmen signal.

Are you trading live or demo?
What kind of results have you seen so far?

I have been trading it live G/U only. What is good about it is that I always take profit in the first lot +10pips. The second lot is +20 pips (breakeven). The 3rd remaining lot gets +30 pips or more (or breakeven).

After observing different TF, I've also find out some sanity in 30min. So I'll stick to this TF. Also playing with other pairs, came to the same conclusion as aicccia, cable is the best pair to play with.

Now one other observation....since we are looking at the cross of the white line from blue/yellow channel, isn't it better to remove the price graph from the chart! This way, less points of distraction, so you can concentrate on the real price action, i.e., 3ema cross.

Also, I like mannai70's idea using ADX as filter.

So, forexforex, I am with you shorting the cable now...

Points of reentries are the points where the white line intersects in the previous candle as the price is dropping (in sell trend mode)

Got me 80 pips total and I am done for now...Waiting till the EMA recrosses BLUE and YELLOW lines...if it recrosses. If it does not, I am done for the day.

Hi All,

I missed all the action from yesterday. I actually thought with the big move last friday, mkt will be choppy. I decided to take the day off.... my BAD.

I just came back to look at my 30 mins chart with carmen and....meeen...I shoot myself in the leg. A whopping 300 pips on EJ, over 200 pips on GU and even EU.... whaoo...what a move. Mkt will always do what mkt will do.

That is why I am looking forward to carmen EA....lol

Just take a look at 30 mins carmen on EJ..... just forget all the other things u see on the chart...just focus on CARMEN...that is my indicator of choice.

I am not going long on this 1min candle since the 30min chart is still showing a down trend.

There it is. Sell in the direction of the 30mins chart.

Wow..you guys are following the 30min chart as well. I thought I am the only one.

Ibuks,
could u please refer me to the S -R lines indicator that you used on your recent post early today (#609)
thanks alot
traderdp

You can download here:

Thanks maadz, thats exactly what I have......so sorry, just had a chance to chk my pc...to fish for trade..

Anyone currently long?

Price reach 30 pips on the 30 min chart. Keep a look out for a sell signal.

Carmen's eyes has just about perfect 20/20 vision, lol.

Over 40 pips in profit.....carmen is good!!

Ezzy,

You trade the 30min chart exclusively right? and the G/U?

Are you trading this live? how long and how have your results been so far?

What kind of SL are you using?

Mannai70

I was trading the hr live, however my sl was too big at times. Trading the 30 min also give accurate signals and small sl so I am sticking to 30 min atm.

I have learned in the last few weeks to only trade GU. For sl I either use carmen or higher lows / lower highs.

I am trading the GU live.

Here is my recent profit on the crossover:
It has been consistent profit for me with this methodology.

Thanks again.