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The perfect trading system

  • #61
  • Jul 9, 2010 10:31am Jul 9, 2010 10:31am
i am newbie, god i love this business. i have found my calling. I can tell you the real reason most people fail trading is becasue of greed. I have fallen for it so many times. I love to scalp trade i know its crazy being a scalp trading newbie. but using cobra's system i am getting it down, however so many times i should of exited with 20 dollers profit, it was there for the taking on most of my trades-but i let greed get me and try to make more. hell i could easily make 200-300 a day if i would just not get greedy. Most of this is defeating yourself. truth is just make 2-5 percent a month and use compounding interest to take you all the way. never stop studying and have fun with it if your not having fun get out. D
  • #62
  • Edited 12:48pm Jul 9, 2010 10:48am | Edited 12:48pm
Quoting in_drag88
thanks for the explanation sir Articulate
did u just place that order without factor in any confirmation???
how about your Risk to Reward ratio?? 50 pips take profit and 200 pips stop loss would take your 4 times winner turn into break even once your SL hit, right?
The purpose of stop loss is simply to protect my trades from a totally unexpected, unusual, logic defying movement in price. For almost a year, my stop loss has never been hit for once. That doesn't mean, I don't have losing trades. I simply close losing trades if the loss will not affect either my monthly, weekly or daily targets. From my research I have realised that it is tight stop loss that creates panic which is major factor that kills most traders. For illustrative purpose, let us look at the implication 200 stop loss based on my recommended lot sizes for 3 hypothetical traders:

Account size Min. Lot size 200 pips stop loss @$1/PIP
$100 0.01 $20
$1,000 0.10 $200
$10,000 1.00 $2,000

The above examples are extreme cases, but the 3 traders above will survive the turbulence and live to trade again and again. Let me emphasise that where your trade is guided by informed planning, it is extreme rare for price to move 200 pips against you. This trading technique removes fear from your trading and develop your ability to develop the patience to pick between 50-100 and more per trade. Once you have the confidence, you will realise how easy it is to increase the lot size and and go for the kill. I will show why it is rare from the explanation below on how I entered my trades.

I am less concerned about all these fanciful indicators flying in this forum. In fact I don't have time to waste on studying them. Believe me, the facts are always very obvious on the charts once you have the sky-view of the landscape. For my short-term trade, H4 is my principal guide. I use H1 to determine the current direction of the market and M15 to determine my point of entry my trades. I use RSI 14 days period to determine the strength of any current price movement. Once the RSI is around 70 on the H4, in 95% of such situations, the trend is about to change. I will then move to H1 to actually confirm reversal of the trend and M15 to determine entrance. Thereafter I will check, where the price is situated at that time within the trend and support/resistance line to re-confirm the genuiness of the new trend. The next thing is simply to wait for the confirmation of the trend and enjoy the free ride. Nothing could be more simpler than this!
Attached Image(s) (click to enlarge)
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  • #63
  • Jul 9, 2010 11:25am Jul 9, 2010 11:25am
To determine what to trade is a matter of choice. I chose to trade mostly GBPUSD and GBPJPY because where my time zone is 1 hour ahead of GMT and the two currencies moves well on most days in terms of number of pips. Most experience traders advocate starting with one pair and adding others as you gather experience. This is very true. However, the rules of the charts apply to any pair. To determine when to trade, you need to understand trading times in various market. For example GBB pairs move best when London session is open, JPY pairs move best during the Asian session and USD pairs move most during US session.

Forex trading day begins at 6:00 PM Eastern U.S. When it is 5:00 PM on Sunday in New York, it is Monday morning in places like Australia and New Zealand. Overall, volume is low at this time of day because the three biggest Forex volume centers – Great Britain, the United States and Japan – are mostly inactive at this time. However, the Australian dollar and the New Zealand dollar (also known as the “Kiwi”) may see some price activity during these hours.

A few hours later, around 7:00 PM Eastern U.S. time, Japan awakens and the Forex markets begin to stir. Japan is the third largest Forex trading center, and comprises about 10% of all Forex trading volume, as many major banks have offices in Tokyo. The Japanese Yen is particularly active at this time, especially vs. the Euro, the U.S. dollar, and the Great Britain pound. Most of the volume occurs during the early part of the Japanese session, and the liquidity lessens considerably as the trading day continues.

As the Japanese trading day winds down around 3:00 AM Eastern U.S. time, European markets open for business, and the London trading day begins soon afterward. Great Britain is by far the most important and influential Forex trading market in the world. The dealing desks for many of the world’s major banks are run from London, and the market is responsible for roughly 30% of all spot forex volume. London tends to be the most orderly forex market due to its tremendous liquidity.

About midway through the London trading session, U.S. Forex traders come to life. New York is the second most important market in Forex trading. New York trading is very liquid and accounts for about 20% of the world’s total forex volume. Trading is especially active early in the New York session, as the London session is still ongoing. U.S. Economic news releases often occur early in the New York session, and can cause a tremendous amount of volatility.

Trading often becomes choppy after midday in New York as the London market winds down, and liquidity and volatility begin to dissipate. By mid to late afternoon New York time, London traders have gone home for the day, and it is late at night in Japan. New York traders, while still active at this time of day, have already finished with the bulk of their trading. Friday afternoons in the U.S. are generally the least active, because for much of the trading world, it is already Saturday. Finally, as the U.S. markets close, a new trading day is just about to begin in the western Pacific, as the Australian and New Zealand markets begin to stir, starting the process once again. The cycle continues all week, with most dealing desks closed from Friday afternoon until Sunday afternoon, when trading resumes.


Once you have an understanding of this cycle, it will assist you in planning your trades and only trade during the most effective periods.
  • #64
  • Edited 12:30pm Jul 9, 2010 11:35am | Edited 12:30pm
Quoting dreath
i am newbie, god i love this business. i have found my calling. I can tell you the real reason most people fail trading is becasue of greed. I have fallen for it so many times. I love to scalp trade i know its crazy being a scalp trading newbie. but using cobra's system i am getting it down, however so many times i should of exited with 20 dollers profit, it was there for the taking on most of my trades-but i let greed get me and try to make more. hell i could easily make 200-300 a day if i would just not get greedy. Most of this is defeating yourself....

You are perfectly right in your submission. Control your greed and you will become a successful trader. The logic is simple, your expectation should be relative to the size of of your account.
  • #65
  • Jul 9, 2010 11:36am Jul 9, 2010 11:36am
wow, Articulate, I can't believe there's someone who trades in a very similiar fashion as I do ... thumbs up to your thread .....

.
  • #66
  • Jul 9, 2010 10:10pm Jul 9, 2010 10:10pm
Quoting Articulate
The purpose of stop loss is simply to protect my trades from a totally unexpected, unusual, logic defying movement in...

...the price is situated at that time within the trend and support/resistance line to re-confirm the genuiness of the new trend. The next thing is simply to wait for the confirmation of the trend and enjoy the free ride. Nothing could be more simpler than this!
okay, i got it..keep it coming sir
  • #67
  • Jul 12, 2010 6:12pm Jul 12, 2010 6:12pm
For the Medium-term trade, W1 chart is my principal guide and I D1 to determine the current direction of the market and H4 or atimes H1 to identify my specific points of entry for such trades. I also use RSI 14 days period to determine the strength of any current price movement. Once the RSI is around 70 or below 30 the W1, in 95% of such situations, the trend reversal would most likely result in a movement of between 700 -above 1000 pips. My targets for such trades is usually between 400-500 pips. I allow such trades to roam for days or even weeks to in order to reach my target.

For my long term trades, I play like the big boys, I have two pending buy order at 118.00 for GBPJPY for some months now. I know the big boys will one day push the downtrend from 163 to that price to complete the 2nd leg of the downtrend. Whenever the price get to such levels, the retrace for curren is usually definitely more than 1000 pips. Before the price gets to 118-118 however, there is an unfinished business between 126-123.
The weekly chart for GBPUSD indicates that it is gradual get into the end of a wedge. It will either move out of the wedge or fall to around 1.33570 to complete the 2nd leg of fall from 1.70000. I am patiently waiting both currency pairs at those critical areas. However, while the wait is on, I will continue to implement my short term strategy


Forex trading is a product of habit and it is fond of repeating itself over and over again. A trader needs to have the big picture within his purview and understand the cycle to be able to play the game. You need to have both your short-term, medium term and long term strategy firmly in place if you don't want to be one of the casualties of the merciless forex world and stand out from the crowd.

I will discuss the importance of fundamental analysis in my next posting before discusssing the Mechanical Trader i.e. The trader without emotion.
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  • #68
  • Jul 13, 2010 5:10am Jul 13, 2010 5:10am
Let me digress a bit before into going into fundamental analysis and share 4 charts for GBPUSD with you. This to further demonstrate that price move in organised chaos. Organised chaos may appear contradictory, but within the chaotic movements of price action are clearly destinations.

From the charts below the following facts are obvious:

a) Price has dropped to another channel in the continuation of the upward trend

b) The M15 says the current upmove is approaching its climax

c) H1 is however saying tarry a while

d) H4 say the price is in the middle of an upmove

e) There is a resistance at around 1.5080x

f) Price is currently around the resistance

g) The top of current channel for the current move is around 1.5140

Let me now explain how to make a decision in this scenerio for a short-term trade. Your first consideration should be the the major resistance at around 1.5080x. If the resistance is broken, the next consideration is weather the upper limit of the current trendline hold.

After establishing this fact, the next thing to do as is to wait if the price would break any of two barriers. If price is unable to break any of the two, wait for reversal on H1 chart and M15 for your entry. To be successful, you should learn to wait. As for me I am waiting around 1.5140x - 1.5160x to short and join the ride down.

How do I wait? I don't wait by monitoring my charts, I simply place a pending sell order at 1.5150 and move on with my other important activities. The next thing is to simply check the system later to see if the trade clicks, if it does not I will delete the trade and wait for the next set-up. I realise over time that price don't move when you are watching. If your analyses are right, place your trades and leave the market to make its move. This is an insight into the psychology of a Mechanic Trader. I will discuss some of his other attributes as we go along
Attached Image(s) (click to enlarge)
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  • #69
  • Jul 17, 2010 10:28am Jul 17, 2010 10:28am
GBPJPY is currently on the trendline beginning from 126.73 lowest point for the year so far. If the trendline is broken there is a support around 131.2x. If the trend line and support hold, there is the likelyhood of a reveral to around 136.00.

A break of the lower trendline and 131.2x support will likely precipitate a fall to around 126.xx to complete the 2nd leg of the fall from 145.95. A break of the upper trendline and the strong resistance at 136.16 will clearly indicate a continuation of the upward trend from 126.77.

The upper trendline from 145.95 and the lower trend line from 126.73 indicate that the currency is tranding within a tight range between 136.00 and 131.00. A break out of the tight range in either side is the area to watch for any long term trade, while a bounce of either support/resistance is a good point for either long or short trade. However the area to watch out for Monday is 131.00. Will it hold or will it not? That is the question that the market will answer next week.

The pending order above has been waiting there almost two months. If the price decides to visit the region, I'll be waiting. Another peep into the mindset of a mechanical trader.
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  • #70
  • Jul 17, 2010 11:34am Jul 17, 2010 11:34am
GBPUSD weekly touched the Resistance at 1.5470x for the first time in three months thus completing the bullish reversal of the downtrend and erasing the 1267 pips drop from the 25th of April 2010. Will the resistance hold or will it break? The remaining period of this month will decide. The resistance will most likely be tested again to determine whether it will hold or break.
Attached Thumbnailshttp://cdn.forexfactory.com/attachme...1&d=1279383102
  • #71
  • Edited Jul 26, 2010 4:53am Jul 25, 2010 2:52pm | Edited Jul 26, 2010 4:53am
The pure technical traders will tell you that the most critical element in trading is technical analysis and the fundamental factors are of little significance and their effect subsumed within the charts. They could be right in holding this view and could equally be wrong.


To demonstrate the importance of fundamental I will explain three charts. The first one is EURUSD. The area highlighted in red is what happened 4 weeks before the currency fell by about 1880 pips following the Greece debt crisis. I remember that for many weeks, the prevailing views were that Greece debt crises will send the Euro tumbling. The impeding doom hung in the air for several weeks. When the debt situation was finally confirmed, EURO fell about 1880 to it lowest point of 2005. This is a clear demonstration of how fundamental factors can determine the fate of a currency.

The second chart is gbpjpy and the important point is the daily candle for 6th of May 2010. The day the result for UK parliamentary elections resulted in hung parliament (no clear majority). The possible impacts of the election dominated both electronic and print media weeks before the result became known. When the result eventually came out the currency fell by 1716 pips in a single day. This is a further demonstration how fundamental factors can determine the fate of a trader.

The third chart is gbpusd and the candle to note is the daily candle for 6th and 7th of May 2010. Just like the gbpjpy and the result for UK parliamentary elections which resulted in hung parliament on the currency. The possible effects of the election dominated both electronic and print media weeks before the result became known. When the result eventually came out the currency fell by 672 pips in two days. This is a further demonstration what fundamental factors can do.


These above are mere illustrations, there are other fundamental factors. My view is that the big guys could afford to rely solely on either fundamental or technical factors to guide their trading strategies, because they have the deep purse to wriggle out of troubles. However, for the small players with limited funds it is important to understand that there are two sides to coin. Understanding fundamental and technical factors will greatly improve the success rate of the retail traders in the highly complex forex world.

In my next posting I will summarise the critical factors in my trading strategy and post some of my results so far. Thereafter, I will try as much as possible depending on my schedule to provide a weekly trading plan on this thread.
Attached Image(s) (click to enlarge)
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  • #72
  • Edited 6:19am Jul 26, 2010 6:07am | Edited 6:19am
Quoting Articulate
GBPUSD weekly touched the Resistance at 1.5470x for the first time in three months thus completing the bullish reversal of the downtrend and erasing the 1267 pips drop from the 25th of April 2010. Will the resistance hold or will it break? The remaining period of this month will decide. The resistance will most likely be tested again to determine whether it will hold or break.
Attached Thumbnailshttp://cdn.forexfactory.com/attachme...1&d=1279383102...

When I made the above post, I pointed out the high possibility of the resistance being test again. The price is has been around that region since the middle of last week. If you look at the chart below, the H4 candles and the RSI is pointing to the fact the up trend is closer to its peak. For the uptrend to continue the resistance will have to go and price has to break from the lower channel to the upper channel. The most likely scenario is for the price to retrace. If you want to be a successful trader, the most sensible is to wait for H4 to retrace and follow the trend down for between 150-300 pips or more.

One of the reasons why H4 is more reliable is that its gives you enough notice of the direction the price is going. It can hover around the same area for between 8 and 16 hours or more. Once the trend is established, what is simply required is to align your trades irrespective of the time frame you are using. I have already put a small trade at 1.5500 and is already 16 pips in profit in less than 15 mins. If my target is to increase my account by 10%, if I close the trade I have already met my target for today. I will put in my regular trade when H4 finally reversed
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd - 4 hour guide.gif Size: 19 KB
  • #73
  • Jul 28, 2010 4:48am Jul 28, 2010 4:48am
I have already mentioned earlier on this trend the the need to have short, medium and long term trainding plan in place for any trader to be successful. Let me briefly explain my long term trading methods plans here:

Long Term

For my long term trading I use the following combinations:

a) Daily candle in conjunction with RSI. I will monitor the RSI for a clear direction. Once the direction is established I follow the direction. I allow that trade to float around for either 500 pips TP or until the price start to craw around the red horizontal line I have on my RSI chart before closing the trade.

b) Weekly Candle only. For the weekly candle, I open a trade at every month based on the direction of the weekly candly. I will set TP at 250 pips, where the TP is not reach, I wait till Friday to close the trade.

c) Monthly Candle only. For the monthly candle, I will wait 3 three days into a new month and place a trade based on the direction of the candle. I will set the TP at 500 pips, where the TP is not reach, I wait a day before the last trading date of the month to close the trade manually.


For the long term trades, I place only 5 trades in a month in addition to any floationg trade from my daily RSI Chart signal. When I started this method, it was very difficult to avoid the temptation to close trades already in profits or allow losing trades to float for weeks before turning around to profit. I must confess at the initial stage, I close most of these trades whenever I see 100 pips gain/loss in my live account, but with time I develop the discipline to stick to my plans.

The long term trades are usually in addition to my short and medium term trades based on signals from H4 RSI signal, major support and resistance, trend lines and price channels I mentioned in my earlier posts. For the short and medium term trades, I ensure that they are closed a daily basis at most within two days. Depending on my daily targets some of them are even closed within hours or on good days within minutes. I attach a daily chart which shows the trading opportunities for long time between January 2009 - June 2010 and the respect for the RSI 50 line which usually serve as guide as to whether to exit a trade or allow it run.

I will provide the summary of my method in my next post, post some of my results and thereafter come to the present and share my daily, weekly and long term trading plans on this tread for exchange of ideas.
Attached Image (click to enlarge)
Click to Enlarge Name: Daily - Long term guide.jpg Size: 64 KB
  • #74
  • Jul 29, 2010 8:40am Jul 29, 2010 8:40am
Thanks for sharing your system with us. As for your short and medium term trades, you will put a 200 pips sl which you have mentioned earlier. How about long term trades?? what's the sl??
  • #75
  • Aug 2, 2010 9:03pm Aug 2, 2010 9:03pm
I have to disagree on quite a few of ur points...

On the idea that trading is easy... I find that lots of people seem to mention that "Greed", "Impatience", "Indiscipline" etc... is the downfall of new traders.

I'd simply say new traders that fail are simply BAD at trading. (if I fail at trading its for not other reason then myself being bad, I therefor need to improve certain aspect of my trading (quality of my entries, ability to read price action, strategies for my exits etc...) I come from a poker background, in the long run there are no other reason then my decisions which makes me either a winning or loosing player. Some blame bad cards, tilt, poor game selection, not playing my A game, bad money management etc... But in the end, it really comes down to the expected value of my decisions and nothing else. +EV good, -EV bad. I view trading the same way.

Back on post topic I have some issues...
Quoting Articulate
The first 3-6 months is crucial to your trading life: The first three to six months is crucial to your trading. If you are able to make profit consistently no matter how small over the first 3-6 months of your trading life, you will be on auto-pilot if you stick to the same strategy, improve on its flaw and maintain the same discipline.
That's exactly how suckers are born, early success is extremely dangerous for a new trader. When you don't have a proper understanding of variance, and average expected value, in the forex market, it can be extremely dangerous to become over confident. In all honesty over a 3 month period, luck can have a HUGE factor.

Quoting Articulate
‘Lot size’ is another is another determinant of whether you will be a successful trader or not.
Money management is not a representation of how good or bad a trader/poker player is but simply his ability to protect a specific bankroll. If ur trading is -EV, you wont be successful regardless of MM. Having proper money management is a good thing but you have to understand it's implications, saying a .01% is the way to go without explication is a mistake imo.

Quoting Articulate
For example, for $1000 account if your target returns on investment is 10%. This translates to $100 per month. To get your daily target divide $100 x 20 (trading days) = $5. This translates to $25 per week.
If we are using a strick Money Management system I think it's a mistake and simply impossible to "aim" for a specific ROI. I could be wrong but as a trader the only thing we control is our decision to yes/no trade given market condition, we have near no influence over the forex market, in that instance if the market doesn't give us opportunities to find many profitable trades how can we aim for 5%, 10%, or 20% monthly ROI?

Quoting Articulate
I will monitor the RSI for a clear direction.
I thought Price lead to showing a clear direction of trend while RSI was simply a tool often used to identify proper entry.

Quoting Articulate
a) Daily candle in conjunction with RSI. I allow that trade to float around for either 500 pips TP or until the price start to craw around the red horizontal line I have on my RSI chart before closing the trade.

b) Weekly Candle only. I will set TP at 250 pips, where the TP is not reach, I wait till Friday to close the trade.

c) Monthly Candle only. I will set the TP at 500 pips
I understand you value the idea of having a plan, but I cringe at having a static plan in a dynamic market. In other words how can you know 500 pips in this situation, why not 320, or 650? I'd prefer depending on previous PA, if price reach X level I'll take 1/2 of my profit and may tag a trailing stop on remaining. Further, if trend doesn't go my way I'll put a SL @ Z level.

Quoting Articulate
Since every forex trade starts from the position of a loss (i.e. traders’ spreads), the spreads range from 3-9 or even more, most traders setting their stop loss at 10, 20 or even 30 are easy targets, thus loosing money gradual until their account are is wipe out.
In order to have a tight stop loss, we have to have impeccable entries. The better we are @ identifying proper entries, the tighter our stop can be.

In order to help the new trader I think it is more important to outline the "why" rather then saying "this". For a very very basic example, you mention "Oh there's support there" But what is resistance/support? Why is resistance/support level here and not there? Why do resistance and support level exist? What creates resistance/support level? Why does it sometimes break sometimes hold? You mention lack of knowledge is the downfall of new traders. These are the questions I'd ask myself if I would start trading.

I think the holy grail for new traders is to find out the why behind the decision of successful traders.
  • #76
  • Aug 3, 2010 8:02am Aug 3, 2010 8:02am
I posted this of GBPJPY Tread, I thought I should share it here.

I noticed a double top both on H4 and D1. Is this an indication that the dragon is ready for the drop or a retrace before finally attacking 140.xx area? I attach the two charts and areas to watch out for.

Happy trading to U all!
Attached Thumbnailshttp://cdn.forexfactory.com/attachme...1&d=1280839923 http://cdn.forexfactory.com/attachme...1&d=1280839923
  • #77
  • Aug 3, 2010 8:06am Aug 3, 2010 8:06am
Quoting forex_winner
Thanks for sharing your system with us. As for your short and medium term trades, you will put a 200 pips sl which you have mentioned earlier. How about long term trades?? what's the sl??
200 pips sl the maximum for all my trades. As for the long term in addition to the stop loss, I lock my trade every firstly after the first 100 pips gain and every additional 50 pips, by shifting my stop loss.
  • #78
  • Aug 3, 2010 9:17am Aug 3, 2010 9:17am
Quoting FantastaDonk
I have to disagree on quite a few of ur points...

On the idea that trading is easy... I find that lots of people seem to mention that "Greed", "Impatience", "Indiscipline" etc... is the downfall of new traders.

I'd simply say new traders that fail are simply BAD at trading. (if I fail at trading its for not other reason then myself being bad, I therefor need to improve certain aspect of my trading (quality of my entries, ability to read price action, strategies for my exits etc...) I come from a poker background, in the long run there...
I appreciate your posting which shares your opinion on the areas you disagree with my ideas. Some of your views are quite valid. I agree with you that success or otherwise is determined to a large extent by the quality of decisions taken by an individual. However, a clear understanding of the issues involved in any endeavour would greatly assist the quality of decisions taken by the person taking that decision. The essense of my postings is to share my ideas with a view to helping others and listening to opposing views that would assist in identifying some of the flaws in my arguement and improving on them. Trading the technique is a complete package. To be successful with the system, there is need to understand the complete package. I have a view postings left to conclude my submission. Thereafter I will start discussing my daily, weekly or monthly trades on this trend. At that point, I be articulating specifically why I am taking trades, when I will get out and why.

I deliberately refused to discuss my live trades when I started this forum, because I know that most traders here are new to the business and are always looking for trade calls. Such approach to forex trading could be dangerous if there is no proper understanding of the market coupled with appropriate trading plan in place. Furthermore, I have come to realise that most of the trade calls on FF are bunch of rubbish.

I stand by my statement that Money management through the use of the the appropriate lot size is crucial in the life of any trader. The next important is have a clear view of the trend understand the market, know what is happening in the higher time frame i.e. monthly, weekly chart. Finally if a trader has a reasonable expectation he will be successful. Through my research, I have realise that a trader with $1,000 using 0.10 lots and trading GBPUSD needs to make only 5 pips gain per day to grow his account by 10% on a monthly basis. If a trader achieve this consistently for a year, he would have double his account at the year. The problem is that most traders don't understand this methodical approach to forex trading. Some of the critical factors that kill most forex traders include poor understanding of the dynamics of forex market, the next thing is fear followed by greed.
  • #79
  • Aug 10, 2010 8:25am Aug 10, 2010 8:25am
I promised to summarise my posting but I cannot resist the temptation to digress a bit and briefly mentioned why I love H4 Time Frame. I have always been emphasing the importance of H4 chart to the survival of a day trader. If you follow H4 you have more that 80% chance of being successful with your trades. H4 will always give you advanced notice of what it is planning to do. As you can see from the chart below, you have between 4-7 candles or more before any major move i.e. between 11 and 21 hours notice. This is enough signal for any wise trader. What is simply required for a trader to excise patience and follow what the signal says.
Attached Image (click to enlarge)
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  • #80
  • Aug 12, 2010 2:28am Aug 12, 2010 2:28am
In the post below, I noticed double top on GBPJPY and the point concided with sell signal on H4 timeframe. As you can see from the chart below, price fell by about 400 pips before another buy signal was given. The essence of this post is to point out the reliable of H4 Timeframe. I still repeat if you follow H4 you can never lose your way.








Quoting Articulate
I posted this of GBPJPY Tread, I thought I should share it here.

I noticed a double top both on H4 and D1. Is this an indication that the dragon is ready for the drop or a retrace before finally attacking 140.xx area? I attach the two charts and areas to watch out for.

Happy trading to U all!
Attached Thumbnailshttp://cdn.forexfactory.com/attachme...1&d=1280839923 http://cdn.forexfactory.com/attachme...1&d=1280839923...
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-jpy - h4 with love.gif Size: 26 KB
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