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Forex Bible System

  • #41
  • Dec 23, 2010 9:02pm Dec 23, 2010 9:02pm
Quoting GulfCoastPip
Believe me, these shysters that sell systems make a helluva lot more money selling to guys & gals like "you" than they do trading. In fact, I'd bet that most lost money trading and no longer trade! These shysters have found a niche and are exploiting and PROFITING from it!
Well, yeah, it's like when you go gold mining, the only people who make any money are the people selling the gold mining equipment and supplies, and usually at a highly inflated rate.
  • #42
  • Dec 28, 2010 8:27am Dec 28, 2010 8:27am
I have tried this system out on demo and found it simple and very profitable it a shame it's seems to have run out of steam so quickly!
  • #43
  • Dec 28, 2010 8:47am Dec 28, 2010 8:47am
Quoting Koyco
I have tried this system out on demo and found it simple and very profitable it a shame it's seems to have run out of steam so quickly!
The reason why it's lossed some steam is because I gave it out right before the holiday... I'm hoping it will pick back up.

I feel like this system can be a great starting point for many to find profit in there trading.
  • #44
  • Dec 28, 2010 9:08am Dec 28, 2010 9:08am
I think I personally found a good strategy with this system. I'm all about consistency and in order to get this I need to be Conservative with how many pips I take a day. I decided that this system is great for scalping pips.

See the attached pic.
I'm only using this system to take 20 pips a day. I marked the vertical line where I would get into a trade to take only 20 pips. I make sure the golden variety is in total strength before entering. This should cause your chances of having a winning trade to be much higher.

My stop loss is 40 pips or when I get an opposite signal.
Attached Image (click to enlarge)
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  • #45
  • Dec 28, 2010 10:45am Dec 28, 2010 10:45am
The Holidays got in the way but a couple hours of research yielded the primary indicators in mq format so at least you can inspect the guts. The settings for the MA are 0,40,0,0,1,8. Happy Trading, All.

Steve
Attached File(s)
File Type: mq4 MA MTF All v2_2.mq4   17 KB | 1,622 downloads
File Type: mq4 GoldenFinger.mq4   4 KB | 1,670 downloads
File Type: mq4 MadroGoldenFilter.mq4   6 KB | 1,810 downloads
  • #46
  • Dec 28, 2010 12:50pm Dec 28, 2010 12:50pm
Thanks SMScom for the mq4's. Gives a bit more insight as to some of the logic behind this system.
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #47
  • Dec 28, 2010 5:22pm Dec 28, 2010 5:22pm
Quoting Cubbybgood
I think I personally found a good strategy with this system. I'm all about consistency and in order to get this I need to be Conservative with how many pips I take a day. I decided that this system is great for scalping pips.

See the attached pic.
I'm only using this system to take 20 pips a day. I marked the vertical line where I would get into a trade to take only 20 pips. I make sure the golden variety is in total strength before entering. This should cause your chances of having a winning trade to be much higher.

My stop loss is 40 pips...
Nice going Cubbybgood. Finding something that works for you and makes the market a friendly place to be for you is definately the kind of edge that you want to exploit.

Although I do a bit of scalping now and then, my prefered method is swing trading. Having another look at this system, after SMScom posted the mq4 versions, and giving the settings a little "twittle", I'm liking what I see in the EURUSD H1.

I've added a few trendlines to establish Channel dynamics and Support/Resistance levels, something I normally do as it lets me delineate prefered trading direction. As the chart shows, from a swing traders perspective, recent system generated signals (even considering holiday action and some chop) were consistently profitable. Looks like it paid for it's $97 dollar cost already .

I am curious enough that I think I will run this set up next to my usual swing trading system for a handy comparison during forward testing (yes, it is a good idea to always test new systems before commiting oodles of money to them). Might even "bolt on" my usual Ma's at some point and create an integrated system. Will see.

P.S. That was a particularly nice signal right on the trendline break and the one following it wasn't to shabby either, The breakdown at the top of the recent channel was also signaled nicely. If you know what your looking for - good money to be made.
Attached Image (click to enlarge)
Click to Enlarge Name: chrt 16.gif Size: 37 KB
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #48
  • Dec 28, 2010 5:49pm Dec 28, 2010 5:49pm
Channel dynamics as I currently see it. Horizontal support nearby - hold or give way ??.
Attached Image (click to enlarge)
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Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #49
  • Dec 28, 2010 6:03pm Dec 28, 2010 6:03pm
Quoting whatfx
hmmm...! just because the author claims to have made money doesn't mean a thing. it doesn't mean the system works. the author himself stated that he did not follow the system rules.

the only way to find out is to backtest and live test for a few weeks.
Yup, and other than a basic visual, I wouldn't personally put too much energy into back testing. The ultimate proof of the pudding is if it works for you in live testing. I keep a live micro account for just such purposes. The more real market experience gained with a system (or idea) the better your judgements about and ultimate evaluation of the system will be, IMHO.
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #50
  • Dec 29, 2010 4:00pm Dec 29, 2010 4:00pm
Quoting fxhermit
Nice going Cubbybgood. Finding something that works for you and makes the market a friendly place to be for you is definately the kind of edge that you want to exploit.

Although I do a bit of scalping now and then, my prefered method is swing trading. Having another look at this system, after SMScom posted the mq4 versions, and giving the settings a little "twittle", I'm liking what I see in the EURUSD H1.

I've added a few trendlines to establish Channel dynamics and Support/Resistance levels, something I normally do as it lets me delineate...

you have a indicator for draw the lines and channel ?
  • #51
  • Dec 29, 2010 6:58pm Dec 29, 2010 6:58pm
I just use the trendline and Andrew's Pitchfork tools as found in MT4. Search around FF and there will be lots of info on how to use trendlines, forks and channels. Delineating the trading landscape is imperative to a swing trader, after all, that's what a swing trader attempts to do - trade the waves between delineated levels of S/R. Good skills to learn and practice.
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #52
  • Dec 29, 2010 7:15pm Dec 29, 2010 7:15pm
The last three days have been a swing trader's paradise with approx. 200 pip ranges in the EURUSD. The H1 entry signals on this system were pretty good. It signaled the same trades as my usual swing trading system with very little difference. Now I'm a bit more interested and curious to see more forward results.
Attached Image (click to enlarge)
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Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #53
  • Dec 29, 2010 7:56pm Dec 29, 2010 7:56pm
Quoting Cubbybgood
yes, with the attached rules there will be losses but like I said in the original post...The creator was not using the attached system rules/manual. He was using this system but in a different way. All I know is that I saw that statement of $700 to $60,000 in 23 days. I know what live statements look like and I actually checked his trades on my own chart in backtest and they checked out but not with using the attached system rules. I wish I knew how he was trading this thing...

The statement didn't look messed with. I believe...
I think that this system may once have been sold under another name. That version probably had a horizontal support/resistance indicator as part of the package. Being able to fairly accurately mark significant S/R levels on a chart will improve the odds on almost any trading approach, this one being no exception. He may also have been trading a tweaked version of this system (sort of what I'm looking at doing).

As to why he would not share that info .... well that's anyones guess. Maybe he came to his senses and realised that he had someting too good to share ???

Anyway, the stuff on the chart itself is all MA based as far as I can tell so that leaves lots of room for "fiddling".
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #54
  • Dec 30, 2010 1:03am Dec 30, 2010 1:03am
can someone explain the system in bit more detail and clearer entry exit rules. things so far have not been explained that clearly. pls do not mind as may be I am the new dumb kid round the block. wud appreciate. thankx
  • #55
  • Dec 30, 2010 1:31am Dec 30, 2010 1:31am
Some guys in this forum tested the system, itīs same as FX Engine 3.0 and Forex Mars System, maybe something more, lol, people just take some system rename it and sell.

Anyeway, hereīs the link.

That MA in system is probably slope direction line.
  • #56
  • Dec 30, 2010 9:05am Dec 30, 2010 9:05am
Quoting fxhermit
I think that this system may once have been sold under another name. That version probably had a horizontal support/resistance indicator as part of the package. Being able to fairly accurately mark significant S/R levels on a chart will improve the odds on almost any trading approach, this one being no exception. He may also have been trading a tweaked version of this system (sort of what I'm looking at doing).

As to why he would not share that info .... well that's anyones guess. Maybe he came to his senses and realised that he had someting too...

I would like to thank you fxhermt for how much you've put into this thread. Thanks for your modifications and input. I'm sure you've helped a people use range trading more effectively with the changes you've made.



People are saying this is a copy of some other systems but I don't know...Maybe this was the first of them all. It really doesn't matter.


I think it's strange when people say this is just like some other system that's basically the same that costs $400 dollars when this one is free. Doesn't seem like that's much of a comparison to me.
  • #57
  • Edited 5:53pm Dec 30, 2010 12:39pm | Edited 5:53pm
Thanks for the kind words Cubbybgood.

Yeah, I'm not so much interested in making comparisons either. For me its detective work, opening the black box, looking under the hood, so to speak. I'm a fan of moving average systems and have traded with them for a long time so I became curious about this one when you so generously posted it.

For me it's not about finding a system to trade I already have one, thank you very much. You see I already know what I'm looking for so then it becomes a matter of patience while waiting for the market "to come to me". Once it does so, I want to be able to act decisively and quickly, if necessary. This is where the indicators (system) play their role. I want them to visually describe the conditions I'm looking for and then more importantly, give me alerts both visual and audible. I want the "puter" to go .. "Hey Buddy, come look at this, the market has come to you". I find that moving average based systems can be made to do a very admirable job of that.

Anyway, a bit of detective work lead to another template and a couple of additional indicators. As I had suspected, there is a Support/Resistance indicator involved, an interesting one at that. Let's keep prying the lid off the "black box" till we can see what we got.

P.S. The indies are in mq4 - another ray of light enters "the box".
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #58
  • Dec 30, 2010 2:13pm Dec 30, 2010 2:13pm
Quoting fxhermit
Thanks for the kind words Cubbybgood.

Yeah, I'm not so much interested in making comparisons either. For me its detective work, opening the black box, looking under the hood, so to speak. I'm a fan of moving average systems and have traded with them for a long time so I became curious about this one when you so generously posted it.

For me it's not about finding a system to trade I already have one, thank you very much. You see I already know what I'm looking for so then it becomes a matter of patience while waiting for the market "to come...
I just took a closer look at your modifications to see if I want to use any of them. I really like your idea of including trend lines. One of my fav pairs to trade is the GBPUSD and your modifications work well with my pair. I also looked at the EURUSD and it looks like because the volatility is much less the modifications work even better. You strictly a EURUSD trader? Looks like your modifications were based off this pair.

The changes on the golden variety make for a nice compliment to the golden finger at the 2 risk level

Again, thanks for the changes. They look fantastic!


I will also see how much I can break down this thing. I'm a wannabe range trader. I usually look for 20 pips a day using indicators from many dif systems including ones from this system but always have had a hard time only taking the 20 and being done.
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  • #59
  • Dec 30, 2010 6:08pm Dec 30, 2010 6:08pm
Yes Cubbyb the mods are based on EURUSD H1. It is the only pair that I trade these days.

Attached is a chart that I found at another link. It shows the S/R indicator in use. For a swing trader, being able to identify and mark S/R is paramount. It's not necessary to rely on an indicator to do this, lines can easily be drawn by hand, however, at first glance this indicator seems to do a decent job of it. At this point in time, I'm not sure if I can attach it, there may be some copyright on it - I don't know?? Anyway, it's an interesting chart showing what was obviously once part of the system.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd h1.gif Size: 46 KB
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #60
  • Dec 31, 2010 12:41am Dec 31, 2010 12:41am
Happy New Year! Couldn't resist one last post before taking a holiday break.

The more I'm watching this system the more I'm liking what I see. The trade signals have been very accurate and close to the same signals my swing trading system has been giving. It's been a highly profitable week . Looking forward to seeing what the new year brings and watching this system perform.
Attached Image (click to enlarge)
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Stay calm, be brave, wait for the signs - Jasper Friendly Bear
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