TEB: Retracement Wave Surfer System

Feb, in the start tread you sead that you looking for 1 - 2 trade in day.
How do you chose which par to trade if you looking so many? And there are days when you have the setup on 7-8 pairs. Or you just trade first one or to and then stop?

Just wrote correct your nick

Hey TEB,

I just had a quick question about exiting a trade. One of the rules is to exit with a reverse pattern. However, when I'm looking at the graphs (or if I'm using a candlestick pattern indicator), I notice there are many candlestick reversal patterns.

In other words, on one of your open trades I see some bearish engulfing, bearish harami, etc., but you still stay within the trade.

What significant reversal patterns do you use to exit a trade? Are there only a few patterns that you only look out for?

Thanks

The EU is setting up nicely to short. It seems to be eying the London session.

usd was a holiday yesterday

looking to short the usdchf at .9588

Also, I was wondering how this is a set and forget system. I can understand not being at the computer all day to enter a trade (because you can reasonably see when a good setup is forming). However, I'm having a difficult time exiting trades.

Since I started this system, I only made three trades. Two of them had hit the stop/loss (-11pips and -29pips), while the third ended on a profit (+62pips).

After looking back on the trades, it looks like clear exit signals to close a trade. However, the signals came when I was sleeping and when I was at work.

I guess I'm wondering how are you not at the computer all day AFTER you make a trade. I mean do you check your charts every 30 min?

Thanks

Hi TEB, the strategy works awesome thanks for sharing!!

But considering my day work, I would be better off trading 4 hour or daily chart. Would the period of the 3 Sma be the same for the 4 hour chart as they are on the 30 minute chart? Thanks again

yes friend... work in h4

Thanks porfirio. I notice it works too but just needed confirmation

Do you think that's a good idea? I mean, when I switch to a 4HR chart, this system still works. HOWEVER, clear entry points (all moving averages in the same direction, currency pairs are not touching the lines, reverse/breaks....etc.) happen less frequently.

I was looking at a currency pair on a 4HR time frame. The last time it had a really good setup was back in October 2010. Furthermore, that one ended up being a loss.

So far with this system, I have made over 204pips in three days (only 7 trades). Out of those 7 trades, 2 of them ended up being negative.

If you use a 4HR time frame, and it happens to be a negative trade, you are going to lose quite a few pips. But if you could persevere and stick to the system, then you will also make A LOT more pips.

I guess it comes down to how much leverage you are going to use; as well as if you could go for months with only making one or two trades.

Anyway, it's just my opinion. I'm having a hard time spotting good entries and exits while it's happening because I"m busy working myself. If there were more opportunities with the 4HR time frame, I would choose that one myself.

I trade to hopefully gain financial freedom one day (aren't we all ) but I dont want to sacrifice my lifestyle (family and etc..) as it really is the main reason I started trading.

Sorry TEB for packing your thread with a little of other stuff

The concept of this system works on EVERY TF's. But for example, 1M is not realistic because of the spread and way too fast and small cycle.

And in my opinion, 4H is a bit too big TF. You can rid of lots of noises, but you also miss many chances. For PA to move freely in the size of 4H, the trend must be big one, and you can not expect to see it everyday.

I like to use this system 15M to 1H cycle. TEB uses the between them, and I think it is a good choice.

Attached is a collection of chart patterns that TEB has posted.

This should help others. Thanks!

how did everyone this week

I was very busy!!!!!!!!!!!!


But I had a great week


cheers

teb

Please check your PM's.

Thanks and Regards,
Cigarguy

I did ok last week.

However, trading every 30min was exhausting on 7 different currency pairs and trying to keep track of them (while I was doing my other work). I made 204 pips from Mon-Wed.

So I decided to switch to 1hr time frame and it still did pretty well. I made 140 pips from Thurs-Fri (however they're unrealized having 3 trades still open). If they all end up trading the opposite way and hitting my stops, my net profit for Thurs-Fri trades will only be 60 pips.

I like trading the hourly because it still shows a lot of good opportunities, but gives you some extra time to do the others things you need to do throughout the day. I was going to try and do the 4hr setup, but I didn't see any good entries with the pairs that I was using.