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Attachments: Simple 7 Strategy
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Simple 7 Strategy

  • #21
  • Nov 17, 2010 2:49am Nov 17, 2010 2:49am
Quoting balle1973
How do you use RSI(7) to filter the trade.
Somebody else has an answer ???
  • #22
  • Mar 8, 2012 4:49pm Mar 8, 2012 4:49pm
I currently use RSI setting 10 above 55 as an indicator. Sorry for stepping out on FF, awesome website and community.
  • #23
  • Mar 10, 2012 11:26am Mar 10, 2012 11:26am
Was in a hurry, I use below 45 on the RSI as a sell indicator too.
  • #24
  • Mar 10, 2012 12:45pm Mar 10, 2012 12:45pm
What setting do you use for the rsi or just go with the regular 14?
  • #25
  • Mar 10, 2012 12:59pm Mar 10, 2012 12:59pm
Wow, that was quite a gap between posts there, welcome back! Although I like the idea of the strategy itself I think you could flesh it out a little for newer traders. For instance what exactly would tell you to take a trade?

I'm always looking at 1 min scalping systems for eurusd but I'm yet to find anything reliable enough to convince me to trade it live.
  • #26
  • Mar 10, 2012 2:07pm Mar 10, 2012 2:07pm
Akatom

I agree, nice and simple, I used a similar strategy where I used 5SMA with a 20SMA, but all the same, there are quite a lot of nice entries available.

Ferndog, see post 22 it mention a setting of 10.

At the expense of sounding sarcastic I want to make a comment: It always amazes me the type of questions ask everytime a system is posted: questions like: what is your SL, your TP, success rate, etc, etc.

Just plot the indicators and look at the charts, most things are very obvious, also test for yourself what you think is best, no other person can give you the recipe for success, you have to find it yourself otherwise the moment you have a few losers in a row, then of you go to the next system.

For those that are to lazy to figure things out for them selves:

The higher the TF up to 4Hr the better the profits, forget 1min & 5Min.
Use one of the following trailing stops: Trail your stop 2 or 3 bars back, or use a 12EMA as the trail.
For targets: Do not use TP and trail only till trade stop out, or check the average distance previous moves make and decide on a target, or place your stop and then place your TP at 2x the value of your stop.

These as as many methods as there are traders, PICK ONE.

Another obvoius rule would be to take a long trade if pice close above the 7EMA WHILE THE 7EMA is also sloping up.

I know the above might not sound to sensative, but I realy belief that one of the major reasons that there are thousands of systems posted every year is because people are not willing to do some work for themselves.

Realy if you can not make money with this system then I can guarantee that you will also not make money with a more complicated system
  • #27
  • Mar 10, 2012 3:27pm Mar 10, 2012 3:27pm
I'm gonna look at the 1hr and higher TF. Looks good on a visual backtest for the euro.
  • #28
  • Edited Mar 12, 2012 12:33am Mar 11, 2012 9:12pm | Edited Mar 12, 2012 12:33am
To be clear since I messed up before...

When using RSI as a confirmation for another indicator or system I use a setting of 10 with upper at 55 and lower at 45.
Other than Simple 7 I use RSI for entry and monitoring a trade. If the sell crossses the 55 I close it. If a buy crosses the 45 I close it. I use this on 15m - 1h charts.
  • #29
  • Mar 11, 2012 11:37pm Mar 11, 2012 11:37pm
Quoting akatom2u
To be clear since I messed up before...

When using RSI as a confirmation for another indicator or system I use a setting of 10 with upper at 55 and lower at 45.
Other than Simple 7 I use RSI for entry and monitoring the trade. If the sell crossses the 55 I close it. If a buy crosses the 45 I close it. I use this on 15m - 1h charts.
What about closing a sell if the candle goes back up and closes above 45?...because on the 1hr i noticed that you would only have small losses by doing that. In other words just ride a short only when it's below 45 and anytime it goes back above 45 then wait until it comes back down below 45 to get back in. You might have to place a few more trades but it might help the losses. Because if you wait for price to go back above 55 on a sell then those losses would be bigger. What do think?
  • #30
  • Mar 12, 2012 12:31am Mar 12, 2012 12:31am
I prefer to stick to the Simple 7 system here, I should not have added that info about closing with the RSI in this thread. However I could not wait to reveal part of another system I use...

ferndog you sure are thinking though...
  • #31
  • Mar 12, 2012 1:00am Mar 12, 2012 1:00am
Quoting akatom2u
Tom's Simple 7 Strategy
 Preparation of charts:
 Install a 7 close price EMA.
 Install a 50 close price EMA
 Basic instructions:
 If the 7 EMA is lower than the 50 EMA trade only the short opportunities for maximum risk/reward.
 If the 7EMA is higher than the 50 EMA trade only the long opportunities for maximum risk/reward.
 Specific instructions:
 If the closed candles are above the 7 EMA trade long.
 If the closed candles are below the 7EMA trade short.
 Warning:
 These instructions expect that you have basic trading experience and is not meant to teach you or train you in trading derivatives or forex. www.forexfactory.com and www.babypips.com are excellent websites with basic trading education resources.
With that said, you can use this method on any timframe, but since we are differentiating the positions above and below the 7 EMA that means you will have to monitor your trade constantly after you enter it.
 Note:
 This method was left simple to allow people to use it as I basically set it forth, but also to allow you to adjust it to meet your needs and allow room for your new ideas based on it.
 　
 (Intellectual property of Tom, akatom2u) At least give me credits.
It is the same principle as discussed in http://www.forexfactory.com/showthread.php?t=347104

Look at the ForexCobraSystem.pdf, sounds not bad.

http://www.forexfactory.com/showthre...50#post5462250
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  • #32
  • Mar 12, 2012 9:13pm Mar 12, 2012 9:13pm
Using 5 & 13 EMAs cross (Fibs #s) as in WTS is also very powerful strategy.
Very convenient also because you can manage exits with the 5EMA.
Close sell if candle closes above 5EMA and close buy if candle closes below 5EMA. One of the most secure exits in Forex.
Cheers Hermes
  • #33
  • Mar 13, 2012 1:43am Mar 13, 2012 1:43am
Thanks akatom2u to share simple trading strategy with us. As you said that these can be used in any timframe but I am interested to know the best timeframe for it.
  • #34
  • Mar 13, 2012 1:48am Mar 13, 2012 1:48am
The most important thing with this strategy is knowing when to trade it. You will get absolutely slaughtered if you trade it during times of ranging.
  • #35
  • Mar 13, 2012 11:42am Mar 13, 2012 11:42am
Quoting 2+2=4ex
The most important thing with this strategy is knowing when to trade it. You will get absolutely slaughtered if you trade it during times of ranging.
The important thing to do are exact exits, not entries like many think.
Hermes
  • #36
  • Mar 13, 2012 12:47pm Mar 13, 2012 12:47pm
Quoting 2+2=4ex
The most important thing with this strategy is knowing when to trade it. You will get absolutely slaughtered if you trade it during times of ranging.
Yes I agree. Stay away when you see a flat 50ema unless you are very fast at spotting tops and bottoms.
  • #37
  • Mar 13, 2012 7:44pm Mar 13, 2012 7:44pm
Yes, ferndog, I am relieved sometimes when I see flat price action....lol Time for the family!
  • #38
  • Edited May 12, 2012 11:13am May 11, 2012 5:03pm | Edited May 12, 2012 11:13am
Here is another week of trades using the Simple 7 Strategy. I am working a fulltime day job so some of these trades are set and forget trades. The last trade was TP 10 pips and SL 10 pips, had I set it for 20 pips SL I would not have lost it. Anyway Simple 7 seems to still be a profitable trading strategy.
http://screencast.com/t/2T3UopyjZaLk
  • #39
  • May 12, 2012 7:52am May 12, 2012 7:52am
Quoting akatom2u
Here is another week of trades using the Simple 7 Strategy. .
It would be nice if we could see them.
  • #40
  • May 12, 2012 11:15am May 12, 2012 11:15am
ChicagoRob thanks for the heads up. I put a link there for Simple 7 trades.
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