I am trader of about 7 years. I have been through many systems looking for the holy grail until I realized there is no such thing! I would not call myself an expert, but with the help of this forum, and many others along the way (mainly John Thomas from Kitsap and Dredding82 for showing how powerful Semafor's can be) I am confident and successful.
Before you post, know the rules:
1. Semafors repaint (I KNOW THIS). So please do not comment about it repainting, they are just guides.
2. This is what works for me, and this is just information that hopefully help other traders out there.
3. Please be courteous and mindful of each other. This is a friendly thread, in which we can learn together.
4. I am not giving you trading signals and will not be responsible for any gains and/or losses you incur trading this system. This is simply a sharing of the things I have found that have worked for me.
On to the good stuff. I have learned to keep it simple. Here are the tools you need:
1. 3_Level_ZZ_Semafor (Dredding82's threads have a good one)(You can find it here: http://www.forexfactory.com/showthread.php?t=308231)
2. A pivot indicator (I use the SonicR Control Panel)(You can find it here:http://www.forexfactory.com/showthread.php?t=114792)
3. (Optional) A Zig Zag of some sort if you want to see the trend easier. I have posted one below.
The important thing to know is to trade with the trade! Semafors appear in 3 sizes (small, medium, and large). This is how I trade trade them:
Buy:
1. Large or medium semafor appears on bottom (showing extreme level)
2. Price moves higher creating a semafor on top
3. Then a move lower without making a "new low", creating another new semafor ("Higher Low")(A low, then high, then higher low confirms an up trend in MOST cases)
4. Buy the break high of this candle. (Normally a "bullish engulfing candle")
Sell:
1. Large or medium semafor appears on top
2. Price moves lower creating a semafor on bottom
3. Then a move higher without making a "new high", creating another new semafor ("Lower High")(A high, then low, then lower high confirms a down trend in most cases)
4. Sell the break low of this candle. (Normally a "bearish engulfing candle")
Your targets depend on the time frame and where your pivots are showing support or resistance. On a BUY I normally put a Fibo from your high to your lower low and shoot for the 161.8% retracement level. A sell would be the reverse. My stop is always a few pips beyond the lower low or higher high used to set up the trade.
The trade explorer is up as of September 13, 212 (and this account will only trade semafor system trades so we can get an accurate picture of the profitability.) The account is "live" not a "demo".
Here is an example:
Before you post, know the rules:
1. Semafors repaint (I KNOW THIS). So please do not comment about it repainting, they are just guides.
2. This is what works for me, and this is just information that hopefully help other traders out there.
3. Please be courteous and mindful of each other. This is a friendly thread, in which we can learn together.
4. I am not giving you trading signals and will not be responsible for any gains and/or losses you incur trading this system. This is simply a sharing of the things I have found that have worked for me.
On to the good stuff. I have learned to keep it simple. Here are the tools you need:
1. 3_Level_ZZ_Semafor (Dredding82's threads have a good one)(You can find it here: http://www.forexfactory.com/showthread.php?t=308231)
2. A pivot indicator (I use the SonicR Control Panel)(You can find it here:http://www.forexfactory.com/showthread.php?t=114792)
3. (Optional) A Zig Zag of some sort if you want to see the trend easier. I have posted one below.
The important thing to know is to trade with the trade! Semafors appear in 3 sizes (small, medium, and large). This is how I trade trade them:
Buy:
1. Large or medium semafor appears on bottom (showing extreme level)
2. Price moves higher creating a semafor on top
3. Then a move lower without making a "new low", creating another new semafor ("Higher Low")(A low, then high, then higher low confirms an up trend in MOST cases)
4. Buy the break high of this candle. (Normally a "bullish engulfing candle")
Sell:
1. Large or medium semafor appears on top
2. Price moves lower creating a semafor on bottom
3. Then a move higher without making a "new high", creating another new semafor ("Lower High")(A high, then low, then lower high confirms a down trend in most cases)
4. Sell the break low of this candle. (Normally a "bearish engulfing candle")
Your targets depend on the time frame and where your pivots are showing support or resistance. On a BUY I normally put a Fibo from your high to your lower low and shoot for the 161.8% retracement level. A sell would be the reverse. My stop is always a few pips beyond the lower low or higher high used to set up the trade.
The trade explorer is up as of September 13, 212 (and this account will only trade semafor system trades so we can get an accurate picture of the profitability.) The account is "live" not a "demo".
Here is an example:
