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The7 Trading System

The7 do you move SL to the previous daily bar (low if long, high if short) each day?

thx
Quoting todd960960
The7 do you move SL to the previous daily bar (low if long, high if short) each day?

thx
No he doesn't; he gets out when there is an opposite signal. It's in the first post.
Yep 1st post "Closing candle has to open outside the channel to become a valid signal. Let it run until you see opposite signal. Stop Loss is high/low from last candle".

I would assume if you have a SL then you move that stop loss on a daily basis.


Quoting Dreamliner
No he doesn't; he gets out when there is an opposite signal. It's in the first post.
Do you see now why many of us were unclear, as you are now? He did not address moving the stop loss, just as he did not say the candle must open outside the channel then close inside. Many things left unsaid bring up many questions. Now you're asking them along with many of us.

Quoting todd960960
Yep 1st post "Closing candle has to open outside the channel to become a valid signal. Let it run until you see opposite signal. Stop Loss is high/low from last candle".

I would assume if you have a SL then you move that stop loss on a daily basis.
LOL that's weird. It says in the 1st post that the closing candle must open outside the channel. Guess it's just me.
He changed it due to all the questions.

Quoting todd960960
LOL that's weird. It says in the 1st post that the closing candle must open outside the channel. Guess it's just me.
Cool thx.

Quoting Dreamliner
He changed it due to all the questions.
Took this AU short. Just barely closed inside, we'll see where it goes.
sorry here it is...
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7, do you think there's also a case to be made for a separate trend continuation trade in those instances in a trending market when there may not have been a signal from the original rules but when price exceeds the bands, high or low? See the example.
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Quoting Imagine FX
7, do you think there's also a case to be made for a separate trend continuation trade in those instances in a trending market when there may not have been a signal from the original rules but when price exceeds the bands, high or low? See the example.
In your examples, I would have been in that downtrend 7 candles earlier than the down arrow is pointing, and in the next uptrend 4 candles earlier. In both cases I would have been in the trend before the breakouts to the outside of the EMA bands, and benefitted from both longer runs.

If you are looking for different entries, then you may be changing the dynamics of the strategy. Do you have an entry method in mind?

Good trading!
Quoting Dildubai
Hello Friends,

NZD close inside the ema band on friday. Good chance to sell short monday open.

See attached chart.

DD


looks like u would have been stopped out on nzdusd short.
The7,

Many thanks for sharing your system with us.

jcl365,

Have you tested this on lower timeframes?

Lee
  • Post #94
  • Quote
  • Edited at 5:52am Oct 1, 2012 5:51am | Edited at 5:52am
Quoting whatfx
looks like u would have been stopped out on nzdusd short.
No mate. The high on Friday candle was 0.8355. so far today the high has been 0.8318. I got in a little late at 0.8285. Stop loss is 0.8365

Looking for 1:1 RR that means 0.8205. But will be flexible there. If I see 50 pips before going to sleep I will take it.

DD
Quoting Bobcat2
In your examples, I would have been in that downtrend 7 candles earlier than the down arrow is pointing, and in the next uptrend 4 candles earlier. In both cases I would have been in the trend before the breakouts to the outside of the EMA bands, and benefitted from both longer runs.

If you are looking for different entries, then you may be changing the dynamics of the strategy. Do you have an entry method in mind?

Good trading!
About continuing with trend earlier, the rules says until the opposite signal or stop loss. So you would have to renter somehow or wait for another opportunity.
Please explain your understanding in this regard. Thanks
Quoting Lee123
jcl365,

Have you tested this on lower timeframes?

Lee
Yes, but daily candles are the best for this system. I tested 4 hour timeframes which usually generate the most profit with forex, but not this time.

The likely reason is that the system directly uses the close and open prices of a candle. Direct unfiltered prices work on daily bars, but are usually too random for being profitable on intraday bars.

By the way, you can easily test variants yourself. The Zorro platform is free and with the script that I posted here, it's a matter of 2 minutes to test other time frames or different entry conditions.
  • Post #97
  • Quote
  • Edited at 4:59pm Oct 1, 2012 10:12am | Edited at 4:59pm
My nzdusd short worked out well. Took out my trailing SL, but I
made some pips before it reversed.

My eurjpy long is looking good, also. I'm good for some pips,
now that my TS has been triggered.

I'm liking this system a lot.

Rob
The 7, What pairs have you had the most success with? Or do you pick any
that has the set-up?
Thanks
awesome results, could you please post the code so that i could try? thanks.

my impression is eurjpy, audjpy might have great potential using this method.

Quoting jcl365
The annual return is 255% with combined strategy with the 3 assets that were profitable, EUR/USD, AUD/USD, USD/CAD. The modifications are that I replaced EMA with a lowpass filter and used the low and high of the 2 last bars for the stop. The optimized parameters are the time period and a factor for the stop. I can post the code here if someone wants to reproduce the result.

This system really appears worth trading.
Just ran my charts and it looks like we have some nice setups on the way.

eurusd, long - touching both channels, but I'll probably go for it, anyway
gbpusd, long - if it closes in the channel, it'll meet the rules
usdchf, short - touching both channels, but could work out
eurjpy, long - touching both channels, but will give it a go
eurnzd, long - good setup

Rob
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