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The7 Trading System

  • #301
  • Oct 9, 2012 2:19pm Oct 9, 2012 2:19pm
Quoting The7
Don't get discouraged when you have losing days...Oh yes, you will have them
Hi The7,
Looks like your system is having a good run at the moment :-)
I'm waiting for a string of losing trades due to ranging markets but am praying that if I follow the rules the winners will outweigh the losers (aren't we all). Looking good so far so thanks very much for sharing.
  • #302
  • Oct 9, 2012 2:23pm Oct 9, 2012 2:23pm
According to the rules we have opened
Eur/Usd +100
Usd/Jpy +10
Gbp/Usd +130 (opened Friday)
Usd/Chf +60
Eur/Jpy +94
Aud/Usd +5
Nzd/Usd -10
Chf/Jpy +87

pips are approximate and they have opened yesterday..counting more pips..
  • #303
  • Oct 9, 2012 2:23pm Oct 9, 2012 2:23pm
Just a quick update on my progress.

Since the 2nd October my £5K demo has grown by 5% with another 2% in unrealised profits.

I am opening with 0.20 lots in line with the rules, closing 50% at + 30 and moving SL to breakeven on the remaining lots, then a jumping stop of 30 pips (Steve's MPTM is great for this) to hopefully follow a runner and lock in some profits.

So far all looks great, I willl update again in a few days.

Indy360.
  • #304
  • Edited 2:46pm Oct 9, 2012 2:25pm | Edited 2:46pm
Quoting TradingDrunk
Hi The7,
Looks like your system is having a good run at the moment :-)
I'm waiting for a string of losing trades due to ranging markets but am praying that if I follow the rules the winners will outweigh the losers (aren't we all). Looking good so far so thanks very much for sharing.
It's not the system that has a good run at this moment, it is the market..Huge difference. The system just indicates the start of this run..The channel will avoid most ranging markets...But yes, you are right, there will be losing strikes...
  • #305
  • Oct 9, 2012 2:29pm Oct 9, 2012 2:29pm
Here is a sample showing what this system does in a scary ranging market. Amazingly there is only a minimal loss, matter in fact it was followed with a trend that turned into profits...
Attached Image (click to enlarge)
Click to Enlarge Name: range.jpg Size: 153 KB
  • #306
  • Oct 9, 2012 2:40pm Oct 9, 2012 2:40pm
The 7, THanks again for sharing the system, so much less stressful than day trading but more profitable. How do you scan for trade set-ups?
Do you manually look through dozens of charts or how?
Thanks
  • #307
  • Oct 9, 2012 2:42pm Oct 9, 2012 2:42pm
Quoting prosper1
The 7, THanks again for sharing the system, so much less stressful than day trading but more profitable. How do you scan for trade set-ups?
Do you manually look through dozens of charts or how?
Thanks
I'm only looking for setups on Dailyfx..Not scanning every other chart..
  • #308
  • Oct 9, 2012 3:11pm Oct 9, 2012 3:11pm
Quoting The7
According to the rules we have opened
Eur/Usd +100
Usd/Jpy +10
Gbp/Usd +130 (opened Friday)
Usd/Chf +60
Eur/Jpy +94
Aud/Usd +5
Nzd/Usd -10
Chf/Jpy +87

pips are approximate and they have opened yesterday..counting more pips..
The7, I know your basic rule is to exit on a signal in the opposite direction, but have you ever tried implementing some stop management?

I ask because you're carrying 476 pips in profit here, which is very impressive (I didn't get all of those trades due to my broker time zone, meaning some of your entry candles weren't entries for me so I'm +240ish), but over 300 of those pips are from recent strength in USD. Were there a swing against USD tomorrow you could give it all back.

I'm all for letting profits run, but the old mantra of never letting a winning trade become a losing trade keeps nagging at me, so I am thinking of at least bringing stops to BE at +100. What are your views on this?

Thanks
Getting there, slowly but surely...
  • #309
  • Oct 9, 2012 3:21pm Oct 9, 2012 3:21pm
I believe he usually opens two trades per pair. Once the trade is up 30 pips he closes it and moves the stop on the other to B/E. Pretty good MM although not what I'm doing at the moment.

the7 - Just wanted to comment, I tried to use this method on 1H and 4H timeframes, and it loses its appeal. You have to watch the charts too closely. Also fake reversals seem to abound. I found that not only is a daily chart easier time-wise (I look at the charts at 4pm EST each day) but also reversal candles are much easier to see.

Still trading this in demo but so far its easy on the brain
Disregard all prognostications.
  • #310
  • Oct 9, 2012 3:29pm Oct 9, 2012 3:29pm
Great system The7! So you took all those setups even though the wicks on some candles were kind of large in the direction of the trade? I guess I misunderstood you before or I am being too picky about that.
What is the name of that app? I couldn't find it under Daily FX is it the FXCM app?

Thanks!
  • #311
  • Oct 9, 2012 3:52pm Oct 9, 2012 3:52pm
Quoting normtold
Nice trades, looks like you made 20% on your account today.

As a matter of interest how much % do you risk on each trade?
I started out with a 30 pips stoploss. On 0.1 lots I risked 30chf on each trade. On a 1000chf account it would give a 3% risk on each trade.

Btw looks like we have setups on eurgbp and gbpchf.
Always try just one more time...
  • #312
  • Oct 9, 2012 4:35pm Oct 9, 2012 4:35pm
hi traders, what are you thinking usd cad long??
  • #313
  • Oct 9, 2012 5:13pm Oct 9, 2012 5:13pm
Quoting frani60
hi traders, what are you thinking usd cad long??

Usd/Cad had a nice pinbar couple of days ago but then stalled...Not a perfect setup I would say..
  • #314
  • Oct 9, 2012 5:36pm Oct 9, 2012 5:36pm
Hi The7.

Thanks for a great system. I work in lower time frames, and your system works well on the 1 hour so long as you only take the signals above (for longs) or below (for shorts) a higher ema, ie 60ema, avoiding the system when the 60ema is horizontal (ranging). I only take contra 60ema entries on the 5ema hi/lo system when at major support/resistance, round numbers.

Thought this might add.

Regards
katie
  • #315
  • Oct 9, 2012 5:50pm Oct 9, 2012 5:50pm
Quoting pirt666
I started out with a 30 pips stoploss. On 0.1 lots I risked 30chf on each trade. On a 1000chf account it would give a 3% risk on each trade.

Btw looks like we have setups on eurgbp and gbpchf.
So you start off with a 30 pip S/L on all your positions?
The7 mentioned "Stop Loss is high/low from last candle."

For EurGbp I have a 51 pip S/L and GbpChf it's 106.
  • #316
  • Oct 9, 2012 7:02pm Oct 9, 2012 7:02pm
Quoting normtold
So you start off with a 30 pip S/L on all your positions?
The7 mentioned "Stop Loss is high/low from last candle."

For EurGbp I have a 51 pip S/L and GbpChf it's 106.


"No hard rules...Nothing is written in stone. Dont chase perfection in patterns. Demo it for a while and you will get the feel soon.."



See post #2......
  • #317
  • Oct 9, 2012 8:32pm Oct 9, 2012 8:32pm
Quoting The7
Oanda does not offer High/Low setting for Moving Averages. Just use dailyfx for mobility..Smartphone users can download the MT4 app which shows H/Low's. Opening times might be different but it is an option..

The7

care to explain a bit more about getting mt4 on smartphones ? my smartphone is android based.

also, it may be a good idea to open a trade journals thread, so that people can go in and post signals on all pairs on a daily basis. rather than have this thread spoilt. this thread should really be kept to discuss the system itself and any issues about it.
  • #318
  • Oct 9, 2012 8:39pm Oct 9, 2012 8:39pm
Quoting whatfx
The7

care to explain a bit more about getting mt4 on smartphones ? my smartphone is android based.

also, it may be a good idea to open a trade journals thread, so that people can go in and post signals on all pairs on a daily basis. rather than have this thread spoilt. this thread should really be kept to discuss the system itself and any issues about it.
I am using an iphone and the app is called "MetaTrader4". You are able to add Moving Averages to it. I am very confident you can find it for Android as well.

A journal is a good idea, however I don't always find the time to commit myself..
  • #319
  • Oct 9, 2012 8:47pm Oct 9, 2012 8:47pm
FXCM has an app for droid
  • #320
  • Oct 9, 2012 8:55pm Oct 9, 2012 8:55pm
If anyone finds a use in my system, please feel free to vote for it..
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