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The7 Trading System

  • #401
  • Oct 15, 2012 2:47pm Oct 15, 2012 2:47pm
Quoting The7
I would enter trades #2,4,5,6 and 9. The remainings are opposite pinbars or long wicks in the wrong direction. Hope this helps..

You would take 4 but not 8? even though 8 has a higher wick making it more pinbarish.
  • #402
  • Oct 15, 2012 2:51pm Oct 15, 2012 2:51pm
Quoting Edlich
My trades so far this week:

Closed
NZ/US - 75
GB/JP +110
US/CH + 51

Open EU/US +85
EU/JP +94
GB/CH -40
US/CH +15
EU/CA -26
CH/JP + 2
Which EU trade is that? not one from my chart posted above obviously.
  • #403
  • Oct 15, 2012 3:08pm Oct 15, 2012 3:08pm
i earned last week so much pips i take50 pips each trade for a half and the rest i let run this i my strategy
  • #404
  • Oct 15, 2012 3:21pm Oct 15, 2012 3:21pm
people, it would be much worth and helpful if you attach a chart showing the entry and exit point when you post about your trade.

you can do that by dragging the trade history onto the chart, then the entry and exit marks connected by a dotted line will be shown.

then take a photo image and attach to post.

otherwise it is useless and wasting the thread space and time to read.

RS
  • #405
  • Oct 15, 2012 3:22pm Oct 15, 2012 3:22pm
Frani60,
Do you scan every pair for a set-up or certain ones, or how do you do it?
Thanks Much
  • #406
  • Oct 15, 2012 3:32pm Oct 15, 2012 3:32pm
Quoting prosper1
Frani60,
Do you scan every pair for a set-up or certain ones, or how do you do it?
Thanks Much
hello, i am from austria so i take always two trades @24 pm, one trade with tp 40 to 50 pips and the second i let run, so i look at 8 o clock in the morning, if the one hit my tp so i put a stop 5 pips at the second trade or i trail it with 20 pips i hope you understand what i mean, but it was really successful last week i hope i goes so on, i had no loss trade

greeds

ps I scan 10 pairs, i need 20 min time every day
  • #407
  • Oct 15, 2012 3:53pm Oct 15, 2012 3:53pm
Is this a valid short? The body of the candle is inside the channel.

Similar to the Nzd/Usd long.
Attached Image (click to enlarge)
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  • #408
  • Oct 15, 2012 4:07pm Oct 15, 2012 4:07pm
Quoting normtold
Is this a valid short? The body of the candle is inside the channel.

Similar to the Nzd/Usd long.
normtold,

are you referring to the last candle? if so the rule says it wouldn't be a valid bar:

Here are the rules: Do not trade only 1 pair. Use your money management and positions wisely and allow room for as many pairs as possible. The point here is that we want the winners to outrun the losers..

Place a 5 EMA High and 5 EMA Low on the chart. Short when red candle closes inside the channel, long when blue candle closes inside the channel. 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.

it's not a hard rule, per The7 though ...

RS
  • #409
  • Oct 15, 2012 4:15pm Oct 15, 2012 4:15pm
Quoting normtold
Is this a valid short? The body of the candle is inside the channel.

Similar to the Nzd/Usd long.
LOOKS GOOD
  • #410
  • Oct 15, 2012 5:48pm Oct 15, 2012 5:48pm
Quoting RisingSun
normtold,

are you referring to the last candle? if so the rule says it wouldn't be a valid bar:

Here are the rules: Do not trade only 1 pair. Use your money management and positions wisely and allow room for as many pairs as possible. The point here is that we want the winners to outrun the losers..

[i][color=blue]Place a 5 EMA High and 5 EMA Low on the chart. Short when red candle closes inside the channel, long when blue candle closes inside the channel. [color=red]Closing candle has to open outside the channel...
Yes I was referring to the last bar.

Good point Risingsun, that would also invalidate the Nzd/Usd long although I know The7 has a thing for Pin bars.
  • #411
  • Oct 15, 2012 6:10pm Oct 15, 2012 6:10pm
Quoting normtold
Yes I was referring to the last bar.

Good point Risingsun, that would also invalidate the Nzd/Usd long although I know The7 has a thing for Pin bars.
my chart is Oanda MT4, which changes the day in about 5 hours, so the current bar may develop into a long body one. whether the start was outside or on the 5 ema low is a bit uncertain to read but if the current bar body grows "enough" in 5 hours i may take a long. what is "enough"? well perhaps the wig gets much shorter...

note that stoch 7.2.2 has been crawling about the oversold area long enough and that encourages me to consider a long position.

RS
Attached Image (click to enlarge)
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  • #412
  • Oct 15, 2012 10:06pm Oct 15, 2012 10:06pm
ill scan one time in the morning abt 730hrs for setup,if there is any ill take entry at 800hr after confirmation,ive 2 account ,in one account ill take 80% profit of 50 pips and change the SL to -100 for the remaining 20%,in another account ill take 50% profit of 50pips and change the SL to -25 for the remaining 50%.
Quoting prosper1
Frani60,
Do you scan every pair for a set-up or certain ones, or how do you do it?
Thanks Much
NEVER go against the Daily trend
  • #413
  • Oct 16, 2012 8:00am Oct 16, 2012 8:00am
Quoting Edlich
My trades so far this week:

Closed
NZ/US - 75
GB/JP +110
US/CH + 51

Open
EU/US +85
EU/JP +94
GB/CH -40
US/CH +15
EU/CA -26
CH/JP + 2

If I were to close every trade now, I'd be up +216 in less than a week. If this were to prove consistent, then there really is something in this strategy. Time will tell, but it's certainly got my attention.

Cheers

In addition to the closed trades above of +86, I now have the following closed trades

AU/NZ - 60
CH/JP + 2 *
EU/CA +140 *
EU/JP + 3
EU/US + 40
GB/CA +100*
GB/CH - 75

That is closed pips of +150. The ones marked * skew the true results due to my interference with stops etc. Had I not meddled/closed early there would be plently more.

CH/JP = I moved my stop to just above B/E after NY close on Friday evening, which got taken out by just 1 pip during the Asain open, before running on to be currently +175

EU/CA = I closed early, because I thought it may stall after a surge north, but was wrong and is currently trading at +100 beyond my premature exit.

GB/CA = Same as EU/CA currently +110 beyond my early exit.

Current open trades are

US/CH +115
GB/US + 70

Potential so far then: banked pips +236. "missed" pips due to tinkering +385 and current open trades +185, making a potential +806.

Please remember this is my own manual live trading, so I may not have captured all available set ups. Out of curiosity I ran a manual backtest for EU/US (obviously with the benefit of 20/20 hindsight) that produced +3100ish pips in the first nine months of this year, but that was applying some common sense filters, such as not taking trades that either were very long entry candles, or small pullback candles following large candles.
Getting there, slowly but surely...
  • #414
  • Oct 16, 2012 8:27am Oct 16, 2012 8:27am
There's definitely something wrong with this system chaps.....I'm currently up 528pips today
  • #415
  • Oct 16, 2012 8:36am Oct 16, 2012 8:36am
Quoting TradingDrunk
There's definitely something wrong with this system chaps.....I'm currently up 528pips today
It's great to hear that someone else is enjoying some success with this. I'd love to see a breakdown of where your 528 comes from, to compare notes, if you could spare a few minutes to provide the details.

Cheers
Getting there, slowly but surely...
  • #416
  • Oct 16, 2012 8:55am Oct 16, 2012 8:55am
Quoting Edlich
It's great to hear that someone else is enjoying some success with this. I'd love to see a breakdown of where your 528 comes from, to compare notes, if you could spare a few minutes to provide the details.

Cheers
Hi Edlich,
The trades are on my trade explorer and are all still open at the moment. I've been pretty loose with the rules though in that all trades we're opened according to the rules but I've then managed the trades. There were a couple where I should have reversed but I moved stop instead.

I'm going to spend some time rereading this thread and backtesting on this system to try and come up with some fixed rules for myself.
  • #417
  • Oct 16, 2012 9:26am Oct 16, 2012 9:26am
Quoting TradingDrunk
Hi Edlich,
The trades are on my trade explorer and are all still open at the moment. I've been pretty loose with the rules though in that all trades we're opened according to the rules but I've then managed the trades. There were a couple where I should have reversed but I moved stop instead.

I'm going to spend some time rereading this thread and backtesting on this system to try and come up with some fixed rules for myself.
Ok Thanks. I agree re the management of trades, I'm using some simple EMA techniques and observing candle formations, particularly near the EMA's or S/R. Doesn't always pay off, like today on my CAD trades, closed them both as they stalled under the 200EMA, but then they shot through it for +100 each.

When I've got some more trades under my belt with this and got some good examples to demonstrate, I'll post examples of how I use these to help my management.
Getting there, slowly but surely...
  • #418
  • Oct 16, 2012 11:46pm Oct 16, 2012 11:46pm
This is a nice clean simple system. Thanks The7 for sharing

I don't see much on the daily chart right now, but a lot of 4hr entries look to be shaping up on the current candle.
  • #419
  • Oct 17, 2012 12:32am Oct 17, 2012 12:32am
I could not spot any fresh trades today except Gold. I trade on Alpari UK. Could anyone else kindly confirm?
Faith with Action
  • #420
  • Oct 17, 2012 2:56am Oct 17, 2012 2:56am
Quoting hinnavaru
I could not spot any fresh trades today except Gold. I trade on Alpari UK. Could anyone else kindly confirm?
Gold does meet the entry criteria, but i've been burned by Gold's volatility in the past, so will only be taking Gold (and silver) trades if an entry is confirmed by my additional discretionary filters, which this current entry is not.

Currently in the green though, if you got in at NY's close last night, so good luck.
Getting there, slowly but surely...
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