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Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 180 replies

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Attachments: The7 Trading System
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The7 Trading System

Quoting Edlich
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.
Hi do you have any indicators that you use as filters or is it just by eye?

Thx
Quoting madmarkiv
Hi do you have any indicators that you use as filters or is it just by eye?

Thx
Hi

I use a 10EMA and 200EMA to guide on short and long term trend. I haven't started live trading this addition to the strategy yet, but I am monitoring it for effectiveness for scaling in.

I would post a chart, but can't today for technical reasons, so I'll try describe a set up.

For example, USD/CHF showed a possible entry on 10 October, with a small bodied pin. Others will no doubt see that this forms a double top with 1 October, but my additional MA filters show that the price action around 1 and 10 October represents a repeated failure to get over the 200EMA, which gave me added confidence to take the trade.

What I haven't done on the live trade, is take a second position on 11 October when price closed below the 10EMA and a third when price tried to get over the 10EMA but was firmly rejected by a doji on 15 October.

I am currently up 150pips on my single position, but had I taken trade 2, that would now be +115 and trade 3 would be +100, to give 365 pips in 5 trading days from one pair.

The example above, is a prefect textbook set up that is easy to analyse in retrospect, we'll see how it goes when I try it in realtime, which I may start from 1 November.


Hope this answers your question.
Getting there, slowly but surely...
Certainly has been a killer week so far for this system.
Aussie and Aussie-Yen pairs particularly going to the moon today.
Based on the size of these candles I'm betting that we'll see some retracement tomorrow. This makes me want to take profits now!

AUD/USD = up 118 pips from 1.0264
AUD/JPY = up 188 pips from 80.14

EUR pairs also doing nicely.
Disregard all prognostications.
My broker candles close atr 10PM GMT so there are 2 set ups tonight on

Eur/Aud and Gbp/Nzd
Attached Image(s) (click to enlarge)
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Quoting normtold
My broker candles close atr 10PM GMT so there are 2 set ups tonight on

Eur/Aud and Gbp/Nzd
AUD/CHF long
Quoting frani60
AUD/CHF long
I'll take that one now frani long .9571 sl .9505
Quoting TradingDrunk
I'll take that one now frani long .9571 sl .9505
happy pipping
Quoting normtold
My broker candles close atr 10PM GMT so there are 2 set ups tonight on

Eur/Aud and Gbp/Nzd
Hi normtold,

What is that indicator that show risk and how many pips for stop loss?


Im new here. Will try this wonderful system. thank you the7.
Quoting normtold
My broker candles close atr 10PM GMT so there are 2 set ups tonight on

Eur/Aud and Gbp/Nzd
Which SL and TP will you use on those trades?
Lucariga, "Stop Loss is high/low from last candle."
I split the trade into 2, T/P for first half is 30 pips like Chicargo Rob does, the other half I let run.

Not a good R;R I know, just forward testing this on demo.

What S/L and T/P do you use?
Quoting normtold
, the other half I let run.

Do you let run the other half till an opposite signal according to the7 rules, or you place another TP for the 2nd half? Do you use trailing stop or you place the SL to BE?
with the permission of the7, i would like to start a signals thread for this method. on on the trading journals forum.

this will solely be for people to go in and post daily setups on diferent pairs, i.e. the pairs that are generating signals.

i think this will be a good idea and everyone will benefit from the signals posted on a daily basis.

no discussions will be held apart from posting the daily signals.

will that be of interest to everyone ? it will also stop the original thread being cluttered.


but for now, i see a buy on nzd/usd, and a sell forming on eur/gbp.

anyone agree.
Quoting whatfx
with the permission of the7, i would like to start a signals thread for this method. on on the trading journals forum.

this will solely be for people to go in and post daily setups on diferent pairs, i.e. the pairs that are generating signals.

i think this will be a good idea and everyone will benefit from the signals posted on a daily basis.

no discussions will be held apart from posting the daily signals.

will that be of interest to everyone ? it will also stop the original thread being cluttered.


but for now, i see a buy...
I am in on the trades on both NU and EG.
The signals thread is a good idea, (as I missed the AC trade in the morning) as long as the7 agrees.
Faith with Action
hi Hinnavaru, can i know on which day did you get the signal for NU and EG, as i cant find it on my chart,if you dont mind can post your entry chart .

Thanks


Quoting hinnavaru
I am in on the trades on both NU and EG.
The signals thread is a good idea, (as I missed the AC trade in the morning) as long as the7 agrees.
NEVER go against the Daily trend
Quoting whatfx
with the permission of the7, i would like to start a signals thread for this method. on on the trading journals forum.

this will solely be for people to go in and post daily setups on diferent pairs, i.e. the pairs that are generating signals.

i think this will be a good idea and everyone will benefit from the signals posted on a daily basis.

no discussions will be held apart from posting the daily signals.

will that be of interest to everyone ? it will also stop the original thread being cluttered.


but for now, i see a buy on nzd/usd,...
that is a good idea, but a dashboard with the rules as stated by the7 would be better and one would have the comfort of inputting the number of pairs to watch and see the signals as they develop

kos
John 3:16 - From THIS love no power on earth can me sever.
Quoting whatfx
with the permission of the7, i would like to start a signals thread for this method. on on the trading journals forum.

this will solely be for people to go in and post daily setups on diferent pairs, i.e. the pairs that are generating signals.

i think this will be a good idea and everyone will benefit from the signals posted on a daily basis.

no discussions will be held apart from posting the daily signals.

will that be of interest to everyone ? it will also stop the original thread being cluttered.


but for now, i see a buy...
This will be a good idea but some people might not get same signals because of different broker timezones/start of day.
Guys, I did attached the7 (highLow) multicurrency display on rush so please test it before use it on live or so.
Attached File(s)
File Type: ex4 the7 Display v1.ex4   13 KB | 589 downloads
Personally, I find the entries very easy with this system. Its the exits I'm still working on.

For example - today looks like a good time to get out of trades on GBP/JPY, EUR/JPY, CHF/JPY. All Yen pairs if you notice. they are all making nice pin bars, signalling possible reversal of current gains.

If you follow the exit rules, you'll sometimes lose profits. This is part of the system. For ex. on GBP/USD, the reversal today wiped out two previous days of gains, although my stop hasn't been hit.
Disregard all prognostications.
GBP/Jpy short could be a trade waiting for the next hour
Quoting frani60
GBP/Jpy short could be a trade waiting for the next hour
eur/usd, cad/jpy also I guess ...
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