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The7 Trading System

  • #461
  • Oct 21, 2012 10:01pm Oct 21, 2012 10:01pm
Thank you for responding to my question. I did read whole thread but have missed what's the band for. I will try to take time to review the whole thread again.
  • #462
  • Oct 21, 2012 10:57pm Oct 21, 2012 10:57pm
Quoting lucia2012
Thank you for responding to my question. I did read whole thread but have missed what's the band for. I will try to take time to review the whole thread again.
Lucia, the band is formed by two moving average.

Moving average 1 - Period 5 Exponential High
Moving average 2 - Period 5 Exponential Low

Regards.
Enter Signature
  • #463
  • Oct 22, 2012 12:39am Oct 22, 2012 12:39am
Quoting maudur
Because there are people who do not like reading, I summarized the strategy with the most important posts from The7.

I hope you do understand the strategy now.

The indicator developed by other people in the thread, does not work according to the statements by The7 and you should not consider please.

I developed an Indicator compliant the indicated by The7. I sent it to the last few days to The7 for validation. In any case I want to share with you for you please try it.

The only parameter of the Indicator is MinCandleSize, it's the size required...
thanks maudur for your excellent work!
its possible to have an alert section with mail, screen, sound & print (log)?
or its possible to get the source, to code in the alarm section with your copyright and release it to the community again?

thanks

michael
  • #464
  • Oct 22, 2012 5:07am Oct 22, 2012 5:07am
well, it looks like both the gbp/jpy and eur/jpy trades failed.
  • #465
  • Oct 22, 2012 5:13am Oct 22, 2012 5:13am
Hi,

How so? I'm over 100 pips with those 2 (long trades)
  • #466
  • Oct 22, 2012 5:39am Oct 22, 2012 5:39am
Quoting whatfx
well, it looks like both the gbp/jpy and eur/jpy trades failed.

I got Stopped out with GBPJPY
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.JPG Size: 104 KB
  • #467
  • Oct 22, 2012 6:57am Oct 22, 2012 6:57am
All three of my jpy trades stopped out. They looked like good setups, too.
Oh well...

Rob
  • #468
  • Oct 22, 2012 7:08am Oct 22, 2012 7:08am
Same here, down 228 pips on the Yen trades, but still in AU short
  • #469
  • Oct 22, 2012 10:15am Oct 22, 2012 10:15am
Quoting maudur
Lucia, the band is formed by two moving average.

Moving average 1 - Period 5 Exponential High
Moving average 2 - Period 5 Exponential Low

Regards.
The band I meant is the aqa and purple lines, width is set at 1.5 in http://www.forexfactory.com/attachme...4&d=1350691109

RisingSun said it was from cmeldatrader (who created that indicator) but don't know how to use with this strategy.

Anyone know how to interpret these 2 bands together?
  • #470
  • Oct 22, 2012 10:26pm Oct 22, 2012 10:26pm
good oppurtunity to short audcad and eurusd. although signals not based on this system.
  • #471
  • Oct 22, 2012 11:26pm Oct 22, 2012 11:26pm
Anyone shorting USDCAD?
NEVER go against the Daily trend
  • #472
  • Oct 22, 2012 11:31pm Oct 22, 2012 11:31pm
Quoting Jayswakz
This will be a good idea but some people might not get same signals because of different broker timezones/start of day.

We should all use eastern standard time since that is NY time and if we dont we will all be trading different systems. Or use whatever time the 7 uses to start his day. to me using daily bars as this was intended, you may as well try using whatever bar your charts are set for.

My ONLY question is in the stop loss. Does it stay under the candle we opened the trade on or is it always moving top the very last candle in play. ive always left it at its first stop of the trade and its working well for me.
  • #473
  • Oct 22, 2012 11:55pm Oct 22, 2012 11:55pm
Quoting whatfx
good oppurtunity to short audcad and eurusd. although signals not based on this system.
hi whatfx can u share / direct the trading method you use? cheers
Trade As A Sniper
  • #474
  • Oct 23, 2012 7:01am Oct 23, 2012 7:01am
I Place my stop a few pips above candle previous to entry candle, not sure about anyone else.
  • #475
  • Oct 23, 2012 7:43am Oct 23, 2012 7:43am
I have been trying this system on my demo account and have had mixed results. Some trades have panned out as planned and were very easy to identify. Times when pairs would be trending is when I found entries to be a little harder to predict, although this has been mentioned in previous posts.
Using the TMA slope gave a very good filter, but not many trades were shown and it seemed to look past very good setups. I added the ForexFreedom Indicator, which gave the trend for several time frames conveniently. I felt this has helped tremendously so if any of you guys are looking for a fairly decent filter, that's one I would recommend.
It goes to say if at the time of a valid set up (long/short) if all time frames show (uptrend/downtrend), it makes the entry far more reliable.
  • #476
  • Oct 23, 2012 9:58am Oct 23, 2012 9:58am
where can we get this indicator? Thanks for your help. MSN
  • #477
  • Oct 23, 2012 10:25am Oct 23, 2012 10:25am
This is the indicator I mentioned earlier. Ideally you want to take all your short signals when the most current squares on the indicator are all red, this shows a downtrend across the time frames. You want to take your long signals when all the current bars show blue. Again these are ideal for high probability trades, but most of the time you may get an unclear answers from this indicator, such as 2 reds and 2 blues or 3 blues and a red.
In such cases, trades are less probable, but hopefully we'll get a few opinions on here and if it isn't as great we can at least scratch that off the list.
Attached File(s)
File Type: mq4 ForexFreedomBars.mq4   9 KB | 529 downloads
  • #478
  • Oct 23, 2012 10:33am Oct 23, 2012 10:33am
First time posting a picture so bear with me if it's rubbish. This is an example of the AUD/JPY as of now. As you can see the last bar is a strong bullish bar and has yet to close, although it is likely the bar will close within the bands as per rules stated. Below the graph you can see the ForexFreedom Indicator, with all its current squares at the furthest right all red, showing a downtrend in all time frames. These time frames usually would have their labels however they seem to have gone missing on my MetaTrader but from memory, I believe the top row is the 30TF then progressively increasing as you move down.
Attached Image (click to enlarge)
Click to Enlarge Name: meta.gif Size: 23 KB
  • #479
  • Oct 23, 2012 4:44pm Oct 23, 2012 4:44pm
The pips have dried up this week. My trades yesterday were stopped out and the ones that were doing well are now all closed. Got a few break evens too and at the moment I'm ahead so I'll continue with this. Got the following trades on tonight.
Short: AUD/JPY, CHF/JPY, EUR/CAD, EUR/GBP, EUR/JPY, USD/CAD
Long: CAD/CHF
Pretty much 1-2% per trade.
  • #480
  • Oct 23, 2012 5:27pm Oct 23, 2012 5:27pm
Here is my take
Flaw in the system is when starter of this thread suggests trading as many pairs as possible.Wrong.
One needs to understand correlations better and once understood focusing just few important pairs like Euro will make other pairs unnecessary to trade because of correlations.
Going large on key spots is lot better then scattering random orders hoping (pro-traders never hope)that one of them will become a runner.
For example I trade 80% only UCAD and know it thoroughly.I know about everything relating to Canadian currency,interest rates,oil prices etc.
I have an edge in knowledge.
Do you have the same edge in 20pairs? Chances are NO.Hence probability is not in your favor.
Popular myth "don't put your eggs in one basket" does not work in Forex.
On the contrary razor sharp entry in right spots maximizes the profits not to mention lesser pairs have greater spreads not worth trading and less liquidity.
In trading, you have to be defensive and aggressive at the same time
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