The7 Trading System | Page 27 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 182 replies

HYBRID: trading system within a trading system 31 replies

Day Trading system - Simple system to make money 51 replies

Trapping System: Way to Fully-Automated Trading System 47 replies

The7 Trading Method Signals Thread 136 replies

Attachments: The7 Trading System
Exit Attachments

The7 Trading System

  • #521
  • Oct 30, 2012 5:22am Oct 30, 2012 5:22am
Quoting lucariga
I think this system could work very well and i love the fact is so simple. Any way, in a strong trend it tend to have so many losses (see picture below). I think if we can limit those losses, this system could be perfect. Any ideas?
Sorry 4 my english
Hi, i think, in a strong down trend like this if you buy, you should take some profit when price touch EMA high and stop loss to BE. It would be better waiting for a sell signal.....
sorry for my english too
Ciao. Luca
  • #522
  • Oct 30, 2012 5:54am Oct 30, 2012 5:54am
Quoting Lio46
Hi, i think, in a strong down trend like this if you buy, you should take some profit when price touch EMA high and stop loss to BE. It would be better waiting for a sell signal.....
sorry for my english too
Ok, but the problem is that in a strong downtrend, the prices often never touch the High EMA....
  • #523
  • Oct 30, 2012 6:49am Oct 30, 2012 6:49am
Quoting prosper1


Yes, I am not seeing in the settings where you set a TP and close half position?
Breakeven pips and partial close
  • #524
  • Oct 30, 2012 5:52pm Oct 30, 2012 5:52pm
Quoting lucariga
I think this system could work very well and i love the fact is so simple. Any way, in a strong trend it tend to have so many losses (see picture below). I think if we can limit those losses, this system could be perfect. Any ideas?
Sorry 4 my english
This is what I was talking about in post #502. I will only trade against the trend if I have a strong reversal candle such as an engulfing or hammer. I am using a 30-day SMA to determine the trend.

I am currently short GBPUSD from 1.6090 and GBPCHF from 1.5010. Both trades looked like good downtrends.
  • #525
  • Oct 30, 2012 8:34pm Oct 30, 2012 8:34pm
These are the daily and 4 hour charts respectively. If I scale down to the 1 hour I can get a pretty clear picture where things may go through use of Fib levels and Support and Resistance:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd daily.gif Size: 42 KB
Click to Enlarge Name: eurusd 4hour.gif Size: 44 KB
  • #526
  • Edited 10:01pm Oct 30, 2012 8:39pm | Edited 10:01pm
1 hour entry based on the aforementioned analysis....crucial fib levels here will decide my entry
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 1 hour.gif Size: 44 KB
  • #527
  • Nov 1, 2012 4:48pm Nov 1, 2012 4:48pm
Be nice if we could keep this thread with the original system presented on the 1st post without extra indicators, confirmations, MTF's , etc.
Really clutters things up...
  • #528
  • Nov 1, 2012 5:29pm Nov 1, 2012 5:29pm
Quoting prosper1
Be nice if we could keep this thread with the original system presented on the 1st post without extra indicators, confirmations, MTF's , etc.
Really clutters things up...
Why? the original system is kind of in need. If it worked, their would be people whooping it up cause a 5 year old could program this into an ea. You get caught into a contracting triangle or ascending zig zag and this system is on the road kill expressway...just like about a thousand others on this site.
  • #529
  • Nov 1, 2012 5:36pm Nov 1, 2012 5:36pm
Quoting cwp1979
This is what I was talking about in post #502. I will only trade against the trend if I have a strong reversal candle such as an engulfing or hammer. I am using a 30-day SMA to determine the trend.

I am currently short GBPUSD from 1.6090 and GBPCHF from 1.5010. Both trades looked like good downtrends.
care to share your trade for understanding?
Trade As A Sniper
  • #530
  • Nov 1, 2012 5:58pm Nov 1, 2012 5:58pm
Quoting 4XWeezal
Why? the original system is kind of in need. If it worked, their would be people whooping it up cause a 5 year old could program this into an ea. You get caught into a contracting triangle or ascending zig zag and this system is on the road kill expressway...just like about a thousand others on this site.

The idea behind my "cluttered" charts was this: if you BLINDLY trade into the Daily signal you may be trading right into a major fibonacci and or support/resistance level...and using the different time frames and a few trendlines can offer you a better entry....once price penetrates through said levels....you have entry confirmation......the core idea of any successful strategy is Buy Low/Sell High....trendlines and fibs are just a tool to enhance any strategy, regardless.....happy pips!
  • #531
  • Nov 1, 2012 6:53pm Nov 1, 2012 6:53pm
You may be right, but now you have a different system.
We should respect the starter of the thread by trading according
to the original system strategy. In this way, we either prove the system works over time or it does not. If not we have 50 different systems being traded in the same thread. Anyone is free to start their own.
But it's alot less confusing , especially to newbies to this system ,if we are all looking for the same set-ups. The key here is simplicity.
  • #532
  • Nov 1, 2012 7:06pm Nov 1, 2012 7:06pm
Quoting prosper1
You may be right, but now you have a different system.
We should respect the starter of the thread by trading according
to the original system strategy. In this way, we either prove the system works over time or it does not. If not we have 50 different systems being traded in the same thread. Anyone is free to start their own.
But it's alot less confusing , especially to newbies to this system ,if we are all looking for the same set-ups. The key here is simplicity.
With all due respect, I did take that into consideration, however I have seen posts here where people are struggling with the idea of different timeframes and I just wanted to throw some things out there: Quote from 1st paragraph of the thread:

"Here is a trading system I have been using for the last 6 month with great results. The idea is "cut your losses short and let the winner run" I am trading only the Daily Charts on dailyfx. It is a web based chart which allows mobility. I am only trading daily's but feel free to test it on different timeframes."
  • #533
  • Nov 1, 2012 8:07pm Nov 1, 2012 8:07pm
Quoting 4xplosion
With all due respect, I did take that into consideration, however I have seen posts here where people are struggling with the idea of different timeframes and I just wanted to throw some things out there: Quote from 1st paragraph of the thread:

"Here is a trading system I have been using for the last 6 month with great results. The idea is "cut your losses short and let the winner run" I am trading only the Daily Charts on dailyfx. It is a web based chart which allows mobility.[b] I am only trading daily's but feel free to test it on different...
If there isn't defined entry and exit you basically have an "eyeball" trade and that is going to be difficult to be a successful for most. Its like picking a moving average and saying if you just sold or bought right there-- you win.......Now, If you stated to only trail after x bars at a minimum of x pips and only close on x number of bars when the market moves x number of bars at this indicator levelon a consistent basis or look for x that has an edge.... .... ...you have a better shot at a good system. Just sayn. I would like to know those pieces. If not, its trial and error. I have a lot of systems that are trial and error. Maybe, there isnt one on this type of move that gives consistent edges ..I don't know.
  • #534
  • Nov 1, 2012 8:52pm Nov 1, 2012 8:52pm
Quoting 4XWeezal
If there isn't defined entry and exit you basically have an "eyeball" trade and that is going to be difficult to be a successful for most. Its like picking a moving average and saying if you just sold or bought right there-- you win.......Now, If you stated to only trail after x bars at a minimum of x pips and only close on x number of bars when the market moves x number of bars at this indicator levelon a consistent basis or look for x that has an edge.... .... ...you have a better shot at a good system. Just sayn. I would like to know those...
What I was attempting to do was to show how different timeframes can confirm or disqualify an entry. Obviously, if we trade WITH the higher TFs then we usually have Momentum on our side...as for the SPECIFICS on entry...that would be a whole new thread.....however, there are alot of resources in youtube that can break it down...one of my favorite indicators is the rubicon indicator and I often use it for entry on the pullback:
Inserted Video



....however, that being said, you could even use a 5ema and enter on the pullback as well......in the lower (5 min) timeframe once the 30 min signals a trade....
  • #535
  • Nov 2, 2012 7:41am Nov 2, 2012 7:41am
Quoting prosper1
Be nice if we could keep this thread with the original system presented on the 1st post without extra indicators, confirmations, MTF's , etc.
Really clutters things up...

Sadly, it is always the case that the main thread is hi-jacked and totally deviates from the core purpose.

The 7, any recent insights that will help us move this on??
  • #536
  • Nov 2, 2012 8:18am Nov 2, 2012 8:18am
Quoting The Stockman
Sadly, it is always the case that the main thread is hi-jacked and totally deviates from the core purpose.

The 7, any recent insights that will help us move this on??
can't agree more
Trade As A Sniper
  • #537
  • Nov 2, 2012 8:29am Nov 2, 2012 8:29am
I think you are wrong.
The logic is being kept, but people add or change indicators because they do not have confidence in the system yet, or because they cannot see entries as per the original description.

without change nothing improves. even if is a negative change, it still proves that the original was better and hence revert to the roots
let them be, to each his own
  • #538
  • Nov 2, 2012 7:22pm Nov 2, 2012 7:22pm
Quoting pama.fx
care to share your trade for understanding?
Sure, I took three trades this week. I am using my parameters of only trading with the trend unless the signal candle is a hammer or engulfing. I am also testing three exits. #1. Close trade on close of day with candle ending above/below opposite EMA. For example, you go short when a down candle pierces upper EMA and then close the trade the following day when the candle closes below the lower EMA. #2. Set a take profit for the opposite EMA so that whenever the price hits that target you will exit the trade. #3. Follow the7's rule of waiting for opposite signal. Here is how I fared:

Sunday night (EST) went short GBPUSD @ 1.6090 from 10/26/12 signal candle
#1. Closed at 1.6028 for 62 pip profit
#2. Closed at TP of 1.6017 for 73 pip profit
#3. Price reversed and stop loss triggered at 1.6143 for 53 pip loss

Monday night went short GBPCHF @ 1.5011 from 10/29/12 signal candle
#1. Price reversed and stop loss triggered at 1.5071 for 60 pip loss
#2. Closed at TP of 1.4973 for 38 pip profit
#3. Price reversed and stop loss triggered at 1.5071 for 60 pip loss

Thursday night went short GBPUSD @ 1.6124 from 11/1/12 candle
#1. Closed at 1.6019 for 105 pip profit
#2. Closed at TP of 1.6062 for 62 pip profit
#3. Floating a 62 pip profit over weekend

So here are the totals for the week:
#1. 107 pip profit
#2. 173 pip profit
#3. 113 pip loss, 62 pip floating profit
  • #539
  • Nov 3, 2012 3:22am Nov 3, 2012 3:22am
Very interesting cwp, thank you for posting that. Obviously 3 trades is no where near enough but I might think about running an experiment along similar parameters on another trade explorer account.
  • #540
  • Nov 3, 2012 5:29am Nov 3, 2012 5:29am
I think the entry rules are clear and perfect, i trade this system since the beginning, and i never made so much pips in such a less time, the problem is to manage the trade, for me the best manage is to close half at +30 pips and the rest be+2, ok sometime you ditnt hit the big run, but there are every day so many opportunities for making pips

cheers and nice weekend
0 traders viewing now