CWP, can you post some screen shots of what you are explaning?
Thanks
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This chart shows the last trade. Down arrow shows entry candle. You could argue that the body might not have been exactly a perfect system candle but I felt it was a good entry so maybe it was a judgement call. Horizontal red line at 1.6062 shows where you would set TP if you use exit #2 from my previous post. This is the lower EMA value on the day of the entry candle. Horizontal red line at 1.6019 shows exit based on exit #1 which is close of day on a candle closing below opposite EMA. http://i1017.photobucket.com/albums/...-3-12chart.gif
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...
Hi Folks,
It could be amazing system if there are some fails entries be filtered.
Please see the attachment where failed entries happened.
What's your ideas ?
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
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I agree. The entries are very good, they just have to be managed. I enter the trades manually and I'm using an EA that closes 4/5 of the trade @ TP = SL/2 and lets the last 1/5 go until reversing signal or stop loss. I have done very well with this management of the the entries. I'm determining lotsize by 1% risk and rounding to the nearest lotsize divisable by 5. It is kinda kookie but it works. Thanks for a great concept "The 7" TCO.
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Joined Nov 2009
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Status: surf the trend
|338 Posts
The attached chart shows 2 trades taken on gj for pretty good profits, I don't know how or why this works but it seems to if you apply some commensense on your entries.
The attached chart shows 2 trades taken on gj for pretty good profits, I don't know how or why this works but it seems to if you apply some commensense on your entries.
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Silversurfer. An interesting angle in that you trade only the next candle following the entry candle. This has worked well in the two examples you show, but how would you deal with a candle following entry that goes against us, do you close at the end of that day or wait for either the stop to be hit, or to resume the trend in the direction of the set up candle?
I'd be interested to hear how you'd have dealt with the entries given on this GB/JP pair on 18th and 23rd October.
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Joined Nov 2009
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Status: surf the trend
|338 Posts
I haven't really worked out an optimal exit strategy as yet. I didn't trade the gj on the dates you mentioned but in looking at them they fitted the criteria. I'm just really testing this approach and whilst it is n my live account I'm only trading micro lots, starting to lean towards taking partial profits at the opposing ema and letting the other position ride. I haven't traded every setup in the last 2-3 weeks but the ones I have I have made good pips on them circa 220 on 4 trades.
I like to use this system to give me an idea of the bias for the day and then use another system on M15 to take more aggressive positions - seems to be working out so far. The other system is the Genesis thread on FF.
It can...the only time I use it is when the levels cross the 0.8 line, which indicates a very strong trend, I will not trade against it until it comes back below that line again
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...
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So far took winners this week in long AUDNZD and long EURJPY using my entry parameters and setting TP at opposite EMA. That's 5 for 5 winners using those parameters. I'll post all trades this weekend and let you know how my other exit parameters did.
My original demo did really well, but I had to eliminate it when I performed disc cleanup duty. This is my second demo, with all trades executed with Hopwood's EA, with BreakEvenTargetPips at 20, and HalfCloseEnabled = True.
