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The7 Trading System

  • #681
  • Nov 27, 2012 4:31pm Nov 27, 2012 4:31pm
Quoting Bobus
Hello there!

It's the first time I'm gonna try this method. I'd like your opinion about the following pairs. Supposing that everything goes as it should, the signals seem valid. What do you think?

AUD/USD
EUR/CHF
GBP/AUD
GBP/NZD
NZD/CHF

Thank you
Please mention long or short positions that would make things easy for us as the charts are different based on brokers.
  • #682
  • Nov 27, 2012 5:44pm Nov 27, 2012 5:44pm
Quoting 4XWeezal
I am sorry you cannot read nor comprehend the first post by The7! .....Maybe, some 8 year old could help you learn to read. Hooked on reading phonic's ? Better yet, maybe all the traders can chip in for you for a basic course. They could walk you through and hold your hand.... A price close above and below the 5 ema on the daily with 1 day stoploss and no take profit is so hard to understand. Maybe, the website infant pips should be started!
All of your blithering is useless to me as I code the EA and post it for public use. You were right in saying that Post 1 is not comprehensive--because other conditions were added in subsequent posts and subsequent pages. Ironically, you will probably be the first to piss and whine that something like pinbars or candle spans are not addressed in the EA.

By the way, there is no apostrophe in phonics but this doesn't matter. Obviously, you are a genius for naming yourself after a weasel.
An ounce of profitable logic is worth a pound of efficient code.
  • #683
  • Nov 28, 2012 7:42am Nov 28, 2012 7:42am
Thanks to The7 for sharing his trading strategy.
It's amazing. I this entry strategy nice The 7
  • #684
  • Nov 28, 2012 5:12pm Nov 28, 2012 5:12pm
The7...Are you out there?
  • #685
  • Nov 29, 2012 8:47pm Nov 29, 2012 8:47pm
Quoting cwp1979
Wow, another loser this week. Figures that I was hitting about 80% winners demo trading and now am 1 for 4 with real money. Lost about 100 pips this week.

CWP, yes we are on the same page if we came up with the same one play. Sadly the sucker lost. -) Everyone got so excited when "Seven" introduced the system and everything it touched turned to gold. I mean I saw 2 or 3 pairs up like 1000 pips in a week and everyone wanted in. Now that volume has decreased, its taking longer for a trade to play out, that must have a lot to do with our win % going lower.

Also some of you talk about not taking similar correlated pairs. Might be true, might not. Look at the GBP/JPN but then lok at the GBP/USD. No correlation at all and jpy and usd always move together. Guess not! Also, why isnt CAD and AUD moving together. Many of us including me got bumped out of several trades because of a stupid 20 or 30 dollar drop on gold. In a normal world traders would figure out that when something is overpriced as is gold, making it lower is often GOOD for the economy of that country. But these are not normal times. This system is to be used without any fundamental analysis at all. I'm sure ALL of us messed up on that. =)

Also, I still happen to be winning. This was just a terrible week for the system. I will repeat this again...this system WILL work. If it does not.........THEN AND ONLY then will we need to add a rule or 2, maybe fibs or not taking trades where there is support or resistance in the way. We can also not take trades where the charts are messy and have no patterns. But for now..."just play the song." And who cares if the 7 is out there. He might be making so much more than he thought, and getting barraged with so many more doubters than he thought, he just walked away. Yea...I think some of you made "Elvis leave the building." We are on our own,it seems. So what?

Oh, one guy posted 3 different scenarios this system wont work in. Well, what system wil work well in those 3 scenarios!!!? However I still say it will work. Have any pair go up 5 days in a row and then down 5 days in a row and every month winds up in the same place, I dont know aboput you guys, but I will be rich. If you cant get this simple system to work, hopefully by itself, and maybe with adding in some fibs or support and resistance rules, honestly...trading isn't for you. This is the greatest gift ever offered on Forex Factory to me. It is so simple Im surprised I didnt invent it myself. I think we were all too busy thinking of bollinger bands and they DONT work by themselves. But you guys who must mess with this, why not setting up each chart with bollinger bands as well everytime a signal goes off on this system and tell us what you see. I have a few other ideas to implement if this system gets gnarly. Im just here because I need a system tester for both my rules and to keep abreast of his new rules. Im always open to new things! Good luck boys. And root me in on this long USD/CAD trade I have 17 pips in the bag in 30 minutes already.

Oh, I will give you guys one more thing you guys are probably flipping out on. What do you do when ther reversal bar doesnt just close thru one bar, it goes all the way thru the second bar too? Bet most of you go crazy,right? Do you take the trade, or no? And to the guy whose "weed" was stolen out of his car, Im just happy for you that your car was still there. LOL
  • #686
  • Nov 29, 2012 8:56pm Nov 29, 2012 8:56pm
Quoting mrcool4
Hi Silat,

Thank you for the info. But my daily bar doesn't close at 5pm New York Time . A new daily bar is starting everyday at 12:00 AM canada time(Server time not my local timezone).
Anyways so far this system is working perfectly, I would like to continue with my setup and continue my demo testing.

Thanks,
MC
Thanks for the encouragement CWP. And for you Mr Cool, I would love it if my daILY BAR CLOSED AT midnight on my time. It would be perfect. It is totally dead at 5pm here on NY time. In fact I have a great idea, if they would start the new actual day(and daily bar) at 12 midnight when you can have Asia in Full swing, London would get in a bit earlier and we retail traders would have plenty of action and could go to bed at a reasonable hour instead of staying up till 4am every day here in the states! This one idea if someone could get it implemented would add 25% more volume to this dying Forex machine. And Mr Cool, so tell us if you are still profitable or not. You had to get hammered like most of us these past 4-7 trading days.
  • #687
  • Nov 29, 2012 9:05pm Nov 29, 2012 9:05pm
Yes, This system has worked so far for me. Made more pips live than anything alse I've tried.
You just have to stick with it. The winning weeks do make up and more for the losers, even with a week like
this it didn't fare all that bad for me.
Funny how people say it doesn't work? I wonder how long have they actually traded it live to be able to know that?
Every sytem has drawdown periods.
  • #688
  • Nov 29, 2012 9:06pm Nov 29, 2012 9:06pm
Quoting prosper1
The7...Are you out there?

here is a hint: the seven ...:where is the Exit?"
  • #689
  • Nov 30, 2012 2:58am Nov 30, 2012 2:58am
Quoting prosper1
Yes, This system has worked so far for me. Made more pips live than anything alse I've tried.
You just have to stick with it. The winning weeks do make up and more for the losers, even with a week like
this it didn't fare all that bad for me.
Funny how people say it doesn't work? I wonder how long have they actually traded it live to be able to know that?
Every sytem has drawdown periods.
Are you still closing half at 30 pips and not moving the other half to BE?
Exiting on reverse signal?
  • #690
  • Nov 30, 2012 6:36am Nov 30, 2012 6:36am
Quoting normtold
Are you still closing half at 30 pips and not moving the other half to BE?
Exiting on reverse signal?
Actually I am only trading 1 lot and taking 30-40 pips each trade. Sometimes a little more , depending
on the set-up. You can take much more profit with a 2nd lot and that's what I plan to do soon, but just wanted to
test the entries first.
  • #691
  • Nov 30, 2012 8:25am Nov 30, 2012 8:25am
I'm trying something new, which is to trade 23 charts on M30. It'll be too
hard to trade manually, due to the high turnover. I'll use The7 EA with a
hard stop and BE.

I'll post the results, good, bad, and ugly.

Rob
  • #692
  • Nov 30, 2012 8:53am Nov 30, 2012 8:53am
Quoting ChicagoRob
I'm trying something new, which is to trade 23 charts on M30. It'll be too
hard to trade manually, due to the high turnover. I'll use The7 EA with a
hard stop and BE.

I'll post the results, good, bad, and ugly.

Rob
The only pairs that are almost independent are EURUSD and USDJPY. Any other pair will statistically correlate to one of them. Hence, it is not wise to just trade the 23 pairs as you will see that the EA opens 6-7 positions at the same time.

Anyhow, can't wait to hear from you Rob.
  • #693
  • Nov 30, 2012 10:36am Nov 30, 2012 10:36am
Quoting Walad100100
The only pairs that are almost independent are EURUSD and USDJPY. Any other pair will statistically correlate to one of them. Hence, it is not wise to just trade the 23 pairs as you will see that the EA opens 6-7 positions at the same time.

Anyhow, can't wait to hear from you Rob.
There may be some correlation going on, but in many cases the actual chart
entries can be quite different.

Rob
  • #694
  • Dec 1, 2012 2:18am Dec 1, 2012 2:18am
Quoting Silat50
Thanks for the encouragement CWP. And for you Mr Cool, I would love it if my daILY BAR CLOSED AT midnight on my time. It would be perfect. It is totally dead at 5pm here on NY time. In fact I have a great idea, if they would start the new actual day(and daily bar) at 12 midnight when you can have Asia in Full swing, London would get in a bit earlier and we retail traders would have plenty of action and could go to bed at a reasonable hour instead of staying up till 4am every day here in the states! This one idea if someone could get it implemented...
Yes Silat.. you are correct got hammered last week..
  • #695
  • Dec 3, 2012 4:12am Dec 3, 2012 4:12am
Quoting GrowRevenue
It just seemed like common sense to me - but I guess I'm being ignored. Without knowing what my risk ratios look like, I can't define a trade - let alone actually make one.

One can look at the strategy (I don't see a "system" of trading here) and figure out that the "signal" comes from a fairly typical In Channel One Bar Reversal Pattern either above or below the Low or High moving average. It will not work in a horizontal market. It also will not work in a directional market having repeated strong corrections that don't move price outside...
Im sure grow revenue is only joking in his "overly expansive " delineations. You dont think people really talk like that do you. He's a funny guy. I like this fellow. -)
  • #696
  • Dec 3, 2012 4:15am Dec 3, 2012 4:15am
Quoting ChicagoRob
I'm trying something new, which is to trade 23 charts on M30. It'll be too
hard to trade manually, due to the high turnover. I'll use The7 EA with a
hard stop and BE.

I'll post the results, good, bad, and ugly.

Rob
Rob, that would be awesome. Im sure we'd all love to see that in progress. Thank you.
  • #697
  • Dec 3, 2012 4:22am Dec 3, 2012 4:22am
Quoting ChicagoRob
There may be some correlation going on, but in many cases the actual chart
entries can be quite different.

Rob
Walad, you cant convince me that the aud/cad and eur/gbp would have any correllation at all. Especially the aussie, and the aussie against most of the pairs its hooked with. Rob, lets prove him wrong. Just for the profit and fun of it. LOL I could be wrong. It would be the 2nd time. LOL
  • #698
  • Dec 3, 2012 6:54am Dec 3, 2012 6:54am
Quoting Silat50
Walad, you cant convince me that the aud/cad and eur/gbp would have any correllation at all. Especially the aussie, and the aussie against most of the pairs its hooked with. Rob, lets prove him wrong. Just for the profit and fun of it. LOL I could be wrong. It would be the 2nd time. LOL
Well, my M30 experiment is not doing well. It trades like crazy, since there are new setups
every half hour. It started out well, but I'm seeing a lot of SL trades. I'll post charts & graphs
after a few more days.

I also think the lower time frame is at a disadvantage, due to the effect of the spread. Nothing
ventured, nothing gained.

Rob
  • #699
  • Dec 3, 2012 9:25am Dec 3, 2012 9:25am
Quoting ChicagoRob
Well, my M30 experiment is not doing well. It trades like crazy, since there are new setups
every half hour. It started out well, but I'm seeing a lot of SL trades. I'll post charts & graphs
after a few more days.

I also think the lower time frame is at a disadvantage, due to the effect of the spread. Nothing
ventured, nothing gained.

Rob

I had a similar experience once with the M30, which conforms with manual back testing also.
  • #700
  • Dec 4, 2012 1:02am Dec 4, 2012 1:02am
Quoting ChicagoRob
Well, my M30 experiment is not doing well. It trades like crazy, since there are new setups
every half hour. It started out well, but I'm seeing a lot of SL trades. I'll post charts & graphs
after a few more days.

I also think the lower time frame is at a disadvantage, due to the effect of the spread. Nothing
ventured, nothing gained.

Rob
Good observation,Rob. I was going to mention it but wanted you to see for yourself for proof. I think we all should just stick to the daily time frames as they are easiest and the spread doesnt matter much. Plus we get bonuses...use the daily and we have the weekly to show us support and resistance areas yuh cant see on the daily,plus then when you gow down to the 4hr you can get good confirmation on the pattern. So all 3 time frames support each other, much better than say a 5-15-60m would do.
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