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  • #701
  • Dec 4, 2012 1:04am Dec 4, 2012 1:04am
Quoting Silat50
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.

OH YEAH, I tried using the 60m and 240m to trade but there is way too much chop and they dont work with these 5ema bands well. Bet yuh need different bands so why not just stick with daily bars as we were told in the 1st place. -)
  • #702
  • Dec 5, 2012 1:21am Dec 5, 2012 1:21am
Hi guys,
I read the thread and decide to use this system.Here is my first trade. Is it right or wrong?
please share your comments.
Attached Image (click to enlarge)
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  • #703
  • Dec 5, 2012 1:23pm Dec 5, 2012 1:23pm
Quoting VendETTA
Hi guys,
I read the thread and decide to use this system.Here is my first trade. Is it right or wrong?
please share your comments.Attachment

As per the rules, the wick is quite tall in the direction of the trade and recommended not to trade them. Better to wait for another good setup. But there is a very high possibility of this buy trade moving in positive direction but not based on this system's rules.
  • #704
  • Edited 1:39am Dec 6, 2012 1:07am | Edited 1:39am
Quoting psjforex
As per the rules, the wick is quite tall in the direction of the trade and recommended not to trade them. Better to wait for another good setup. But there is a very high possibility of this buy trade moving in positive direction but not based on this system's rules.
thank you psjforex. you are right i forgot to look at wick.
  • #705
  • Dec 6, 2012 2:52am Dec 6, 2012 2:52am
Quoting VendETTA
thank you psjforex. you are right i forgot to look at wick.
I would have taken the trade. You did good Vendetta. The pattern looks like its bottoming out anyway. And where did it say not to use candles with big wicks? I am going to review the rules again. But anyway, Ive been doing fine taking the trade as long as the body no matter how big or small is laying acrross that lower band for a long. does anyone go long if the bar is a big engulfing bar and crosses both bands? The system doesnt say not to and so I do. In fact from personal experience, A big engulfing bar that is almost all body are one of the surest reversal signs you can see,short term. I know guys who make a living just trading those bars in stocks.

And not to make fun of the guy who was pointing out what climates this wont work in, I think non directional and choppy markets will always be much harder for any system. One good thing you can do is, if you get stopped out on 3 consecutive days in a row. You can always quit for the week. Im still up on this system although, the challenging environment has taken about 1/2 back already. Most other systems would have crushed your whole account. What I love about this system is 4 or 5 losers in a row and its not too bad. You can get it back in one winning trade. Im also finding out that getting in after small prior bars is not a "good deal as I thought with little risk. Its the highest percentage of losers by far. I like bars that have a lot of pips at risk because even if you dont win the trade,time will be your friend as the longer you are in the trade, the smaller that stop gets as you keep moving it with each bar.
  • #706
  • Dec 7, 2012 1:20am Dec 7, 2012 1:20am
Quoting Silat50
I would have taken the trade. You did good Vendetta. The pattern looks like its bottoming out anyway. And where did it say not to use candles with big wicks? I am going to review the rules again. But anyway, Ive been doing fine taking the trade as long as the body no matter how big or small is laying acrross that lower band for a long. does anyone go long if the bar is a big engulfing bar and crosses both bands? The system doesnt say not to and so I do. In fact from personal experience, A big engulfing bar that is almost all body are one...
Thank you Silat50.
I took profit yesterday. I know strategy says to wait until opposite signal but its not fit my personality.

This is my new trade :
Attached Image (click to enlarge)
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  • #707
  • Dec 11, 2012 1:33am Dec 11, 2012 1:33am
[quote=VendETTA;6271767]Thank you Silat50.


Since the head of this thread seems to have left, maybe I can help. I have made a few changes to keep out the bad trades and so far it is working for me. This system is too valuable to throw away just because it doesn't work by itself.You all saw how well it did in the beginning which is how we got all these subscribers here.

#1-If the bar/candle crosses both bands, take the trade! These engulfing type bars are one of the best indicators a trend change is underway. If you cant afford the pip risk,just take 50% minimum of the candle. 75% or so its even much better. Me, I take it all. I don't mind having 130 pip risk because the chances of an opposite candle bigger than that one coming is very very small and each day we stay in the trade we move the stop closer and closer to break even anyway.

#2-Do not take trades opposite the bands direction if the angle or slope is very deep. You are getting in front of a moving train. Do nothing. PASS. See the chart presented below and tell me if you all don't agree that this is the reason for a lot of our stop outs in the first day. Ok, I will show more later on.
Attached Image (click to enlarge)
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  • #708
  • Dec 12, 2012 6:03am Dec 12, 2012 6:03am
Hi guys,

I have been following this thread for a couple of weeks now and read all the posts one by one
I have to thank The 7 for sharing this method. it was a refreshing thing to me

I have started to do a manual backtesting for myself which will include 5 years (between 2007 up to now) of EUR/USD. I would like to do the backtesting for 10 years of course but it is so time consuming and I am occupied most of the weekdays.
I have already finished the first year now but I will share the results after I finish all 5 years...

In the mean time I have been trading live in a demo account and took those 2 trades shown in the picture below. Did any one take them too?
I closed the first one at +146 pips when the opposite signal occured. And the other one is floating at +78 pips now already moved the stop to BE+5.

Attached Image (click to enlarge)
Click to Enlarge Name: the 7_1.png Size: 46 KB
  • #709
  • Dec 12, 2012 6:23am Dec 12, 2012 6:23am
[quote=Silat50;6280913]
Quoting VendETTA
Thank you Silat50.


Since the head of this thread seems to have left, maybe I can help. I have made a few changes to keep out the bad trades and so far it is working for me. This system is too valuable to throw away just because it doesn't work by itself.You all saw how well it did in the beginning which is how we got all these subscribers here.

#1-If the bar/candle crosses both bands, take the trade! These engulfing type bars are one of the best indicators a trend change is underway. If you cant afford the pip risk,just...


could you please illustrate and point on the chart, as i dont see it.
  • #710
  • Dec 12, 2012 10:24pm Dec 12, 2012 10:24pm
RJo,

Ignore the retard trolls

I'm building an EA for this as well, so maybe we can exchange some ideas.
It is the MM and exists that matter (oh well, for any other strategy as a matter of fact :-) )

Quoting RJo
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.
  • #711
  • Dec 12, 2012 10:40pm Dec 12, 2012 10:40pm
Silat,

Don't wanna be the rain on your parade, but obviously the more daring trades are the ones to yield the most profits by catching an early trend change.

The secret sauce is to take your entries, and just manage them right. MM & Exists is the key between success and failure.

While I don't trade this system specifically, been trading similar concept for over 3 years now. Nobody gives a shit about the slope angle and such. On a higher time frame you only experience pure macroeconomic movements of the price, so small technicalities like slope and MA crossovers have lesser importance.

Levels and candle action are key on higher TF's

Hope this helps anyone move from following to the teeth any new system up for grabs for free on FF :-)



[quote=Silat50;6280913]
Quoting VendETTA
Thank you Silat50.


Since the head of this thread seems to have left, maybe I can help. I have made a few changes to keep out the bad trades and so far it is working for me. This system is too valuable to throw away just because it doesn't work by itself.You all saw how well it did in the beginning which is how we got all these subscribers here.

#1-If the bar/candle crosses both bands, take the trade! These engulfing type bars are one of the best indicators a trend change is underway. If you cant afford the pip risk,just...
Attached Image (click to enlarge)
Click to Enlarge Name: 12-12-2012 11-29-36 PM.png Size: 18 KB
  • #712
  • Dec 13, 2012 6:12pm Dec 13, 2012 6:12pm
Hello Everyone,
Two questions regarding this system. Doing it manually.
Entry: How are you entering the trade off of the close or high/low of the signal candle? or just leaving up to your own perference.
Now are you letting the trades run to the following week or finding better results to close trades before the weekend?
Thanks
If this was already answered sorry for asking again. aftyer reading 48 pages im lucky i know my own name, lol
Thanks
  • #713
  • Dec 13, 2012 9:20pm Dec 13, 2012 9:20pm
Quoting paul821c
Hello Everyone,
Two questions regarding this system. Doing it manually.
Entry: How are you entering the trade off of the close or high/low of the signal candle? or just leaving up to your own perference.
Now are you letting the trades run to the following week or finding better results to close trades before the weekend?
Thanks
If this was already answered sorry for asking again. aftyer reading 48 pages im lucky i know my own name, lol
Thanks
I enter at the close of the signal bar, so you have to know when your broker candle closes.
I will let trades run into the weekend if looking good. I take 1 lot out at 30 or so pips and the theory is to let the rest run until opposite signal
or logical S/R area
  • #714
  • Dec 14, 2012 5:54am Dec 14, 2012 5:54am
Thanks for the insight.
Also any luck on lower time frames?
  • #715
  • Dec 15, 2012 7:45am Dec 15, 2012 7:45am
Quoting paul821c
Thanks for the insight.
Also any luck on lower time frames?
I tried it on M30. Total waste of time. Lots of losers and very few winners.

Rob
  • #716
  • Dec 15, 2012 8:18am Dec 15, 2012 8:18am
Thanks
I was thinking maybe 4hr, or 1hr timeframes. I could see alot of false signals on anything lower than hour. The logic of it seems sound its just trying to incorporate other indies to help with decision process.
  • #717
  • Dec 16, 2012 3:51pm Dec 16, 2012 3:51pm
Don't know if this was posted yet , but here is the new EA for The7 strategy now re-named The8,
and it is an improvment and bug fix from the 1st EA. Running it now on 10 pairs, we''ll see how it does.
Attached File(s)
File Type: mq4 The8_EA_v1o.mq4   104 KB | 1,288 downloads
  • #718
  • Dec 17, 2012 2:12am Dec 17, 2012 2:12am
Quoting prosper1
Don't know if this was posted yet , but here is the new EA for The7 strategy now re-named The8,
and it is an improvment and bug fix from the 1st EA. Running it now on 10 pairs, we''ll see how it does.
Sorry if I missed something but I could not make this EA work.
I put it in the indicators folder and restarted MT4. selected the EA from the custom indicators droplist but nothing happened.
Am I doing something wrong?
  • #719
  • Dec 17, 2012 2:29am Dec 17, 2012 2:29am
Quoting erkanus
Sorry if I missed something but I could not make this EA work.
I put it in the indicators folder and restarted MT4. selected the EA from the custom indicators droplist but nothing happened.
Am I doing something wrong?
Yes, you are doing wrong. Put it in the Expert folder, not in the indicator folder. EA means Expert Adviser.
  • #720
  • Dec 17, 2012 2:55am Dec 17, 2012 2:55am
Quoting RisingSun
Yes, you are doing wrong. Put it in the Expert folder, not in the indicator folder. EA means Expert Adviser.
Thanks dude, some expert advisors work like indicators, I thought that this is something like that. I was not looking for an automated trading EA
So may be a little explanation: this EA automatically buys/sells for you according to the rules defined in its script
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