The7 Trading System

what do you thing of h4 with this trading method?

If you want to take a look at it go right ahead. If you do, I would monitor a couple of charts though just to see. With the daily charts alot less going back and checking to see and you have time to jump in if you miss the entry. I traded the hour charts couldnt keep up always one step behind. Never really dealt with the 4 hour chart. As of now the daily is working for me. What it comes down to is your preference and what you are comfortable with.

Silat50
Can you give a list of pairs that you trade with this system. Also what indicators you are using that way we get a visual with the education and you dont have to keep posting charts. Or at least similar indicators, I know some people have their favorites. So everyone is on the same page. I did your entry on the gbp/usd left with profit on both enteries. only thing I didnt like was that I had to close the first trade before I could close the second one. Maybe next time Ill increase the lot size that way I can close half of the trade and keep the other half going. Otherwise very good week for me, even though Im dealing with a micro account.
Paul

hi guys,

Let me address your questions 1 at a time:

Paul, I hate that also. When you close a position it takes you out of the first one firs so you never can see how your oldest lot is really doing in total pips. It sucks, I know

Paul, we will count you in when the room opens "if" you can be there daily. either london or ny.

Paul I dont have a list of FAVORITE PAIRS....YET! I will be having you guys do research for me later on. For now my favorites are whats hot or cold. I love the EUR/AUD. EUR/CAD SHORT BUT ITS TOO LATE FOR YOU GUYS TO GET IN. YOU ALL SAW MY STATEMENT. I am making sick money on those pairs. or,do it this way.....



JPY: LOOKING TO SHORT AT EVERY OPPORTUNITY REGARDLESS WHAT IS OTHER PAIR.

aud. VERY STRONG NOW. Plus people always go back to where the higher interest is...eventually. Same for Cad.

CHF-HAS BEEN INVULNERABLE AGAINST EVERY PAIR ACCEPT usd. Lets keep looking to go long,especially against weaker crap like NZD,EUR,

Pairs I dont like: aud/cad eur/gbp they are for daytraders. My question is....who ever invented them. They are redundant pairs.

Greg, I cant get into exit strategy here. that here it would be changing the whole system. Just follow along as I sometimes will tell when i get out that is not within the rules. TRY TO FOLLOW RULES EXACTLY. MUCH MORE IMPORTANT TO PICK THE RIGHT PAIR SO YOU NEED NOT WORRY ABOUT EXIT...YES? You could always get out of half your position once you had 3 or 4 big days and they are way way outside the band. Or,,,,, on a bar that gets really long, you could just move your stop to break even +2. Always get paid a little something on every trade you can. PERSONALLY i FIND IF i GO AGAINST THE EXIT STRATEGY, I SCREW MYSELF AS THE TREND JUST RESUMES AFTER A SCARY 3/4 BAR PULLBACK. I also will jump out on bad news. Try to find reasons to "follow" this system, not do other things. Even I get scared shit at times just like now when ive booked 262 pips in a single lot in 2 days and i say, how much more can i get? gotta follow. you could always place your stop 1/2 way down the bar if its a big engulphing ...."AND.....YOU HAVE A LOT OF PROFIT.

Greg, what are you not understanding? I will help. daily bars are easy to manage if you have to work. just get in the trade put your stop at the previous candles high or low, and forget about it until you get home or wake up next day.

Paul, I feel the same quite often, if i get up for the NY session after placing my trades, yeah i might find something to get intop thats moving(but it aint the system,really) but more often than not...we get in trouble and interfere with our own success. the brokerages love that. Its called :more spread, more profit...for them!


This morning session was a waste of time. NY sees all the japanese pairs are so over extended they are afraid to get in, but wont short either. I cant see any big pullbacks on JPY for a good while. it might be one of those black swan events. once in a decade move. FOLLOW THAT JPY!!!! CHF SEEMS TO BE MEDIUM TERM GOOD AS SO MANY ARE NOT LOOKING AT USD OR EUR AS ONLY CURRENCIES TO CHOOSE FROM. BOTHY ARE NOW UNSAFE. i DONT LIKE THAT PAIR. IS MOST UNSTABLE OF ALL MAJORS NOW. I AMY NOT EVEN TAKE THE NEXT SIGNAL. ANY MORE QUESTIONS, JUST ASK......

Once we get rolling, I want guys to volunteer for differnet jobs. 1 guy will track NEWS. another guy will follow 1 or 2 pairs and give me the stats i need on them. another guy will show us metals and index futures charts when they get in so we can record how they do compared to spot Forex. Another guy can make me fibonacci charts on daily weekly and hourly charts. Lots for all of us to do together.

I will be around over the weekend if you guys have questions. Let me repeat what I said before. Dont worry about changing the system to get better exits, worry about if there are 4 signals which is the one that is going to give you the best r/r and the one thats going to bust open the quickest. Pick the pair, not the system.

Does anyone here live in Florida? I was hoping since I dont have "connections" down here.....PM me if you know what Im talking about. Maybe we could meet up for lunch one day.

Some of you are PMing me on this: Yes, yes, I am going to be doing a lot of research on how to scale "out" of a position." I prefer to teach how to scale "into" a position and get out at one time. Also we need to find a way for re-entries when we get dinged out on one bad day. Who wants to be my research analyst and alert me to every pair thats in a strong trend but got dinged out on one bar? Who "nose" what could happen. if we put our heads together. The journey is long, my friends. Stay thirsty! Isnt that from a commercial? LOL

Silat50
Im still trying to get into the swing with the daily charts (was playing with the hour charts). I usually set a TP between 30 and 50 pips. Havent gotten the courage (got to see the wizard, lol) to let it run. I think with the increase in lot size will work better that way I can jump out at least half way and let the other half run. As for the Flordia thing I have no idea what the hell you are talking about, lol. But its probably alot warmer there than NY. Now that the weekend is here and when we start a new week do you include the Saturday/Sunday candles or strictly go to the Sunday/Monday ones? Also when and what time on Sunday would you like to talk about trades for the week?
Paul

I am in Jersey, only about 20 hrs. away, lol.I am willing to help in any way I can, excited about the new room. Glad this thread could be revived!I have made more using the7 than anything else I have tried. I do have 9-5 job right now but nights are open.thanks

Still in AU, retracing on me
In GJ, but close to my stop, not looking good.
Put Bob's 10.2A pivot lines on to see if it helps.

Prosper1
Can you post that indicator

Paul,

If you are looking to take 30-50 pip gains on daily bars, you will get destroyed because you are risking more than you can make. Usually not a good idea. But...respect your feelings. If 100 pip risk is too much for you and i assume you are only doing 2 lots. Go down to one. if doing regular lots, go down to mini lots. if doing mini lots go down to micro lots. its only 10 cents a pip for god sake. thats only 10 dollars for 100 pip move. If you cant afford that......

Paul, did you see my brokerage platform that showed me making over 1400 pips in just days? You cant do that at 30-50 pips at a time. Ahhhhh, thats another thing id like all of you to do. When you put a trade on, as soon as you get in, write in a journal/log(you all keep a log,right???? Of every single trade!!!) Hint-if its a bother, you are overtrading. write down immediately upon entering your trade and stop, how much risk in pips you have taken on for each lot. Then report it top me at the end of the week. This is more meaningful than you think. So everyone would right now be adding up all their trades pip risks into one number,then dividing that number by the amount of trades you entered. Only the entry! ok guys?

You ask if I count saturday and sundays days candles. I didnt know there were any. the week ends now at friday afternoon at 5pm, and begins sunday afternoon which is technically monday for the asians. so there really is no sat or sun bars.

LESSON OF THE WEEK: Did all of you read about me saying that I was not going to take the CHF/jpy short setup today. It was clear as day, and by the way, I love those size bars. Perfect! Not too small where you know youll get dinged out, but not huge risk either. Why didnt I take it? 2 reasons #1-I told you all I usually wont take trades where both bands face up when the trade is short. Everyone look at this chart now to soak it in,please. #2-The news was that japan is going to be under constant downward pressure and that doesnt show in the charts.

I even said..."you have soooo many other trades, why worry about that one" as some of you were about to jump in.
Now tell me the truth...who took that trade? =)

nOW WHAT IS THIS NEW INDICVATOR SOME OEN HERE HAS. iD LIKE TO SEE IT ALSO. gUYS....AS LONG AS ITS NOT TOO MUCH, and doesnt get us sidetracked, feel free to show any new indicators or ideas that you are pretty sure are HELPING you. Because I know not one of you is going to leave life simple and follow my directions. LOL bUT SERIOUSLY, WE ARE A team. Everyone is free to contribute new ideas and even mention news items that might help or hurt us. Dont believe those "experts" who say never follow the news." What I made in pips following this japanese report helped to make this along with my team and the system, the the best week of my forex life.Yes we ignore 97% of news, but the truth is, so much of your money will be made on news if you can take that 3%

TIMES available: Everyone please post here what times they are available to be in the new trade room I may start in 6-8 weeks. Also, is there a chat feature we can use on FF here to all meet over the wekend for like 30 min to talk?

WEEKLY ROUNDUP: IM NOT HAPPY HOW THIS WEEK ENDED UP. NY showed no interest in any of the pairs that I could see. They didnt even punce on the JPY short. Dont get excited yet, they just ran out of money till monday.

The AUD was awful today. It should have just stayed in bed. It didnt create any profit for us, and didnt retract enough to make us any new set ups. The CHF could have stayed home too. Dead! And the EURO as I hit the bullseye again, the only people who made money on it either way were short term day traders on 5 min charts...."LIKE WE USED TO BE,RIGHT FELLAS?

Ok guys, dont go snortin or shortin your weekend away. I think we have a real interesting week coming up. Monday should be more an observing day as we will find out a lot of things about our buddies the 3 stooges, the EUR,CAD,AUD. AND...... WATCH THE NZD! iT HAS BEEN ACTING LIKE A druggie on too much percocet or oxys. Totally lame. Dont be surprised if it wakes up this week. Also NZD is one of the best currencies to try new things on as its daily and even weekly range is very slow compared to other currencies.

I am still very suspicious of any lasting EURO RALLY but if charts say to go long, I may have to hold my nose and do it. Or...pass.

i will be opening a signals thread for this '''the7 system''''' in the interactive trading forum.

please all go and post your signals, as you see them, on that thread. so that everyone can see and benefit from what signals are materialising.

strictly a signals only thread.

anything to do with the actual strategy itself should be discussed here and not on the signals thread.


i will open the thread on monday, so please everyone here join in. it will be good for all.


(p.s. i dont trade this system that often, but out of the 6 trades i have taken, only one had a loss. i wait and look for high probability entries even if it means waiting days on end. i took long on eu last night, currently in profit. once i close this position in profit, that will be 7 wins and just 1 loss. this is a very good daily system. worth sticking to. trust me, i have tested countless number of systems here on ff in the last two years.)

Silat50
It's the hour time frame in me lol. What I have been doing with the daily trades has been setting the sl at the previous high or low and leaving tp open. But when I see the profit at what I used to take muscle memory kicks in and clicks the close button, lol. I think there are chat sites for meetings that are free.
Thanks for the info
Paul
Ps I'll try to stay away from the close button. Lol

Silat 50

Count me in, I will be available for the London session.
One indicator that I have just come across is for supply and demand areas. It is excellent for short timeframes, but as yet have not had sufficent time to analyse it's worth on the daily timeframe. Will monitor and let you know if is worth persuing.
As I can only spend a few hours a day for trading, and generally hope to make 20/40 pips a day, this system should generate more pips, less stress and a happier wife for not neglecting her.
Look forward to working with you and contibuting to the forum.
gregben

Here is the GJ today:

What indicator are you using for the yellow and pink lines?
Thank you.

Silat50
See charts showing supply and demand levels. I picked this one to show you as price is about to enter a supply zone formed way back in Sept 2008. I have included a compressed chart to show this. Theoritically it should provide resistance and reverse but I realise with the Japanese Governments intervention in the Yen this area may not hold. The MA channel is also still pointing up which may see a period of consolidation before any possible reversal. The lower red/pink bands are demand zones formed on the trend up and would provide support to any move down.
gregben

Silat50,
This chart gives an example of a Demand Zone reversing price and also showing potential target.
gregben

Final example
gregben

Those lines are part of NanningBob's 10.2A system. You can find it on Steve Hopwood's site.
I was using them to see if they can be useful as a way to trail the position
Also on the right side it gives the weekly and monthly pivots which can be used for possible train stops.