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The perfect trading system

  • #1,061
  • Edited Apr 9, 2013 2:25am Apr 8, 2013 7:29am | Edited Apr 9, 2013 2:25am
THE MASTERCHART - SIMPLE, PRAGMATIC AND EFFECTIVE

I thought I should draw attention to the simple, pragmatic and effective characteristics of the Masterchart. What a trade need to is develop the discipline and patience to follow every 1000 pips. If you combine this with following one weekly candle at a time, you can never miss your way. Observe how the weekly candles/charts moved from one Masterchart level to another i.e. 120 to 130; 130 to 140 and now from 140 to 150.

This post is just a reminder in case some still don't get it! See the monthly and weekly charts for GBPJPY as at this morning.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpy monthly2 - april 8.gif Size: 17 KB
Click to Enlarge Name: gbpjpy monthly - april 8.gif Size: 17 KB
Click to Enlarge Name: gbpjpy weekly1 - april 8.gif Size: 15 KB
Click to Enlarge Name: gbpjpy weekly2 - april 8.gif Size: 17 KB
  • #1,062
  • Apr 15, 2013 3:17am Apr 15, 2013 3:17am
Hello to all, and thanks to 'Articulate' for providing a simple and sensible method for trading.
I have set up my master charts as per instructions on page 19 of this thread.
I havent read the total thread as it is pretty long, but some of my charts end up showing the lower RSI level above the '30' line, which doesnt correspond with the look of the charts I have looked at in the thread...........is this ok or am I doing something wrong. {pls see attch below}
Thanks again to 'Articulate'
Attached Image (click to enlarge)
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Winning isnt everything but coming second sucks (Charlie Brown)
  • #1,063
  • Apr 16, 2013 2:58am Apr 16, 2013 2:58am
jjre65,

As a new member the first advise I will give is that it is dangerous to take decisions in FX based on incomplete information. You need to take time to read and understand the trading strategy discussed here first before you can apply it successfully. To guide you I will advise you back to the first page and search for the posts on the steps mentioned under the "Mindset of a Successful Trader".

Your chart is horribly wrong. You buy zone is out of place. Go back to Page 19, set your RSI on 14 days period and follow the steps stated there and you will create a chart similar to the ones here. Most importantly you do not take trading decisions based on RSI alone. Search for a post titled "My view on RSI" to understand how to trade using RSI.

Have a good day!


Quoting jjre65
Hello to all, and thanks to 'Articulate' for providing a simple and sensible method for trading. I have set up my master charts as per instructions on page 19 of this thread. I havent read the total thread as it is pretty long, but some of my charts end up showing the lower RSI level above the '30' line, which doesnt correspond with the look of the charts I have looked at in the thread...........is this ok or am I doing something wrong. {pls see attch below} Thanks again to 'Articulate' {image}
  • #1,064
  • May 7, 2013 1:24pm May 7, 2013 1:24pm
GBPUSD Update:

The cable broke the 150 barrier in April and the pressure is to be upside but 155 Masterchart barrier at 155 needs to be taken out. The pair has since been consolidating between 150 and 155.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpy - monthly.gif Size: 17 KB
Click to Enlarge Name: gbpjpy - weekly.gif Size: 15 KB
  • #1,065
  • May 7, 2013 1:33pm May 7, 2013 1:33pm
USDJPY is still trying hard to break the 100 price barrier since it bullish run began in July 2012. The pair currently consolidation between 95-100 price range. Will it break out of this range this month? Only the price action could tell. Follow a weekly candle at a time and you will know the direction.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: usdjpy - monthly.gif Size: 15 KB
  • #1,066
  • May 7, 2013 1:37pm May 7, 2013 1:37pm
The cable found a base at 1.4800 and gradually making its way up. 1.5300 Masterchart barrier is taken and its seem to be targeting 1.5800. The range? 1.5300 - 15800. Simple!
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: usdjpy- weekly.gif Size: 17 KB
  • #1,067
  • May 7, 2013 1:41pm May 7, 2013 1:41pm
The range of the new Goldmine is clearly to any discerning observer - 125 - 130. Will it go to 135 or drop down to 130? Only the price action could tell!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpy - monthly.gif Size: 16 KB
Click to Enlarge Name: eurjpy - weekly.gif Size: 14 KB
  • #1,068
  • May 7, 2013 1:46pm May 7, 2013 1:46pm
This is my last set of charts this month - NZDJPY. Anybody who is smart enough should be able to read and interpret these charts. If there is anything spectacular occurs during the month, I will post again. If not, my monthly update is adequate to guide any wise trader.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzdjpy - monthly.gif Size: 14 KB
Click to Enlarge Name: nzdjpy - weekly.gif Size: 13 KB
  • #1,069
  • May 8, 2013 5:40am May 8, 2013 5:40am
what program you using for these charts
  • #1,070
  • May 8, 2013 12:45pm May 8, 2013 12:45pm
I am seeing the RSI and 3 levels have been set which is understandable but what about the blue and yellow lines. Are these entry point and profit target levels that will be used while trading.
  • #1,071
  • May 8, 2013 6:03pm May 8, 2013 6:03pm
Quoting hedging
I am seeing the RSI and 3 levels have been set which is understandable but what about the blue and yellow lines. Are these entry point and profit target levels that will be used while trading.
The blue and yellow lines are the supports and resistances(S/R). Watch the price action (reversal candles) at these S/R level for entry.
  • #1,072
  • May 9, 2013 2:06pm May 9, 2013 2:06pm
Quoting Carlfeldman
what program you using for these charts

I drew the charts manually!
  • #1,073
  • May 9, 2013 2:40pm May 9, 2013 2:40pm
Quoting hedging
I am seeing the RSI and 3 levels have been set which is understandable but what about the blue and yellow lines. Are these entry point and profit target levels that will be used while trading.
The Yellow and blue lines are the MasterChart Support/Resistance Levels of 1000 and 500 pips respectively. Search for my posts on MasterChart and "Trade Friendly chart" to better understand the lines on my charts and the RSI.
  • #1,074
  • May 9, 2013 3:36pm May 9, 2013 3:36pm
I would like to ask: if I draw support and resistance on the TF Weekly these are the same that we see on Daily, H4, M15?
or I have to draw S / R for each specific TF: Weekly, Daily,
H4, M15.
I apologize for the trivial question but very important to me
I will appreciate it, thanks for teaching
  • #1,075
  • May 10, 2013 8:56am May 10, 2013 8:56am
@caravan It is adequate to draw your support/resistance on the weekly time frame. You will find them on the other time frames.


Quoting caravan
I would like to ask: if I draw support and resistance on the TF Weekly these are the same that we see on Daily, H4, M15? or I have to draw S / R for each specific TF: Weekly, Daily, H4, M15. I apologize for the trivial question but very important to me I will appreciate it, thanks for teaching
  • #1,076
  • May 11, 2013 6:58am May 11, 2013 6:58am
Articulate Good morning, thanks for the reply.
You could kindly publish a chart EUR / USD weekly current to be able to consult with my graphic, and so I would be safer to enter the next market. I learned a lot from her, I know that too much to ask, but I'd really like publish the chart.
I like to ask you a big hug and a good job. Caravan
  • #1,077
  • May 11, 2013 8:55am May 11, 2013 8:55am
The most important items in your thread that cannot be stressed enough is to have a trading plan for without it your business will surely fail. Once you have a trading plan, have the courage and discipline to follow it religiously. The second thing I feel is critical is to be a good money manager for without a plan or money management strategy you will be dead on arrival. Over the last year I have seen my account evaporate and now after getting rather bloodied, I am now trying to enter my trades with a realistic goal of trying to achieve at least a 2-5% monthly return on my account. Being over marginalized and remaining in a bad trade too long without an exit strategy or "retreat strategy", caused me to loose months of gains with only a few substantial losses. If your profit factor on your account is not above 1.0 you are loosing money. If you are trading Dollars for Pennies instead of Pennies for Dollars you need to re-think your trading plan. Just like gambling in Vegas, if the dealer at the blackjack table is taking $1.50 of your money for every $1.00 you are winning, you are still loosing and the dealer or the casino will eventually have all your money.
  • #1,078
  • May 16, 2013 1:54pm May 16, 2013 1:54pm
I really dont believe in a perfect trading system because there is no such system and if we can get 70% winning ratio then it can be called a perfect trading system according to me. A 100% profit system is almost impossible.
  • #1,079
  • May 16, 2013 3:52pm May 16, 2013 3:52pm
You are correct about trading systems and there are a lot of systems out there that claim to be fool proof or lead you to believe that because they are generating a high winning percentage that they are making money. My point was that it isn't the amount of wins over losses but the value of those wins over losses that tells the true story. In 13 months of trading I had 381 wins over 78 losses with a winning % of 83.0%.

At first glance it looked impressive till I took a closer look at what those 381 wins generated in terms of actual dollars versus the draw down from those 78 loosing trades. The 381 winning trades generated $14,647 averaging about $38 per winning trade while the losing trades totaled -$29,597 averaging -$379. The result was a Net Loss to this account of -$14,950.

While there were numerous reasons for the above results, I believe the main reasons were being over marginalized and staying in loosing trades too long without any exit strategy in place.
  • #1,080
  • May 16, 2013 6:18pm May 16, 2013 6:18pm
Quoting Articulate
The EURO is poised for a possible great move. It could be up to 1000 pips or more in either direction from the current price of about 1.2650. After the move a bounce of at least 500 pips should be anticipated. To give yourself a chance of benefiting from this move, place a pending sell at 1.3700 and a pending buy at 1.7000. ...
I find your explanations very clear, thank you for your effort! However this time I am puzled (as was Mr Chia). Did you really mean 1.7000 for pending buy or was it meant to be 1.1700?
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