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  • #101
  • Nov 18, 2016 5:11pm Nov 18, 2016 5:11pm
Quoting profitkeeper
Hi Wizlon, Great to see you've got an interesting thread going. I'm going to give your system a try. I have my own methods I use, but so far I haven't ventured into the 5 minute arena.
Hey profitkeeper. I would love to have you on board. When I am looking for reversal trades I always look for the Wolfe wave pattern. It is another strategy that I would urge others to learn. I look forward to your future posts.
Indentify > Plan > Accept > Execute
  • #102
  • Nov 19, 2016 8:09am Nov 19, 2016 8:09am
Quoting twj1usa
For those who need the alerts. This is a two step process depending on what you are
......................
This will not be exact but will pretty darn close to what you want without doing any recoding.

Thanks. This makes it all a lot clearer.
So, indicator "Ma_Cross_Alert_Once_b" has it all. It has the functions as well for desktop alert, email and push notifications for your mobile.
  • #103
  • Nov 20, 2016 5:23am Nov 20, 2016 5:23am
Good system, simple and efficiency!
  • #104
  • Edited 8:55am Nov 20, 2016 7:36am | Edited 8:55am
Quoting wizlon32
667.1% return so far this week using this system.
Wow very impressive, just out of interest what is your DD% so far using this system if you don't mind me asking? Sounds like the R:R is very good though, the system looks simple and makes a lot of sense to me defo subbed and will be starting to test this out tomorrow

I noticed you don't use TP also and watch the trades, but usually what SL do you use / how much risk do you place on each trade? Although I know you have stated you're not generally going to discuss the money management side of things but it would be useful.

Thanks for sharing, keep up the good work.
  • #105
  • Nov 20, 2016 8:21am Nov 20, 2016 8:21am
Quoting Ipodbob
{quote} Wow very impressive, just out of interest what is your DD% so far using this system if you don't mind me asking? Sounds like the R:R is very good though, the system looks simple and makes a lot of sense to me defo subbed and will be starting to test this out tomorrow onwards I noticed you don't use TP also and watch the trades, but usually what SL do you use / how much risk do you place on each trade? Thanks for sharing, keep up the good work.
Last week was my 1st week using this system as a stand alone system. After my NZDUSD trade that I posted i finished the week with over 1300% profit and no draw down. I have now withdrawn a large chunk of my profit and will see how I do this coming week.

I mentioned SL and TP in post 1. I don't use TP generally and my SL varies so it is hard to give you any firm rules for placement. To be honest this is an area that I believe is an individual matter. I think I also said somewhere that I don't stick to the generally accepted rules of money management - what I mean by that is I trade high volume in relation to account size. Often I will hedge my position if the trade goes against me but because I analyse volume I am confident that I can close both positions for profit. I also have a strategy for getting out of a hedged position with minimum loss and hopefully overall profit even if I can't close both positions for profit. This is something that I am still working on and am not ready to share.

I do not want to teach or promote this style of money management at this stage as it carries significant risk and I can not be responsible for others losses.

Good luck for this week and welcome to the thread.
Indentify > Plan > Accept > Execute
  • #106
  • Nov 20, 2016 3:42pm Nov 20, 2016 3:42pm
Well it's now close to market open and I'm sure there will be plenty of opportunities to make money again this week.

Obviously I personally had a very good week last week but I don't want the focus to be on what return I manage to achieve. The only reason I showed my success rate was to show what can be achieved with this system - to be honest I even surprised myself and don't expect to see those returns very often.

So let's focus on the charts and getting the system right. My recommendation for those with little forex experience is to pick 1 pair and focus on it for the week. Take every opportunity that you see that ticks all the boxes in terms of long or short setups. Manage your risk - don't let potential small losses turn in to big losses.

This is not a tipping service. You now have all the tools you need to trade this system and make money by yourself.

Good luck!
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  • #107
  • Nov 20, 2016 4:55pm Nov 20, 2016 4:55pm
Good thread and well done for posting it. I do not like indicators, but I can see they are a crutch for a lot of people. I would suggest a wild modification to your moving averages, to make your system better. I will not post unless you want me to as I respectfully will not hijack your thread. If you don't want me too just let me know.

Well done this thread has the basis of sound advice
  • #108
  • Nov 20, 2016 5:18pm Nov 20, 2016 5:18pm
A quick lesson on volume...

NZDUSD M1

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 49 KB
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  • #109
  • Nov 20, 2016 5:24pm Nov 20, 2016 5:24pm
Quoting Hurst
Good thread and well done for posting it. I do not like indicators, but I can see they are a crutch for a lot of people. I would suggest a wild modification to your moving averages, to make your system better. I will not post unless you want me to as I respectfully will not hijack your thread. If you don't want me too just let me know. Well done this thread has the basis of sound advice
Thank you for your positive comments.

I am interested to hear your idea. Would you mind sending me a PM so I can see and make a decision before it appears in my thread? It's not that I don't think it will be sound advice - I just really want to try to make sure that we all stay to the same template. Hope you understand.
Indentify > Plan > Accept > Execute
  • #110
  • Nov 20, 2016 6:04pm Nov 20, 2016 6:04pm
Quoting wizlon32
A quick lesson on volume... NZDUSD M1 {image}
NZDUSD M5

Again Volume shows the way

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 56 KB
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  • #111
  • Nov 20, 2016 6:09pm Nov 20, 2016 6:09pm
OK thats enough about volume for now. I have already recommended a very good pdf which will explain volume much better than I can.

Off to bed now as I have got work in the morning.
Indentify > Plan > Accept > Execute
  • #112
  • Nov 21, 2016 12:58am Nov 21, 2016 12:58am
Quoting wizlon32
{quote} NZDUSD M5 Again Volume shows the way {image}
Hello,

I have a question regarding that pic. To me it looks like a sell, not a buy. Or did I interpret your rules false?

D.
  • #113
  • Nov 21, 2016 1:16am Nov 21, 2016 1:16am
Quoting DirkH143
{quote} Hello, I have a question regarding that pic. To me it looks like a sell, not a buy. Or did I interpret your rules false? D.
I didn't take that trade based on the rules for this system. I took it based on what the volume was telling me and I used to to try to explain that volume analysis can be very powerful.

I am sure you interpreted the rules just fine.
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  • #114
  • Nov 21, 2016 1:29am Nov 21, 2016 1:29am
Quoting wizlon32
{quote} I didn't take that trade based on the rules for this system. I took it based on what the volume was telling me and I used to to try to explain that volume analysis can be very powerful. I am sure you interpreted the rules just fine.
Ok. For now I stick to the original rules. 1300% profit talk for themself.
What pair are you mainly trading?

D.
  • #115
  • Nov 21, 2016 1:33am Nov 21, 2016 1:33am
Just to make something clear for all, I have described the rules for my system as clearly as I can with both historic and live examples.
But i also want to try to impart as much useful knowledge as I can which will hopefully help some of you to make a success of trading. As I said in post 1, one of the aims of this thread is to help any struggling traders if I can. To me the best way to do that is not to just provide a template and a few rules for long and short entries. The best way to do that is to make this a thread that is full of useful information and techniques.

I am no expert on volume analysis but it definitely helps to have an understanding of it.
Indentify > Plan > Accept > Execute
  • #116
  • Edited 1:56am Nov 21, 2016 1:42am | Edited 1:56am
Quoting DirkH143
{quote} Ok. For now I stick to the original rules. 1300% profit talk for themself. What pair are you mainly trading? D.
My main pairs are AU, EU, GU, NU, UC, UJ, EG, EJ. All fairly low spreads.

I also look at a few minors and the odd exotic. look at my RSI Dash on page 1 and you will see these pairs.

I also like Dax but don't necessarily recommend it. I lost a lot of money to Dax in the past.

Most of my trades are very short term. I would probably describe my trading as high volume scalping. But I want to try to hold a few positions a bit longer. This is something I am working on.

When I say High volume I mean high volume in relation to my account balance. I don't have that much money to trade real high volume.
Indentify > Plan > Accept > Execute
  • #117
  • Nov 21, 2016 1:52am Nov 21, 2016 1:52am
Quoting wizlon32
{quote} My main pairs are AU, EU, GU, NU, UC, UJ, EG, EJ. All fairly low spreads. I also look at a few minors and the odd exotic. look at my RSI Dash on page 1 and you will see these pairs. I also like Dax but don't necessarily recommend it. I lost a lot of money to Dax in the past. Most of my trades are very short term. I would probably describe my trading as high volume scalping. But I want to try to hold a few positions a bit longer. This is something I am working on.
Thankx for the quick response.

D.
  • #118
  • Nov 21, 2016 2:41am Nov 21, 2016 2:41am
Wizlon, great thread and method.
on the 1Hr would you wait for the candle to close or just go in as 3 crosses?
Stop killing our Oceans, Stop using single use plastics.
  • #119
  • Nov 21, 2016 2:52am Nov 21, 2016 2:52am
Quoting wizlon32
A quick lesson on volume... NZDUSD M1 {image}
I have never had an interest in the study of "Volume" in Forex Trading but I have started looking at it.

Obviously, then, I am a novice but I must say I am beginning to think (from what I have seen so far) it will be a valuable confidence-booster when trading setups with this system Wizlon32. Again, I know that this is not the subject of this thread but I am only adding volume to your suggestion that this be considered.

I held my Short GBPUSD_H1 Trade over the weekend with Stop at Break-even. I added to my position earlier today as I saw what I thought was a Trade Setup based on this system, right after an increase in Volume (Yellow Box) which sought to move the price up for a better price for "Short Money". The pull-back (volume spike) took price right up to resistance, according to my indicator. I then took the trade (H1) on break of 50 Level by the RSI_3.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_H1_001.png Size: 17 KB


I flicked over to the M5 Chart (see below) to see what was happening and my eyes "popped". First thought was that I had added to my Short position (H1) much too early but having reviewed the trade, I concluded that the boxes were in fact ticked. However, and more importantly, the M5 Time-frame was a textbook example of what I read this past weekend about Volume and I am going to stick my hand up here, right here, to say that I am a convert.

Attached Image (click to enlarge)
Click to Enlarge Name: Volume_M5.png Size: 23 KB


Note: As this is not a thread about volume I will not elaborate on what I read or saw on this M5 timeframe, but if you are into volumes you will know what i am talking about. If you are not, all good. If you are and the picture is not clear to you, please feel free to send me a PM. I will be happy to explain my humble perspective.
  • #120
  • Nov 21, 2016 3:14am Nov 21, 2016 3:14am
[quote=krismitt;9271383]{quote} I have never had an interest in the study of "Volume" in Forex Trading but I have started

Well done Krismitt! And thanks for the post! Please feel free to elaborate on your thoughts about volume. The subject is so important that I think it should be discussed.
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