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The Spartan Trader FX System

  • #81
  • Jan 20, 2017 5:55am Jan 20, 2017 5:55am
I want to say a big thank you to Nikos Mermigas for having shared a lot of his system for free.

Too bad my daily schedule does not allow me to apply for his live sessions.
But as soon as I can find enough free time I will definitely register to his next weekly workshop, I regret I missed Santorini last October.
I used to be indecisive but now I'm not so sure...
  • #82
  • Jan 20, 2017 6:11am Jan 20, 2017 6:11am
Ascending triangle on AUDNZD H1:
Attached Image (click to enlarge)
Click to Enlarge Name: (Image PNG, 1586 × 769 pixels) -5-.png Size: 128 KB
I used to be indecisive but now I'm not so sure...
  • #83
  • Jan 20, 2017 6:19am Jan 20, 2017 6:19am
Quoting GregT
{quote} So what SL tactic would you have used with AU given the way it looked? Do you employ a default SL tactic (e.g. behind most recent H4 swing point) when there is no other reason to change it?
Hi greg, I don't know if I have a tactic for this but I do try to avoid placing them in obvious areas of demand/supply especially if its swing trading where the targets are quite far. You mention stops behind most recent swing, but better behind the highest/lowest recent swing. Here's an example of where I would consider placing stops based on a 1hr chart. Remember that if you trade from the higher tf then targets & stops should be based on that regardless of whether you entered on the 5mins or 1min. Please correct me if you think I'm wrong as I am new to trading & therefore still learning.

Attached Image (click to enlarge)
Click to Enlarge Name: cT_cs_7034700_AUDUSD_2017-01-20_13-55-34.png Size: 80 KB
who dares wins
  • #84
  • Jan 20, 2017 6:34am Jan 20, 2017 6:34am
Quoting Filipo1
{quote} Sorry for the trouble, this weekly Fibonacci is more orthodox and leads us to 0.7817 next major resistance. Interesting how the 200EMA is spot on. {image}
Hi Filipo, I still have longs on au that missed their t/p overnight. Now I'm in negative but I still feel bullish so will hang on even though its the Trump show today. By the way how does the Spartan strategy use Fibonacci?
who dares wins
  • #85
  • Jan 20, 2017 6:37am Jan 20, 2017 6:37am
Quoting Filipo1
Ascending triangle on AUDNZD H1: {image}
Good call by the way.
who dares wins
  • #86
  • Jan 20, 2017 6:44am Jan 20, 2017 6:44am
Quoting MasterJedi
{quote} Hi Filipo, I still have longs on au that missed their t/p overnight. Now I'm in negative but I still feel bullish so will hang on even though its the Trump show today. By the way how does the Spartan strategy use Fibonacci?

Hi MasterJedi, I do not remember seeing Nikos using Fibonacci but I do because I am worth it
After Fibonacci I consider Nikos as my second mentor and and I need to pay tribute to them every day for drawing my attention on such fundamental keys.
Of course regarding Fibonacci and his golden ratio it goes way beyond trading, straight to the source of universe.
I used to be indecisive but now I'm not so sure...
  • #87
  • Jan 20, 2017 6:47am Jan 20, 2017 6:47am
What about Gold? I used to be indecisive but now... I am not so sure, as some unknown but now famous author once said
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Gold weekly.png Size: 127 KB
Click to Enlarge Name: Gold daily.png Size: 142 KB
Click to Enlarge Name: Gold H4.png Size: 113 KB
Click to Enlarge Name: Gold H1.png Size: 118 KB
Click to Enlarge Name: Gold M5.png Size: 129 KB
I used to be indecisive but now I'm not so sure...
  • #88
  • Jan 20, 2017 7:12am Jan 20, 2017 7:12am
Quoting Filipo1
{quote} Hi MasterJedi, I do not remember seeing Nikos using Fibonacci but I do because I am worth it After Fibonacci I consider Nikos as my second mentor and and I need to pay tribute to them every day for drawing my attention on such fundamental keys. Of course regarding Fibonacci and his golden ratio it goes way beyond trading, straight to the source of universe.
Haha yes I'm sure you are worth it. If I may ask you a question about fibo which has puzzled me. If you trade from 4hr/1hr charts is it better to set up the fibo on the daily (higher tf), so you have the daily fibo on all the lower tf's? or does the fibo work best when matched to the tf your on?
who dares wins
  • #89
  • Jan 20, 2017 8:17am Jan 20, 2017 8:17am
Quoting MasterJedi
{quote} Haha yes I'm sure you are worth it. If I may ask you a question about fibo which has puzzled me. If you trade from 4hr/1hr charts is it better to set up the fibo on the daily (higher tf), so you have the daily fibo on all the lower tf's? or does the fibo work best when matched to the tf your on?
I usually plot the Fibonacci retracements on daily or weekly charts. However you would be amazed to check the extensions results from one single candlestick analysis. You can check EURUSD daily candlestick from24Jun2016 (Brexit day) and see that nearly all price action since then fits into the 0/200% range.
I used to be indecisive but now I'm not so sure...
  • #90
  • Jan 21, 2017 10:00am Jan 21, 2017 10:00am
hi jedi, the whole purpose of entering on a 5 min or renko chart is to have a very low stoploss . When you enter a 123 h4 / h1 with 5 minute entry you stop loss should also be based on 5 min, but its upto you if you dont feel comfortale with tight stoploss. I usually look for 30mins /15mins entry and take trades on 1 min chart . The strategy works on all timeframes, cause its like fractals , the pattern repeats itself ,as i am not comfortable trading wwith stops more than 30 pips. Iry have taken an entry on audnzd on h4123 and taken a 5min entry. I entered at 1.0535 with a SL @ 1.0515 .
>>> Trade like nobody is watching
  • #91
  • Jan 21, 2017 1:01pm Jan 21, 2017 1:01pm
Quoting falkenboi
hi jedi, the whole purpose of entering on a 5 min or renko chart is to have a very low stoploss . When you enter a 123 h4 / h1 with 5 minute entry you stop loss should also be based on 5 min, but its upto you if you dont feel comfortale with tight stoploss. I usually look for 30mins /15mins entry and take trades on 1 min chart . The strategy works on all timeframes, cause its like fractals , the pattern repeats itself ,as i am not comfortable trading wwith stops more than 30 pips. Iry have taken an entry on audnzd on h4123 and taken a 5min entry....
Hi falken, thanks for contributing. I know what you mean, the key is to find good trades more often than not in any case. If your stop is based on a 5min chart then I assume your target is also based on that 5min chart? It wouldn't make sense to me if the stop was based on 5min but the targets on 4hrs. Do you see what I mean? But if you trade from extreme points at key levels then stops can be a lot tighter.
who dares wins
  • #92
  • Jan 21, 2017 1:43pm Jan 21, 2017 1:43pm
Quoting MasterJedi
{quote} Hi falken, thanks for contributing. I know what you mean, the key is to find good trades more often than not in any case. If your stop is based on a 5min chart then I assume your target is also based on that 5min chart? It wouldn't make sense to me if the stop was based on 5min but the targets on 4hrs. Do you see what I mean? But if you trade from extreme points at key levels then stops can be a lot tighter.

Hi MasterJedi, from my perspective it makes a lot of sense to adjust your S/L on 5min. for a daily or even weekly setup. In fact if I understood correctly this Spartan system this is for this very specific reason of choosing the best possible entry point that the top-down analysis has to be systematically checked, at least that is what was teached in various webinars from Nikos which videos are easily available on the web. By ideal entry point you should understand the one that will give you the highest risk/return ratio.This is the exercise I did on my XAUUSD study above. By the way I entered with a very tight S/L which I trailed to breakeven in the meantime.
Hoping this helps.
I used to be indecisive but now I'm not so sure...
  • #93
  • Jan 21, 2017 3:42pm Jan 21, 2017 3:42pm
Well this has given me something to think about, cheers guys. But I assume 'generally' the risk ratio should be 1:1 but if you find a good entry on lower t/f then it can be much better. Will hopefully improve my so called 'stop strategy'
who dares wins
  • #94
  • Jan 21, 2017 5:43pm Jan 21, 2017 5:43pm
Quoting MasterJedi
{quote} Hi greg, I don't know if I have a tactic for this but I do try to avoid placing them in obvious areas of demand/supply especially if its swing trading where the targets are quite far. You mention stops behind most recent swing, but better behind the highest/lowest recent swing. Here's an example of where I would consider placing stops based on a 1hr chart. Remember that if you trade from the higher tf then targets & stops should be based on that regardless of whether you entered on the 5mins or 1min. Please correct me if you think I'm wrong...
Thanks for your insight MJ - appears that we approach SL placement in a similar way.

I have developed my approach over the past few years from lessons from hundreds of trades I have completed in my live account. I found that price is so volatile in the M5 up to H1 TF that I can never seem to rely on using the closest few swing points on the entry TF if I want to stay in the trade for a decent return, so I decided to use the H4 TF swing points as my default and calculate the appropriate number of positions according to that range - I currently risk 5% of my account per trade as I am only trading with a $500 account so that usually only gives me 2 or 3 micro lots per trade.

I figure that if there is momentum in the trend that I think I am seeing, then putting the SL behind the H4 point 3 level should be good enough as price should take out the point 2 if I have picked the right time to enter. I may look for an entry on the M5 TF if I have missed the ideal entry on H4 or D1 but I will still use the H4 TF to find an initial SL level.

Managing the active trade is another issue for me it seems, as I get exited so often during Day 1 or 2 of my trade (during the NY session typically when I am sleeping) because I not yet found the the ideal way to manually trailing my SL far enough away from price to avoid being exited while locking in profits as they develop.
  • #95
  • Jan 21, 2017 6:09pm Jan 21, 2017 6:09pm
Quoting falkenboi
hi jedi, the whole purpose of entering on a 5 min or renko chart is to have a very low stoploss . When you enter a 123 h4 / h1 with 5 minute entry you stop loss should also be based on 5 min, but its upto you if you dont feel comfortale with tight stoploss. I usually look for 30mins /15mins entry and take trades on 1 min chart . The strategy works on all timeframes, cause its like fractals , the pattern repeats itself ,as i am not comfortable trading wwith stops more than 30 pips. Iry have taken an entry on audnzd on h4123 and taken a 5min entry....
Quoting MasterJedi
{quote} Hi falken, thanks for contributing. I know what you mean, the key is to find good trades more often than not in any case. If your stop is based on a 5min chart then I assume your target is also based on that 5min chart? It wouldn't make sense to me if the stop was based on 5min but the targets on 4hrs. Do you see what I mean? But if you trade from extreme points at key levels then stops can be a lot tighter.
Quoting Filipo1
{quote} Hi MasterJedi, from my perspective it makes a lot of sense to adjust your S/L on 5min. for a daily or even weekly setup. In fact if I understood correctly this Spartan system this is for this very specific reason of choosing the best possible entry point that the top-down analysis has to be systematically checked, at least that is what was teached in various webinars from Nikos which videos are easily available on the web. By ideal entry point you should understand the one that will give you the highest risk/return ratio.This is the exercise...
Falken / Jedi / Filipo,

You might get a smaller SL if entering via M5 TF but I think you end up risking more and consuming your account faster if you are not seeing success?

Consider this scenario:

  1. SL on M5 entry might be 15 pips (1xR) to the previous swing point at the Point 3 on the S123 M5 setup.
  2. For the same setup where you enter on the M5 setup, you could also decide to use a SL based on the Point 3 in the H4 S123 setup (e.g. it could be 110 pips or some other large value)
  3. If you usually risk 2% of your account on each trade for example, your number of positions is calculated according to the 2% and SL value (15 pips for the M5 setup)
  4. if your trade fails then that 2% gets consumed within 15 pips or 110 pips depending on which SL approach you implemented. Losing 2% within 15 pips gives you very little buffer to let the market ebb and flow through different trading sessions or gather momentum
  5. however, if your trade succeeds then you get a 2% return when price hits 1xR (15 pips or 110 pips) and up to a 4% return when price hits 2xR (30 pips or 220 pips) depending whether you have scaled out some positions at 1R or not


I personally like the scale out approach promoted by Nikos as it locks in some profit at 1R and allows me to tighten the SL for the remaining positions to try and maximise the profits if price maintains momentum.

I would love to hear whether anyone disagree with my logic here as my trading will need to be adjusted if I am wrong.

  • #96
  • Jan 22, 2017 2:56am Jan 22, 2017 2:56am
Quoting GregT
{quote} {quote} {quote} Falken / Jedi / Filipo, You might get a smaller SL if entering via M5 TF but I think you end up risking more and consuming your account faster if you are not seeing success? Consider this scenario: SL on M5 entry might be 15 pips (1xR) to the previous swing point at the Point 3 on the S123 M5 setup. For the same setup where you enter on the M5 setup, you could also decide to use a SL based on the Point 3 in the H4 S123 setup (e.g. it could be 110 pips or some other large value) If you usually risk 2% of your account on each...
Hi GregT, I understand your logic and it is coherent.
However from the Gold charts above please consider this:
- the weekly trend is king here and is bullish oriented with the start of an upward 123 setup.
- the daily is showing a beginning retracement on S/R line but still bullish oriented with 12EMA having crossed above 36EMA.
- on H4 you have a starting bearish 123 setup detailing the short retarcement.
- on H1 you have a burgeoning bullish 123 setup after rebounding on 200SMA
- on M5 the detailed bullish rebound where ideally I would have bought at 1200 with stop-loss at 1198. I entered long at 1202.5 so with $4.5 risk to S/L
which was reduced to 0 after I trailed my S/L to breakeven when price action reached 1210.

What I want to stress here is that as long as your M5 setup is correctly oriented in accordance to at least daily but preferably weekly, you should be ok.
In addition you can see from this example that starting from H4 is not necessarily ideal.
However the weakness of this system is that it is very dynamic, not the kind of set-and-forget with clear exit point etc...
I had a free day on Friday and therefore could watch it closely. On workday it could turn into a nightmare and I use another strategy
that is described in this thread which for me as worked well as the ideal Keep-It-Simple-Strategy:
http://www.forexfactory.com/showthread.php?t=600112

All the best.
I used to be indecisive but now I'm not so sure...
  • #97
  • Jan 22, 2017 9:15am Jan 22, 2017 9:15am
Quoting Filipo1
{quote} I usually plot the Fibonacci retracements on daily or weekly charts. However you would be amazed to check the extensions results from one single candlestick analysis. You can check EURUSD daily candlestick from24Jun2016 (Brexit day) and see that nearly all price action since then fits into the 0/200% range.
Better with an illustration:
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD D.FIBO..png Size: 132 KB
I used to be indecisive but now I'm not so sure...
  • #98
  • Jan 22, 2017 12:56pm Jan 22, 2017 12:56pm
Hi everyone, my bearish view on Sugar:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: SUGAR W.bis .png Size: 123 KB
Click to Enlarge Name: SUGAR D.bis.png Size: 118 KB
Click to Enlarge Name: SUGAR H4.png Size: 121 KB
Click to Enlarge Name: SUGAR H1.png Size: 105 KB
Click to Enlarge Name: SUGAR M5.png Size: 107 KB
I used to be indecisive but now I'm not so sure...
  • #99
  • Jan 22, 2017 4:36pm Jan 22, 2017 4:36pm
Quoting Filipo1
Hi everyone, my bearish view on Sugar:
Apologies Filipo, I dont trade commodities yet...only focused on forex for now until I get the consistency I seek then will look to try it on other trading instruments like agri commodities
  • #100
  • Jan 23, 2017 2:27am Jan 23, 2017 2:27am
Hi GregT, an H4 ascending triangle for you:
https://www.tradingview.com/x/FJiuEyQZ/
I used to be indecisive but now I'm not so sure...
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