I'm looking at the GBP/JPY, but I'd like a twist on this indicator and tell me what you think about - Trading Systems

[Deleted] 2007.11.11 00:40 #1611

Bear, I just started studying this indicator last week. Let me put a twist on it and tell me what you think. I'm looking at the GBP/JPY. We just got a long signal on the 15m and 1H charts. We've had an UP on the daily since 219.32. We've had DOWN's on the weekly and monthly since 251.09. I conclude that this up should be contained under 241.36 (4H in DOWN), then we should get a reversal below 231.06 (4H to finish off the DOWN) , but contained above 219.32 (long signal on daily), the we'll get a move UP over 241.36 (daily to finish off UP), but under 251.09 (DOWN's for the weekly and monthly). At that point, we get a massive drop under 219.32 (weekly and monthly to finish off the DOWN's.

Just an observation. I'd like your input. Thanks!

BTW, I'd add the charts, but that would require 6 of them. I thought it would take up too much room.

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Poocher 2007.11.11 01:05 #1612

We have plenty of room...feel free to post 'em!!!

bigbear3391 2007.11.11 01:05 #1613

forex11:
I held the trade for a week and closed out today with a 712 pip profit!!

I took this trade off the 4h time-frame. Now I will wait till I get a up arrow with the right kind of candle formation and hopefully ride the wave back up.

went short at 239.36 and took profit at 232.24

Hey Forex11,

Great job. Keep it up & maybe u & "B" can out and visit me here. I have been slipping on the FTC for a few weeks now ever since I have been here.

Anyway take care. I will call you when I get back to the city. We just got home from a dinner party so Im going to bed cuz...

Bear-

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forex11 2007.11.11 15:06 #1614

yes and no

bigbear3391:
Hey Forex11,

Great job. Keep it up & maybe u & "B" can out and visit me here. I have been slipping on the FTC for a few weeks now ever since I have been here.

Anyway take care. I will call you when I get back to the city. We just got home from a dinner party so Im going to bed cuz...

Bear-

Thanks bigbear, I am happy to get such a large trade, but I am also sad that I still didnt follow the rules of the system. Emotion still got in the way. I should be still in the trade based on the FTC because I dont have a up-arrow yet.

To become a professional trader one needs to learn to have discipline and patience(which for me is very hard to master)

Tradeing on the 4h time-frame, I am looking to capture at least 1000 pips per month (which if you backtest it is very possible and then some)

So now I have to wait for a up-arrow(which could take a while,you never know)

I will talk to you later, see-ya

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Poocher 2007.11.11 15:48 #1615

You know your a serious trader when you're pissed at yourself for closing a trade with a 700 pip profit.

Helps me a lot to see others discipline themselves...I need to do it more.

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Poocher 2007.11.11 15:50 #1616

mpower:
I just have an idea for a filter. It is from Simba's thread. I like his indicator a lot(and his ideas of course this is another story

) Now, I have no idea how well this will work with the bouncing pip, but fact is the xpma satl isolates much of the noise. We can take bouncing pip entries only if the xpma satl(current timeframe) confirms it. Now exits are the hardest part, perhaps we can try exiting on a QQE cross or xpma satl color change....

When you say the satl has to confirm it do you mean price has to cross the moving average?

Thanks for the indicators MPower!

forex11 2007.11.12 00:04 #1617

up arrow

We have a up arrow on the 4h gbp/jpy.

my stochastic filter is at 5

my rsi is at 10

but my mfi is at 45

So i will wait until it falls alittle bit more and wait for a good candle-formation before i jump in to go long

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Poocher 2007.11.12 02:02 #1618

A well formed four hour pin bar just closed on my WHC platform giving a strong sell signal.

But I'm definitely looking to go long on this arrow!

[Deleted] 2007.11.12 02:10 #1619

Does anyone use this indicator as a standalone. Let's say you get the signal, then jump in. It takes off in your favor, set the stop to break even. Let's say it goes against you and hits your stop. Then, just wait for the next signal and get back in. Keep repeating the process until it gets right. After all, it seems clear to me that it is not the W-L pct that is important. Getting in for the ride is the important thing.

BTW, I went long the GBP/JPY and USD/JPY.

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forex11 2007.11.12 09:32 #1620

confirmation

4xpipcounter:
Does anyone use this indicator as a standalone. Let's say you get the signal, then jump in. It takes off in your favor, set the stop to break even. Let's say it goes against you and hits your stop. Then, just wait for the next signal and get back in. Keep repeating the process until it gets right. After all, it seems clear to me that it is not the W-L pct that is important. Getting in for the ride is the important thing. BTW, I went long the GBP/JPY and USD/JPY.

I usually wait for a definite candle-formation along with my mfi either at or below 20 to go long. I generally dont get to many repaints this way.

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