55bc
your method
HI >
I like what you are saying
would you please give us a chart or two
thanks
the rest
here is the template if you need it........
oops.............the settings on some of the indicators...........they are set to 55......hence the 55bc title........these settings are used as (to me) like a version of getting a higher timeframe on a 5 minute chart so to smooth the signals out,as we know(or dont)conformation from a higher time frame can confirm trend direction,then so the same can possibly be said about using a higher setting on some indicators to give the general trend on higer timeframes as well as being usfull to smooth out the action of the indicator and provide less wipsaws,,,,,,,,,,,,,,,,,why 55?? well why not.......it worked for me.........plus i started of with 60 but with 55 being a fibo number and very little difference in action well might as well stick with old fibo.......plus 55bc sounds better than 60bc.............or is that just me........anyway it WORKS(for me).....
enjoy..........
......................thestellaman
wow swall........im just about to do what you asked,just wasnt expecting a response so quick,hope you find the screen shots helpfull
.........thestellaman
What a long introduction.... Normally I would just skip it, but if its from thestellaman then its something worth reading....
i like this: "another hard learned lesson.........dont chase a trade let them come to you) life is certainly a lot easier." 
Hi, Thestellaman!
Do you shoot a few lots(positions) and close one by one on the way or only one per trade? (split position)
thank you
p.s. ok, 55-fibo and what is "bc"?
Any chance of sharing the Williams % indicator with us??
Dave
It's stock.
Any chance of sharing the Williams % indicator with us?? Dave
I have not seen this indicator look like he has it on his graph at the bottom~ With the buy zone etc.
If you have it like he has it, would you post it??
Dave
Template Not creating graph like shown. The red and blue shifts are not working??
Dave
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*sorry for the long post
i wasnt sure as to post this method or not as it is not 100% mechanical,which is what the majority of people(or should i say people new to forex and scouring the forums) are looking for these days or even worse some sort of bot to do it for them.
as i say not 100% mechanical as in my opinion (for what its worth) i dont think there can be as there are too many variables to take into consideration.
so what i have got is a method that suits my personal style of trading,which by the way has took me over a year to finally get comfy with,but now i have something that works for me in the timeframe and hours that suit me,which is why i wasnt sure to post it or not(because its personal to me)......but then i thought well the reason i have been around for the past 18months (although i dont post a lot)is that i sat and read through the sytems posted some good and some not so good and picked bits and bobs from some and played around and "tried" to learn something about this crazy world of forex.
more boring stuff....
i think that when anyone posts there method of trading that it is helpfull if they try and describe "WHY" they actually use that method of trading and why they use certain indicators(if any) rather than just post some indicators and say do this when this happens and that when this happens(which even i have done in the past)but i suppose thats what learning is all about.
now if your still reading and havent skipped to the bottom of the page to see a nice coloufull picture and to collect some more indicators for your collection.....then i thank you for your patience
THE POINT.....
as this is a personal trading method .in fact i dont like the word method or system for that matter as its not a method/system but more a conformation of a POSSIBLE entry point in the market that should hopefully reduce the risk of having a losing trade which is the point is it not.......i suppose this is the point that i should reaffirm at this point what a lot wiser and more long in the tooth traders than me will say......shock horror..........THERE IS NO HOLY GRAIL........there is no method or system that will let you pick the top and bottom of trades........BUT.....there is hope,there are hundreds if not thousands of ways to make money trading forex......
RANT OVER......
THE REAL POINT..........
OK.....whilst searching for the easiest most profitable trade..........dam ranting again.........basically here is what I think......no other person or persons shall be held responible for my veiws.........(joke,my smileys aint working)i reckon the majority of methods are basically the same....if you give me 2074 indicators i can show you 7073 indicators that do the same thing,ok maybe not that many but you get the point.
so what do we NEED to know......
ENTRY and EXIT........thats it..........EASY..........I WISH
as i said at the top of this VERY longfirst post(thanks for hanging on)this "method" gives me an entry point that i have narrowed down to give me the best risk of entry into a trade......
i only trade from 7am(gmt) to 12pm(gmt) 5 hours,i have deemed this(for me)the best possible time to trade......WHY.....because we have the close of the ASIAN market the open of the EURO and GB this creates (sometimes) the best volatilty in the market and it will actually move in a particular direction at least long enough to make some pips......plus when i started to make a living from the forex market i thought that it was going to give me more freedom to do what i wanted so i didnt want to sit in front of the pc all day,so to be finished at noon(or earlier) and have the rest of the day to myself was part of my particular rules that i had to come up with AND probably one of the hardest parts to acomplish was to do this even if there was a trade or not(another hard learned lesson.........dont chase a trade let them come to you)life is certainly a lot easier.
currency pair.......
i only trade 1 currency pair and that is the GDB/USD,the reasons behind this are that if i can make pips consistantly on 1 pair than why do i need to go through the hassle of watching multiple pairs(again my preference,but logical,no??) secondly its easier (for me) to keep an eye out for specific news items that may interfere with a possible trade if i only trade one pair as i now now without looking at any news charts when said news events are going to happen also the GDB/USD gives me enough movement of price to enable me to make my required pips.
so thats the currency pair taken care off.....
time frame.....
again i only use 1 time frame .....i trade off a 5 minute chart,reason being that it gives me reasonably early entrys into a trade....i like day trading(just now)as i still feel like i have some sort of job and im doing something constructive(for a few hours at least)and that on the smaller timeframes the risk is a lot less than on higher timeframes.
indicators......
like i said above there is only 2 things we are looking for when we want to trade an ENTRY and an EXIT .
so i use 4 indicators to give me my entry into a trade.....
RSI
TRENDENVELOPES
STEP MA
WILLIAMS%
i suppose thats the mechanical part of the method........and as always the exit is the hard part.........or is it..........
to exit a trade i use a various mentage of things.....gut feeling.....am i in profit.....but usually pivots and resistance support lines,thats why it is not 100% mechanical so thats why i cant post a specific entry and exit method for you because the exits are determined differently on each specific trade.
so to the indicators....
RSI is a strange one for me to describe,i just like the way it follows price rather closely and can provide good resistance and support levels when it crosses the 50 line.also one of my filters
TRENDENVELOPES is basically a moving average cross on the close of a particular setting,i liked this as it was one of the first that i configured myself to send me an email(well i was chuffed at the time) but on the setttings i use this is the mainstream of my entry into a trade,i will wait on this to signal me and then confirm with the other indicators
STEPMA is my main filter into a trade this keeps me out of more rubbish trades than anything else,again a variation of a moving average
WILLIAMS% this indicator is an overbought / oversold indicator but i dont use it for that,it can be a good indicator of overbought/oversold but again sometimes it can sit in these zones for rather a long time and this is the function that i use this indicator,this is probabably my final confermation of entry into a trade PLUS also provides sometimes an early signal to EXIT a trade,hence going back to the overbought,oversold side of the indicator
i use a couple of other indicators but there just for show and do not provide a function other than show me my area of trade time and the current spread as we all know sometimes brokers(funny how that word ryhmes with wan*ers)like to spring a wee suprise on us......funny........not
so thats the indicators that i use to give me my entrys into a trade so like the majority of methods/systems it is a trend following method,hence the reasons for the indicators that provide the filters and the reason for only trading the best time(for me)
i know that this method gives lots of other profitable trades during the day but heho......
EXITS......firstly i look to make at least 20 pips on each trade sometimes i take more sometimes less sometimes i even have a loss as i said wayyyyy up at the top of the page exits are discrecionary but usually involve a daily pivot and resistance/support levels as well as the WILLIAMS% indicator coming out of a buy/sell zone,but if the thread grows a little then i can go into more detail about why i exit from a trade,but if a trade goes 10 pips in profit then i WILL NOT let that trade become a loss when 20 pips is reached i will at least lock in 10 pips and if 20 is reached then i will lock them in and let it run if it wants to if its a nice perfect trade then it usually does if not then i have still got 20 pips for the day i gave up chasing 80/100 pip moves a long time ago
STOPLOSS..........hmmmmmm what can i say about trading with a stoploss,certainly a diveded subject within the trading community,some swear never to trade without one and some swear never to trade with one ????? so which camp am i in...........well i never put a stop in my trade orders i will do it manually....i.e i have a specific stop in mind but i wont let broker know what it is........yes i know the paranoia is still ther,but it actually helps me if i do it manually,ok some times but not very often if price moves that fast i might get a requote but to date i can count them on 2 fingers,so i dont worry about watching my stoploss manually.........what is it....oh yer .......it is usually around the 15-20 pip region....again it varys with each individual trade,but will never be more than 20 pips again the majority (thankfully) of trades are ones that im in and out before any major retrace happens so it is not really a problem(yet)
well finally i think the end has come,sorry it dragged on so long but trust me this was the edited version
so thank you if you read the above post and please feel free to rip apart all my hard work.................
so i suppose time to post the important part,,,,,,,,the indicators and a few picts, i think from the picts that its quite self explanatory.so lets see what you think.......
P.S......PLEASE dont ASK me what timeframe/pair/colour of socks i wear/bank statements/credit card numbers/my dogs middle name/stoploss as its all above in that nice long post for you to spend a few minutes reading....
enjoy................
.............................thestellaman