100-300 Pips Per Day Any Pair Any Timeframe Using 2 Indicators - page 7
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I congratulate you for your great spirit!! Thanks so much for sharing this and for helping us understand and use your system safely and profitably.
I am new to forex trading. Done some reading on the basics and I think i am ready to start demoing manually. I took my first ever trade last Tuesday and made 50 pips!! I used 2 indicators (Bollinger Bands and Stochastic Oscillator).
I am going to use your system to demo next week... I have read about many systems in various forums, but yours seems to be the simplest and most profitable one (judging from your results!!!). BTW, what is your daily return as a percentage? and what money management parameters do you recommend for this system.
With regard to the system I have some newbie questions if you don't mind :-). What are the rules for using S/R?. For MACD does it have to switch from negative to positive or is it ok to take a trade when we have a peak? and also for take profit, do we wait for the MACD to reach 0.00 if we entered at a peak? or do we wait all the way until it reaches the opposite peak?
I hope i have explained myself clearly...
I thank you again for this great system!
Mohawash78,
There are 2 trades I shared in this thread. Read #1 & #36.
Trade one is the Mac D reaching 0.00 or crossing. If the 0.00 is close or crossing while the price is crossing just above the S/R you can take the trade. Sometimes it will come back even after it crosses the S/R line.
Another way is if the Mac D reach's 0.00 or crossing and you want to make sure of the move you can wait tell it closes past the S/R.
Sometimes the price is moving so fast that waiting to completely close over the S/R means you might miss out on the move and it could reverse after it closes.
Both have there upside and downsides. That is why it's important to watch this trade and get good at seeing what of the 2 ways fits you best.
Trade Set Up #2
This is were the peak comes in. Read the rules on #36.
I have both Trade Set Ups because if you miss a peak move then Trade Set Up #1 can still be taken.
JS
Updated 2/6/2009 Results
Here is the last trade that hit profit. I'm done for today.
60 pips for the last trade not bad.
382 pips for the day.
JS
do they repaint?
do any of the indicators u use on H1 time frame repaint?
???
hey joe, in order to be a valid entry, price has to cross the red dotted resistance, right?
do any of the indicators u use on H1 time frame repaint?
Most Indicators if not all repaint. In the 1hr time frame I've never had it effect me or even noticed it repaint. So I don't pay attention. It might effect a EA if there was one build for this set up.
JS
Great system is there a EA that trades this technic? Regards
No but I would love a templete built for this as well as an EA. The EA Would be something I would want for a pop up window to tell you when something is getting close to a set up you like. It would make it easier to have all the pairs open and not have to flip through them as much.
Like on trade number 2 the number 3 appears and it tells you this.
I would love on MAC D when it hits 0.00 to have it pop up.
Also If its possible when a Support or Resistance is being tested.
JS
Great system is there a EA that trades this technic? Regards
No but I would love a templete built for this as well as an EA. The EA Would be something I would want for a pop up window to tell you when something is getting close to a set up you like. It would make it easier to have all the pairs open and not have to flip through them as much.
Like on trade number 2 the number 3 appears and it tells you this.
I would love on MAC D when it hits 0.00 to have it pop up.
Also If its possible when a Support or Resistance is being tested.
JS
hey joe, in order to be a valid entry, price has to cross the red dotted resistance, right?
Thats correct. This will help you stay out of sideways markets.
Look how far it goes up after it crosses the red dotted resistance. You might have sold half your position after 15-20 pips and put a stop loss of 15 pips. So if it comes back you break even. Then maybe put a 20 pip trailing stop or a set number of pips to sell the last half.
Look in the beginning of the thread I go over some ideas of how to do the money management of this kind of trade.
JS
Hey JS,
quick question. Do you use the green and red stars (or sun shapes). I checked history and they seem extremely accurate, I mean if you sell at a red star and buy at a green star. Unless these shapes repaint, I think it's a great strategy to follow. What do you think?
.
Hey JS,
quick question. Do you use the green and red stars (or sun shapes). I checked history and they seem extremely accurate, I mean if you sell at a red star and buy at a green star. Unless these shapes repaint, I think it's a great strategy to follow. What do you think?
.I'm not quit sure what your asking but I'll take a shot at it.
You need to look at the 2 different trades I have. #1 & #36 is the 2 sections were the 2 different trades are and what indicator I use for both and how I use them.
The colors might be different on both of our screens. If you can explain with a picture what the red and green are that you see.
Each indicator will change as the price is moving. Don't be fooled by History. In Forex that kills everyone, or tricks you into thinking something is great when in reality it's not. I know everyone has done this one time or another.
Watch this live and trade on demo. You will see what I mean when each indicator comes up and when it repaints. It does not effect my trades much if at all. I don't use the indicators for what the were made for. So when they repaint for me it does not mean much to me.
It's important to stick to the rules I made for these trades. Watch it live and practice.
I do wish it were that easy as It looks on the screen. Oh man would you and I be rich. Good times Good times. Well make sure you watch this live and see how the indicators change as price action changes.
If you read the rules of each trade you will not be distracted by the lie the picture seems to tell. LIVE LIVE LIVE LIVE LIVE I can't say it enouph.
Thanks for your comments
JS