100-300 Pips Per Day Any Pair Any Timeframe Using 2 Indicators - page 29
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100-300 pips per day ???
First of all, allow me to thank joesmoe and everyone who has contributed to this thread. Your contributions are extremely appreciated, and it makes learning so much easier.
I am only a newb, who has been following this thread for 2 weeks and finally yesterday I had a go on the demo account, and here are some results.
Do not take any notice of the 'bad' trades, as I am only learning. For those of you who want to know, all the results were achieved with #2 method, as I am struggling to get my head around the #1 method, not that there is anything wrong with it.
From my calculations, the good trades were as follows:-
eurchf = 77 pips
gbpchf = 287 pips
eurgbp = 84 pips
eurusd = 88 pips
------------------
TOTAL = 536 pips
If I can do it, anyone can do it !
By the way, I think I was being greedy when the gbpchf got to 310 pips and I thought it might go further. But it caught me by surprise and quickly went the other way.
For what it's worth.
Good luck trading everyone.
Nik
Nikolaus, I have the reverse problem. I'm ok with method 1, but not #2. Can you post a chart of one of your #2 trades?
joesmoe:
For Trading System 2:
You indicated to exit after the maximum peak at the opposite side of the MACD. What if the MACD bar starts to reverse before it crosses the line to reach the opposite side? Also, for both trading systems, do I make decisions only after the completion of the bar (not when it is still moving/drawing)?
the 3 Level ZZ makes my PC crash...is it just me ? Edit: to be more precise, it makes my Metatrader crash.
Traderlarry,
It does not mine. Who do you use as your broker. I use FXPro.
Maybe use fxpro as your demo or to watch and leave your live account without 3 Level ZZ.
JS
Nikolaus, I have the reverse problem. I'm ok with method 1, but not #2. Can you post a chart of one of your #2 trades?
robp,
Look at #36 thread. It shows the reversal happening. I say take it 2-3 bars from the peak. You will have to have a way of gauging what is better for you 2-3. Lots of people in this thread go to a lower time frame after the peak shows reversal for an entry.
Example: Set Up #2 hits a high you wait for the next Mac D bar to form lower then the high showing a reversal. Then you wait for the next bar to see if its lower. Now you have to closed lower bars. Now you might even wait for the 3rd bar to make sure. Then you go to a 1m-5m chart and look for price to cross S/R and the take the trade.
Hope that helps
JS
joesmoe:
For Trading System 2:
You indicated to exit after the maximum peak at the opposite side of the MACD. What if the MACD bar starts to reverse before it crosses the line to reach the opposite side? Also, for both trading systems, do I make decisions only after the completion of the bar (not when it is still moving/drawing)?In that example that was correct. If the MACD bar starts to reverse and it closes before it crosses the line to reach opposite side. Then that would be a great place to exit.
I have lots of exit strategies I use. Read through the thread there are lots of Ideas on exit for both trade set ups.
JS
I read something interesting concerning a trading system using zigzag indicators. The system requires to check zigzag peaks in three different timeframes. That criteria could be applied to your system #2 as well, I think it could make it better since ball #3 repaints.
Also, I am using harmonic patterns with system #2 (see pic). They are believed to be high probability signals and they are kind of non lagging. I will demo this setup for a while to see what it does.
Chamane
I read something interesting concerning a trading system using zigzag indicators. The system requires to check zigzag peaks in three different timeframes. That criteria could be applied to your system #2 as well, I think it could make it better since ball #3 repaints.
Also, I am using harmonic patterns with system #2 (see pic). They are believed to be high probability signals and they are kind of non lagging. I will demo this setup for a while to see what it does.
ChamaneChamane,
Zig Zags repaint alot. You just don't see it when you are looking a a picture. Watch Zig Zags and you will know what I'm talking about. In a sense all you need is his (14) MFI and watch it in 4ht time frame. The Zig Zags would already be the same in every time frame if it went above and below the 80 -20.
Zig Zags are not bad just not my cup of tea. You would be better to put up the (14) MFI right on top of the 11,12,11 Mac D. Then change the 1hr to 4r on ever pair to see were it is at. If it is above the 80 then click down to 1hr then to a 30min. If you see what he says is his set up then take the trade. You don't need 3 different time frames.
The reason I bring that up. Just look at his 4hr chart on his first thread GBPJPY. To take his trade you would have had to caught that on the 11/1/09. It looks like it did not hit the 80 or 20 at all after that for 18 days. So you will want to get this as often as possible. So you will need multiple pairs up in order to get your more trading opportunity.
All systems have one flaw in them and that Divergence. So far I trade divergence when I see it by taking small trades crossing the S/R until it stops. I'm sure there is a way to see if before it comes. I'm on a mission to find that. Right now I take a loss when it comes up and make it back and then some will divergence is happening.
Just some of my thoughts.
JS
To joesmoe
Can you please tell me whether I should have taken the trade shown on attached chart.
The #3 came up where shown, and I did not like the entry initially so I waited for a while, subsequently going long at 21:24. The trade did not proceed the way I thought, and it almost reached the S/L.
The entry #3 repainted a couple of times, so it made me somewhat nervous.
Anyway, got out of it with some 38 pips, which is OK I think.
Could you also please tell me if the JPY pairs are OK to trade, as I have had nothing but bad luck with the entries this morning, and last night, although, I thought I followed your instructions as best as I could see fit. They all went negative after a while?
Thanking you
Nik
Can you please tell me whether I should have taken the trade shown on attached chart.
The #3 came up where shown, and I did not like the entry initially so I waited for a while, subsequently going long at 21:24. The trade did not proceed the way I thought, and it almost reached the S/L.
The entry #3 repainted a couple of times, so it made me somewhat nervous.
Anyway, got out of it with some 38 pips, which is OK I think.
Could you also please tell me if the JPY pairs are OK to trade, as I have had nothing but bad luck with the entries this morning, and last night, although, I thought I followed your instructions as best as I could see fit. They all went negative after a while?
Thanking you
NikNikalaus,
What trade set up are you using? Trade set up #1 or Trade set up #2?
What you are using would indicate Trade set up #1. With that trade set up I use Support and Resistance. See the very first thread. This is were the rules are. This will help you understand were to enter the trade.
JS