Daisy Chain Trading System
From what you descibe, this is also known as Three White Soldiers - a typical bullish candlestick pattern. And, what of the the exit strategy? Entries are everywhere, exits maketh the system 
Good luck.
Exits
Sadly,
I completely agree - most traders are searching for the "holy grail" through entries and I believe that the ultimate skill a trader can possess is knowing when to fold.
The standard SL strategy that is used is 50 for each USD pair and 75 for each JPY pair. That is what recommended for new traders.
Now that being said, I personally do not use SL and this is not something that I do not recommend to any new trader! In my opinion, SL is for traders that cannot maintain their objectivity throughout a trade or purely trade right off an entire system with fixed TPs and SLs. That way they can leave the computer and let the trade materialize.
I use combo of horizontal S/R and wave pattern to determine when I exit a trade. It is not gambling (as I have seen it stated elsewhere) to not use a SL if you now how to trade both ways. However, if emotions get the best of the trader or have a fixed system - then a SL is the only way to go.
As far as the candle stick pattern - it is slightly different, as you probably know, from the standard "Three White Soldiers" pattern as Heiken Ashi uses averages to form itself and not open/close.
What allows the system to be great is the entering across the five pairs - it creates aggregate gains as all continue trend or security in the event one goes rogue (against trend 
), the other pairs will maintain profitability.
Since you are a senior member, maybe you would be so kind as help me with the rules. When can I post a link to a free informative site that provides where the FREE trading room is located, literature on the system, and other helpful downloads. If not that is ok, I am sure that all will be disclosed on this thread shortly through conversation.
Thanks again,
JAWPIP
Any standard, outright stop loss setting will inevitably reek havoc with a trading system yet this is one area that all traders ought to take full control. You will read about many trading systems on this forum yet I strongly believe that their approach is wrong from the outset. I believe that to begin with, an exit strategy is of paramount importance beyond that of an entry point. For example, a trader may consider that a certain percentage loss of NAV is unacceptable in any circumstance and from there may plan a trade around this limit taking an entry that in all probability would not exceed such a figure. This is sound trading practice.
Taking your Daisy Chain method one would assume that a long entry signal will cede to a short entry signal and at that point any open long trades would be reversed, correct? If so, then along with your standard stop loss strategy, you now have two rules which apply to exits. Were you also to include a set NAV maximum percentage loss as an exit strategy, you'd then have three rules by which to exit a position. Of course I could go on and invent many scenarios that invalidate the initial signal but it's up to the developer of the trading system to decide when and how these conditions are met and by using programming to code the algorithms into the trading system.
In the case of your Daisy Chain System, a standard stop loss setting is most likely inappropriate for asset protection given that the system's entries are derived from Heiken Ashi candlestick patterns. Therefore I would suggest that you look at other candlestick patterns that would invalidate the signal.
One other point, it does not matter how the candles are calculated for the pattern to arrise and thus Daisy Chain is in fact 'Three White Soldiers' by any other name (it's bearish equivalent is Three Black Crows).
All trading systems fail by some degree but that does not mean that the trading system is a complete failure or is useless. By that I mean not all signals will be profitable every time they occur and therefore a trading system will need to recognise this fact and take the appropriate action.
All said, Daisy Chain is the start of a trading system (albeit a well known candlestick pattern) but clearly requires a great deal of refinement in certain areas. If you believe you've found a good entry signal so then you should surely look for an equally good stop loss and exit. For this, might like to consider looking into bearish candlestick patterns as a means of preventing the system from being too narrow?
What do you think about this?
Any standard, outright stop loss setting will inevitably reek havoc with a trading system yet this is one area that all traders ought to take full control. You will read about many trading systems on this forum yet I strongly believe that their approach is wrong from the outset. I believe that to begin with, an exit strategy is of paramount importance beyond that of an entry point. For example, a trader may consider that a certain percentage loss of NAV is unacceptable in any circumstance and from there may plan a trade around this limit taking an entry that in all probability would not exceed such a figure. This is sound trading practice.
I would guess what you mean here in simpler terms is - for a trader to predetermine what they are willing to lose and determine if the entry system that they use fits into that strategy - if so, I agree.
Taking your Daisy Chain method one would assume that a long entry signal will cede to a short entry signal and at that point any open long trades would be reversed, correct? If so, then along with your standard stop loss strategy, you now have two rules which apply to exits. Were you also to include a set NAV maximum percentage loss as an exit strategy, you'd then have three rules by which to exit a position. Of course I could go on and invent many scenarios that invalidate the initial signal but it's up to the developer of the trading system to decide when and how these conditions are met and by using programming to code the algorithms into the trading system.
You may use any exiting strategy that you would like, and hopefully others will learn from your practice. The recommended SL was created to allow room for drawdown across the basket relative to each pairs movement tendencies. However, if you have your own preference for exits that is great!
In the case of your Daisy Chain System, a standard stop loss setting is most likely inappropriate for asset protection given that the system's entries are derived from Heiken Ashi candlestick patterns. Therefore I would suggest that you look at other candlestick patterns that would invalidate the signal.
Like all entries, the above is a basic setup - hopefully as this thread grows or traders experience the live sessions - we can discuss more situational circumstances. In my experience you cannot trade FX in a box - you have to adjust to what the market gives you.
One other point, it does not matter how the candles are calculated for the pattern to arrise and thus Daisy Chain is in fact 'Three White Soldiers' by any other name (it's bearish equivalent is Three Black Crows).
All trading systems fail by some degree but that does not mean that the trading system is a complete failure or is useless. By that I mean not all signals will be profitable every time they occur and therefore a trading system will need to recognise this fact and take the appropriate action.
All said, Daisy Chain is the start of a trading system (albeit a well known candlestick pattern) but clearly requires a great deal of refinement in certain areas. If you believe you've found a good entry signal so then you should surely look for an equally good stop loss and exit. For this, might like to consider looking into bearish candlestick patterns as a means of preventing the system from being too narrow?
I would like to stress that the system does not revolve around the candlestick pattern, but more so on the entry across a BASKET of currencies. We use the candlesticks to provide a broad look at market trend accross the 5 pairs. By doing this it gives a more secure definition of a trend (think Heat map) which is far greater than relying on 1 pair to define.
What do you think about this?To me, this best part of this thread and the presentation of this system is that it is accompanied by a live free room - where people can explore this system as it being used right in front of them.
This not the START of a new trading system - this is one that our group has used for sometime (Very successfully - I might add) and we use it and each other to help develop and guide one another into profitability.
JAWPIP
If anyone would like the link to the free room - just PM me - I would be happy to post it in this thread if it is allowed - Any help with this rule would be greatly appreciated.
Hello Everyone,
...
The basket pairs are - EU, GU, AU, EJ, and GJ.
The setup is very simple - we use heiken ashi candles on our 1hr charts to identify the trend. We wait for three consecutive long/short candles across the atleast 4 of the 5 pairs- once we get that - we move to the 1min chart and wait for our leading pair (usually a JPY pair) to pull back to support/resistance and enter in the direction of the trend.
....3 price or HA candles?
entry after leading trigger pulback w/o pulback for each pair?
The impression given by the inclusion of the word 'system' implies a lot more than just an entry point! Like I say, entries are everywhere ...
Were you to post a link and which is then subsequently deleted you will then know that you've contravened forum rules. If you are hesitant in posting a link then it may be viewed as suspicious, if you catch my drift. Newdigital has isn't adverse to external links per se providing they comply with the forum rules so why not just go ahead and post it!
Good luck with it anyway. I may even come along to the room at some point if I knew where to go.
as Sadly mentioned - 3white (black) 
soldiers - mid strengths reversal pattern - very likely to expect (and jump) on pullback (or reversal) ...
J. please elaborate more on entries
Could you post some pics of entries and exits?
Hey guys,
Sorry it took so long for me to reply - it is Saturday - and since I look at the computer screen all week - she(my wife) gets mad if I even touch it outside of trading times - haha
From the replys, I see that I am being too vague - so let me see if I can get it right this time:
We trade 10 charts - 5 1hr charts (EU, GU, AU, EJ, GJ) all they have on them are Heiken Ashi candles - Then we have 5 1min charts ( Same as above) - on these charts we use standard candles, also on these charts (1min) you can have your trend indicator of choice here ( I use the MACD, others use an average cross).
For a valid entry, you will have atleast 4 of the 5 pairs showing atleast 3 heiken ashi candles in the same direction (you must wait for them to close if on the third candle) - after this occurs flip to the 1min chart and wait for a pullback on the lead pair - this the pair that has established a direction before the others (usually a JPY pair) and once the 1min continues in the direction of the trend take your position.
I hope that this is a little more clear.
The website is The SimpleTrade Forex System - There is a video page that outlines the trading system as well - take a look and let me know what you think.
JAWPIP
Hi Guys,
I have been trading this for one month now and i have been able to pinch just over 1900pips, and i don't think that i am at the top of the class, and yes i have had losses but the losses have been minimal compaird to the gains, the amount of trades i have kinda loss track of, but overall i rate this highly!
After trading for the first time and loosing a decent amout of money, i realised that i had to work on my emotions alot, so i did for 5 months, just emotions nothing else! and once i felt that i had an understanding and more control over my emotions i started to crawl back aruond the forums
I have always been a silent crawler of forums, and it was only untill i came across the Daisy Chain on another forum that i have caught the forum bug. So i came here where i have been crawling around for the past two years of my trading to share the system, but my buddy jawpip beat me to it lol.
I have found that the trading room has helped me and the community of traders is great, it is starting to become more of a family, a rapidly growing family!
I highly reccomend this to everyone as it has been so helpful to me, and i would encourage any of the senior traders to come along, because having some more traders with the insight and expirence that clearly alot of traders here have, will have a great affect in the family (community) and it would help the more inexpirenced traders.
Do check it out if you are intrested i don't think you will be disapointed.
Peace
Lordfx
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Hello Everyone,
Our trading system is called Daisy Chains and nets us incredible gains every week!
It is a simple system that uses 1hr charts to establish the overall trend and the 1min chart for entry.
I know that does not sound earth shattering -haha- and probably none of this will. I have looked through the other posts on this forum and there is good, sincere collection of traders here. So, I am interested in some of the feeback that we will receive.
Anyway back to the system - what makes this system a little more unique is that it is a basket system - we enter 5 pairs at generally the same time.
The basket pairs are - EU, GU, AU, EJ, and GJ.
The setup is very simple - we use heiken ashi candles on our 1hr charts to identify the trend. We wait for three consecutive long/short candles across the atleast 4 of the 5 pairs - once we get that - we move to the 1min chart and wait for our leading pair (usually a JPY pair) to pull back to support/resistance and enter in the direction of the trend.
Our target is 150 pips per trade - last week I personally netted over 1000 pips in 6 trades. Most trades last about 2 hours.
Another great thing about this is that we have a live free room that gets together at noon est on webinar Tues., Wed., and Thurs. - it is a great community where we have fun and make pips too.
I hope that this thread finds you well - if anyone has a question just post it.
JAWPIP
P.s. if this post anyway violates the forum rules, please let me know and I will change it.