Between 40-100 pips per Day

[ahefner33]

Hey James

Sorry for bombarding with you all these questions but I'm liking this. So far have profited pretty well with this.

My question is though and I know you answered it, I just didn't understand what you meant, is that when stochs cross how close to the 80 and 20 mark do they need to be? I have found several trades with an IB but the cross is at say 65 or 70 for a short or the 30 area for a long? Do you take it if they cross after a fall or rise. Also have you tried this in the Asian session? Thanks again. Reps to ya.

Adam

[james]

Hi
I have traded this system for a few years I get around 1,000 /1500 Ave sometime's a lot more if you trade the GBP/JPY.But i also trade another system including news tradeing so i have lot's to do

I normally try trade GBP/USD - GBP/JPY but i trade all using the scanner its were the first signal comes in

I would if you are starting out to trade the GBP/USD is best its the biggest mover for the spread around 100/120 pips a day in total try to go for trades of a least 20 pips or more the best times are from 7.00am to 10.30am London GMT
The open of europe at 7.00am and open of London at 8.00am the biggest moves occur around then.Also news time's are the biggest moves NFP around 100/150 pips in 10 min not with this system but i will do a system soon for news trading.

about stocatics it just means when stoc is going down towards the 20 and then turns back up. If it turns at 50 its ok as it did yesterday it was in a big trend on the GBP/USD so it could turn on 65 / 75 thats ok in a trend market.
If its in a range market it will tend to go down and under the 20.

Hope this helps

James

[pkffw]

James,

Thankyou for your generousity in once again posting a system for all to see and use.

I do have a couple of quick questions if you don't mind.

1: You mention that you use the 15 min time frame, however you set the "scanner" up to show the 5 min time frame and search for IB's on that. So when actually taking the trade should one be waiting for an IB on the 15 min time frame or just take the trade when you find one on the 5 min time frame?

2: You have mentioned in other threads about trading with the trend. Do you find it matters with regards to trade direction what the hourly or four hourly trend is and do you suggest only trading with the higher timeframe trend with this system?

3: I'm unsure how you manage the exit. Is there a hard and fast rule? A trailing stop has been mentioned but it is unclear to me what distance it should be trailing at. Also exiting when another IB has formed is mentioned. So could you explain again for the slow ones like me exactly how you manage your exits.

Cheers,
PKFFW

[james]

Hi There

If you use 15min chart use a 15 min scanner

With trends there is always 2 a major trend and a minor trend if you look at a 1 hr chart or 15 min chart with a SMA 60 it gives you the major trend then on a 5 min chart it gives you the minor or correction trend have a read of my post on reading charts effectively and see.

The reason a like higher time frames is its cuts all the noise out on 5 min charts there is to much going on with a 15 min chart once i IB forms you have time to look at the set up more effectively. But if you like 5 mins no problem works just as well.

Ok with a trailing stop when the trend changes direction it will stop you out in a trend, You trail the stop 1-2 pips lower than the prior bar from the start of your trade or two bars if you what, in a range market on a reversal candle .

[ahefner33]

Originally Posted by james

Hi
of a least 20 pips or more the best times are from 7.00am to 10.30am London

Hey James, me again. You said in one of your previous posts to only take trades that will give 20 pips or more. How do you determine this? What gives you the insight that the trade is going to move strongly for you? Thanks.

Adam

[james]

Hi There
It about the knowning the pairs you trade news times trading the open of europe and uk and asia, if you have a good up trend today more often than not you will have one the next day at the start of the day, 2.30 pm uk time a lot dealers are getting rid of options so the market can react in a bigish trend i also have a news service so i get quick news i can recommomend Trade The News - Breaking News - Live Audio Breaking News Analysis and Futures Calls its about $40 per month if tony blair went to war with iran today at 3.00 i would get the news a few seconds later the market would react there would be a big move and you would be saying what the hell was that and before you could press buy it would be all over.

Hope this helps

James

[fourex]

Hi James.

Thanks for sharing your system,

Hope you don't mind answering a couple more questions.

How to trade:

Are we to look for IBs on the 5min charts , then look at the stoch. on our main chart?

There seems to be an awful lot of IB's on the 5min.

If stoch is overbought and turning ,there is also an inside bar,are you only looking to trade short?

And if oversold only looking to trade long?




I hope you understand!

5min main chart = 5min scanner

15min main chart= 15min scanner

30min main chart =30min scanner, ARETHESE CORRECT?

[jcarrier]

Where do i find the rules of the system? I searched thru all the posts and cant find it? I saw something about it being deleted?? Please help....Thank you...Joe

[pippingtoddler]

Hi Joe,

The system is explained in Posting # 54 (James.) It is the revised version of what was originally posted.

Good luck!

[rickw00716]

If I see a reversal candle on the hour chart at support/resistance...Can I switch to a lower timeframe (15 or 30 min), look for an inside bar then trade in the direction of the reversal?

Example of today:GBP/USD...10 GMT 60 min bar is a hammer...switch to 30 min and you see an inside day and stoch below 20...looks to be a good entry.