Amazing Crossover System - 100+ pips per day!

[Iron Man]

SO.... where is the Forex-Phantom?

[Madree69]

Approx. +500 pips this week and I'm done.

Could some of you please elaborate your opinion on why there are some who are able to generate profits with this system on a consistent basis and why there are others who will back test all the crossover ideas and point out that they don't pan out over the long run? What are those of you doing (that are making money) that's different from those who are losing? Just trying to figure out what makes certain people successful, what allows them to get to the "Tipping Point", from breaking even to being successful.

Tkx

[pipilika]

Could some of you please elaborate your opinion on why there are some who are able to generate profits with this system on a consistent basis and why there are others who will back test all the crossover ideas and point out that they don't pan out over the long run? What are those of you doing (that are making money) that's different from those who are losing? Just trying to figure out what makes certain people successful, what allows them to get to the "Tipping Point", from breaking even to being successful.

Tkx

First of all I would want you to trust me on the fact that I’m NOT a successful trader. At least I can’t call that yet because consistent profit is not what I am making but neither consistent loss. Yes I did win some +500 pips in several pairs on that particular week but most of my acquired pips were gone with the wind by the end of next week. During those times, my balance was basically hovering around a range. I won trades, I lost trades. Net profit was more or less than ‘zero’. Not long after that, I stopped my forex trading for a while due to some personal reasons and this week I decided to start it again with this same strategy but this time including my own rules of S/L and T/P. I’ll keep everyone posted about my outcomes.

About the difference between successful traders and not-so-successful traders, from my own experience, it’s the trader’s psychology that matters most. Greed, impatience and over-confidence will destroy in the long run no matter what. I used to get so hyped and over-confident about winning trades that after a big win, I always used to be so impatient that I literally couldn’t wait to enter a new trade and that kept me away from the set rules of whatever strategy I was following and this impulsive nature of mine costed me almost double amount of the pips that I earned in the earlier week. Now, a lot of time has passed and I somewhat changed my own mindset about entering a trade and patiently follow one single strategy so that this time I’m a bit more optimistic about the future outcomes. Well, that’s just me and my own story of my trading life. Others might surely have different ideas and stories. Wish me luck. I’ll post and keep everyone updated here about how’s the strategy going on my side. Cheers.

[Iron Man]

Hi ... how long have you been trading ....

[pipilika]

Hi ... how long have you been trading ....

If you are asking me then the answer is less than two years. Yes, a total noob unlike many others but always keen to learn and welcome advice

[pipilika]

Just a quick update. Bagged a little more than 200 pips on four pairs (EURUSD, USDCHF, GBPJPY, EURJPY) beginning from last US session. Quite wonderful, huh? And those, who couldn't utilize the move, might start thinking of pulling their hairs now.

WAIT! I'm not done yet. If you look at the EU H1 chart closely, you will see some confusing and ranging candles right before the big trend had started. There, right there I lost about 150 pips in total on some multiple pairs. Maybe its just 'the impatient' me, but it seemed once the price is going up, then no, its going down, and then again, the opposite. Every order I opened during those hours ended up hitting my S/L which was around 20-30 pips. So, net profit for today? I didn't calculate the exact figures yet but sure that won't be much compared to the winning potential today's market had. Nevermind.

However, I think this is the point where this system makes the trader confused during the ranging hours cause EMAs tend to bend up and down just like ocean waves and anyone can misinterpret it as a trend start just like I did. These whipsaws are occurring too often for me and maybe I will back-test some other strategy with some other indicator side-by-side. Of course no EMA this time.

Comments and suggestions are highly welcomed. Cheers.

[Madree69]

Pipilika,

Could you specifically explain where you got in and which ranging candles you are refering to. I'm trying to following along and learn but can't determine your entry and exit points.

thanks

[pipilika]

Pipilika,

Could you specifically explain where you got in and which ranging candles you are refering to. I'm trying to following along and learn but can't determine your entry and exit points.

thanks

Here I attached the screenshot of the chart area where I lost those bunch of pips. Only EURUSD is shown here but other pairs acted the same, more or less.

Let me tell you how I saw things with my own eyes. Look at the circled area on both candlesticks and RSI. Initially, the candles looked like they are trending up, RSI was also crossing level 50 from beneath. Placed order for a LONG position. Few hours later, price went down and hit my tight S/L. Then, it was drowning so desperately that EMA's were almost crorred downward and the RSI crossed the level from upward now. This time, placed order for SHORT. Guess what? Just a couple of hours and it hit my S/L again. And the scenario I just explained, happened not only on this one pair. So basically, the consolidation/ranging conditions of market greatly harms the MA based strategies in my opinion. I'm currently trying out a different strategy where the ranging conditions are 'somewhat' possible to avoid and ride the trend a little late. Let's see.

[wh7766]

Hi Guys

I have been using this method for a couple of months now and have been following the rules except for one that is I use the RSI setting 14 I still get a few whipsaws but not as many. Give it a try on demo account.

[Madree69]

Thanks for sending the picture so that I can follow along. Your beginning of the day is different than mine so now I can understand your frustration with that channel that occurred. I don't think your opinion about MA strategies is far off. It appears to be a given by many that MA strategies work in trending markets as opposed to consolidating or channeling. That price level in general appeared to be a tight area over the previous days. I still find myself over analyzing whether to get in or not. I'm beginning to feel that the more confirmation I see on longer term charts to support my decision to get in the better I do. Then again, I miss out on more opportunities. The H3 chart is of particular interest.

Any comments on where the exit may be on the 3hr?