Well, firstly this method was mainly aimed at lower timeframes, and over time I found that my temperament was better suited to H4 charts. Also I wanted a method that took support & resistance into account, which this doesn’t so much (apart from the bands themselves being a kind of trailing support/resistance), and I also wanted to move more towards doing my own analysis without the aid of indicators.
The method I’m currently using is mostly described in my thread at Steve Hopwood’s excellent site - stevehopwoodforex.com • View topic - Support, Resistance & Chart patterns - though again I haven’t posted a great deal over the last year or two. I say “mostly described” because lately I’ve added Andrews Pitchforks to my analysis.
Understood, how did you go with current trading strategy compared to TW that you have recommended to newbie. How’s the P/L ratio and return annually by using the new method? It is great and much appreciated if you would like to share the PDF manual instruction like a couple of years ago.
I can’t really compare them as I’ve grown as a trader since I came up with the TW strategy, so it wouldn’t just be comparing methods it’d be comparing the 2015 me with the 2012 me. I did take a couple years off btw as I had software development contracts that left me no time for trading.
I could potentially write a PDF, but I’m still developing & honing my methods, especially my trade management. You can see some substantial equity drawdowns due to a period of bad trading, which I decided to trade my way out of using hedging rather than just realizing my losses. I’m not sure that the way I’m currently trading would be helpful to everyone as it does require a lot of manual analysis work and a lot of discretion in making trading decisions, whereas the TW system was designed to be far more mechanical.
The $2500 to $2 mill thing was a joke, one I wish I’d never made as a lot of people seemed to take it seriously!
I wouldn’t want to guess at a profit target, as that depends on how much is risked on each trades and how many pairs are being traded at once, as well as the skill of the trader as there is an element of discretion in TW. Like any system I’d strongly recommend a lot of manual backtesting before trading it with real money.
Disappointed again:56:
I m just new to the industry and you are telling me you have given up for the TW system. I really wanted to be a trader as my career path however the entry barrier is too extremely high to block my way. Based on my academic records it is saying i do not have a chance to work in sorts of industries.
To be clear, I gave it up (years ago) because it didn’t suit how I wanted to trade, not because it didn’t work. I’ve had sporadic messages from other traders who say they’re doing quite well with it.
Yes the barrier for entry is quite high. If you’re looking to become a good trader quickly, prepare to be disappointed. I myself went through a very long period of not trading at all. My spare time was crammed with research, writing down ideas, backtesting, starting again from scratch … and occasional periods on a demo system to see whether a strategy that looked good in the backtests would actually suit me in live trading. Eventually things came together, but it wasn’t easy.
Trading is like any other profession, it takes a lot of determination and hard work to become successful, there’s no shortcuts. Well there are - you can buy a “professional” trading strategy, or a signals service, or an EA, but then you’re placing your fate in the hands of others and it rarely works out well.
The biggest problems you’ll face with trading are twofold. Finding a profitable system that suits you, that’s the first, and its not easy. The second is learning to trade that system with real money, without letting your emotions pull you away from its rules. And that is an extremely tough one, and only you can learn that for yourself. Most people, myself included, have had to blow through an account or two before we’ve learned how to identify and defeat our own personal demons.
By the way, if you decide trading’s not for you then relax - that places you in the top 10% of traders. 90% lose money, so by not trading, you’re already off to a good start
I have to say your stochastic rainbow is wonderful, it simplifies multi-stochastic trading systems a lot it integrated with my trading system seamlessly and made one of the 4 charts i use so much simpler to interpret (now that i dont have the mess of using 5 separate stochastic, i can now use 2!)
also atr channels are nice for people who use bolinger bands or other high/low tracking tricks
kudos for the indicators, they are the most useful thing I found on this forum so far
I would say its wrong to say trading cant be fun, I quite enjoy the reward of a trade well done. The thing is trading is something that you have to have confidence in letting it run on its own without worrying about it, for example I am quite comfortable placing 5-10 orders and just leave it be to eat dinner in the certainty that the orders wont do worse then BE while I am gone.
Many people either due to risking too much money or lacking confidence in their systems can’t do that, and this inevitably leads to suffering… its a sad thing that drives many people away from Forex (well that and going broke, but there is no cure for that)
Good morning and greetings from a stormy Ireland…so much for that white Christmas they were promising
First of all, I would agree with Dmaiski, these are the best indicators I have seen or used. And if you look at the charts this template provides a wonderful way of looking at the charts and identifying where price will go. No system is 100% perfect and ranging markets kill these trend type systems, but, for ease of use and ease of analysis this is tops and I’m amazed there haven’t been more posts on it.
Just open a demo and look through charts and different time frames. You will see how well it predicts price. Then analyse different time frames as a longer term predictor. For example, I sometimes use a 1 hour chart for longer term direction and drop to 15 minute to look for tighter entries. But, full disclosure, I don’t trade full time and I have lost with this system too.
I will send a screenshot later at some point to show what I mean but please read the manual.
Final point, I mentioned to slipshod that the indicators may need to be updated as they freeze my MT4. Does anyone else have any similar problems? Can anyone help me with an update to make them better compatible with mt4?
Anyway, have yourselves a great Christmas. Never forget that health is wealth and family and friends are the best gifts. Money is just an enabler.
Can you narrow it down to which indicator it might be? Just add the ones used in the template, one at a time, to a chart & see when it decides to freeze. I know the stoch rainbow still works, as I occasionally fiddle with it myself, but the other 2 indicators I haven’t used for quite a while.
Anyway, have yourselves a great Christmas. Never forget that health is wealth and family and friends are the best gifts. Money is just an enabler.
Padraic
Merry Christmas to you as well, and to everyone who reads this thread
Actually I think I can narrow it down and I think the trend signal (red line) might be the one. The reason I say that is because in real time it drops off to the bottom of the screen…what I mean by that is that it is curved until the current candle then the end of it is a red vertical line that meets the base of the chart just above the stoch rainbow indicator.
Then when I refresh price it disappears altogether, the whole red signal I mean. And if I click between timeframes it can reappear.
I’ve even bought a new computer (which I needed anyway) and the problem of freezing persists.
Apologies if my typing is bad as I am on my phone.
Hi, thanks a lot Pipshod for your PDF, I loved read it, Great advices whitch are going further just trading…and very good indics.
Padraic I have the same problem with the trend signal but we can switch with MA very similar or a T3 around 75 period and 0.35.
I understand since few years your trading changed pipshod, nothing is in the marble and I like to use S/R, trend lines, channels but I don’t like indic usually
Unfortunately not! I found some T3s on the web but nothing that compares to the quality of the original.
And it’s such a pity as it hides the obvious signals as they are occurring whereas they are so easy to see a few hours later once the vertical red line has moved forward.
Maybe you will have better luck finding a solution. I still use this system. Actually I made some changes as well, I removed the stoch rainbow and all of the MA lines except the median one. Just made it more visually sharp for me, it worked perfectly well with the complete original package.
Trendsignal is freezing for me too, bust drops to the bottom at the most recent bar. tried a T3 as suggested, and a (61, .9) input seems to line up with the past data
it integrated with my trading system seamlessly and made one of the 4 charts i use so much simpler to interpret (now that i dont have the mess of using 5 separate stochastic, i can now use 2!)