Hi Bardbardy,
With all due respect that was uncalled for. I think the reason was mentioned, that Philip was using the FXbook account for multiple trading systems kind of for experiment purposes and hence the huge draw down. You must have overlooked that post. :13:
Philip has been really helpful and accommodative of newbie’s doubts etc…
No Harm No foul.
Been testing this system for more than 4 months with no results. More than 10 pairs, same entry/stop/time frame as suggested here, it fails more than 60% operations.
Any of you still working this system with better results?
Thanks.
First, I’d like to thank you, PhilipPirrip, for this excellent trading idea. Kudos.
I’m a part time fx trader since 2011 and until 2015 I traded only EURUSD using my special tailored technique. As I saw the pair was bound to be stuck in a range for a while, I searched for a reliable and simple technical pattern to trade other pairs. I found this thread, experimented with the pattern a month or two, and went live in May 2015.
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I use it for swing trades on 21 pairs (all majors minus EURUSD and most CHF:46: pairs) on 4h timeframe, basically as it is described in the beginning of the thread + some minor updates of my own. In 2 years I haven’t experienced a single negative month, while monthly scores ranged from 85 (this was close:)) to >4000 pips, with the average around 1500 pips/month.
I can only recommend this technique. Easy and safe.
Thanks again, Phillip! :35:
Hello all. I’m somewhat late jumping on the bandwagon of this thread but here I am. I want to trial this on Demo, I’ve set it all up but the stochastics doesn’t appear to have ever gone into overbought or oversold figures and I’ve checked back on various timeframes, so I’m guessing I’ve set something up wrong? Any idea?
Thanks, Rebecca
Sorry guys, picture upside down ������
Chart of daily EUR/USD, stochastic showing (1, 3, 14) bottom left of picture which I think are the correct settings
The correct Stochastic settings are 14,3,1. The Daily chart should look like this:
According to the original rules, this system should be done on the 4 Hr chart. I don’t recall if others tested the system on the Daily chart.
Thankyou, I only looked at the daily and weekly charts as I can’t see the stochastics crossing into overbought or oversold figures on any 4 hr charts so thought I would look further back to check, and I can’t see it happening on any of the daily or weekly charts either which is why i wondered if my settings were correct, do you think it matters that my chart shows 1, 3, 14 as opposed to yours which shows 14, 3, 1? And if so how would I correct that? Thanks for your help
There should be a way to change the settings on your charting software. Change the settings so that K=14 and D=3. If you Google “stochastic settings” you can get an explanation of what these input parameters mean. Compare your chart to the one I posted before. When your stochastic looks like mine then your chart is correct.
You should see many stochastic crossovers to overbought and oversold on any time frame if your settings are correct.
Fantastic, it worked, so I’ve got K at 14, D at 3, slowing at 1, price field low/high, MA method Simple, fixed minimum 0 and fixed maximum 100, thank you
Hello, please could I check - I need to add the Fibonacci extension (expansion it’s called on my MT4), do I need to be inserting it to three points? When I try to enter it from the swing high to the low it disappears from the chart and the numbers are no longer visible?
I’ve had another look through the thread and came across this post, if this is the correct method to plot the Fibonacci I’ve got 0 at the top and 100 at the bottom, but what numbers should I be changing them to from top to bottom, and the same if it was a Long trade?
You may want to ignore that, later in the thread it becomes trailing by 100 pips. It may also be worth checking out this similar system:
https://www.forexfactory.com/showthread.php?t=340556
Hiya,
can someone give me final strategy of this after all tweaking please? Anyone using this now?
Thnx
Use the system as laid out in the original post with the following changes:
More or less sums it up.
Ok, I was going to upload an image, but I don’t have the permissions apparently.
Anyway, you’re looking for a stoch cross anywhere on weekly. A good example is NZD/USD looks to be setting up now. Once this week closes, if the stoch crosses down, I would look on the 4hr chart for the entry signal.
Hiya,
I’m sure you are so knowledgeable but I don’t understand because I’m newbie. Could you explain what you mean by:
“stoch cross anywhere on weekly.” do you mean I should look at 1W(1 week chart), see where the stoch cross? cross up or down?
" NZD/USD looks to be setting up now." do you mean stoch cross happened?
“Once this week closes, if the stoch crosses down” do you mean once this week end? look at stoch if its cross to down?
May I ask is this strategy only works for over the week holding position only?
If I understand correctly, you mean I should look for 1W chart for strategy setup on stoch going from oversold to overbought the open a sell position for 100 pips? or vise versa in long position wait from overbought to oversold the open a buy position with 100 pip profit target?
Thnx
I’m talking if there is a stochastic cross on weekly, you then drop to the 4hr chart to trade in that direction. So, for example, if this week NZD/USD closes down and generated a stochastic cross down on the weekly I would look for a short trade on 4hr chart next week. Direction of moving averages on the weekly doesn’t really matter.
If I could post pictures I think it would be clearer, but that’s about as simple as I can explain by text.
