ICWR trading system

[Dike]

Hello honourable members! Happy New Year celebrations.

Please has anyone used ICWR trading strategy before? I have just started
demo trading with it and so far it has been yielding a good result.
I will like to take your views. Thanks.

[petefader]

Hi Dike, I never heard the name before, so I looked it up and found a free pdf explaining the system. I just skimmed through it.

I dont know how old it is, but this system has been re-packaged and sold countless times, just with some variations. BUT that's not a bad thing..because the principles DO work (just dont buy anything).

The scalp method I use gives entry points after a corrective wave, once the next impulse wave begins. I like how the book talks more about exit points then most..seems like sound principles to me.

You are on the right track imo.

..here's my scalp method incase you are curious.
Mad Scalper.

[Dike]

Thanks very much sir, for your contribution and advise.

[dennis681]

I purchased the icwr system back in Aug 2005 and have used it many times. It's a good system and easy to use. I added my own 4H indicators to give a better feel for the current direction, and I mostly trade just eur$ and gbp/jpy. Let me know if you have any questions on applying icwr.

[Dike]

Thanks for your information. Can you please post the indicators you use
along with icwr. Thanks.

[dennis681]

Friends, using the icwr system, i have found that the Daily RSI can be misleading. So instead, I use the 4H charts with the Daily candles to get a better understanding of the current trend. Use your favorite Moving Averages on the 4H. Be sure you know how to read candles. Making money in forex is easy once you fully understand the basics. I have discovered that simple indicators work better than complex systems and that the non-trade is more powerful than getting in too soon.

The greatness of icwr lies in pin-point accuracy of entries and exits.

[alexsm]

Hello, a question about progressing the trade with each new wave. I have read the manual & have generally got the gist of the strategy, but does each new wave (on the 5m tf) have to be 40pips+. Lets say a new wave going long after a retracement to the 61.8 bounces up through the 75 past the 100 but only travels 30pips before it starts to retrace, & likewise starts continuing up...isn't it a bit foolish not to progress the fib & confirm the move because it only moved 30pips, afterall it's progressing with each wave & confirming that keeps us in or gets us out. Would appreciate clarification, thanks.

[dennis681]

I don't recommend waves less than 40 pips
because it moves your "trailing" stop up too
soon in the process. ICWR gets the larger moves because
each new wave is significant. But why not
just experiment and see if your results are
better or worse by selecting new waves less
than 40.