45 Pips Per Day System Eur/usd

[nesa1980]

Sorry, maybe misunderstanding:confused:…
I mean, my localtime is GMT+7, so if we count its about convert to GMT around 5PM…or just see my previous post, that was when I traded.
I hope clear, or…still

Ah ok, i see Dont know how u got stopped out, the 5pm candle low was only 3 pips below the opening on my chart (i use MT4). Price has been moving up since.

[mike45]

Hi, thanks for posting your system! Just one question - do I understand correctly that I have to wait for a candle to close to read a value of SAR? In other words - for instance, if you have 10 downtrend PSAR dots, new candle opens and shows reverse dot - are you entering/exiting on that new candle or wait until it closes and perform action on the next one?

Hi fellow traders

I use the psar indicator only when I trade. On the 4H chart, I take the trade when the dot reverses. I immediately change my chart to the 1H and stay in the trade until I get a reverse psar. This system works nicely.

Attached is my psar colored alert. Set it for 4H only when looking at 4H chart. When 4H alert goes off, trade in direction of psar 4H. Go to 1H chart, change settings on indicator from 4H to 1H. Stay with trade until 1H alert goes off and you exit trade. Return back to 4H chart and change indicator settings back to 4H only. This works on all currency pairs.

Example Chart #1 is a 4H chart with psar change shown. I then enter trade in direction of change.

Example Chart #1 is the same currency pair but now shown in the 1H chart. I change the psar colored alert indicator from 4H to 1H. This will allow me to be alerted when the direction changes by the alert which is audible and a popup window. I then exit trade. But in this chart, the direction is still strong and I am at 100 pips in 14 hours of trading. I will stay in trade until the psar changes direction which I will then exit the trade. I then change back to the 4H chart, change the indicator to 4H only and wait for the next psar direction change.

I can do this with 11 currency pairs and average 170-250 pips a day. I average 5-6 currency pair psar trades a day. I trade fulltime which allows me to turn my speakers up loud and be anywhere in the house waiting for the next trade.

I trade big lots… and this system is very profitable.

Good Luck

(Charts and indicator were added. I have no idea why they are not showing up here).

[mkos]

Hi TennPips,

What are your psar parameter values for 4hour, 1hour,30min charts?

Thanks.

[lowemmision]

thanks you

[NKE]

Hi Tennpips
thanks for sharing your system
I had a look at your system over the weekend and it looks promising
You gave some details of your system, but I wonder if you could clarify and confirm some details:

• once you have your 4 hr signal you enter at the market
• where do you put your stop loss - at 1 hr PSAR?
• which pairs do you trade with this system

thanks

[madmitch]

Yes, could you try and attach those charts etc again… this sounds very interesting. However, do you flick from the 4h to the 1 hr immediately the sar cahnges (i.e mid candle) or do you wait for a close then flick to the 1 hr? As someone else has asked - what pairs do you trade and what hours during the day? i.e London session.
Your average daily pip count is impressive, over what time frame has that been achieved?
These responses will aid understanding your post better
thanks

Hi fellow traders

I use the psar indicator only when I trade. On the 4H chart, I take the trade when the dot reverses. I immediately change my chart to the 1H and stay in the trade until I get a reverse psar. This system works nicely.

Attached is my psar colored alert. Set it for 4H only when looking at 4H chart. When 4H alert goes off, trade in direction of psar 4H. Go to 1H chart, change settings on indicator from 4H to 1H. Stay with trade until 1H alert goes off and you exit trade. Return back to 4H chart and change indicator settings back to 4H only. This works on all currency pairs.

Example Chart #1 is a 4H chart with psar change shown. I then enter trade in direction of change.

Example Chart #1 is the same currency pair but now shown in the 1H chart. I change the psar colored alert indicator from 4H to 1H. This will allow me to be alerted when the direction changes by the alert which is audible and a popup window. I then exit trade. But in this chart, the direction is still strong and I am at 100 pips in 14 hours of trading. I will stay in trade until the psar changes direction which I will then exit the trade. I then change back to the 4H chart, change the indicator to 4H only and wait for the next psar direction change.

I can do this with 11 currency pairs and average 170-250 pips a day. I average 5-6 currency pair psar trades a day. I trade fulltime which allows me to turn my speakers up loud and be anywhere in the house waiting for the next trade.

I trade big lots… and this system is very profitable.

Good Luck

(Charts and indicator were added. I have no idea why they are not showing up here).

[jmoore1197]

This sounds great can you please reattach the indicator? thanks a lot

[BrianSNJ]

This is really quite interesting. Thanks james. I will have to reread this and follow it all the way through.

[BrianSNJ]

Is anyone still trading this system? I have not seen anything good coming from this in the Eur/Usd this week. I believe this is because the Eur/Usd has been sideways for a bit, not really trending.

Looks like this will have to wait for the trend to return.

[mustang]

I came across his system 18mths a go on another site under a different name,traded it for a while with consistent losses. It then appears here,promoted by the guru James, but as with most systems it is a looser. It is interesting to note that James never gave credit to the systems originator and quickly moved away from this thread when he got plenty of paying customers for his IB system.I think it would be correct to say that all systems work in trending markets and it is very easy to cherry pick the winning trades to promote the method. For what it’s worth the best thread on this site is the “Alternative Technical” by Tess. Read it 10x’s and you will have the best grounding in price action analysis you can get. The problem is, that requires some hard work and most won’t be bothered,too hard!

[BrianSNJ]

I came across his system 18mths a go on another site under a different name,traded it for a while with consistent losses. It then appears here,promoted by the guru James, but as with most systems it is a looser.

Not to slam anyone but I have been trying to back test this over the past month and I have yet to see good things. I think things have been very choppy though to be fair.

I think it would be correct to say that all systems work in trending markets and it is very easy to cherry pick the winning trades to promote the method.

Yes, that is very true. I do not know James and won’t place judgment, but in theory, I understand.

For what it’s worth the best thread on this site is the “Alternative Technical” by Tess. Read it 10x’s and you will have the best grounding in price action analysis you can get. The problem is, that requires some hard work and most won’t be bothered,too hard!

I have not had a chance to delve into that area of the forum but I definitely will over the next week. I have lots to learn yet! Thankfully, DEMO accounts are plentiful. When I started trading futures in 2001, there was no such thing as freebies or demo accounts. At least, not like today!

[ceeva]

Hi Tennpips,
RE psar, thanks for the system, I use mostly M15 & H1, it works, impatience on my side.
I have been looking for an audio alert on psar, to free me more from the screen, would you have one of those? Be mighty grateful.

Thanks
Ceeva

[Blaiserboy]

you may get better results with a higher time frame.

I haven’t worked with this one, but often going higher will help re chop.

[pseudo_straddle]

For what it’s worth the best thread on this site is the “Alternative Technical” by Tess. Read it 10x’s and you will have the best grounding in price action analysis you can get. [B]The problem is, that requires some hard work and most won’t be bothered,too hard![/B]

[B]mustang,[/B]

someone on horse racing and betting forum summed that up rather succinctly -

there’s a formula that goes something like …

no short-cuts + hard work = not interested

[ceeva]

Actually it will work down to M1, except hard on the nerves.
H1 is overall positive.

But a kingdom and a horse for a psar audio alert.

[ceeva]

“For what it’s worth the best thread on this site is the “Alternative Technical” by Tess.”

Thank you for the advice. I’ll read it.

[huispan]

Anyone still using this system?

I have been using the 3hour and 1hour variation and I’m having good results. I have increased my account by 13% in the last month. Nothing extravagant, but a steady percentage none the less. I’m more than happy with this, because I know these are obtainable results which didn’t expose my account to any huge potential losses like or colleagues who make 100% per month but expose their account to huge potential losses.

Just to recap the system if someone would like to give it a try. It was originally a 4hour and 1 hour system, but unfortunately OANDA doesn’t have 4 hour charts so I had to make do with 3 hours, still good results though!

On the EUR/USD chart, create a standard PSAR indicator on the 3 hour timeframe. Wait for the dot to “change direction”, i.e. go from below the candle to above and vice versa, then change to the 1 hour chart and go short or long depending on whether the dot is above or below the candle. I set my S/L to 50 pips and my 1st take profit on 50 pips. I then move my stop loss up to 1 pip above my entry price so that all profits are locked in. Stay in your trade until the dot on the 1 hour “changes direction” and then close your trade. Then go back to your 3 hour chart and wait for the “direction to change”. The direction is just merely the trend, where the 3 hour trend indicates the longer term trend and the 1 hour the shorter term. That is pretty much it in a nutshell.

Any questions or comments, shout.

[ceeva]

Do you know of any ea that will do the same

[huispan]

Do you know of any ea that will do the same

I don’t I’m afraid. Any clever MT4 guru’s willing to help?

[ceeva]

I know of some websites charging 50$ an hour to do one…