Perhaps part of the student being ready is having some discernment of what is of value and what is not. In the words of our Honorary FX-Man, o99016mh, “Learn from master kiwa? I think you may need to practise more on telling the difference between crap and non crap…”
Nothing to apologize for, I’m the one who should do that for being harsh 
[QUOTE=“pipwoof;631675”] Perhaps part of the student being ready is having some discernment of what is of value and what is not. In the words of our Honorary FX-Man, o99016mh, “Learn from master kiwa? I think you may need to practise more on telling the difference between crap and non crap…” [/QUOTE]
that’s totally taken out of context… I’ve been on this forum for a total of 2 days. conclusion: I’m not the student you speak of, lol
[QUOTE=“andreson28;631887”]Hi guys, I specially registered here to find one system called Golden Eagle Indicator.I found the video on youtube but unfortunately there was no link to the website. I can’t find anything regarding it on the internet as well. Anyone heard of this system?[/QUOTE]
probably just garbage you don’t want to waste your time on.
PipsAndFlows. First, I apologize for the contribution I made to getting your thread off track. I have to remind myself sometimes that I am not the “clown police” and if I want to attempt a contribution toward attitude and mind set, I should do it on my own thread. By way of atonement, let me say that I always like what appear to be simple methods. I say “appear” simple because it is easy for the uninitiated to underestimate the power of fundamental ideas and basic tools.
Let me share my understanding of the method you are looking at and see if I can help you decide if you want to pursue it. That is, if you’re not already multiplying your account with it. Heh. Using the 55 ema’s on daily bars, you create a channel and look for a closing break of that channel to meet your first condition. Then, you look for a confirmation of that break in the form of price movement in the indicated direction. You further qualify the entry by avoiding rsi extremes. I also noted that you are open-minded and willing to consider additional suggestions for improvement.
Going back just past the first of the year, eur/usd, with my understanding, I will share how I suppose I would have traded this. The platform is ibfx, which is gmt, making a daily bar from 0 to 23. The obvious caveat here is in the inherent nature of backtesting. From what I know about myself and the way I trade, I can only tell you what I SUPPOSE I might have done. In real time, who can say? If you will, open your chart and follow along for a few trades.
- On 11-1, we have a close below the lower channel. Rsi is okay, but there is no immediate confirmation. I believe I would have watched for a continuation of movement below the channel and looked for an entry just under the low of that bar and just under the round number, let’s say short about 1.3595. I get that trigger on 11-9. I tend to start these larger time frames with a pretty wide sl, maybe 150, but I keep an eye on it jump out if it gets ugly.
Looking at the hourly on 11-9, we see that it was all straight down, so we would have held the trade to the low that day of 1.3520. By then, we would have certainly set our sl to be or a bit of profit. I never like to give the bastids their money back, so I’m guessing I would be trying to hold on to 35 of these 70 pips.
Next day, 11-10, opens at 1.3525 and wicks down to 1.3483 before heading resolutely north. 1.3595-1.3483=112 pips profit. I am going to hold on to 60-70% and that is where I am stopped. - But, I am not above re-entering. Which I do on 11-14 at 1.3585. After a low of 1.3420 on 11-16, I can be sure I’ll be stopped out again, i.e., 1.3585-1.3420=165x60%=99.
- Now, as long as my conditions hold together, and they do, I would re-renter short following the retrace at every subsequent swing low. Without making the effort to go into detail, I think that would give more four more trades with likely three winners and one loser.
- Which takes me around to a long break on 1-27 which I’m not getting into until 1.3225 on 2-7. It hits a high that day of 1.3269 and I’m sure to be out with no more than 10 or 20 of that.
I encourage you to continue this process. I recommend a simulator or space forward slowly through the chart and try not to lie to yourself about what you would do. As tedious as it can be, I know of no substitute for this kind of practice. I think you will find that your method has as much merit as almost any other. We extract a couple of hints, clues, signals, from the little images our indicators have drawn for us and we apply our skills at trade management from there. We will inevitably find that there is nothing wrong with indicators. They do exactly what they were programmed to do and show us exactly what we asked them to show. On the other hand, there is a lot wrong with what traders often wish them to be and how they try to use them.
One last thought. Don’t get caught up much in the specific settings of any indicator. By the time some of these gurus get through optimizing their indi and telling you exactly what to set it on, it is worthless because they have destroyed any robustness it might have had. It was designed to give you a suggestion, a rather broad consideration of what you might do from here. If you are satisfied with the picture they give, leave ‘em alone.
Thanks for your thread. Hope I have helped in some way. Actually, other than this, the most I have had to do today is concern myself whether gold will rally my three positions! Ha!
Thanks for the extra perspective Pipwoof! I’ll take a look at those points on the chart.