Hello there,
Market is very inactive right now. I would wait for things to stabilize and for some trends to become apparent.
We are seeing some bearish activity on both the EUR/USD and the cable. I suspect they will continue this way for the next hour or so, then they may reverse.
It’s always tough to say at the beginning of the market week.
All of our indicators have to play catch up. It will be better to wait for a few hours then start trading, if at all today.
Thanks,
-ForexPhantom-
Phantom,
What are the current indicators you are using with this system? I am simply using your original 2 EMA’s and RSI. Ok, I have added the ADX, and it seems to work well in keeping me out of bad trades. I’m thinking that this is really all we need to be correct on most market conditions. Personally, I get tired of systems that pile on several indicators that allow so few trades that I lose interest altogether.
What’s your advice?
Thanks,
Bob in Wisconsin 
Ok guys this might help you well. As I have mentioned that I am using Tros sup res indicator. I also use the bollinger bands with default settings. My MA 5, 10, my macd 5,7,1, rsi at 10.
If you can see in the pic that it has a red and a blue line indicates with the res and sup lines. I look the price hit sup or res which settles at that level, then I make sure the candle poked the outer bollinger bands either the top or the buttom, I then wait for the MA, RSI and MACD to give me the confirmation. I do have an idea when to enter in using tro’s indicator will give me the entry price if all the above happened. It will give me the reward pips, reward ratio but I don’t use all that info, I only take 10 pips. This trade happened this morning 7:00 EST. I got for what I wanted and got out. They do add up at the end of the day when you have 10-20 of these. I don’t have to be front of the computer all day I set up an alert to my cell.
I use this with 15min to scalp which happens sooner then the 1hr. I have tryed with the 1hr and works perfectly fine as well. I will also post 1 hr chart when I take the trade…
Here is the 1hr chart, I missed this entry which was too early for me happened at the London session. If you notice 6 circles in total which tells you 6 reasons why you should take this trade where it is indicated in that rectagle, same thing goes for the 15min scalping.
Another 10 pipitas, took the trade just right now, this one was quick one, I shorted at 1.4150 with g/u and SL at 1.4140.
I forgot to mention this, very importand to know If you guys do try my scalping strategy, also make sure that you check the 1hr chart before taking the trade for 10 pips. The 1hr chart must be lined up with the 15min chart. For ex lets say the 15 min chart hits the res line then the 1hr must also hit the res line, if the 1hr is the opposite to the 15min it won’t work. So don’t trade against the 1hr chart. The MA will not cross yet in the 1hr chart which it will later, you are just making sure that the 1hr candle is also the same color as the 15min.
Greetings everyone,
Glad to see more people posting on the thread.
Just a quick message: Keep your eye on the EUR/USD. A good shorting possibility is rearing it’s head.
Same is true for the cable.
Watch both of them.
I’m away from my trading station right now, so I can’t make any trades at the moment.
-ForexPhantom-
your system sounds great man . --------------------------- Im going to check through it soon.
Thanks for sharing your information.
whats your profit to loss target and if your loss is greater than your profit target whats your win to loss?
Hello again,
I couldn’t agree with you more. I dislike adding indicators on top of indicators. Personally, the ones you mentioned will work just fine, although there is disagreement on the ADX levels. Some people say that it should be above 25, while others say it should be above 20.
I’d go with 20 just because it’s much more rare to get that 25 cross. You can miss out on a lot of good trades I think. You are all ready getting the EMA crossover, which is the main signal.
Personally, those are the only indicators I use currently.
That setup will give you a very good win ratio.
Thanks,
-ForexPhantom-
hi, my win ratio is about 90-95%. I do have about 30-60pips SL depending on the beggining candel that is sitting on res or sup.
I forgot to mention this, very importand to know If you guys do try my scalping strategy, also make sure that you check the 1hr chart before taking the trade for 10 pips. The 1hr chart must be lined up with the 15min chart. For ex lets say the 15 min chart hits the res line then the 1hr must also hit the res line, if the 1hr is the opposite to the 15min it won’t work. So don’t trade against the 1hr chart. The MA will not cross yet in the 1hr chart which it will later, you are just making sure that the 1hr candle is also the same color as the 15min.
trying it from the last 24 hours , and lost half of demo account.
i don’t know how do you guys manage to win pips
it really looks a good sistem , but i don’t knw how the hell i am loosing …
you are loosing b/c you are probably going against the main trend. Remember the trend is your friend. With this system if you use the 15 min chart for your main entry then make sure you are not against the main trend by looking at the 1hr chart. If you use the 1hr chart for your main entry which most people do then the main trend would be the 4 hr chart and so on. You can’t get in to any trade. Here look at the 2 pics, one is the 15min chart where I made my entry and the other one will show you the main 1 hr trend.
This was a trade that I took today around 2:30pm EST short at .5310 TP at .5300.
And the most importand thing is that you need alot of practise and patience.
i did won first 2-3 trades, (made about 30% of acount) and then lost …
hmm, thanks for answer , i ll take your advice
I am on 3 trades now, for these 3 trades I used the 1hr main entry. I will share 2 of them e/u and g/u. I risked only 1% on each trade.
with e/u i short at 1.2962 sl 1.3073 with 2 entries, each is half of 1% worth of my account, 1st tp 1.2907, 2nd tp 1.2852. as soon as one target hits i’ll secure half of profit.
g/u short at 1.4076, sl 1.4235 1st tp 1.3998, 2nd tp 1.3919
I believe the price will even drop lower for both pairs because supports for both trades are at lower prices, but I don’t want to risk things, I take what I want, and get out, ofcourse I loose sometimes as well 
which is not pleasant at all.
Here I am showing you the e/u with my main 1hr entry and also the main trend my friend is at the 4hr chart.
Hopefully I get 3 of them and 3% increase wouldn’t be bad 
Generally indicators are showing the past, this is core problem. The fact there is cross-over of 5 and 10 EMA, SMA, WMA and other emas plus chart is painted with colourful lines obstructing price action doesn’t prove a thing.
That’s why a “beatiful” set up with all lines in place suddenly goes the other way round, blasts from your account desired amount of pips and leaves you with your trousers down:D
MA don’t work in ranging market, they will eat out your profits, markets generally are ranging 80% of time and trending 20% of time, there is an answer why systems like this generally suck, run the strategy check based on this on MT4 (metatrader platform) and your will see your “profits”, don’t be shocked to see the results of the magic system :eek:
There is a hope however, and its name is price action (candlestick/bars) in relationship to the S/R lines, trends and fib levels (not always) and volume.
I’m not trying to beat the horse down but I’ve been there 
I can’t grab this. You say 4HR trend is your friend and you take short trades on both pairs ???
Or I have a problems with reading 4HR chart, but when I’m not certain about the trend I just exercise simple assessement. If the price on the screen goes from left lower corner to the right upper corner I believe the trend is up, and the other way: if it goes from the top left corner to the bottom right corner I shall think the trend is down. Where does it go now ???(4HR on EUR?USD and GBP/USD on your screen).
If it stays in the middle (goes from one side to another along horizontal line it’s range).
Anyway, good luck with your trades. I’m not saying you are totally wrong, just can’t see much logic behind this.
hi, what I mean is that I can tell when that trend is changing, and when it is changing that’s when I jump in. I am not 100% just like anyone but works most of the time. If you look at my 4hr chart, you will notice that the price settled or settling and looks like it will move lower. I know what you mean you zoom out and then draw a trendline I do that too, but what if that trend is reversed?
Hello everyone,
I’ve just BOUGHT the EUR/USD @ 1.3001.
This price could provide a lot of resistance, but the EMA’s crossed so let’s see what happens.
Thanks,
-ForexPhantom-
Greetings,
I understand your complaint. That is why I like to use a few powerful indicators and avoid the rest. However, you are essentially stating that indicators are useless. I disagree with that. They can provide valuable information in any kind of market, except during times of extremely high volatility perhaps.
You do realize that S/R lines, fib levels and any other kind of hocus pocus is simply another type of indicator? That stuff has its limitations just the same as indicators. In the end, it’s impossible to predict what the market will do 100% of the time. It simply defies mathematics. However, if you can use indicators of any kind to gain a consistent edge, then you will always come out a winner in the long-run.
EMA’s can provide such an edge in my opinion. They are NOT a holy grail…nothing is! If someone tells you otherwise just keep reading until you see the part where they want your credit card number.
What it really boils down to is the following: Which set of strategies will provide me with the best and most consistent edge that also reflects my trading style?
If price action works for you, then that is simply fantastic. And I want to learn more about that in the future, surely. But don’t be fooled: price action will have its own unique set of drawbacks. Fib Lines can be useful, but you can never be 100% certain that you applied them at the right points or even if you did that the currency will play ball. Remember, there are no guarantees!
For now, I’ll keep testing my simple system. If I find it works, then great. If not, well then we tried and now we know it better.
When it comes to anything in life, I am a strong advocate of the Thomas Edison saying: Genius is 1% inspiration, 99% perspiration.
We’ll see what the future holds.
Thanks,
-ForexPhantom-
I’m slowly learning that good Money Management and avoiding a 1:1 Risk/Reward ratio for stops and targets is necessary for any system to make money in the long run.
This is covered in the School of Pipsology. However, I’ve also been reading from experienced traders on forums like BabyPips and Forex Factory that even a great system with say a 60% or higher winning percentage will still end up losing money in the long run if you have poor money management or a 1:1 risk/reward ratio for stops and targets.
Conversely, a system with a mediocre winning percentage of only 50% can still become profitable in the long run with great money management and a 1:2, 1:3, etc. risk/reward ratio.
I’m still only paper trading now, but I’m practicing only committing 1-2% of my total capital for each trade. All systems, no matter how great, are supposedly destined to have losing streaks. Good money management is supposed to help you survive them. I’ve read that this is how some of the professional poker players survive their losing streaks.
Also, I’m moving away from my usual 1:1 risk/reward ratio of a 50 pip stop/50 pip target and experimenting with 1:2 risk/reward stops and targets like 50/100, 40/80, 30/60, 25/50, etc. We’ll see what happens…
Anyway, my question to the traders in this thread is what percentage of your total capital are you putting into each trade and what is your risk/reward ratio for your stops and targets? I realize that for some people the risk/reward ratio may be difficult to determine because it’s flexible or random depending on distance to support and resistance, fibonacci, or price action. However, some of the pros I’ve read say that the math doesn’t lie and anything resembling a 1:1 risk/reward ratio is doomed to lose your money in the long run no matter how good your system is. Anyone care to share their thoughts on this subject?
