I was also trying the RSI 45,50,55 that Marshalmax suggested, so the sell entry came around 1.3600.
Were you on the 1-hour timeframe?
Yes Iām, the whole thing worked against me, well partly Iām to blame fell asleep and I had not set up a SL so now Iām down by 50% of my A/C.
no system will be 100% accurate and you should definitely never trade live a system you are trialing and still to work out.
Hi Marshalmax,
Iām switching from one system to another, and so I read through the threads and wanted to try it. But the point here is even with 45,55 RSI this reversal could not be filtered.
Yeah it definitely did you dirty there though, using the same system you would have won 100+ pips on the very next crossover. The system does seem to be much more effective in a trending rather than a ranging market.
I noticed that you have your RSI at 14 rather than 10 but it would not have mattered in this case.
Hi JimFNA,
The reason why I posted in here to was to understand what I did wrong and to correct myself. I usually apply a 40 pip SL, which I thought I did and I went to sleep. But by the London session when I got up to trade I noticed my error and how much it cost me. Well bad luck and no solid preperation = loss.
I too noticed the second crossover, it would have gained me 100 -150 pips by now. Iām still waiting for it to crossover again, Iām going to keep at it, till I make some pips out of this system.
I wish to thank all of you for replying to my post and would like you to share your experiences and knowledge with me. Good Luck pip hunting
Sounds like you already know what you did wrong!
I just want to be clear that this is not my system. I am just experimenting with it and investigating possible tweaks. It definitely seems to work best in a trending market, though, rather than in a ranging market where it is ācrossing overā every 2-4 hours. It seems much better at predicting big moves than it is otherwise. Just my ā¬.02
Hi JIMFNA,
So how do you know if a market is ranging, flat or trending?
Try this out. I even had my lady do the School of Pipsology (though she doesnāt trade) so that she had some idea of what I was up to at 0400.
Kewl thanks Jim, Iām on it as I reply to your message.
I use a 100ema and a 200ema and if both are pointing in the direction of the trade I take it, otherwise I leave it or put a 10p TP on it for a quick win.
Hi MarshalMax,
So on the 1 hr timeframe, instead of 5 and 10 EMA you use 100 and 200 EMA? Is my understanding right?
I was doing a google search for forex systems and stumbled across this thread. Good stuff in here but I also found a site reviewing some forex systems and robotsā¦ Any info on these and if they are profitable or not? I donāt want to shell out the money if they arenāt, but the reviews seem to say they are worth the money.
Any info is appreciated.
Oh, the site was forexrobotsystemreview . com
Let me know if any of those are worth buying! Thanks!
EDIT: Canāt post links yet, thatās it up there though ^ ^ Thanks again!
Listen carefully, DO NOT SPEND ANY MONEY ON THOSE. If you want to give your money away, then do so, at least you will know you were told. Not worth it at all, if they were, a lot more people would be using them, so do not do it. This advice just saved you some money.
No I still do the same system but I only trade if the direction of that trade corresponds with my 100 and 200 emas. cuts out some of the fake signals but I am still testing the system.
Give you 1 piece of advise:
If you find anything to do with forex that costs you anything but FREE, avoid it altogether otherwise they would be using it to make stacks of $$ and would not need to market it to you for a price. Think about it.
Hi Marshalmax,
Thanks. Please keep us updated with your findings.
Something wrong here folks!!!
The linked review site has 5 or so reviews - all with todayās date. Not what I call a track record or a lot of credibility.He is using the promotional material from the vendor and mixes in some of his own comments. I think the material is used with their permission because clicking on it takes you to the vendor site. So IMO its a review site with links to vendors. Wonder how much he gets per click?
Yes Marshalmax i use only the 200 ema. Long anything above it and short only if below. Great addition to this system.