i want to know more about ‘holy grail’ system…can anybody tell about this system…
There is only ONE thing that can be known about the holy grail system and that is the following:
The holy grail system is in you.
Someone can lay out in every detail a system that they have used to make millions. But you may be completely unable to implement that system. Your quest is to find a system that YOU can implement given your resources both internal and external in order to trade your way to freedom.
-Adrian
The holy grail is a mythical object that is meant to provide its holder with abundant wealth/happiness/good health/eternal life, depending on which tale, book or film its featured in (in The DaVinci Code it was a person).
Its used here to describe a system that we would all like to have, one that is highly profitable. Don’t take the term ‘holy grail’ too seriously, it doesn’t actually exist, and even if it did it may not work for everyone due to our different individual characteristics.
Anyone claiming to have found a faultproof trading system is either deluded or lying, all the systems on here have their limitations and im sure the posters say this, at least in most cases.
I can tell you a little about it, but I can’t recommend it.
It was originally described (actually as a [I]stock[/I]-trading method) by Linda Bradford Raschke in her (co-authored) book [I]Street Smarts: High Probability Short-Term Trading Strategies[/I].
Long entries are by buy-stop just above the high of a bar that has retraced to touch a 20-period simple moving average during an otherwise rising trend, in which the ADX is above 30 [U]and rising[/U] (important!).
(Short entries are the converse, of course, but still when the ADX is above 30 and rising, not below 30 and falling: ADX is just a general “strength of trend” indicator.)
It’s always seemed to me that it’s a kind of re-working of the older (and much better) Joe Ross technique of buying “a breakout of the high of the local low” in an overall uptrend - as described, for example, in his “Camelback technique” (which I think is much easier and more reliable, too). But you can see that the underlying principle is very similar: you’re buying into the continuation of an uptrend, following a retracement, when the original direction has resumed (in other words after it’s been “shown” that it probably [I]was[/I] just a retracement rather than a change of direction). That principle itself is a good and valid one.
Edited to add: as you see, it rests on the breakout of a “local high/low” after the establishment of the end of a retracement during a trend, and its entry-parameters depends on a simple MA and an ADX reading. There are some other variations of it, too, but I think the one I’ve described above was the original “Holy Grail System”). There’s a free PDF of the Joe Ross “Camelback Technique” available here: [B]http://www.trading-naked.com/library/JoeRossTradingManual_C23_189-199.pdf[/B] (that link opens a 10-page PDF - it’s authorised by the author and freely available, not any kind of “pirate” or copyright-breaching site, and in my opinion it has more potential than the Holy Grail System, though its broad underlying principles and basis are exactly the same).
Whenever I read a post where a trader is looking for the Holy Grail, all I think of is how Lazy people can be. Do you really think there is a magic system in forex? NOOO!!
You can develop your own strategy. You’ve asked this question because you are a new trader and you are looking for something that works. I’ll tell you where to start.
Study the Indicators;
There are so many indicators out there. As the name implies, they help you to determine Trends, Entry/Exit points, and predict price movement. The use of one or two indicators makes up a technical trading system. Once you know how to use multiple indicators, maybe two at least, then you’ve got yourself a HOLY GRAIL.
How I wish people like you and me prefer more on learning well instead of searching for that dream way that can bring unlimited strategy. Although I learned that the hard way, but many have not.