So if half of them are astounding, you get an astounding signal every 2-3 years. I am not sure I would call this an astounding technique if it works this way…
Without looking at charts I dare say that yes, Bishop exits are not very common. If you look at the charts in Courtney Smith’s book you will see that his ADX line is fairly smooth and doesn’t behave like a zig zag the way the MT4 built in ADX does.
The indicator I attached is built (not by me) to behave exactly as outlined by Welles Wilder himself in his book where he presents the ADX.
I’ve not taken the time to analyse my data this way, but I know that I did have 2 1000+ pip trades off GBP/NZD
Looks good to me
I have ADX as the upper of my 2 sub-charts. This allows me to drag it much taller so I can see what is going on if it is hard to make out at the bottom of the screen.
I’m simply looking for it either to be heading up, or for it to have turned down.
I compared the indicator you uploaded with charts 3.3 and 3.6 of the book and they look exactly the same. So, thank you for this, I hope I can improve my exits now. My entries look good but after entry my exits are not even close to optimal.
I’m inside this trades
Buys: USDCHF, USDJPY, AUDJPY
Sells: GBPUSD, GBPAUD, GBPCAD
With rejection rule active on AUDJPY, USDJPY, GBPAUD and GBPCAD
I started trading channel breakout with live mini account with nano lots (1 cent per pip)
I’m inside this trades:
Longs
AUDJPY with -67pips
NZDJPY with -89pips
USDJPY with -110pips
Shorts
GBPAUD with +26pips
GBPUSD with -88pips
I know that it would take some time until the losers are cutted and the winners run, and because I’m trading 1 nano lot, this -285 pips is only a couple of bucks. My account can handle about 5,000 pips loss (50 USD hehehe) so there is no problem with -285 pips.
This is the myfxbook, if you want to follow it: CCB+3Ducks Live System | Myfxbook
The only “addition” is the trade filter of 3 ducks, that can filter some spikes and generally is in sync with the channel breakout 
I just added NZDUSD short to my basket. It has not rejection rule active, only the last bar.
The GBPUSD short is the only one in risk to be stopped out with the last bar rule at the moment, but it has improved the position a little so if it continues that way, it could be that it is not stopped by last bar rule today
---- EDIT -----
Two more pairs traded. AUDCAD and AUDNZD, both long, both in profit
I just bought audchf. It seems that aud is strong across the board.
I closed GBPUSD with the lastbar condition.
AUDNZD, AUDCHF and USDCHF with rejection rule
I don’t know if I’m using the right lastbar.
Cyco, can you tell me which bar would you think is the right one for last bar condition?
medisoft, I place my last bar as a Stop order.
I’d have placed it at the top of the bar 2 to the left of the one you picked, because that looks much closer the the ATR than the one you placed the arrow on.
My last bar would have stop would have been tripped during the day that you shut the trade at the close of.
Cyco,
Do you calculate your risk based on last bar point or on the donchian 20 channel?
Cyco, I think that the fractal indicator on MT4 follows the same rule for HH/HL or LH/LL from the C Smith book, when he said that he looks for a high that has a minimum of 2 lower highs to the left and 2 lower highs to the right.
I’m backtesting if that points could be a good, logica point for last bar stop
Cyco, it’s me again! hehehe, I had read on another thread that you apply the same strategies you use on FX to commodities. The C Smith strategies are ones? I was thinking about trading stock CFDs as well as gold, silver and oil with the CS breakout channel techniques, and would be great to know if you have some results on this.
Thanks.
I calculate risk on the 20 day channel, but I also do it on the last bar if I’m taking advantage of the 3% possible entry offered by the rejection rule. I do the last bar calculation just to check it isn’t over the 1%.
I trade CFDs using the Conqueror and Smith’s channels. I don’t have separate results for those. They are all combined with their system’s results at this stage.
great!
I think that a portfolio with currencies, commodities, oil, metals and stock CFDs is well diversified.
Do you have problems with swap interests?
Do you also have updated stats on your trading results?
Thanks
Cyco, may i ask you if you use some discretion when placing a trade or you use the C Smith mechanical way?
In the book he said that is important to execute flawless but don’t understand if that is pure mechanical or with discretion.
Thanks!
I was trading as close to flawlessly as I could in a mechanical sense, however I have done some ‘non-perfect’ trading of late to try and protect equity.
An example of this is NZD/CHF that has been stuck in the 0.76-0.785ish range for almost 8 months now.
I’ve moved my Channel entries back so I catch a big move, but wont get caught by every bounce backward and forward.
This are my positions right now
I’m trading flawlessy. Only modification is my last bar definition. I’m using the nearest previous swing high/low of 2 bars (aka, a fractal) for it
I developed a simple indicator that draws the donchian channels and also place swings high and low of configurable score.
Do anyone wants it?
Great thread, Cyco! I’ve recently begun to trade the Smith methods for many of the same reasons you all have: I simply don’t have time to sit and watch a screen all day. Oddly enough, I actually studied the Turtle system quite seriously this time last year, but got sidetracked by an attempt to get into futures scalping (quite a change!). After I lost a sizable chunk of my account doing that (and saw that I missed several big moves in JPY pairs, among others), I decided that it was time to get back into position trading. Seems to suit my schedule and personality better.
Glad to see some strong results being posted in this thread.