These are the trades ive placed over the past 16 hours some text book awesomeness right here:
This has to be one of the most beautiful trades in weeks, a buy signal scalping 2 pips which then triggered an inside bar on its way down, beautiful
In all I made 370 pips, which brings my weekly total thus far to 1,110 pips :D!! There are however a few things to note, first off i was passed out in bed when my half take profit alerts went off this morning so i got full take profits at 70 pips :l second i cashed out my AUD/USD at 40 pips so i could leave the hotel, if you had been a more responsible trader you would’ve made 250ish pips
@everyone: This system has come a long way and i have all of you awesome people to thank that being said there is only ONE problem left with this system, everything else is accounted for and quantified except stops and take profits, the problem being that they are rigid, when i set them to the flat 40/70 i had backtested tediously on every chart for the best settings, but if you even look back two months ago you can see that moves more often then not go over 100 pips, and 6 months ago 150 pips! So the only way to truely make this system tradeable in any market apart from the entries is putting in dynamic stops and take profits, right now i am looking in to ATR (40) stops and take profits and its looking awesome so far, if my calculations are correct it could increase profitability by as much as 30% ill keep you all posted
I think I can help you identify your profit targets and stop settings. I have recently done some stop/limit statistical analysis on a system or two for a private trading firm. I would call it advanced statistical analysis. There are a few challenges to the development of a mathematically rigorous analysis that I would like to discuss with you. Shoot me a message and we can work out the details and then post results here on your thread.
@juicypips: you cant use custom indicators as there is no way to download as well as implement them on your mobile :\ however you can still trade the system on your mobile in fact the past week i’ve done most of my trades from my iphone, what i would suggest doing is copying down the system checklist and getting very familiar with it, and after a little practice im sure trading this system will be second nature maybe even save it to your phone to look at while making trades
Cheers guys appreciate the help, struggling with the system at the moment to be honest but I don’t know why, I’ll try and post some trades I took and hopefully somebody can show me where I am going wrong? Sith, most of my trades will be placed using my iPhone, when you place trades using your phone do you manually calculate wick/body sizes of pins to make sure it’s rigidly following your system before placing? Appreciate your help, thanks
The fifth bar from the right is a pin bar (buy signal on 1h) as well as an inside bar. Then the following bar is a pin bar again with a sell signal on 1h but fails to break the lowest close of the 4 prior 1h candles.
So its a buy at the first pin bar which wouldve hit the 40 pip 50% tp target and we wouldve ignored the following pin bar. Do we still trade the inside bar when the mother bars low is broken or do we ignore it due to its lower priority?
@juicypips: To be honest some of my friends who are trading the system have the same problem and it isnt just with this system, i think peoples biggest problem in forex is being able to apply the systems they trade in a constant and mechanical manner, my friends miss trades, mess up half take profits, forget to filter multiple signals etc. but incorrectly reading wick size doesnt seem to be one of the largest problems, when i am on my iphone i use the cursor and place it at the low and high of the candle to find out the low and high price, then i place it at the open and the close of the candle, i do some quick head math, and see if the body and long wick are the correct percentages most of the time it is completely obvious that it is a valid pin bar, very long wicks and bodies that obviously take up at the most 35%, but when i do have to use my cursor i have no choice but to be confident in my decision its not like missing it by a percent or two will make every trade over 35% body length a loser, itll just make it much more likely
@niX1990: I did in fact trade those signals but apparantly when im sleepy I forget how to operate my own system :[ The way you should’ve traded them is simple: The first pin bar is a valid buy signal so you place the order, take half profit at 40 pips, you ignore the second signal because it failed the filter, and at the same time you place a sell stop order at the low of the mother bar, now because hedging is prohibited (atleast in the US), i set an alert for my sell stop so once its about to be hit i cancel my buy order and activate my sell stop, so once the sell stop was hit the buy was cancelled and my sell stop rode down to full tp, then you can see that last pin bar is in a mother bar making it an inside bar, so i placed a sell stop at the low of the giant candle, and the pin bar itself was almost valid but the body was too big :3
EDIT: the priority of orders has been more or less removed, i added in priority by specific rules in each of the signals, so everything you need to trade is on post 1
Thanks sith, I’m not disheartened at all by my losses (on demo), I quite like the fact that it requires skill to trade your system and it just makes me more determined to learn do you pay any attention to signals on the 1 hrs i.e the last 1 hour is a pin? Sorry for all the questions I must be doing your head in! If I can crack this I owe ya!
@juicypips: thats great trust me with practice it’ll come, what i had to do to be profitable when i went on my first horrible emotional trading streak when i started trading was to make a checklist (much like the one i made and suggest you use), and then make sure i ask myself why i have entered a trade and why i didnt make trades at every candle close, i need to know exactly why i have entered and have confidence in it i know alot of people keep trade journals where they write that stuff down
As for the one hour signals i used too, but i found zooming in further to the 15 minute charts on 1 hour pin bars made things too complicated for filtering at 4-5% of bad trades, although because i am a well rounded trader i do notice all the price action signals on the 1 hour, as well as S/R, fib levels etc. i just dont need them to trade with so i dont use them although it is nice to get the extra confidence in my trades, one of my last trades had a perfect evening star on the 1 hour chart for instance and that made me feel all the better about it
Thanks for the ongoing support , much appreciated! can i ask have you been trading your system live for long? And is this the only trading method you apply? Thanks
@jawa: sorry for all my silly questions but my new goal is life is to master your system!!
just to confirm 3 things:
the filter applies to all opposing signals, don’t matter what signal type or in what order…
inside bars that don’t get triggered are deleted after 24hrs? (or when an opposing signal that places filter comes along)
you close all trades out on friday 4pm GMT?
@Jonkie76: thanks for another great indicator update!! Thing feature that would be very useful for trading on my mobile, if the email alert contained the lowest/highest price for inside bar signal, that way i dont have to zoom in and try read the price…
@juicypips: this particular system ive been trading about two months, before that i was trading EMA crosses This is the only way i trade, i dont see any reason to have different methods when this works in all markets all the time
@smacko: aha i think my ego just exploded well i hope you can do it, good luck!
The filter is only for indecision candles, meaning you only apply it to indecision candles, you trade ALL inside bars and star
I haven’t actually had an inside bar not hit in a while, but typically i dont delete them at all, i just wait for them to get triggered even if its a day or two away, you might want to delete them after 24 hours just to be safe though
Yeah i dont really look for trades at the 12PM candle on fridays, just because i dont think i can get many pips if any at the last candle, so normally i close out trades by then, at the latest 4 EST, thats when the market closes over here
Hi Jawa, I just wanted to thank you for this awesome method of price action and for all of your effort in helping everyone with it. I used to trade FX back in the beginning of 2006 after about two years of studying it from various sources. I made the rookie mistake of trading small time frames and scalping and using too high of leverage and bad MM. I turned my $450 account into over $1700 in two weeks, however I must have done every single rookie mental mistake including specifically “getting back at the market”. So after almost blowing up the account I withdrew almost my starting deposit and went back to studying. In 2007 I got too busy for FX but I kept up with it. So after last year getting back into it and up until now, have been studying what I should have from the beginning, price action on 4hr/daily timeframes. I also found that I have matured a lot and have overcome the psychological mistakes traders make. I can now trade without being attached to the trade and losses do not effect me.
Anyways what you have done here is absolutely amazing and is superior to many courses out there charging a lot of money. You have taken three of the better price action trading concepts and made them so much easier for new traders to understand. Especially with your recent checklist. You’ve simplified it better than I have ever seen it and made it so that anyone can pick it and run with it. I especially am a fan of inside bars and in visually backtesting inside bars lately, I have been seeing better than 80% winners from signals. I am going to live trade a small micro account until I feel comfortable, hopefully in September, and will fund a bigger account and move up to minis, before moving to full lots. I cannot believe more people have not jumped all over this thread but I guess people are more interested in complicated and fancy indicator filled charts that make it harder to trade. Price action is time tested and what the big boys trade using. Thank you so much for all of your hard work and I hope you receive many blessings and continued success in the future.
@JoJoCal19: It means so much to me to hear you say that, you are very welcome and thank you very much, and good luck with your trading! The hardest part of trading is definitely managing your own emotions so if you’ve over come that you should be on your way to success in no time Feel free to ask any questions you may have, i myself only learned because of people on forums posting what they knew so i am more then happy to do the same
@everyone: i have 2 trades in currently with three sell stops (inside bars) in the oven, all of them are sell orders and on a totally unrelated note fundamentally i do think Europe is going to continue into the price abyss (AMERICA IS #1!!! :P), that being said i decided to have some fun before the weekend and trade this M pattern i’ve seen a few of them lately, they are essentially like an evening star but the middle candles in the formation are more pronounced as opposed to indecisive, this is NOT a system trade, I am only really bored and couldn’t help it… so please jonkie dont worry you dont need to add this to the indicator
EDIT: The main reason I am posting this completely off system trade is to show you guys that once you are a good player, it doesnt matter as much what strategy you use, the biggest obstacle in becoming profitable is YOURSELF, period. Once you can overcome your own emotions and human instincts and trade like a machine you will succeed, this is a business and should be seen as such, let the system you trade interpret the data for you! dont interpret it yourself, this system tells you the entries, you just press the buttons If you all haven’t already done it i would suggest going through the babypips school of pipsology a couple times, the information in there is invaluable and then after that the only further education i suggest is going into the trading system forums and looking at peoples strategies, figure out why they work, how they work, how you could make them better, their pros and cons etc. the best way to understand the market is quite literally to understand the players that move the market, so learning how other people and professionals trade is a good idea
some text book awesomeness right here:
that being said there is only ONE problem left with this system, everything else is accounted for and quantified except stops and take profits, the problem being that they are rigid, when i set them to the flat 40/70 i had backtested tediously on every chart for the best settings, but if you even look back two months ago you can see that moves more often then not go over 100 pips, and 6 months ago 150 pips! So the only way to truely make this system tradeable in any market apart from the entries is putting in dynamic stops and take profits, right now i am looking in to ATR (40) stops and take profits and its looking awesome so far, if my calculations are correct it could increase profitability by as much as 30% 
This is the only way i trade, i dont see any reason to have different methods when this works in all markets all the time 
