Hi Blaiserboy,
Apologies for the late response … I’ve been a lot more social these summer days and not on the forum as much…my laptop is, but I’m not
Anyways, no, I’m not using this system at all. When you get in on a good signal, it’s great but I seem to miss too many signals and found scanning too many pairs too time consuming to find one I might get in on. I tried to create an EA to help me, but found it’s a lot harder to detect when the stoch is crossing the AC 0 line than it is visually as sometimes the stoch’s value could be 80 when it crossed, or 40! Then there’s the 500 pip s/l (5 lots*100 ea) which I’m not too comfortable with and when it goes through consolidation periods, it’s murder. The Squeeze-more system produced a few more signals but I’d still have to monitor the charts rather excessively.
Right now I’m testing strategies that involve pivot points & pending orders at a particular time of day so I don’t have to sit there wasting (according to my family) my valuable limited time which I’m not spending with them.
Filtering out false signals is a major dilema for any system. I would say major support & resistance lines are one way…if price is approaching one, then hold off for a bit. If price just made a big move, then it might consolidate or retrace a bit, so again hold off. Price crossing trendlines, S&R, etc, may help validate it as a real signal.
If your charts show a bit of history, then you can go back and see how many signals it produced, and how many were false or real. Being on a daily chart, it doesn’t produce that many signals per pair/mon, and even monitoring several pairs ya’d think give many, many more…but it didn’t seem to and then several would signal at the same time so if you missed one, you’d miss some others too…crazy!
It only takes a few minutes each evening to check for the signals or you can just pick up the ones he leaves each day on the thread.
I just found this thread the other day & am very impressed so far. Another one I like is the Neural Network one, although that is more for people sitting in front of the computer & scalping for 10-20 pips per trade.
I had looked at the Trend Finder Daily when it was first posted and I installed the indicators but I didn’t get much time to try it although I get a feeling the same sort of cons exist for me on this as well, except it’s only a possible 200 pip loss instead of 500. If one doesn’t catch the signals at the time, I find it’s too late later.
However I’ll make an EA for backtesting since the indicators aren’t overlayed, making it more consistent to detect, and I’ll give a report on that thread once it’s done.
Sweetpips are you trading any sytems with success right now? Id be curious to hear any new trading ideas.
4xstar i like the neural networks one but I also agree that is for someone who can babysit there terminal. I have an electrical contractor business and it keeps me running all day and it is impossible to trade a short timeframe like the 15m.
I looked at the trendfinder daily too but i heard some chatter about being in a loss after 39 days even though it was wining more than losing. Have you tried that system? how was the result.
Ps I dnt think oz minds me taking over his thread at least my signals are free. they might be wrong but there free lol!!! hehehhee
I am and while I feels it’s successful, like any system, it has it’s problem areas…mostly where to put a stoploss. In gereal its setting pending orders at 00:00 GMT, either buy or sell stops depending on the general direction price has been going, and targeting to trigger below /above the Camarilla L3 or H3 and t/p at the L4 & H4 lines. There’s a little more to it too like using ADX for determining trend strength, and S/R or pivot lines that maybe lurking in those areas.
Anyways, once I’m more solid in it, I’ll start a new thread instead of discussing it here.
iam newbie entirely. THANK YOU GUYS. INFACT, I WAS TRYING TO DEVELOP OZFX IDEAS WHEN THIS CAME, I THINK THE BACK TEST IS VERY SUPERB, i just got through SOME OF THEM. WE WILL BE WAITING IF SOMEONE LIKE SWEETPIP AND OTHER EXPERTS CAN DEVELOP IT
ODL seems to have the time that works best. I only use their demo account for charts and place my trades on totally different broker.
What ‘different broker’ do you use?
Mind explaining a bit on this. I still don’t get it different brokers have different prices, why does referring to ODL charts works when you trade using other broker?
I’m still confused on this part and I have never traded this way.
so u’re saying u’re referring the odl charts then trade on oanda. Are the prices on charts of odl and oanda the same? This is the confusing part hehe. Many people claim prices are different based on different charts. I don’t know because I stick to one broker only.
I haven’t noticed much difference between the two it might be a few pips and with the ozfx system were dealing with hundreds of pips so a few pips won’t make a difference either way.
This is a good question too. So do you guys trade at random time? Is it before or after news?
Like OzFx mention, he doesn’t want to sit in front of pc all day long. So do you have the best time to trade? Use GMT timezone if you’re going to mention it.
I am new to forex and I am currently just reading everything that i can and I am soon going to start demo trading and I just came across this thread and I am curious whether after hundreds of replies and months and months since it was posted, is OzFX a valid trading setup? should I bother to look into this once i am ready? Also another couple of quick questions, what is the template attached for? (forgive my ignorance) and if this is a good system, is anyone developing it in automated form?
I feel you should answer your own question by demo trade the system. It is best that you test the system through trading and find out the answers through your trading.
