No I got his “The Wisdom of the Ages in Acquiring Wealth” book. It is a really simple read and I’ve read about this wisdom in other books (such as “The Richest Man in Babylon”). Still well worth the read!
If you would, email me the discount code (and where I am supposed to go to purchase) and I’ll buy the other book. <[email protected]>
I never tried to make any arrangement with them for ‘The Delta Phenomenon’ at the time (I did not even have it myself then) but I will certainly approach them and find out if they’d be prepared to do it for us though (it would certainly help others here because that book retails at $175 USD). I’ll see what I can do.
Ok i read this thread and i wanna be blunt by telling you to forget indicators. They are all lagging. And none more than PSAR. But i dont just wanna shoot down ur system without giving you something better and more reliable.
I wanna recommend a “Breakout System” that gives me 500-1000 pips on average per week. That is a minimum of 2000 pips per month or maximum of 4000 pips per month on average. And it is less stressful than your system here.
Ok so here is what you look for. Use daily or weekly charts. Any time frame smaller is just noise. If you wanna sell then find a candlestick that makes a Higher High. Higher high is when price goes higher than previous day/week (depending on which time frame you use). Once you see the next candle make a lower high then you know you are almost ready to enter a short trade. So when you find a candle that makes a lower high then then wait for that candle’s low to be broken to the downside by the next candle. Once this happens you sell.
If you wanna buy then you look for candlestick that made lower low. Wait for next candlestick to make higher low. The as soon as following candlestick breaks high of candlestick that made higher low then you buy.
[U]Sell:[/U]
[U]Buy[/U]
Please ignore those 1 hour Sunday candles we find on Interbankfx when trading the daily charts.
I am not gonna answer a lot of questions. Read and re-read the instructions until you get it. Look at the charts and look for those 3 candlesticks. They follow one another. If you dont find 3 candlesticks following one another then obviously you dont do anything. You just wait for the set up to present itself. It is a very simple system, that does not require any indicators. This “system” works on all currencies. And only use daily or weekly charts.
Money management is personal choice.
Happy trading. This system will make you 500-4000 pips per month according to how long u wanna let a trade run.
Hi there all,
I was reading this thread and got stuck a little, since I am really a bit confused about the ParSAR strategy.
So, is there any doc or pdf describing this strategy and best indicators to be used with it?
If not, please let me know which posts describe the strategy and I will make a pdf, which we can put on this forum and it might help to many others like myself who are beginners in this strategy.
Thanks for your replies and comments.
Btw - this might be strange but, is there SAR and Parabolic SAR? Is there any difference. I tried different indicators (Par SAR and SAR Color for example) and they seem different… See attached image.
Thanks for all, Jerry
Boy Chuck. I like what you have to offer but to not answer anyones questions is a big harsh don’t you think?
What about back testing and trending versus ranging markets?
What Chuck is describing is a 1 bar reversal system. You could also use 2 or 3 bars and in some situations I find the last of these quite helpful. As for the rest, Chuck has given you an idea. If you are interested surely its now up to you to pull out your charts and see if it has merit. That includes working out on your favourite pairs what would be reasonable TP levels based on their expected daily range and reasonable stops. The simplicity of it is attractive but can you make it work for you. Although you probably dont mean to you show one of the failings of people on the forum who want it all put on a plate for them which is ultimately doomed anyway because any approach must be tailored by you for your own trading style and psychology. A quick look I just did on UY (a pair I do not trade) does show that this is worth doing some work on
And we’re off!!! Have a good week people!!!
ChuckNorris (or Tony): do you people work on the close of the day or ‘the moment’ a level is reached i.e. in ChuckNorris’ post he says to go short (for example) when the price of the third candle breaks the low of the second candle. By the word ‘breaks’ are you meaning ‘go short on the close of the third candle if the closing price of the third candle is below the low of the second candle’ or ‘go short immediately when the price of the third candle moves below the low of the second candle’? Just curious. I know my question does not REALLY relate to forex pairs but it does make a difference when it come to stocks etc. etc. etc. i.e. you go long or short either at the close (today) or the open (next day).
I would assume he means immediately on the break Dale. I think stocks are very different and I tend to enter in the last minute or two before the close to be set ready for an anticipated gap opening the next day which we dont get much of in fx
Thanks for the quick reply Tony. That’s one of the reasons I was asking although ‘my jury is still out’ as to whether or not to enter just before the close or a couple of minutes after the open (stocks). Wilder says that he used to get better results entering at (or just before) the close BUT I was ‘nailed’ once or twice (last week I think) on the S&P and there is NOTHING worse than watching the futures go down in the morning when you know you went long last night!!!
How are you judging / trading the gap by the way i.e. are you not supposed to WAIT for the opening gap and then place orders appropriately i.e. if the market gaps up on the open you would place a short order at the low of the opening bar and TP when the gap is closed? The reason I’m asking is that from your post you sound sort of ‘sure’ which way the market is going to gap the previous day already and I always (on the very few occasions I’ve traded the gap anyway) wait for the market to gap and place my orders appropriately as explained (assuming that the gap has not already started to close).
I trade stocks very simply given the way the ASX has been although I am currently entirely out of the market. This technical correction may see the end of the amazing run since 2003. I wait for a retrace to a moving average then for signs based on daily range, type of candle and volume that the retrace is over. If the criteria are met then I will enter at the end of the day especially if its clear we are going to close near the top of the candle. I find waiting for the next day you have often missed out if its going to gap. Timing suits me given Perth is 2-3 hrs different from Sydney depending on time of year so I can be available to watch these things
So… I have a question for those of you who are trading as a career. Specifically those of you who are trading ONLY your own funds. (i.e. not an employee trading other people’s money.)
When do you know to “break out” and go independent? As I study it is apparent you need to be prepared for massive drawdowns as well as setup a reasonable withdrawl to live on.
Do any of you have advice on what that point is?
Hi there all,
I was reading this thread and got stuck a little, since I am really a bit confused about the ParSAR strategy.
So, is there any doc or pdf describing this strategy and best indicators to be used with it?
If not, please let me know which posts describe the strategy and I will make a pdf, which we can put on this forum and it might help to many others like myself who are beginners in this strategy.
Thanks for your replies and comments.
Btw - this might be strange but, is there SAR and Parabolic SAR? Is there any difference. I tried different indicators (Par SAR and SAR Color for example) and they seem different… See attached image.
Thanks for all, Jerry
Jerry,
I’m a newbie too and asked that question about 2 weeks ago. Here is Dale’s reply to me. 301 Moved Permanently
All there is to the system is already posted. There is nothing else but price action. You trade what you see…
Thanks Tony and well said. Some times all u need to do it study ur charts. They will tell you all u need to know;)
I only trade forex so please just use this on forex as i have never tried it on other markets
Here is a short trade i took today. On thursday we saw candle that made higher high. Then on friday we had candle that made lower high. Today the candle of friday (the one that made lower high) got broken to the downside. So i entered at 1.9510 (1.9511 was low of candle that made lower high).
I made about 50 pips. That was enough for me so i closed my trade.
Jerry,
I’m a newbie too and asked that question about 2 weeks ago. Here is Dale’s reply to me. 301 Moved Permanently
daxm,
You’re too kind. This is the link I would have given:
http://forums.babypips.com/free-forex-trading-systems/4976-parabolic-sar-thats-all.html
Hey: is it just me or is everyone else having a bad day!!! Here I was expecting to make a ‘killing’ on the GBP today but ‘whadda you know’!!!
That’s one thing you’re going to find with Wilder’s TBP System daxm: huge stops and even although he does explain why let me tell you that when they get hit it’s ‘gutwrenching’!!! Needless to say this happened today!!!
By the way ‘Chucky’:
Nice. Very nice. TODAY you beat Wilder!!!
By the way: I’m making a prediction today based on my (extremely limited at the moment) knowledge of ‘The Delta Phenomenon’ and that prediction is this:
The GBP/JPY pair is going to rally to the upside within the next day or so (as will the Dow, S&P, and the Nasdaq).
There!!! I’m committed!!!
