I found this vary unique concept by Rob Booker it’s called the Bossilator system. Rob posts webinars for FxStreet once and a while and sells at lot of trading related systems/bots/indicators ect. He also gives away a lot of free trading systems.
[I]Please do note I’m not promoting this guy since to be frank I wouldn’t ever buy a forex system or whatever else unless it was 100% going to make a ton of money. [/I]
This system is actually supposed to be part of a course/product of some sort but he uploaded it to youtube so it’s free to watch/learn.
This is more of a intro to the system and how it works rather than a step by step how to trade it. I should also note he does have some sort of special way of trading with specific fibbo extensions but I can’t find the video explaining that part. However, with the information provided you could easily trade any entry/exit system you wanted with the added knowledge that price is likely to move back to the 800 SMA after x number of bars.
Sorry everyone Rob is a bit long-winded. Grab a cup of coffee or something sweet to eat:) Every one of his webinar/video’s are at least 1/2 hour.
Quick rundown of the system -
800 SMA - Rob says he ran a bunch of statistics on how long a trend can stay away from the 800 SMA. The results were 500 bars on average is when the trend reverses or starts to gravitate back to the "Bossilator’’ which is simply a 800 SMA.
200-300 Bars - Trend Following Trades
750-1,000 Bars - Counter Trend Trades
Most traders will want to trade this system on a 1-15 min chart due to the large number of bars (time) needed to confirm trend/counter trend trades. Can you imagine having to wait 200 or 750 hours for one trade setup??? This is why 1-15m is what Rob recommends.
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Here is another of Mr. Booker’s trading systems called The Wallaby Trade. It’s based on a multi-timeframe stochastic indicator and divergence trading. He sold this book on amazon a while back. Luckily for us he now offers it free no catch CLICK HERE
[I][U]Be forewarned this guy’s humor bit off in left field. [/U][/I]
Maybe try Wallaby with the Bossilator?
Anyways, I hope you all enjoyed.