According to myfxbook, it is real and $25k deposited.
Medisoft - thanks for sharing and good luck. Let’s see where this goes in a year, hopefully into profit.
Yeah, that’s what I thought. Wow I am impressed but not surprised, I’ve gotten some serious coin from trading this method and I am considering allocated one of my live accounts to it also.
Hi all! This is my analysis today. It is a little late; my little son has a little flu and so I was busy taking care of him.
Now he is sleeping, so I can make my analysis. This is one great thing of this methodology, and of this time frame: you can leave your trades working for a couple of days without worrying about them. That is not possible with most lower time frames methodologies and systems.
Note that this one is from my new dedicated account. Previous account is still working and has about +1905 pips of floating profit. I’m going to continue handling that trades but will not be opening new ones on that account.
Well, this is my analysis:
[ol]
[li]AUDUSD bias short. I sold it and had a nice drop after that. It is near a support, so I will be checking closely just to find some signals of end of the move. [/li][li]EURNZD bias long. I bought it but I think I should have waited a retracement because right now is on a upper trend line that is acting as a resistance. Well, this is something to learn, to have the patience to wait for the retracement if the price seems to near to a resistance or support. [/li][li]NZDCAD bias long. I just bought it because it showed a inside bar that is also a tweezer and an inverted hammer on a support. [/li][li]EURUSD bias short. I just sold it because it closed below my entry point, so it is a sell for me. The EURO is in overall bad shape and the dollar is in good shape, that is a nice combination for a short on this pair. [/li][li]GBPUSD bias long. I had a buy order but I cancelled it because I see that it is making an extended retrace. I will be placing the buy again if and when the price makes a clear bounce on the trend line and the fibonacci level. [/li][li]NZDUSD bias long. Waiting for an entry [/li][li]USDCAD bias long. Bought after a strong move up. This could also be retracement on a downtrend. The fundamental bias shows stronger dollar than loonie. [/li][li]USDCHF bias changed to long. It is in the upper part of my channel, I’m going to wait for a retracement. [/li][li]USDJPY bias long. Fundamentally it is going to stay in this bias for a year or two. Right now it seems to be at the end of the bullish move, showing some candles of weakness. I’m going to wait until the retracement. [/li][li]AUDCAD bias short, making a retracement. Will sell when I see a continuation. [/li][li]AUDJPY bias long. Showing some weakness, want to see a break above 102.22 [/li][li]AUDNZD bias short. In the lower end of my channel. Waiting for a retracement and a continuation. [/li][li]CADCHF bias short. The current PA is showing some strenght. I will be taking care of this one. [/li][li]CADJPY bias long. Waiting for a retracement. [/li][li]CHFJPY bias long. Waiting for a breakout. [/li][li]EURAUD bias long. Waiting for a break and a close above of resistance. [/li][li]EURCAD bias long. It seems to made a higher low just at the lower part of the up trend channel. [/li][li]EURGBP bias long. In the lower part of the up trend channel. [/li][li]EURJPY bias long. I should had waited for a retracement but I placed the trade because a resistance break and close. [/li][li]GBPAUD bias short. Waiting for a continuation of the downtrend. It shows some weakness candles at a resistance, that makes it better. [/li][li]GBPCAD bias long. Will buy if today’s candle closes green. [/li][li]GBPCHF bias long. Waiting for a retracement. [/li][li]GBPJPY bias long. Waiting for a retracement. [/li][/ol]
[QUOTE=“cajunbayou;489541”]Medisoft you been killing it man. I just started this method about 4 weeks ago and it has definitely helped me alot. Thanks MG. I first got started trying to scalp and would make a good bit then lose a good bit. My main problem I found after starting this method was before I would look at one or two currencies so long that I would eventually “find” a trade. By using 28 different pairs there seems to always be a few pairs doing exactly what I want. It seems so easy now after doing it I cant believe I did not think of this sooner. Its not a hard method. Its actually very simple. Maybe it has been luck the last few weeks but Its definitely better than what I was doing before.[/QUOTE]
You’re welcome. There will be bad times, but if you stick with it, the good outweighs the bad.
Update from me. So initially I lost about 18% of my account over 2-3 months. I stuck with my strategy tho whole time. Although I’ll admit I didnt take every entry i saw. So after I slowly bled that money I read MeiHua’s thread about stop’s and profit targets. That seemed to have helped a lot. I’m now sitting on 18% unrealized profit and back to breakeven. So a couple more months will tell.
So if anyone reads this some advice. Don’t keep your stops real tight I went from 150 pips SL and now I’m at 300 initially. And dont buy on strength or sell on weakness. I went from buying on swing lows and selling on swing highs to buying on swing highs and selling on swing lows. These are the changes I’ve made and so far things are looking good. If this continues for another quarter I’ll start backing this with some serious cash although maybe not as much as medisoft :D. Dont pick tops and bottoms but let them form after you’ve identified a bias buy on a pullback or sell on a rally.
I am wondering if i could lower my stop back down a little now that I’ve changed my entries. I’ll keep tweaking as I go. Or a may just leave a good thing alone lol.
One thing I’ve learned about myself and trading is how hard it is to motivate yourself to take entries when youre losing money. It’s not that I’m panicked or worried or stressed it’s more like I lose faith and get discouraged. We read all kinds of material to help us with psyche and money management but I’m not sure that stuff helps much more than to help us realize what’s wrong when we go through it. I myself have read and read about sticking with a system even during drawdown but when I was going through it finally, it’s hard even though I should have been able to realize what’s going on.
Or things like don’t focus on the outcome/money but focus on the process. That’s a lot easier said than done.
So another piece of advice guys. Trade and trade live stop thinking and planning and just get in. Just don’t get in big :D.
Coming up on my first year and I’m pretty proud of myself. Learned a lot and still have the determination and passion. If anything I’d say I have more now than I did when I started. But instead of Gasoline I’m using Diesel lol.
Great piece mate. Nice to get a feel of some experience here and thinking. I share your feelings and insight
Thanks for sharing Iya,
I went through a similar process and second most of what you wrote. I too started with a hefty drawdown that started with a mistake with my first trade, because I took the trade risking 10x what I should have. And of course, it was a loss… Coughlin’s Law. Then, Greece and Japan went against me while working the kinks out of this thing and making it my own. I’ve now managed to erase the losses and mistakes and the month of May has been spectacular. I feel tremendously comfortable with the system. I hope to be able to maintain long term consistency and gains.
For me things turned around after reading The Adam Theory book (thanks again to the person that recommended it on the thread), not manually closing my trades and developing my own stop loss system (Initial and management) by meticulously using support/resistance levels to place them. Those are the main things I noticed that helped me.
Like Iya suggests. Stick with it, make it your own and do it live.
I will post an update on the results for the month of may… It’s appears that it will be my very first month in profit… Ever
Thanks again MG99
[QUOTE=“IyaJenkei;491066”]Update from me. So initially I lost about 18% of my account over 2-3 months. I stuck with my strategy tho whole time. Although I’ll admit I didnt take every entry i saw. So after I slowly bled that money I read MeiHua’s thread about stop’s and profit targets. That seemed to have helped a lot. I’m now sitting on 18% unrealized profit and back to breakeven. So a couple more months will tell.
So if anyone reads this some advice. Don’t keep your stops real tight I went from 150 pips SL and now I’m at 300 initially. And dont buy on strength or sell on weakness. I went from buying on swing lows and selling on swing highs to buying on swing highs and selling on swing lows. These are the changes I’ve made and so far things are looking good. If this continues for another quarter I’ll start backing this with some serious cash although maybe not as much as medisoft :D. Dont pick tops and bottoms but let them form after you’ve identified a bias buy on a pullback or sell on a rally.
I am wondering if i could lower my stop back down a little now that I’ve changed my entries. I’ll keep tweaking as I go. Or a may just leave a good thing alone lol.
One thing I’ve learned about myself and trading is how hard it is to motivate yourself to take entries when your losing money. It’s not that I’m panicked or worried or stressed it’s more like I lose faith and get discouraged. We read all kinds of material to help us with psyche and money management but I’m not sure that stuff helps much more than to help us realize what’s wrong when we go through it. I myself have read and read about sticking with a system even during drawdown but when I was going through it finally it’s hard even though I should have been able to realize what’s going on.
Or things like don’t focus on the outcome but focus on the process. That’s a lot easier said than done.
So another piece of advice guys. Trade and trade live stop thinking and planning and just get in. Just don’t get in big :D.
Coming up on my first year and I’m pretty proud of myself. Learned a lot and still have the determination and passion. If anything I’d say I have more now than I did when I started. But instead of Gasoline I’m using Diesel lol.[/QUOTE]
Does anyone knows where to get historical reports for GDP, Unemployement and interest rates for all the majors?
Thanks!
I has been trading forex for about 2 years. I started with lots of indicators, trading 1h and lower timeframes. I tryied to scalp with 5m and 1m charts and found it both stressful and very good account depleter.
Until recently (December 2012) I started looking at bigger timeframes, specially at daily TF.
I found it very profitable, stress less trading. It seems that the fact you need to wait until tomorrow to see if a trade is going your way is a good way to prevent losers. Also, the size of the stops on daily TF makes that your trades don’t touch the stop only for small price moves and spikes (just like the NFP and others news).
I recommend everyone to use 4h or higher TF. It is more important if you are like almost all of us, a busy person who has day job, family and want to live the life without a screen attached.
I also recommend read all the babypips school of Pipsology, do the quizes, and read and demo try various of the methods and systems described in this forum. This is just to acquire more tools. At the end, all that tools will make a synergy and will make you a better trader. For example, first thing I read when I started is candlestick patterns. They alone doesn’t work very well. After that I tested trend lines and support/resistance, but they alone also doesn’t work very well, specially in lower time frames like I did. Then I jumped to swings and fibonacci, that also didn’t work very well, moved to harmonic trading that worked, but barely and it requires lots of work and very good eye to catch patterns. At the end the profit from harmonic patterns didn’t was too great.
I then moved to bigger TF with the 3 ducks and that became a mind changer. I was not very profitable with 3 ducks alone, and it is OK, because the Captain Currency (author of 3 ducks) says that 3 ducks is a guide to help you, not a standalone system. I moved to donchian channel breakout strategy on daily TF and my account started showing trades with hundreds and thousands of pips, also with this strat I started using all the 28 forex pairs. Then I moved to this thread. I started using price action on daily view and suddenly all the previous knowledge became useful! I found that trend lines & s/r in daily view, joined with candlesticks formations for entries and for leading signals, harmonic patterns to find probable reversal points as well as fibonacci levels on swings worked hand by hand with price action to give a very good, easy and profitable trading experience!
It is not “be rich quick”, but a “be self employed in the near future” idea.
After about 10 accounts depleted (with small money amount hehehe) and about 2 years of practicing and learning I feel confident placing my trades, last only 30-60 minutes in my daily trading, at a very comfortable hour (for me it is 16:00 when market close, after my dinner, at the coffee time on the office, very good time to trade!), without any stress, having my account almost always with positive equity, not worring about weekends, NFP, interest rate changes and other news or events.
So if you want to be a good trader, don’t focus on the money or pips you are going to collect, but in how enjoyable is the experience of trading. Focus on the process, not in the money or pips. After that, you are going to be able to trade your charts without looking at the balance or equity bar in your MT4 or whatever tool you use.
By the way, that balance-equity bar is a space consuming block. I remove it frequently (with control-T) to have that space available to show a bigger chart.
Good retirement builder strategy imo
The DOL and the FED have the US data. Oanda has historical interest rates I believe for different currencies. I think you can find the links to them from their currency calculator. If I find a consolidated place for the majors, I’ll post it here.
Try the International Financial Statistics which you can find on the International Monetary Fund’s website.
That’s good stuff medisoft.
damnit! thank you! was always wondering how to do that 
This is my analysis for today. Past two days we were in hospital with my kid, but now that we are out of that ugly problem (my son is healthy again, thanks God) i can post my analysis. What is great is that with this daily view strategy is that we can let it run for a while without checking anything and it works very well!
So far this week has been good. The new account is in good shape (you can confirm it in myfxbook).
[ol]
[li] AUDUSD bias short. It is working nice! My nearest support is 50 pips below current price, so a 50 pip move is expected for me. Also no PA signals that shows slowing trend.[/li][li]EURNZD bias long. The trade is working nice! Closed above a resistance, without any other resistance near, it could extend the rally another 400 pips more.[/li][li]NZDCAD bias long. My entry was a little sooner. The price is retracing and is now over the lower trend line, showing a spinner candlestick. This could be the best place to buy, but anything can happen, maybe the pair breaks down the trend line. Will see next week.[/li][li]EURUSD bias short. It managed to break below a support, but latest candle could be a signal of weak downtrend. Also I see a head and shoulders (king crown) pattern, that if completes, can drop the price a huge amount of 900 pips. Reading the news I see that this is possible, so it makes sense to see this pattern. But this also will require a break and close below the “neck line” at 1.2780.[/li][li]GBPUSD bias long. Well, the price dropped below lower trend line. The candlestick pattern is a bearish continuation one, I’m going to wait for a close below the 61.8 % fibo retrace to move my stop, because this could be the signal of a continued downtrend.[/li][li]NZDUSD bias long. Current price is very bearish, but I consider it still a buy. I will wait until a signal that the current bear move is over, maybe at 0.8025; if I see a nice bullish pattern I will place a buy. If it closes below that point, I will change my mind on this pair.[/li][li]USDCAD bias long. The move down was only a retrace on the longer term uptrend channel. The price managed to break above the resistance, but not close above it. If it manages to close above the resistance, it can extend another 50 pips without anything (technical) that prevent the move.[/li][li]USDJPY bias long. I expect the price to touch the 127 % extension and then retrace to a better level. But if price closes above that 127 level, I will buy because that will show me that the move has enough fuel to continue up. It is not surprising, weaker yen, stronger dollar. But the GDP on Japan for Q1 was good, so that could be a problem to the weaker yen idea.[/li][li]AUDCAD bias short. Currently it made a very big and nice and long-wick doji on a support. This could trigger a correction that indeed will help to get a nice entry for a short! will be looking the pair to see if the correction happens and to find a nice entry point on it.[/li][li]AUDJPY bias long. It is in a consolidation period, without being able to close above the resitance. But latest 3 lows were higher lows, while the highs were lower highs. That is the formation for a triangle that can break with very strong move. Because my bias, I expect a long break, that I will be buying when it happens.[/li][li]AUDNZD bias short. Current price action shows consolidation in the 127 % extension, that happens to be also a support. The highs are defined by the downtrend line, while the lows have been contained by the support. That makes me think the price will break down. I would love a retracement to get a nice entry. I think if the price closes below support, I will be shorting the pair without waiting for that retrace.[/li][li]CADCHF bias short. The trade seems to be working, BUT this could be only a small retrace on an uptrend. I will require a close below 0.9311 to think that I’m safe with this down trend move. Nevertheless, the price closed below previous bar’s closes, and that is a good signal, but also that candle is a doji one, that signals balance between bears and bulls. I need a fail in that balance that favour the bears![/li][li]CADJPY bias long. The pair is still wondering if continue or not. I’m waiting for it to continue the up move with an buy on close above order.[/li][li]CHFJPY bias long, same as CADJPY[/li][li]EURAUD bias long. The up move is very strong, with a lot of momentum. I’m going to buy if next candle closes above 1.3206 because I see good momentum a enough room for another 200-300 pips move.[/li][li]EURCAD bias long. The up trend line seems to be good. Current close is highest of 9 candles; another green candle will signal a continuation of tue up trend![/li][li]EURGBP bias long. The price is consolidating. But the lows has been higher lows with higher highs, so this seems to be the end of the consolidation period. I expect a move up on maybe 7 more days, when the price is forced to test the up trend line.[/li][li]EURJPY bias long. Based on almost all other EUR and CHF pairs, and on weak yen, I think this is going to break strong to the ceil.[/li][li]GBPAUD bias short. This is a nice look! a text book like pinbar, that is also a bearish hammer on the down trend line and also on a resistance. My sell will be on close below 1.5527.[/li][li]GBPCAD bias long. Well, latest candle is not very appealing for me. A pinbar on a resistence and on a trend line is not good signal! I will move my stop if I see that the problem is in sync with correlation in other pairs. Will tell at the end of the analysis if I move or not the stop.[/li][li]GBPCHF bias long. The price is testing the upper part of my up channel. Waiting for a retrace to get a nice entry point.[/li][li]GBPJPY bias long, same as GBPCHF.[/li][li]GBPNZD bias long. Previous candle shows strong up move, with about 140 more pips until next resistance.[/li][li]NZDCHF bias long. Price is outside my main channel, but still a valid long for me. I only need a price action signal that shows me a continuation to the up trend. On the other side, I see that the weekly trend line is 158 pips below, so the pair maybe continue the down move up to that line. That’s a good reason to only entry a buy when price action says that the down move is over.[/li][li]AUDCHF bias short. The price closed below the lower triangle line, but it was a long wick doji candle on a support. I think it is an smart idea to move my stop to BE or a little profit, just in case that this is only a false breakout move. By the way, I just discovered that latest MT4 version support visual trading, dragging the stops![/li][li]NZDJPY bias long. Waiting for a break above previous resistance.[/li][li]USDHKD bias long. Current candle is a spinner top, but without any resistance level to support it I will ignore it.[/li][li]USDMXN bias short. I live in Mexico, and with small spread and good volume, this is a logic pair to trade for me 
The pair is in a slow but sure downtrend, and now is making a retrace. Nothing has been changed on Mexico, but the economy of US is improving, that could cause the current up move. But also the FED is creating new money every month, and the risk-free interest in Mexico is higher (a lot higher) than in the US, so I think it is a valid short. I’m waiting for a retrace to short the pair.[/li][li]USDSGD bias long. To bad that I was not in this pair sooner, very big moves on it, but I’m waiting for a retrace to buy the pair.[/li][li]XAGUSD bias short. Current price is in the lowest low of all my available history. I know it has been cheaper because I bought physical coins at half the current price in 2008, so I know that it can drop a lot more. I’m waiting for a retrace to enter the symbol. Note that this is not a forex pair, so I’m not using the same money management here. I’m using 2 % risk on this and other commodities.[/li][li]XAUUSD bias short. I see the price is currently very low compared to maximum of about 1900 usd per ounce. Price is currently moving down to test the support. The price is moving out of normal trend, so I’m not doing anything on it until I see a “normal” trend.[/li][li]BRENT bias long. I’m going to buy on monday, because current price closed above my entry point. Only 2 % risk on it.[/li][li]USDCHF bias long. Current price is on top of my up channel. Waiting for a retrace to buy it.[/li][/ol]
Checking GBP and CAD pairs I found that CAD is weaker than GBP, so that is bullish for GBPCAD, so I’m not moving my stop on the pair.
Note that I’m trading non convetional pairs like HongKong dollar, Singapure dollar and Mexican peso, also gold, silver and oil. I chose them because they have small spread with my broker and I think they add a hedge improvement to the portfolio. I think I’m going to study adding stock CFDs of some companies in the future, but not for the moment.
medisoft, i’m not following this method, nor have i read the thread, but i enjoy your posts.
regarding your positions: you have a long e/g, short e/u and long g/u. these 3 pretty much cancel each other out. are you aware of that and why is that? is there a logical inconsistency in your analysis? as i said i have no idea about the method, so this could well be allright. but this combination of positions just instantly cought my eye somehow and i’m just wondering.
cheers
I’m aware that there are correlation between some pairs, and sometimes that correlation can cancel between them, and some other times they can add up.
But I don’t know where is the pair going for sure, so I trade every pair alone most of the time, so if my analysis shows me that EURGBP is bullish and has bullish price action, then I buy it. The same if I see EU and I see bearish signals, I short it.
In this case if I buy EG and sell EU and buy GU I’m doing EG-EG as you say. One of them should be wrong, don’t know which one. In about a week I’m going to know which one, based on past experience from MG99 (also I saw the same), and after that time the wrong trades will be closed and the right ones will be running offsetting the loss of the others and making profits.
You can also see that I’m short in AUDNZD and AUDUSD and long NZDUSD, that will make a double effect in both directions. If I’m right in my analysis, the 3 trades will result in positive numbers, if I’m wrong they may lose the three.
Very aware of that, also MG99 says something about this on their first posts It is a good reading all the thread, just activate your anti-troll filter hehehe.
I understand where you are coming from TopFroxx, and this issue used to do my head in as well. With this method, you have leave correlation aside and take what PA is showing you, no second guessing, no predictions, no correlation handicaps. You are working with 28 pairs, it’s not like trading just EU + GU where you use correlation or hints from other pairs like EG to get you into a trade.
Whatever losers come out of the 3 trades, should be covered by winner(s) + rest of portfolio. It would be spectacular to know which one(s) are the winners, but that’s not how it works. His PA analysis produced that scenario, so that’s what medi should go with. As long as losers are cut short and winners are allowed to run, everything seems to work out.
[QUOTE=“TopFroxx;491384”]medisoft, i’m not following this method, nor have i read the thread, but i enjoy your posts.
regarding your positions: you have a long e/g, short e/u and long g/u. these 3 pretty much cancel each other out. are you aware of that and why is that? is there a logical inconsistency in your analysis? as i said i have no idea about the method, so this could well be allright. but this combination of positions just instantly cought my eye somehow and i’m just wondering.
cheers[/QUOTE]
Medisoft, did I read that you’re in Mexico? I’m visiting right now. Staying at the Valentin Imperial Maya in Playa Del Carmen for the week.
Hi! Yes, i live in México city. I love playa del Carmen! If you can and like lobster you can visit a restaurant in Cozumel island called “la mission”. There are fresh, delicious and cheap lobster! If you also like avocado, their “guacamole” is also excellent.