what pairs are you looking at? It doesnt work with pairs that are in tight consolidation. EURUSD is a good example of both. this has worked since 03/17, but before the breakout the consolidation in wave 4 was too tight for this to work. Another thought is that you might be going against the trend, if you do that then you’ll likely get in in the middle of a corrective pattern, and your entrance would be near your exit. Just flipping through my charts it looks like its currently working on all the jpy pairs, gbp/usd, audcad, eurgbp, euraud. Also if you set your stop loss too low this will not work well for you. This tends to give you an entry at the end of wave 1/a so if you get in right then you have to ride out the retracement. Ive been experimenting with setting my buy/sell order at 50% of the trigger wave with mixed results, as sometimes this also triggers low in wave 3. If the market your using it in is range bound, use the range as your limit. If you can count a 5wave, using the completion of the 5 as a limit will be likely to get you more pips for your trade. Hope this helps.
Any further discussion about this system? Is it still effective these days?
I’ll be honest. I tried this system on a demo account, and thought to myself “this isn’t very good”. There’s no filter to avoid fake-outs or ill-advised trades. I’m looking at it on the 1-hour chart. But I got it to work for me and I’ll tell you how.
I found a way to make this system into a VERY profitable long-term system. It’s a good system it just needs one more piece. I use a CCI + Stochastic + EMA 3,5,13 system I discovered on Forex Factory for my scalping. I plan on using this system for my longer term trades that I will be holding for more than 12 hours.
It needs the Stochastic indicator. The Idea is to combine the PSAR above/below the bollinger band theory with a stochastic cross. When the dot appears outside the Bollinger Band, check to make sure the stochastic is overbought/oversold. If so, make the trade. If not, stay out.
Using the Bollinger Band and PSAR alone will not work to make you a profitable trader.
But you don’t use the CCI & EMAs with the Icy Cloud, right?
No. I use that for my other system. I only said that to show I don’t use IcyCloud for short term trades.
I’m still working out the kinks with the stochastic. My dilemma is whether it’s better to use IcyCloud when Stochastic crosses into the overbought/oversold, OR when it crosses out…
What are your stoch levels? 75/25 or 80/20? Also, because I am seeing different stoch levels in relation to the Psar, if the Psar is above the upper BB are you looking for an OS stoch reading or an OB? I do see the “kinks” and will be interested in what you determine. d.
edit: like you I tried this some time ago but the fakeouts ruined any profits. I did get better by using the middle BB line to determine the immediate trend.
I have this strat. on Oanda’s platform and they use a 3H TF instead of 4H. I haven’t looked at my 6 prs in great depth yet but it is looking as though the Macd might be better than stochs. Something I can play with during the nontrading times. d
My stochastic is set to 80/20 however it’s hard to figure out how to make it work with this system. It seems to filter out bad trades but equally prevent me from entering good trades.
I plan on giving the MACD a shot soon. I also have had tremendous success combining it with “The Small Hours System”. That made the system actually useable… Now I’m looking for one more piece to make the whole thing complete.
Keep us posted. I don’t wait for the Macd to break the zero line just if it is declining or ascending. I have never used the Macd or stochs much so maybe I had better read up on them before using for a trade entry. Thanks for your input. d.
Happy advance good friday!
Icycloud, are you continuing to trade this system? Are there any changes? Thank you
Hi, i do still continue to trade this system. I have just made a slight mod to this system by adding a simple moving average in the indicator list.
When the moving average hits DOWNARDS to the middle of BB line and the PS dot is on the upper area of BB, its time for a sell, and like wise for a buy ! 
i will show u the
Thanks for the update.
IcyCloud, what is the new sma? A 7 period? I have attached a chart. I’m new to this method. What time period do you like best. I would appreciate any comments on this 15 minute chart by any of the regular users. Thanks
Cool system man. Fellow sinkie. 
Couldn’t try this today since I did not catch any start of a trend on PS dot. Will wait for that good opportunity hold the trade till opposite side dot appears. Can’t wait! Never did such a trade before.
Hope you could explain what SMA you use. Thanks! ;D
Hi, i uses a 4 Hour time frame. My SMA is 14 period. As i dont use short time frames, I cant recommend any good SMA set up with it. You need to try and sees it for yourself
best reg
icycloud
Hi fellow countryman! I uses 14 SMA . you could try and expirement different type of SMA period / time frame chart to suits whats the best system for you.
Best Reg
icycloud
this system is still running well
What a system. You’ve done well icycloud. Thanks.
Scored me a quick 10 pips within minutes.
Glad its working for you. This is a very extremely simple system which wipes out ranges market.