what a very simple system! I must say I am impressed by the simplicity of
Icy’s system.
Though just a few quick questions. how do you guys monitor your charts?
Do you check every four hours? or you have figured out a way wherein your chart rings an alarm or alert to inform you that icy’s system rules has been met?
I currently have a demo account in meta trader… is it possible to that with meta trader? (the alarm thing when conditions are met)
No problem. I actually don’t even check the 4 am EST chart. I just set the stop losses before I go to bed. Even if I miss a trade entry at 4 I am not usually out of the game when I wake up. I just set it at that time if I need to. Usually I get a better price anyway. The key is for it not to run your life.
…even though a counter (daily) trend move, 40% more pips were available on this trade than i took.
Several pairs signalling now on a 3hr Oanda chart setup: UJ, GU, EU and U/CAD.
I’ve decided to use a 200EMA on the 3hr to indicate whether a signal is in line with the prevailing trend or counter trend - the counter trend signals are still useful to trade (IMHO) with the 200EMA sometimes being a useful line in the sand for profit taking.
Yes, if there’s an icy signal short for instance, but price is 100+ pips above the 200ema, i will take the counter trend trade with reduced size and keep a close watch should price near the 200ema, for a reversal back into the prevailing trend; the majority of profit to be locked in at that level.
Will you be using Icy’s original exit rules and exit on an opposite PSAR dot, or do you try and limit the ‘give back’ with a trendline break or similar?
Sad to say, I wait for reversal dot for the following reasons.
I don’t watch the market the whole time so adjusting my stop every 4 hours is ideal. I can actually sleep on my positions comfortably.
I want it to be as mechanical as possible with no judgment involved (except for entry I guess).
I’m not after spectacular gains. I guess that’s part of my personality. Anyway, all my positions are now 100% winning because the PSAR is already past the entry point. Some traders will feel bad because it has retraced significantly from the highs (and lows) already. But I’m still in.
In on the EU, AU and UJ short right now. Did not get in on the CAD long as the stop seemed to be too big on a large up candle. I tend to stay away from entries where there are long candles. They seem to be prone to whipsaws.
I have similar positions and I am long AUD/USD since 11th March.
I am currently doing some tests this month: IcyCloud vs. Plain PSAR
So far IcyCloud has better batting average than standard PSAR.
Although basic PSAR has potential for more gains, the whipsaws are eating up profits most of the time. This gives me more confidence on IcyCloud’s BB filter… (consistent gains at acceptable risk-reward ratio).
I must say I am impressed by the simplicity of