i´ll post here in the front page somethings that is most important to this system.
in the next pages you can find a lot of egsamples of some trades and some modifications of this system some traders had try with success. in this page i will post how i use this system.
for now the best you can read about this system is this pdf by merchatprince. is still not the final edition and still have some lacks. but it can introduce you to the basics of the system without going thru all the thread.
this is the link to the chat where we discuss this system during london session. i´m there all day during london session, if you have some doubt go there and ask.
this is an egsample of how i use to close my bad trades as soon as possible. one of the most important things with this system is cut losses fast and let wins run. thank you to TalonD to made the PDF. Examples_of_how_to_deal_with_bad_trades.pdf (63 KB)
So what’s the details of the system? I looked at that thread and was thinking you should try it on a higher time frame because price has similar behavior at all levels of magnification.
ruilima22, I read through your other thread and it seemed pretty interesting. The way I understand it is you have a moving average on the high and low and treat these as resistance an support. So when a candle goes past a line and then you look at a lower time frame for a reversal and then trade it back towards the other line?
Am I right about that being the basics of it?
How about taking one of your trades and showing a picture of the chart with some details of the trade?
[QUOTE=poca;157499]Whats the point of making a post saying I have a system?
Lets see the details.[/QUOT
like i´ve said the system is already posted in other treath i´ve only change the TF. the 15min is now a daily chart and the 1M is now a 5m chart. the rules are the same.
if you´ve see the other treath and have interested in learn more, or anybody else, i will explain it.
i don´t understand the word “proofreading”. if you mean by that show some results, i´ve posted a lot of results in the other treath.
when i started the other treath there are a lot of people interested in the system but i think there´s just because the treath name. and i couldn´t explain it better than i had.
this thread is to continue the explanation started in the other in a way that everyone understand it… but like i said i´ll only do it if i see there are people interested and that have already look at the other treath.
in the fisrt chart (daily) i´ve a channel created by 2 SMA apply to high and to low. when the price goes out of that channel i look for a reversal.
the second chart (5M) is what i look at when the price crosses the daily MA. in the 5m chart i look for higher lows to buy and lower highs to sell (number 2 in the chart) a very good pattern i look for too is a douuble top or bottom (number 3 in the chart)
the system is just this… like i said nothing funcy.
i could show some results that i have but i thing everybody have differents results with the same system… so there´s no point for that.
the red line (1) is where the price cross the daily MA. the 2 in the chart are higher lows. i use in this trade a SL 13 pips with spread. so if i lose it no problem. the important thing is grab the opportunity. that´s what a trader must do. losing is a important part of the game. lets see where this trade goes
for the red line, it marks where the price crosses the daily MA. You mean the 2MA on the daily chart? And then you start looking for signs of a revers after price goes below that red line?
How do you decide when to close a trade? Do you wait for price to reach the other daily ma ?
i close the trade at the crosse of the other 2 MA. for egsample that trade eur gbp that i open was a loss but i close it with only 4 pips losse.
after i open the trade i wait for the colored 2 ma that you´ve talked about to cross then if they cross again against me very fast i close the trade… that way even my super small SL are rarelly hit.
and if a trade go positive then a long story begins:D
sometimes i keep trades started in the 5m chart for days. i have a very specific rules to maintain a positive trade.
