Philips strategy looks good but for me it is bit of confusing
Regards
Shaan
Reposting
Hi Philips ,
Just wanted a confirmation on the below :
Philips i tried reading your thread again on babypips and i found u have mentioned the below :
For Long : if you want to draw fib extension levels for taking profits then you can draw Fib retracement tool from High to Low instead of Low to High and vice versa for Short i.e. High to Low instead of Low to High and exit depending upon the Fib Levels … Is this still a valid exit strategy and can be followed rite Philips ?
Regards
Shaan
Correction for short :
For Short : Low to High instead of High to Low and exit depending upon the Fib Levels
Hi PhilipPirrip,
Kindly kindly explain to me how I can subscribe to this thread…
Kind Regards,
Kev.
To: GeneralKevin
Scroll up to the top of the page and click the link that reads: Thread Tools. You will see the option to subscribe.
A trend can be equally as defined on an hourly chart too, offering a plentiful supply of opportunities & profit providing you’re adequately equipped & smart enough to recognise when to take advantage of it.
Maintaining a long Yen view on the 3 larger participant pairs (short usd/yen, euro/yen & sterling/yen) on a 60 or 240 minute chart over the past 10 weeks illustrates my comments perfectly regards betting in line with current themes.
Even given all their wide ranging research & information streams most analysts, television or otherwise, couldn’t pick the winner in a one horse race.
Best avoided at all costs if you have ambitions of keeping your account in the green long term.
A 5 period moving average incorporates all that this thread has to say. You will donate to your broker as price slides sideways, but when price and line moves in your favor, stay in when price goes against, yet line is in your favor, shall reward profits. Just my opinion.
Na zdrowie,
Tim
Thanks PhilipPirrip for your thread :35:
Why not a skype chat to share setups.
Thank you again :57:
Hi PhilipPirrip,
Long time member, first time poster 
A belated thank you for sharing your strategy. It’s awesome and definitely suits my style of trading. Over the last 10 or so months your informative posts and clear examples have helped me to identify some great trade setups which have paid off well, just as the title of the tread suggests.
I understand your logic regarding divergences and hidden divergences and look forward to seeing a working example.
Cheers,
Derko
Folks, do you still trade this system and make profits?
Looking at the OP’s trading account (which he provided a link for in his OP), it looks like he’s loosing more than winning?
Having just come across this thread, all I can say is I wish more OP’s would show there trading accounts…it certainly saves a lot of reading!
First no system is perfect, so this one as any other when you use it , if you twit it to your liking it will work allot better. Keep in mine that when there is important news events , most system will run into trouble . There are no short cuts to learn anything correctly.
I did post the trading account saying that it will follow the system. Unfortunately I got caught up trying different day trading systems that haven’t worked out.
Anyways I do have an update about the rules that I think will help people avoid trades going against them and improve the risk reward considerably. It’s very simple, I don’t know how I didn’t think about it.
Now we said that the rules for longs: 1) 20 EMA crosses above 50 EMA. 2) Stochastic is overbought. 3) Stochastic moves to oversold. 4) The K line crosses above the D line.
Now sometimes the pattern fails, in the old rules… we would wait until the pattern reversed.
Now the new rules I suggest is to exit the trade when the following happens (The K line moves back below the D line and into the oversold area). You can enter the next time the K crosses above the D line again.
This way, even though you might encounter more losing trades, your trades will generally be shorter and you will never be in a really bad losing trade.
I will look to post examples when I can.
1 Like
Well, all I can say is that there is no perfect system, I guess. In which it always changes everyday. Much better to get some action plan for major fall out just in case. Sometimes it seems to be great to know it doing good too.
People just glimpse at the myfxbook account (which I already said is for experimenting with other systems as well) and assume the strategy doesn’t work.
Read the money management section people!
Speaking of money management, any thoughts on pyramiding in so for example your initial 5% risk is moved to breakeven, the adding another position at 5% risk, finally closing with the closing signal per the original system?
I have thought about pin bars, engulfing bars, etc. with the indicated trend, but I am curious about other’s thoughts.
I personally don’t like it because you will end up given some of your gains rather than compounding them.
I recommend reading the money management bit in the forum. I think its one of the most comprehensive you will find anywhere. It also has a contribution from Ralph Vince, who is THE authority on money management. I advise you to read his books as well.
Sounds right to me … the conjunction of the shape of the last H4 candle and the approximate position of your S/R line look certainly like a potential short in the making. 
You’re down 85% of your total account. Guess this is another example of the blind leading the blind on Babypips!