The Most Profitable Trading Pattern You Will Ever Encounter

PhilipPirrip · November 12, 2015, 4:45am

On stop loss. If you guys go back to read on exiting trades early on in the thread, you would see that the stop loss is an area for determining lot size, not for exiting trades. To exit trades we wait for the opposite signal to occur.

r2theb2thec · November 12, 2015, 8:10am

Hey @piplongstocking,

Technically speaking, I would expect the 1st wave to have maximum gains and drawdowns, so unless you plan to hold the pair for a couple of weeks to a month, I recommend you to stick to the 1st wave only.

On the contrary, I am bit conservative and play safe on the 3rd wave setting my targets at 20-30 pips, that way I don’t have to risk a lot and neither do I have to hold my trades for a long period.

If you starting off using Phillip’s strategy, I strongly recommend you to stick to the basics, get accustomed and then make tweaks to his system to suit your trading style.

*PATIENCE IS THE NAME OF THE GAME

r2theb2thec · November 12, 2015, 8:18am

Also, I would strongly recommend keeping an eye out on big news. There was a good set up on AUDUSD to SELL, but +ve unemployment results coming out from Australia made things go against the way we would have expected using the following system.

Pippylongstocking · November 12, 2015, 9:50pm

Thank you both Philip and r2theb! Your help is greatly appreciated.

PhilipPirrip · November 13, 2015, 7:12am

Just a note on that, the news would have affected the third entry. The first entry wasn’t affected and rarely is affected by news.

rocaway · November 15, 2015, 4:51pm

Hi Guys,

NZD/CAD looks to be a short on the 4HR

I’m on the train so trying to look at the chart on my phone.

Can anyone confirm?

Happy trading week everyone!

Scott

vasilis1961 · November 16, 2015, 4:32am

Good morninig,
my proposals
AUD\CAD PENDING BUY
GBP\CAD PENDING BUY

Of course we should also take into account the daily chart for our entry!!

rocaway · November 16, 2015, 6:06pm

AUD/CAD is looking good

teeandco · November 16, 2015, 7:42pm

Yup AUD/CAD looks good!

r2theb2thec · November 19, 2015, 2:15am

Missed out on the AUDCAD opportunity that showed up on the 16th, however, another one showed for AUDCAD on 18th. Latched onto that.

Thanks for the headsup!

r2theb2thec · November 24, 2015, 4:55am

Signals on a few pairs that I saw today based on PhilipPirrips system:

EURCHF - BUY
NZDCHF - BUY
NZDCAD - BUY

Did anyone else also catch them ?

teeandco · November 24, 2015, 8:36am

I’ve been watching NZDCHF and NZDCAD, waiting for a good entry

rocaway · November 25, 2015, 7:39pm

I’m looking at the CAD/JPY pair, looks to be a short on the 4hr. Can anyone confirm?

tonyro44 · November 25, 2015, 9:20pm

rocaway , i don’t see this pair going short just yet. You might want to watch it longer. Now keep in mine that the trading volume will be low for Thursday because the New York market is closed for Thanksgiving day, an American holiday.

rocaway · November 25, 2015, 9:34pm

Thanks Tony… always learning!

Cheer,
Scott

r2theb2thec · November 25, 2015, 11:26pm

@rocaway - I was looking at the same pair to SHORT it based on Phillip’s system. But then again @tonyro44 's comment makes strong argument against it.

But, I am still gonna religiously follow Phillip’s system because it has worked for me more than 75% of the time when it has been the 1st signal. Maybe Phillip can share more light on what he would do in case of major holidays coming up ?

littlemay · November 26, 2015, 5:09pm

PhilipPirrip:

First thing, this pattern is not suitable to day traders. It is a trend following system, but the most evolved you will come across. Only read on if you are willing to hold a trade for anywhere from a week to a quarter.

So most trading teachers will show you a similar picture in their courses. It is all you need to know about price movement. They would tell you price is either trending or ranging. You can only trade profitably when its trending.

Then they show this picture to explain the trend; an upmove (impulse move), which retraces to a higher-low then creates a new, higher-high and so on. Every trading system existed plays on a variation of this picture.

A support-resistance mentor would say the first high is resistance, so trade a break of that resistance. Or trade a bounce of that support. So you try that but it doesn’t nearly work; you can never work out where the exact resistance or support are. Additionally, sometimes support or resistance fail causing you massive losses. So you look for another method.

So you meet another mentor and he tells you about RSI. He would tell you when price makes a higher-higher but RSI doesn’t, you should sell as this is a sign of reversal. Besides the fact this is plain wrong and that divergences don’t foreshadow a reversal (they actually confirm the trend). RSI divergences don’t tell you when to exit. Actually most of the time the divergence is completely neglected and price continues to move in the same direction. So you move on to try trendlines, fibonacci, bollinger bands, harmonic pattern or moving averages. Nothing ever works consistently.

So they tell you trading is hard and its money management is all that matters. Well yes money management is very, very important. But those mentors also know nothing and they teach you bits and parts, a half-truth. That’s why their systems don’t work out.

I will show you a trend following system that works. And its not a breakout system, my trend following is much more accurate. All you need is a 20 Exponential moving average, 50 exponential moving average and a stochastic oscillator.

Lets move on…

ADDED: here is my fxbook account so people can follow.

Saw your MYFXBOOK account, you are currently experiencing -42% lost, how could you approve that this system is the most profitable ?

Bucketman · November 26, 2015, 9:36pm

I believe PhilipPirrip has explained this before - the losses he has had on his account were from trying out a variation of this system - which - obviously - did not work out too well. The losses are not attributed to this system that is laid out here. If you go back through his posts you will see where he explains this.

littlemay · November 26, 2015, 10:21pm

Thanks for correcting me, but is the account relating to his current trading system provided for performance track? Thanks mate.

Warm regards,
May

ForexJer · November 26, 2015, 11:42pm

I hope that I can give you some confident with this system. I used this system for 6 months and I checked last 3 years data for 28 pairs before using it on my real account. I can say that It is a very good trend trading system but like the other trend trading system. Its not working well when the market is choppy. My account still in green after all. I hope you will join us and improve this system together.