Set ups as of today:
AUDUSD - Buy
GBPAUD - Sell
Keeping an eye out on the following for next week:
NZDUSD - Buy
GBPCAD - Sell
GBPJPY - Sell
GBPNZD - Sell
NZDJPY - Buy
Please feel free to let me know if I have missed out on any pairs or have listed any pair that doesn’t go along with the system.
I agree with @ForexJer
I have been live only for 3 months now and this has been one of the most reliable systems out there.
I have been trying to tweak the system a lil bit and test the performance but the default system seems to be giving me the best results as of now.
If others have made any tweaks to the system which is giving them superior results than the current system, please feel free to discuss.
Positive mate, i would def be on board with you guys. Thanks.
Warm regards,
May
I went back to the beginning of the thread to see the rules for philipPirrip system,and it does make sense to me. We all can modify any system to fit our needs. I think he did a great job with it, just remember that is really not suited for day trading.
Setup today:
GBPCAD - SHORT
GBPJPY - SHORT
GBPUSD - SHORT
Btw, the GBPNZD short last week is quite juicy.
GBPNZD was a good call but i missed out on that trade 
Multiple crossovers last week. Looking forward for some stoch movement this week to capture on those 1st signals!
Here are a some trades that I have already entered or plan to enter next week based on the above system. Please feel free to share why any of these trades are good or not.
EURGBP - BUY
EURAUD - BUY
AUDCHF - SELL
EURNZD - BUY (not entered yet. will probably enter by EOD or next week)
GBPJPY - SELL (not entered yet. will probably enter next week)
AUDJPY - SELL (not entered yet. will probably enter next week)
NZDCHF - SELL (not entered yet. will probably enter by EOD)
CHFJPY - BUY (Missed this signal while sleeping. Would have been 50pips in profit if entered when the signal came on)
Hey all,
Just reread this thread for the 3rd time now just to make sure I was on board all the details. I was just doing a bit of manual backtesting and noticed this below. Am I setting the stop loss too rigid? I would have been stopped out at the red mark and would have missed quite a bit of pips and the only other entry would have been quite a far ways down the hill. Is it a case where I should close half a position and leave it open?
2014 - 05 - 19, Eur USD
We don’t set automatic stop losses. We wait for a close above our area. Does that make any sense?
Sorry nope. I don’t quite follow.
I thought that the rules of the system was that when price closes above 1, the stops are moved to break even and it follows the next set of fibonacci lines as it goes down
What do you mean by a close above our area? Does that mean the high/low before the EMA crosses over? So area meaning from entry all the way to the high?
Any idea how to avoid big loses on this bad entries?
I think my long entry was good (blue vertical line) but the price go down more than 250 pips and then I got the opposite signal
err to most people that’s a very clear short signal right there…
sochastic peaks are going lower
price is going higher
ema20>ema50
ema20-ema50 on down slope
every single indicator on that chart is saying price collapse is imminent
seriously
Divergence Cheat Sheet
just slap down a standard deviation Chanel over the last 2 peaks on both charts and it becomes really obvious
I am using only the indicators of this thread.
No divergence analysis and no standard deviation.
But anyway thanks for your opinion.
You entered the 5th signal after the MA crossover, so it was not really a good entry according to the system rules. There is some discussion in the thread about entering after missing the first signal. Phillip says that the best thing to do is to enter the first signal.
In the USD/CHF trade you show, the first long signal was at 0.9850. The fifth signal you entered was at 1.0250. So the price had already moved 400 pips in the correct direction.
Sometimes I enter a second signal if it is not too far from the first signal and the trend still appears strong in the direction of the trade.
100% agree with @yohec. I had been taking up some trades on the 3rd, 4th and 5th signal but wasn’t having much luck and my number of WINs dropped significantly. @PhillipPirrip has re-iterated multiple times that he only takes the 1st signals and those are the most powerful ones which have 200-300 pips or higher on them which makes it well worth the wait.
@jantopem - I would recommend you start off with following only the 1st signals and once you feel comfortable with the system that is when you try to tweak it and risk on the signals coming after the 1st one.
Got in today for the EUR GBP @ 0.72098 going long, oh snap watching them pips. Back testing and manual testing this strat has been quite validating. Thanks Philip philip!
Anyone take a short on the EURUSD? A retracement after the 20 ema cross the 50 on a Daily chart.
dmccrum be patient , Wednesday big news are coming out from USD. Make your move after the news come out but , not right away.
I took the trade on Monday, caught and caught a quick 69 pips, then I cancelled it last night. In it again, in profit 30 pips right now. That is EURUSD on a short, hopefully for a fall back down to the support level of 1.05538
