# They call it ICWR - call it however you want

Hi there

this is a system/method/pattern i have read about that i want to post for you to read/improve/share/talk/love

i will post it here and also in the ELITEAM thread

this is how it works:

it is applied by reaching definite goals - if not reached - we are out of the game

Open a 5 MIN. chart

MISSION 1:

Find a trend - meaning a series of candles that form higher highs or lower lows - that its highest/lowest point differs from the lowest/highest point by at least 40 pips, once done we move on to mission 2

MISSION 2:

call that trend Active Wave 1 - that is its name from now on.

Active Wave 1 is the nearest in time to our current time, meaning that there can be lots of possible AW’s but we take the nearest and MUST be over 40

MISSION 3:

Draw Fibbonaci’s Retracment levels on that same AW 1 - levels of Fib. used: 0, 0.25, 0.38 , 0.61 , 0.75

MISSION 4:

wait for a candle to close between 0.38 - 0.61
once achieved - next mission

MISSION 5:

wait for a WHOLE candle to either pass the 0.25 or the 0.75 level - you may be asking - which direction?? well it depends on the AW you drew and on you Chart software - if the AW was going up and the candle passed through 0.25 or 0.75 meaning it is closer to the top of AW - then we are about to get a BUY signal, if the candle closed below 0.25 or 0.75 then we are about to get a SELL signal, but wait.

MISSION 6:

Before deciding on your own whether you are right or not - look at the D1
and if the RSI(14) indicates on a values larger than 50 and we had a BUY signal from MISSION 5 - it is a BUY, otherwise it is not.
if the RSI(14) indicates of a value smaller than 50 and we have a SELL signal from MISSION 5 then it is a SELL, other wise we are still out.

MISSION 6.5:

Make the order and place a 50 pips STOP LOSE - Which will remain the whole way at the SAME LEVEL - no trailing stop no move to even, nothing.

we will trail the stops on our own special way

this was the entry - getting out:

once we ordered ,meaning we already bought/sold, we exit once we get in the same way of applying MISSIONS 1-6 a reversed signal - if we bought something we wait for selling signal, if we sold we wait for a buy signal.

MISSION 7 - wait to Exit the trade:

after drawing AW 1 - wait for a new AW to form, in any direction!

once formed - delete the previous AW and FIB. Retracement and draw a new one on the new AW - in this specific wave for a BUY/SELL signal - if it is reveresed to your current order - exit the trade, otherwise wait for a new AW.

the trade is exited/closed either by getting a reversal signal or by reaching the 50pips stop loss we set at MISSION 6.5

that is it - unless i forgot something i will now post 2 images i have right now from last nights trade i enterd - i will post it even if i go -50 pips only to show you how it works, in general, i think you can learn more by posting losing trades than by posting winning trades

for questions - hit me on!

M.

MANY THNANKS TO ELANG WHO SHOWED ME THIS AND SOME OTHER STUFF - heheh

Heya

as i promised i post the trade - it isnt that succesfull as i had yesterday but who cares - i am still up for 13 pips and looking for more - if you will have questions about this one - go ahead!!!

here it comes

Hi

I believe this is the system being discussed here under a thread named something like “Great system for old and new”? … started by James and had a link to the PDF file explaining the system.

I was losing too much on the stop losses, and only a couple of decent wins. The exit strategy might be better than the entry, which I think might jump the gun a little.

hey MD

well i dont know about james’ link to that PDF - but i will look up for it, i didnt yet tested the system enough in order to tell you where the problem is if there is but of what i accomplished by now is this - to my oppinnion:

1. the AW (Active Wave) should be a bit higher than 40, i assume somewhere around the 46-53, aint kidding about this one…

2. i am testing now a double entry signal which will be the result of the 5 MIN. and the 15 MIN. in order to see an entry signal.

3. which pairs - still checking on this one also.

i will be more than happy to receive comments from you or from whoever tried this out - see you again soon.

M

explanation later

well here is the explanation - since it didnt move more than 40 pips above the starting price - i didnt step out the trade - i let my Static Stop Loss remain in action - and btw - it reached almost there as i write this update and moved 30 pips up from it, so i am still in the trade

i want to mention this - i am just testing this system and want to share it - there are other trades i have lost on, and others i gained, but this one was very much analyised by me before entering it so i thought it is the best to post this one

will update later also - C YA!

Well - you can see youself it has recovered, not the best trade i did but i promised to post as much as i can.

i guess that from now on it will rise up -looking forward for the outcome

Hey,

Glad you like the system. For me in looking at the reality of what I will be doing with a smaller funded live account I simply could not be risking the 50 - 100 pips stop losses this system seems to incorporate. Perhaps if I modify it and look at smaller waves and smaller stop losses I could try it again.

Here is the thread I mentioned, if you don’t have the PDF file on this system it is certainly worth reading: