OK - well - here it is - the beginning of the Profitunity (Chaos) Trading System Thread.
Before I start I wish to state that I think that it would be only fair that you take $50 or $60 out of your first profit from this system and actually buy the book. Aside from the system itself the authors’ insight into the markets and the psychology of trading are priceless. This is NOT an advertisement - I just think it would be the right thing to do. Just my opinion and entirely up to you.
I’m just going to ‘dive in’ here.
AUDUSD - Weekly Chart (attached).
Bearish Divergent Bar has appeared.
Place a Sell Stop Order ‘a few’ ticks below the low of the Bearish Divergent Bar (although at this point you would already have been in the trade because you will see on the current bar that the price has already moved down enough to have triggered your stop order).
Set your initial Stop Loss at the high of the Bearish Divergent Bar.
Indicators we will use:
Alligator
Fractals
Awesome Oscillator
Let’s go!
Regards,
Dale.
P.S. If this works for you I also want some of those ‘star rating’ thingy’s - been trying for months!!!
I’ll tell you one thing though - if this pair closes tomorrow where it is now - we’re set. Have a look at the Monthly right now - if I’m right - we’re going to retire on this pair (although this thought process of mine has wiped out a countless number of live accounts up until now)!!!
And so the ‘jitters’ start - AUD/USD is not going south quickly enough for me.
Having said that though - the Dow, S&P, and Nasdaq as well as the European Indices appear to be setting themselves up for a recovery within the next few days (according to AO and AC and Bullish Divergent Bars that I see - or hope to see - forming in the next day or two). What that means to me: Indices up / Gold down / Oil down - and AUD/USD south.
Edit: also EUR/ZAR, GBP/ZAR,and USD/ZAR is going up i.e. ZAR is getting weaker - so - AUD/USD south - soon - I hope - I don’t want egg on my face!!!
G’day everyone, I know I keep warning people about messing with the Aussie based purely on technicals. The only reason is that this particular dollar (along with the Kiwi) are heavily affected by carry trade strategies. Whilst ‘standard’ fundamentals are fairly well reflected by a lot of indicators, the effect of carry trading needs to be looked for elsewhere.
My starting point would be to look for any sudden sharp movements in the Yen. Low and behold, we have seen exactly that in yesterdays trading session. Yen goes down against almost all major currencies. Aussie and Kiwi go up in tandem, almost exactly inversely to the Yen. Hard to pick with indicators, easy to spot if you have your eyes on some Yen charts.
Just a warning for people using technicals to trade the Aussie or Kiwi (or Yen for that matter).
The books are intresting to read at first…if your a begginer…but yea, it all seems to lead to flying first class to their 3k trading course seminars. Learn it if you really don’t want to learn how to read price action.
There’s no doubt that their system works, and for some it does, but I would seriously advise falling back on their system unless you heavily modify it to fit you and until you learn to read price action.
But then when you learn that there really won’t be a need to plot all those different indicators on your chart to get your signals.
Though I have not read the books but from my friends feedback you are reading it says that it is good only if your are newbie, but if you intended to learn anything new from it then its not good option.
