Sorry to hear about the TBP System. That’s the one thing about the system I don’t like i.e. the big stops and as I’ve mentioned previously trying to use smaller stops does not seem to work either (sort of 'damned if you do damned if you don’t). It’s the one system I do not have on my charts I can tell you that.
The more I work with this stuff the more fantastic it becomes but I have to say that I go through ‘phases’ with my ‘ratings’ e.g. RIGHT NOW I can tell you that the VS seems to be the MOST ‘robust’ as far as whipsaws are concerned for obvious reasons and RIGHT NOW is my ‘top of the pops’. Second would be the SI System AT THE MOMENT. Third would be the RT System. And, as you no doubt read earlier, I’ve put my ‘personal differences’ aside between me and Parabolic SAR, and am currently using it on AUD/NZD.
What I am starting to realise though is that there is INDEED a bit of ‘judgement’ required and I’ve found that by using a combination of the systems I’m doing even better. As a very good example: the SI System gave me a short entry signal on 6 May 2008 and the order was executed. Last night it’s given a signal to stop and reverse which SO FAR has not been hit but if it DOES get hit there will be a loss incurred. So I look at everything else ‘as a whole’ now and I say to myself: which of the systems are giving the STRONGEST signals and then go with them / stay with them. Do you see what I’m getting at?
As far as my RT System ‘tweaks’ are concerned: I follow the system ALMOST ‘to the letter’ i.e. I used the same ‘B’, ‘O’, and ‘S’ ‘sequencing’ but I just don’t go back as far as the book states i.e. I look for the very last high or low significant point and start from there. Sometimes I will go to that point and then find another high or low significant point and start the ‘sequence’ and then see if my current day (tomorrow) has the same ‘B’, ‘O’, or ‘S’ designation i.e. for confirmation. If no confirmation I will not take the trade (normally). I also find myself looking at AND ACTUALLY FOR THE FIRST TIME being able to recognize support and resistance lines (again: AUD/NZD is a good example). If an RT System ‘level’ (HBOP, S1, B1, or LBOP) are on a resistance line (or close to it) then I’ll place orders there and then follow the trades through using the RT System if the orders are executed. Sometimes I may find myself setting a TP on a SI System trade using one of the RT System levels above.
Let me put it to you another way: the ‘creative’ possibilties are ENDLESS BUT just as long as you don’t ‘mess’ with the ‘integrity’ of the systems themselves. One thing I’m sure of is that any level presented to you by ANY of the systems is ‘key’ and means something. In other words: if you’re in a valid SI System trade but TP’ing at one or the other RT System level will result in a fair size profit then why run the risk of having to possibly stop and reverse when you could take a fair size ‘chunk’ of profit and then look for another trade. And because these systems generate trade signals every single day it makes it a whole lot easier to do this (OK the obvious exception being the VS of course) i.e. you no longer ‘hang on’ to trades because of the fear that it may be a long while before you get another signal. I ‘turn down’ trade signals every single day i.e. too many signals for my money management rules to handle.
Having said all of the above I have no doubt that following any single system through ‘to the letter’ will results in long term profits. I’d just like to reach my financial goals sooner is all.
The more you trade these systems and the more familiar you get with them the more what I’ve said above will make sense.
One thing I have INDEED become a ‘convert’ to is the ADX/ADXR indicator. This really seems to make the difference between choosing trades that are valid for each of the systems instead of randomly picking trades when given a signal. Whether you use ADX/ADXR or the CSI I really believe that this makes all the difference to your trading IF you know how to ‘read’ ADX/ADXR correctly that is (which of course if VERY detailed in the book).
I’m not sure I share your opinions that Oil and Gold will tank, They may will do at some point, but to be honest I’ve pretty much stopped reading FOREX news and Market commentaries etc and just going with the systems and the Charts. I’m not trading oil yet, but looks like a long Gold trade may be coming soon.
I’m watching AUD/NZD as well for short entry. Another thing that I dont suscribe to is this Comdolls correllation etc such as AUD, CAD and ZAR being linked to Gold and Oil prices… I may be out of line, but I dont pay too much attention to that and just go with the system and chart.
I am not using the TBP system any more either. It just didn’t fit into my lifestyle or personality.
With this system, you have to be up at or around the close/ open of each day to get your orders on and that just wasn’t convenient for me with my time zone and the brokers timezone, so I have switched to the RT for instruments with low ADX/ADXR and using DMI, SI, VS and PSAR for instruments with higher values.
I must state that I have yet to use the RT in trend mode yet, so can’t comment on that. Another thing, I also find the BOSBOS allocation to various days a bit confusing and can be very objective. You may see a B day but I may see it as a S day. So… what I am doing, is, if I am out of the market on a low ADX/ADXR pair, Say GBPUSD, and I get a B1 signal… I’ll take it…and then follow the sysetm from there. Any comments welcome.
I’m with you on the NOT reading forex news and market commentaries i.e. my ‘analysis’ of Oil and Gold is based purely on what I see on the charts. Oil and Gold have been following each other very closely of late (this year) that’s for sure (whereas last year they were inverse to each other for a time). On the other hand Gold and I have a very definite ‘love hate relationship’ so I can’t comment.
I also agree with you on the ‘commdolls’ although you cannot deny that there is a correlation (higher on some pairs than on others). AUD/NZD is a ‘special’ case I’d like to think i.e. they’re BOTH a Gold ‘commdoll’ so therefore the fundamentals in those countries should play a far more significant role.
Having said all of the above: the charts, systems, and indicators TO ME are FAR more reliable than ANY ‘fundamental analysis’ by ‘analysts’!!! As you (probably) very well know: I lost a LOAD of cash last year on Gold because I listened to some ‘TV analsysts’ i.e. the charts we’re SCREAMING to go short but they were saying how high it’s going to go!!! Very expensive lesson but a lesson well learned nevertheless (one mistake I’ve NOT EVER repeated since I can tell you)!!!
I’ve found that RT works well in a trending trade as long as the RT trade is entered in the direction of the trade, IE: if the trend is long, enter the long order at 1/3 below b1 (equal to b1) and catch it on its return and if the trade for the day continues below LBOP wait for about -10% below LBOP and enter an order at LBOP and catch the trade on its retraction, I set profits at S1 in a long trade.
I do not try to use RT if movement is with the trend IE: in a long trade if S1 is penetrated I ignore the signal.
ok Dale i am here but let me undertsnad what u want by this thread as far as i understand i have to buy the book (i did but i am in Egypt left it in canada never bother to look at it up till now and i got other 2 books as well as i was really doing alot for my new house)
so what u mean is that i have to have the book and read it to be able to send over this thread.?
Man what is this pic i thought u r 40’s in this pic you look 50’s? i am sure this busniess makes u seem to be older than already u r. Any ways i am so glade u r back your loss made me feel bad for u but hey this is Dale that we all know never give up!!
I will try to read all in this new thread and hopefully i will do my best to understand something as i think i tried to reed some stuff u sent me before but was chinese for me never understand it i think i wasn’t foucued and never gave the time and mind to understand it.PSAR gave us all lots of hard time!!
ok i discover that u changed your email now
Hey boca so u switched to Dale’s new system how it is going my man??
Don’t be an ‘ar*ehole’ all your life!!! That’s not ME!!! That’s J. Welles Wilder Jnr.!!! I figured he should ‘feature’ as my avatar!!!
Yep: you’ve got the idea of the thread very clearly. It’s a pity you have not read it (‘the book’) nor tried to understand the systems in it because believe me you’ve been sitting on a gold mine!!!
The point of the thread is to share ideas with ‘like minded’ people who are trading the systems in the book NOT to detail the systems themselves on the thread. So yes: you at least have to have an understanding of the systems to continue. (And no ‘horsing around’ in this thread like the other one either i.e. we have Yahoo Messenger and email for that)!!! NOW we’re just serious about making money!!!
I know it is not u i am just trying to tease u!!! any ways so i am not welcomed here unless i have the book and read it then i can try to be on the same page like u guys so good luck on making money wish u all the best
Yes, I’m still here and following some these new systems now, however I have not given up on PSAR which I still follow.
You got to send a note to someone to send that book on to you. You will not be disappointed. When I first got it I thought it was like a school text book or something, but once you get into it, the ideas in there are fanatastic.
You are most welcome here, but without the book in front of you for reference, you’ll be lost. Go get it my man!!!
Yes, I’m still here and following some these new systems now, however I have not given up on PSAR which I still follow.
You got to send a note to someone to send that book on to you. You will not be disappointed. When I first got it I thought it was like a school text book or something, but once you get into it, the ideas in there are fanatastic.
You are most welcome here, but without the book in front of you for reference, you’ll be lost. Go get it my man!!!
Boca[/QUOT
Hey Boca thanks for your massage i will get the book whenever i can your words are tempting about the book!!.Yes me too i didn’t through the PSAR yet it still has it is moments.especialy for the oil yesterday and today!!
The SAD part about it is that he actually bought the book last year as well but like me just ‘sat on it’!!!
C’mon 'buddy ‘ol pal’: we have a working solution here!!! Go read!!!
By the way: is it just me or is everything moving but going nowhere??? I’ll be glad once the BOE and ECB make there interest statements tomorrow so we can all ‘get on with it’!!!
ok ok i will sort it out but whenever i have to ask i will and u guys will help me other wise i will make u all suffer how i don’t know yet will think of an idea to make that happen!!!
Do yourself a favour too: install Yahoo Messenger (that way I can give you ‘realtime’ support if you need it). My Yahoo Messenger ID is ‘fintransdbp’. (I see that the Yahoo Messenger link form this site does not work)!!!
Welcome back Akram. How’ve you been? You don’t know me but I know you. Well at least I feel like I do after reading all your posts on “Parabolic Sar thats all”. Good to have you back.
So far all my trades with the reaction trend system have been winners! I’m not used to having so many good trades. Something must be wrong!
Dale, I’ve been going over the SI system and I don’t think its going to really click till I’ve traded it a bit. I think I get it I just feel very uncomfortable with it still. The RT system on the other hand just seems to make more sense to me and is easier for me to interpret. I’ve read the rest of the systems but I’ve been putting most of my time into understanding these two. From what you’ve said VS needs to be the next system I really learn.
P.S. since all my RT trades have been winners maybe I should use 10% of my margin on each trade and then I’d make tons of $$$!:eek: The logical me is saying no but the gambler in me is saying go for it!
I was given a signal to go long Oil three days ago already. I did not take the trade though i.e. the leverage on Oil at Delta just makes it not worth it to trade it i.e. far too much margin requirement for too little gain. On the other hand at GCI that trade would now be worth around $680 or so on a $50 lot!!! BUT: you ain’t getting off that easy i.e. looking for trade signals from me!!! GO READ AND UNDERSTAND THE SYSTEMS!!! I’m telling you AGAIN: YOU WILL NOT BE SORRY!!!
Randon:
If you’re happy then I’m happy!!!
Now I THINK (HOPE) that you’re just ‘kidding around’ about using 10% of your margin on a trade!!! Funny enough I was having a (yet another) discussion about money management with someone earlier today. If you learn ONLY ONE THING from this thread and NOTHING ELSE: money management WILL make or break you NO MATTER WHAT SYSTEM YOU TRADE!!! My 1.875% / 15% - 22.5% / 200:1 ‘conservative version of Wilder’s money management rules’ (or whatever you want to call them) appears to be the ‘sweet spot’ for me and I promise you faithfully that it’s possibly even THE NUMBER ONE reason that I’m doing so well now. What I was saying to someone earlier today: the strangest thing is that you’d be extremely hard pressed to find a trading website or trading book that does NOT detail money management rules of some form or another. Whether or not they’re explained properly in laymans’ terms is of course a subject for further debate. However: for some or the other reason ‘new traders’ (like me last year) just chose (choose???) to ignore this issue of money management and one can only assume it’s ‘the greed factor’ that is responsible for this i.e. ‘how can I make serious money when I’m only trading with such a small amount of capital?’ OR ‘I can make much more money by trading bigger lots’ OR ‘I’ll trade bigger lots UNTIL I have more money in my account AND THEN I’ll follow some money management rules’!!! Do any of the aforementioned scenarios sound familiar (not necessarily only to you)??? Believe me: you may be doing well enough at first to make fifty 100% successful trades but without proper and sound money management rules in place it will only take that one single trade to go against you and it will not only negate all your profits that you’ve already worked so hard for but may also wipe you out TOTALLY!!! As difficult as it may be: you just don’t have a choice in the matter. It’s as simple as that. Proper and sound money management rules that NEVER get violated not for ANY reason: without them you’re better off putting your money in the bank!!!
Delta’s charts get updated at 01h00 Delta time (which is 18h00 New York time if that helps). It’s a bit of a ‘Delta funny’ i.e. Delta’s DAY actually (obviously) finishes at 00h00 Delta time BUT the DAILY charts only rollover an hour later. The main reason for this is because Delta does not give you a ‘Sunday bar’ but in order to accomplish this they need to delay the DAILY rollover by an hour. It’s no big problem at all though to be honest i.e. the inconvenience of me having to wait an extra hour every night for the DAILY charts to rollover is nothing compared to the inconvenience that would be caused by the detrimental effect that a ‘Sunday bar’ would have on these trading systems.
i am sure this busniess makes u seem to be older than already u r. Any ways i am so glade u r back your loss made me feel bad for u but hey this is Dale that we all know never give up!!