No. Please re-read above.
-ILZ
ILZ, you are a very patient man 
Trade Update (9PM PST Candle) CORRECTION
**Short AUD/USD @ 0.97410. Current Stop @ 0.98410
-ILZ
only when it comes to trading… and not by much
-ILZ
I’m a lurker and I’m not trading this system. I do trade something similar on the daily chart. Excellent work Ilz. You managed to put together a few indicators, that along with common sense seem to work nicely. The principles are sound, and the system is simple.
My two cents from the side line:
If the rules are unclear to you, DO NOT post statements about them… Let Ilz, or someone that has it down answer questions. All these “As I understand it” comments are confusing.
Before asking a question read the thread and use the search tool. It’s the absolute minimum one should do if you are committed to make it in this incredibly difficult business. I’ve read it, and I’m not even trading it.
I see that it’s the sup/res part that is throwing people off, and it stems from a lack of understanding the real principle behind these lines. Although the rules are clear enough to trade the system without knowing the “why?”, it would be very helpful.
The lines that the Barry indicator paints are places where price MIGHT bounce or reverse at. Therefore, if you are, for example, looking to enter long and there is a resistance line (Barry indi) above and less than 30 pips away you would not want to take the trade since it could reverse on you before your 30 pip break-even goal. Once price closes above the line, that level has been broken, and the chances of a reversal have been reduced.
Ilz, maybe if you expand a bit more on the “why?” it would help the new guys understand. You worked on this for many years, and you have an understanding of the support and resistance principles that some don’t have. The rules are dead simple, but a little trading knowledge and experience always helps.
Thanks for sharing, Ilz
1 Like
Hi ilzalama
Thanks for your quick answers.
I think I understood everything, unless this: about initial SL = 100 pips or “an established S&R”; is the nearest S&R except that one broken by that last candle?
I hope you understand my english.
Thanks,
gynexx
ilz, you should add eur/aud to to your portfolio. from backtesting it looks very nice. and also a big advantage, it is not very strongly correlated to most of the other pairs you are watching, which will give you a nice diversification and could further stabilize your equity curve.
thanks for the system btw. forward testing it since you posted it and looks promising so far. it is also a nice addition to the rest of my trading (day trading). although i dont trade eurusd and gbpusd with your method, because these two are my daytrading pairs and my broker does not allow hedging.
another thing: im not using the system 100%. i’ve added some general market knowledge, market structure, fundamentals and most importantly support and resitance (self drawn) to make sure i do not buy into a major SR 10 pips from my entry for example.
will still be interesting to see what ranging markets will do with the performance of this system. but in that case my day trading has to do the work 
cheers
The rule says that you can take a trade if the S/R ahead is at least 30 pips away. This means that there are high chances for the trade to move at least 30 pips in your favor before reversing. If it moves 30 pips, then according to the trade management rules, you will move to BE+3, then you are protected.
This is the logic behind the 30 pips away from S/R rule.
Trade Update (1AM PST Candle)
Short AUD/USD @ 0.97410. Current Stop @ 0.98410
EUR/JPY - NOTHING
EUR/USD - NOTHING
GBP/JPY - NOTHING
Short GBP/USD @ 1.52398. Current Stop @ 1.53240.
Long USD/CAD @ 1.02222. Current Stop @ 1.01450.
Long USD/CHF @ 0.96432. Current Stop @ 0.96472. +4 Secured
Long USD/JPY @ 102.322. Current Stop @ 101.817.
Gold - NOTHING
-ILZ
the market does not trend for ever. Now is the time to put in some real work. this is a trend catching method. if its not trending, its taking small hits and small wins.
GUT CHECK PEOPLE…
-ILZ
Hey abrsive,
Thanks for the comment. Its true, I am used to how it works. Everything is pretty much self explanatory or has a detail explanation. If people do not know how S&R works, may I suggest babypips school. Its around here somewhere… 
-ILZ
hey gynexx,
The original is the S&R that was bounced from. If you want to be aggressive, you can use the one that was broker through.
-ILZ
Hey TopFoxx,
Thanks for the comment. I am slowly adding pairs as my equity grows. That way I can afford to lower my risk and spread it across more pairs while still building equity at a (hopefully) steady pace.
As for ranging markets, the market does not trend for ever. Since this is a trend catching method obviously it will not be as profitable when the market is ranging. As you must know, every system has a market nemesis. For this one its a ranging market. However that is when the Men are separated from the boys. Everyone is all happy and excited when the method they are using is working great. When they start losing or not getting pretty, nice trades, they jump ship and look for something else. I did that for my first few years, as I am sure many others have also.
I am also looking for a good day trading method. Something to do on my down time when I am just hanging around. Extra equity is always nice! I was never good at short term trading. I would like to try though.
-ILZ
Thanks ILZ, now everything is clear!
p.s. may you comment on the repainting of Barry indicator? How do you manage that?.
p.p.s. suppose the market is ranging since few days, do you still keep trading in and out without breaking S&R, i.e. following mechanically the “no break but still 30 pip away” rule?
S&R is there even without the indi painting. So its no issues for me.
p.p.s. - Yes I do. As explained in the first few posts, eventually it will trend.
-ILZ
Trade Update (5AM PST Candle)
Short AUD/USD @ 0.97410. Current Stop @ 0.98410
EUR/JPY - NOTHING
EUR/USD - NOTHING
GBP/JPY - NOTHING
Short GBP/USD @ 1.52398. Current Stop @ 1.53240.
Long USD/CAD @ 1.02222. Current Stop @ 1.02252. +3 Secured
USD/CHF - NOTHING - Long USD/CHF @ 0.96432. Stopped @ 0.96472. +4 Realized.
Long USD/JPY @ 102.322. Current Stop @ 101.817.
Gold - NOTHING
-ILZ
Watching GBP/USD and USD/CHF.
Just executed the following. Appreciate your comments.
My usd chf buy trade that I executed May 17 at 3:56 is up by 68. For every 10 pip movement, I increase my SL to SL + 3 pips. I got into the trade at 0.9652 and the current price is 0.9720. So moved my SL to 0.9664.
Is this good or should I increase my SL by 5 pips?
For every 10 pip move you should add only 1 pip to your SL not 3. You move your SL to BE + 3 only in the initial 30 pip move after entry.
Thas’t EURUSD, correct? I took it too.
Top figure is a valid entry. Well, ILZ is just going with 10%, 30% you are using seems a bit too high. Even with 10% I get stopped out quickly, often and it’s quite difficult to manage, imho. So I would keep 10% to be honest. Trusting ILZ here. Obviously this should be adjusted on each pair, but manually it will take months to test several pairs and different BE+X rules for each pair (that’s why a rough semi-EA it’s not so crazy, just for testing).