[QUOTE=“cheva282;492185”]Hi ILZ, any update on your trading? this days have been very ranging, you might have been stoped out by 100pips SL on a lots of trades didnt you?[/QUOTE]
Cheva, “might” you be able to stop insisting that ranging markets are a problem until you “might” have some actual data on this little theory you have. And, “might” you trade the system… This way all those “mights” that you have, which are completely worthless, could turn into actual occurrences. “Might” you be able to do that for us. Thanks in advance.
From my point of view GBP/USD and EUR/USD are OK.
I’ve opened EUR/USD too. But unfortunately it close at SL. (I’ve seen that GBP/USD reverse to bullish).
Hello friends ! I follow this thread from the beggining and I’m very impressed with that system and how simple it is !
Today I start testing in so this is my 1st trade. I will be very happy if you leave your comments about it (entry conditions, SL, TP and et. ) .
Thanks you for the great work and keep pipsing ! Respect to ILZ and all his followers !
[QUOTE=“Mobonacci;492484”]Hello friends ! I follow this thread from the beggining and I’m very impressed with that system and how simple it is !
Today I start testing in so this is my 1st trade. I will be very happy if you leave your comments about it (entry conditions, SL, TP and et. ) .
Thanks you for the great work and keep pipsing ! Respect to ILZ and all his followers !
donsls, abrsive , Thanks you for your quick reply !
When I took the trade (short one) it was on the low of the previous candle and the price was below the Support line (green one). So i think all of the rules was ok then. Am i wrong ?
[QUOTE=“Mobonacci;492499”]donsls , Thank you for your fast reply !
When I took the trade (short one) it was on the low of the previous candle and the price was below the Support line (green one). So i think all of the rules was ok then. Am i wrong ?
Candle needs to close before taking the trade. For me it’s not valid… It closed above support, and showed signs of rejection to downside. Each candle tells a 4 hr story, and that one said that the bulls are putting up a fight. I would have waited.
As I understand the system, it is a valid entry. The bearish candle breaks and close below the support( 30pips rule does not apply on S/R break, it can close 1 pip above/below the S/R, still valid.) The next candle will open where the previous candle made a close( the close of the bearish candle).
If a[B] shor[/B]t had been made on the opening of the ( entry candle we can call it). The price would have been 30pips in are favour, then we would have moved the stoploss to [B]BE + 3[/B]. After that, the price would have stopped us out on [B]retrace.[/B]
I agree. Once a candle closes below the support line. The next candle must open below the support line as well. This is my understanding of the system.
On a different note, I don’t think today was good for me with this setup. 5 closed trades (2 wins and 3 loss). Got another 2 open positions and one is on the plus, other minus.
[QUOTE=“egilviking;492507”]As I understand the system, it is a valid entry. The bearish candle breaks and close below the support( 30pips rule does not apply on S/R break, it can close 1 pip above/below the S/R, still valid.) The next candle will open where the previous candle made a close( the close of the bearish candle).
If a short had been made on the opening of the ( entry candle we can call it). The price would have been 30pips in are favour, then we would have moved the stoploss to BE + 3. After that, the price would have stopped us out on retrace.
Any suggestions ? Am I right or wrong ?[/QUOTE]
That’s completely right, but the circle for his entry is well below open of candle… Hence my comment of candle must close. I agree that previous candle is a valid candle for entry. In fact, if we could just highlight the candle that provided the entry signal we could easily avoid confusion.
I still think it is a big mistake entering in a bounded range, i.e. without breaking S&R. I have no clue of why ILZ entered these trades (and my feeling is that he is not entering most of them, otherwise his account would have been wiped out or at least substantially reduced, several times). From my backtesting on different pairs we tend to give away most of our previous profits during these situations. This is simply because our reward is typically BE+3/+5, while our average potential loss is -30/-50 (sometimes worse!). This means that Risk/Reward is completely upside down (even 10:1 , which is crazy), the majority of times! Trending gives you relevant profits (though with the BE+3 rule we tend to get stopped out several times by fake spikes, again limiting profit): I am highly puzzled by this inverted R/R in range/correcting markets.
And it is not true that 85% of the trades are successful. If you strictly follow the rules, you can get whipsawed even 4-5 times in a row just by crossing the supertrend multiple times, after just one candle. If you enter without breaking S&R, success ratio can be even less than 50%.
ILZ can you comment please? Everything ok? We miss your thoughts.
As said in my previous post, it would be fantastic if you could provide the simple table of your past 1500 trades that you mentioned. I will do some statistical analysis, especially to find the trade distribution and to assess the right R/R ratio. Thanks.
p.s. On a final note: in this scenario, even a success rate of 85% is very poor; if you have an inverted R/R of -30 versus BE+3, you still need to win 10 trades to overcome 1 loss!!
Nice one - i took this trade too and sitting on a bit of profit at the mo
Apologies for the unrelated question but i quite like the indicator you have with the various times in the lower right corner, could you please point me to a download location? Much appreciated!
I checked out results of Robopips backtest and his results are pretty impressive. I’m going to run my own backtest this weekend on EURUSD for 2011 and 2012. Trade entry will follow the system rules. Re-entry will be on a closed candle above or below S&R and 30 pips away from established support in the case of a long entry. Additionally, I personally don’t like to see a trade go +50 pips to fall back to a +5 pips SL. So I’ll test the following two methods of moving the SL:
Method 1:
BE+3: +30 pips
Move SL +5 for every 10 pips past +30 or next established S&R
Method 2:
BE+3: +50 pips
Move SL +5 for every 10 pips past +50 or next established S&R
Lets see if these methods improve the R:R
Of course I’m not advocating changing the rules of this awesome system, just trying different methods of excution for possible improvements and making it more KISS. Thanks for reading.
Just my 2 cents worth (excl. GST as we call it here in Australia)
I’m fairly new here but I’ve been following and adopting Ilzalama’s system for almost a month now. Personally I love it, it’s a great system though I must admit I’ve made a few changes to suit my personality. Every now and then I’ll visit this thread to remind myself of the basics of this system however recently I reckon the more I read the posts the more confused I get. Does anyone find it so too?
I find sticking to the first few pages, the first post to be exact, to be the best method to learn and relearn this. Perhaps because information is kept to a minimum and it comes from Ilzalama’s own words. In saying that, would Ilzalama be kind enough to every now and then update the first post with new information? I do try my best to follow this thread frequently but as many of you would know, it’s not always possible.
