Veyron I dont think that is a good entry that Resistance you mention is OLD, you have have taken the trade when it broke Current last Resistance wich was at aprox 1.0368, when its late its late, better be patient than sorry…[/QUOTE]
Seriously, Cheva… Just yesterday you had to be explained repeatedly about how the System worked and about support/resistance. It hardly makes you an expert on the matter.
OLD sup/res do not disappear and are often more relevant than new ones. The trade was an unorthodox, but very intelligent use of the rules of the system… and best of all, it’s UP
seriously abersive, I asked how the system working according to the 30 pips re-enter rule ILZ put, I have good understanding on the system since the beginning, actually Im coding this to make an EA that do exactly what its supposed to do, I just wanted to make sure since english is not my main language and can get confused some times, THAT TRADE WAS NOT RIGHT according to ILZ original rules, just go to first page and take a look, and yes its UP and what? you have 50% of probabilities of a trade go UP or DOWN just like trowing a coin
IF THERE IS A ESTABLISHED S&R [B]INFRONT [/B]OF YOUR TRADE, LONG OR SHORT, PRICE MUST CLOSE AT LEAST 30 PIPS AWAY FROM THAT ESTABLISHED S&R.
IF THERE IS A ESTABLISHED S&R [B]INFRONT[/B] OF YOUR TRADE, LONG OR SHORT, LESS THAT 30 PIPS AWAY, PRICE MUST BREAK AND CLOSE THAT ESTABLISHED S&R BY ANY AMOUNT.
[I][U]INFRONT[/U][/I] means last painted S&R so OLD resistances or supports do not count for the ILZ strategy, IM NOT SAYING IT IS BAD, its just not what ILZ rules are, thats it.
IF THERE IS A ESTABLISHED S&R INFRONT OF YOUR TRADE, LONG OR SHORT, PRICE MUST CLOSE AT LEAST 30 PIPS AWAY FROM THAT ESTABLISHED S&R.
IF THERE IS A ESTABLISHED S&R INFRONT OF YOUR TRADE, LONG OR SHORT, LESS THAT 30 PIPS AWAY, PRICE MUST BREAK AND CLOSE THAT ESTABLISHED S&R BY ANY AMOUNT.
INFRONT means last painted S&R so OLD resistances or supports do not count for the ILZ strategy, IM NOT SAYING IT IS BAD, its just not what ILZ rules are, thats it.[/QUOTE]
That’s not how I understand it… To me, “infront” means that there is an established resistance level somewhere above price, if I’m looking to go long, or an established support level somewhere below, if I’m looking to short.
For example, the 1.0400 level on USD/CAD. It’s not a new resistance level, but I was waiting for price to break that level before going long, because price was less than 30 pips under it.
“Old” resistance levels are often the most valid, I would say…
Hi Cheva, I went short on EURUSD right after the 12:00 candle closed (I shorted at the opening of the 4pm candle on May 28th) without respecting the 30 pips rule by mistake.
You can look at the chart. There was a support established on May 21st, and confirmed on May 22nd tat was exactly 25pips away. it was an OLD support. now look at the 2 candles that followed my short trade on May 28th, 8pm and 12am. Both lows are exactly located on the 6 days old support level (exactly at 1.2840).
As I mentioned earlier, I’ve seen other cases like that, that is why I am careful with the 30 pips rule. A support is a support, a resistance is a resistance, they do not vanish, especially if they’ve been confirmed. I don’t know how ILZ deals with these cases but I prefer being careful.
I have to admit that I don’t even know why I took that trade though.
Look, I’m not going to get into an argument about this… In my opinion, ILZ has set out a pretty good set of rules that could probably be traded without any further thinking, but I think there is room (even a need) for every trader to think about what they are actually doing when manually trading the system. This is what separates the men from the boys… Again, in my opinion.
The funny thing about the rules you posted, is that the entry that we are speaking about does NOT break a single one of them. Trade was AT LEAST 30 pips away from established S&R (in front) and had broken the last PAINTED S&R (by ANY amount, means by any amount. Even if it was several candles back.) to the upside. In front does not mean last painted at all… In front is in front. You, if you would like, can ignore OLD S&R… I definitely will not.
I’m new to this game, been trading about two months. Blown a small micro account using various strategies and now looking for something more stable. Many thanks to Izalama for sharing his system with us.
Just shorted cable (GBP/USD) at 1.50326 after poor GB Realized Sales.
According to ForexLive there’s heavy buy orders around 1.50.
Hello Peeps. Sorry if not appropriate thread but I have just opened an account with ‘Alpari UK’ purely to trade ‘Trend Runner’ with ‘you’. Only problem is I cant work out the times. I thought it was NY close but my last 4hr candle says it opened @ 12pm when it was only 11ish am here in UK and I thought NY was 5 hrs behind!? Please help :51: Great thread and advice.
donsls, you got all full 100pips SLs on all pairs? looking at the charts and depending on your broker feed there are two of them that got into 30 pips profits before the reversal, so you might have changed your SL to BE+3, this was very tight but it depends on when you entered exactly, your broker GMT time H4 time candles (mine is GMT+3) and your broker feed, hope it hasnt hurted too much!
I am newbie in forex. Does anyone know which were the worst trending pairs in last couple of years. Pair which was ranging and had whipsaws, fakeouts etc. In short -traders nightmare. Will test this method on that.
Thanks
I am newbie in forex. Does anyone know which were the worst trending pairs in last couple of years. Pair which was ranging and had whipsaws, fakeouts etc. In short -traders nightmare. Will test this method on that.
Thanks[/QUOTE]
