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  1. #11
    Standard Member Array pipspot's Avatar
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    I don't agree with the idea of promoting 'simple' technical systems as fx is always fundamentally driven but the 10 minute wealth builder system using the pin bar reversal on the day timeframe is a good starting point, you can trade it on the 4 hour chart for more opportunities but its far more prone to fake outs. As ever demo demo demo
    hxxp://[email protected]@re.com/files/444034853/[email protected]

  2. #12
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    Lots of good advice here Jeff, only trouble is that it comes from people who have put in the time learning.

    There is no system like you are wanting. Not for you, there isn't. The reason is that you have to know things that you cannot answer yet. Conglo has set it out, Freddy - with a Y that is not me (IE) has told you the whole story pretty well (except there is a Holy Grail and I am still looking for it but sush not a word to (Y))

    I have gone from 1m charts with simple rules to Day charts. Lots of people end up there.

    My preferred system is breakouts on a 15min TF because I cannot alter my EA to trade properly... This is just an EA to open and clost trades at levels set, not a magic robot that will blow my account.
    Since I am awake at the midnight GMT I am looking for an End of Day system while I wait for the London open for my breakout trade to start.

    With all due respect to Pipspot, I find the pin bar reversal too difficult whereas the Inside Bar daily system, in the same book is my idea of simple and easy...and time saving. BUT, that is my opinion... Pipspot can use PBs whic I cannot!

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  4. #13
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    Intradat you don't need fundamentals that's my oppinion. For a beginner i think a simple startegy with pa will make him profitable. (for example lindencourt) But you most understand price action first and get chart experience. For the rest i say again fundamentals is not for intraday but long term position trading.

    Learn to trade a triad for example eu, eur/chf and the usd/chf is a triad but you can also do eu,gu,eg for a noob. But thats my oppinion.

    Money management is the key to all with your mental state but that will take some time and losing some money to figure that out but thats the game if you like it or not you gonna blow some accounts.

    jj

  5. #14
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    Quote Originally Posted by conglo View Post
    You will not like this answer.
    The best system for you is probably the one you make up for yourself.
    This takes a lot of time and effort.
    This process usually involves buying, looking for and testing others' systems anyway, despite the advice, and realizing the truth of my original statement after years of failure.

    Like any business, you will need to invest something before you see a return.
    Get a trial copy of "Forex Tester", just Google for it.
    You will probably want to purchase it.
    This will allow you to experiment and test strategies in a very efficient manner.

    Forget EAs. They are for entertainment only and a waste of money at that.

    Don't believe most of what you read or hear. 95% of it is worthless, including all the business about stops. 95% of what you hear and read is from the 95% who cannot trade.

    You should be able to trade without any indicators.
    As said above, it is all about money management.

    Contrary to what you will read, entries are nowhere as important as exits. If you know what you are doing you can enter at random and profit.

    95% of traders do NOT succeed. Do not make the mistake of automatically thinking you are one of the 5%. Statistically you probably are not. Only 5% of anyone here is, and I am not either.

    This is a very difficult racket.
    THINK OUTSIDE THE BOX. DON'T GIVE UP.
    Conglo i agree with what you saythe best is first to understand the market and what it is (behaviour human behaviour and not on the tick or 1 min charts because that are goldmans robots . But i think indicators can help a trader to devolop a edge. I dont believe trading just tottaly naked will help you need a edge but start with the roots of the chart and thats pa. Then devolop some things for example trow in a oscilator that will give you a signal for confirmation some ma's for the trend and you have a system/ Then still you dont trade the indicator but let's say you are in a healty uptrend and price is building a base (accumalation) this is also the time the indicator is oversold overbought then place pending order above an catch the breakout price accumalates sometimes to build up orders and most of the time will first do a false breakout. to suck in lot of sell orders and then flows back in the accumalation and hunt the stops above where you order is and creates liquidity price profit taking phase. Then at the middle of the price force the trendfollowers go in and get also a piece what creates even more liquidity but those guys need bigger stops. And go most of the time for to big targets and greed will kill them if the don't have the right mindset

    jj
    Last edited by jjames; 01-23-2011 at 03:15 AM.

  6. #15
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    Hi Guys,

    I believe that confirmation is the key to having a good system whether you're scalping off the 5m/15m charts or looking at swing trading the daily charts.

    It is possible to trade price action only, however if you're new to trading then this can be very tricky especially in the lower timeframes.

    Take candle formations for example...The critical rule is that a candle formation can't be considered as a valid confirmed trade entry until that candle has closed. I've lost count of the number of times I've seen spike candles for example pointing short on a 4H candle with around 1 hour left to complete and have traded short too early only to find that the candle totally reverses in the next hour and I'm left nursing a loss (though you could end up heavily under water depending on your money management skills) when price suddenly turns and I'm now looking at a bullish candle on the 4H! The worst thing at this point is that you then look at the Daily and find that Daily is bullish too...eeek! If this sort of thing happens relatively easily on the 4H, you can be sure that effect will be magnified several times over on the lower timeframes. In particular be aware that the end or start of a new hour in particular can give rise to candle formations changing substantially.

    Also, again for price action traders...when price appears to cut through a Support or Resistance line like butter, don't jump into the trade in the same direction despite the apparent momentum. Price bounces at S/R levels more often than it breaks through them, so to maintain your edge, you need to sit on your hands and watch price zoom through that level and trade it when it comes back through the same level in the opposite direction to the "breakout". Of course, there will be times when price cuts through these levels with ease and just goes on and on in the same direction, however these are few and far between and you shouldn't see them as missed opportunties. In fact, when you see that price is not going to spike and come back through an S/R level, it's generally safe to jump in and trade with the momentum of the breakout - though this can sometimes be tricky to judge and you should be wary of getting in too late as you don't want to be caught on the wrong end of a spike - as a general rule don't trade with momentum when price is outside the Bollinger Bands as this is the prime area for price to reverse from with a stonking great spike. Don't worry about not being in the perfect trade where price rockets in one direction like crazy and you're not aboard that train early enough - there will be plenty of other opportunities to make money.

    What you use as extra confirmation in terms of indicators is up to you and you need to try out different indicators to see which suits your style of trading best. Note that all conventional indicators are "lagging" i.e. they are only showing you where price has gone in the past. in a variety of different forms.

    The best indicators to use are those which are "forward thinking", here we're moving into the realms of predicting where price is going to go next. Fibonacci levels are one such indicator (and pivots another) - though if you don't as beginner want to learn all that stuff, then be aware that if price goes up 100 pips and momentum up is strong then it's likely to drop 50% of that before it carries on in the direction of the trend again.

    One of the better forward indicators is using the conventional MACD, RSI or Stochastics and looking for divergence between those indicators and price itself. Divergence can used alone to give you a big edge in trading and although hard to remember at first, it's well worth putting in the effort.

    If you see a previously bullish candle closing in a spike (price action) and divergence tells you that price is likely to come down next (confirmation) then you can confidently enter short and expect a good result. That good result won't always come lol, however if you follow good money mangement, you can ensure that on average you're always on the winning side

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  8. #16
    Platinum Member Array freddy's Avatar
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    Quote Originally Posted by Freddie View Post
    Lots of good advice here Jeff, only trouble is that it comes from people who have put in the time learning.

    There is no system like you are wanting. Not for you, there isn't. The reason is that you have to know things that you cannot answer yet. Conglo has set it out, Freddy - with a Y that is not me (IE) has told you the whole story pretty well (except there is a Holy Grail and I am still looking for it but sush not a word to (Y))

    I have gone from 1m charts with simple rules to Day charts. Lots of people end up there.

    My preferred system is breakouts on a 15min TF because I cannot alter my EA to trade properly... This is just an EA to open and clost trades at levels set, not a magic robot that will blow my account.
    Since I am awake at the midnight GMT I am looking for an End of Day system while I wait for the London open for my breakout trade to start.

    With all due respect to Pipspot, I find the pin bar reversal too difficult whereas the Inside Bar daily system, in the same book is my idea of simple and easy...and time saving. BUT, that is my opinion... Pipspot can use PBs whic I cannot!
    Hi Fredd(IE),

    Indeed, lots of good advice, as you say, 14 answers already, but Jeff has probably found its own:
    HOL(Y) grail, or should i say its own:
    , L(IE), grail.



    Very good week full of pep and pips!
    Fredd(Y)

    P.S.: Amazing, a part of your message is unreadable to me!
    P.P.S. : Ah, of course, I will approach a candle (Japanese) near my screen, I had not thought you were using invisible ink!

  9. #17
    Standard Member Array pipspot's Avatar
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    @ Freddie equally I couldn't make the inside bar setup work consistently. I guess it goes to prove that as has been said already...the best systems are the ones that work for you

  10. #18
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    I can recommend "Peter Bains - Trading like the big dogs". You can find it in the Download Section for Movies.
    Its the real basic stuff (simple) and it works. I used on my own! I can't recommend trading with a demo account! Sure, if you're a totally newbie you should trade on one but if you have a little idea whats forex about you should go live. Go live with a cent account put 10 $ on it and trade. You get a better feeling for trading with money and we're all knowing that demo trading is totally different from trading a real account!
    Good luck my friend and stay safe

  11. #19
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    Start learn from trend line, fibonacci retracement, and candle stick. But most important is money management. that's all I do

  12. #20
    Fx Whale Chaser Array scarface's Avatar
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    Hi,

    simply focus on High Low of different time frames, Moving averages SMA123, SAM162, SMA62, EMA 74, SMA100 , SMA200, SMA 210
    and if you like to be more accurate practice the fibonaccie...

    for the High Low, you can use any indicator to show you previous and current ones...

    I hope this is useful,

    Best wishes,

    SF
    a New Year 2011 has come, and the challenge has just started

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