soundfx

Hi aclient21,
 
Filesonic is such a pain (for free downloads). You just have to keep trying and waiting a zillion times. Ignore the message that you can't download more than 1 file at a time (when you're clearly only trying to download 1 file), and keep on refreshing the screen/pressing the download button etc. and you eventually get there. Remember to scroll through the anti-spam text examples and pick one which is obvious to see because the slightest mistake will put you back on the refresh/hit download button cycle lol.
 
Mediafire Mirror:
 

http://www.mediafire.com/?7uuhqubu6g91lim
 
Multiupload Mirror:
 

http://www.multiupload.com/F928HZAHKJ

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 :)

Here are some slides which summarise what's in the book, though I've not seen the book itself:
 

http://www.tlforum.com/2010manuals/manuals/JeaYu.pdf

Many thanks for sharing your nice simple system waterskiguy :)
 
I checked out your blog too at:
http://alphatrader1.wordpress.com/ which contains some great and thought provoking posts.

forexmaniac84,
 
You've made 147 posts here and I've just scrolled through the most recent of them and surprise, surprise...virtually all are "take, take, take" posts with no evidence of anything being given back to the community here.
 
You may not have any new systems to share or may not be able to afford to buy systems, though you can give back in lots of other ways. Are you good at searching out information which may be hidden to some on Google for example?, or can you code indicators/EA's to help test concepts etc. ? Or have successful traders given you valuable tips which you can pass on?
 
Sharing isn't just give and take, at it's best it's combining the skills of all of us so that we can all progress which means that each person should be at the very least putting back into the forum what they're taking out.
 
I'm not meaning to single you out personally as there are many others here who are just as selfish, though I think if everyone contributes as much as they gain from this forum then we can all progress to being the sort of traders we want to be much quicker.

Hi aclient21,
 
Filesonic is such a pain (for free downloads). You just have to keep trying and waiting a zillion times. Ignore the message that you can't download more than 1 file at a time (when you're clearly only trying to download 1 file), and keep on refreshing the screen/pressing the download button etc. and you eventually get there. Remember to scroll through the anti-spam text examples and pick one which is obvious to see because the slightest mistake will put you back on the refresh/hit download button cycle lol.
 
Mediafire Mirror:
 

http://www.mediafire.com/?7uuhqubu6g91lim
 
Multiupload Mirror:
 

http://www.multiupload.com/F928HZAHKJ

Hi aclient21,
 
Filesonic is such a pain (for free downloads). You just have to keep trying and waiting a zillion times. Ignore the message that you can't download more than 1 file at a time (when you're clearly only trying to download 1 file), and keep on refreshing the screen/pressing the download button etc. and you eventually get there. Remember to scroll through the anti-spam text examples and pick one which is obvious to see because the slightest mistake will put you back on the refresh/hit download button cycle lol.
 
Mediafire Mirror:
 

http://www.mediafire.com/?7uuhqubu6g91lim
 
Multiupload Mirror:
 

http://www.multiupload.com/F928HZAHKJ

Hi rivergreen,
 
The multiupload link works for me. It seems as though you're being blocked from fileshares.
 
Try this one:
 

http://www.4shared.com/file/sl6SAmj6/SoundfxPipacuumulator.html
 
edit - oops, I think that's the one you could download. Here's Vikram's template:
 

http://www.4shared.com/file/riQ2YRlW/vikram.html

Hi Lenox,
 
If you really want to learn trading then I recommend that you follow the lessons which fxfxfx has just started on the thread:
 

http://indo-investasi.com/showthread.php/6052-How-are-you-making-money
 
The reason I recommend this thread is because fxfxfx wants to teach struggling traders the basics of trading without relying on indicators or the new fad systems etc. These are tried and tested methods (Support and Resistance and breaks of swing highs/swing lows) used by all pro traders and will enable you to anticipate where price is most likely to go next without relying on some indicator turning green (which then turns red again as soon as you enter the trade lol).
 
Forex is very frustrating and credit goes to you for your continued desire to trade and persistence. Even the best traders have been through this seemingly never ending "learning curve". The vast majority of aspiring traders give in too early when they find that trading is much harder than it looks. Training yourself to trade is like training yourself to be good at any performance based skill (such playing musical instruments, sports etc.).
 
Firstly - don't believe that working harder (8-10 hours a day) will get you there quicker. Trading isn't like normal work where the more effort you put in the more you get out. You need to work smarter and not harder.
 
I was given a formula for success a while ago which applies to successful trading too:
 
Positive Mental Attitude + Plan + Preparation + Action = Success
 
The first thing to do is regain your confidence. The first thing to do is not to trade big money whilst you're leaning to trade - ideally practice on demo (remember you're practicing to trade like a concert pianist has to practice tunes). Don't spend 8-10 hours a day looking for new systems or THE "holy grail" system, instead put that time to good use by selecting a currency pair (EURUSD is ideal) and studying how it moves by putting in the screen time. You'll start to see that price regularly "bounces" at certain levels (i.e. support and resistance) which leads to some great trades with low risk/reward. Placing demo trades in this market will enable you to learn from your losing trades rather than crying over the lost money.
 
It's a good idea to keep a trade diary and log your trades with the reasons for entering and the result in pips winners and losers. Many traders never bother to do this, so they end up making the same mistakes over and over again. Go back to your log of trades after each day of trading and see why trades failed when they did - did you enter without a proper signal, did you forget to check the news calendar and enter a trade when price was highly volatile because of news etc? Your trade log gives you a way to measure improvement and when you can see improvement in your trading, your confidence will increase.
 
Trading without a plan means that you have no goal, which can lead to careless trading and an unclear focus. The plan can be in your head, though it needs to be solid and you're probably better off writing it down. Lots has been written by others about trading plans - though the very least you need is some sort of target in pips preferably on weekly basis. For example, as a start you could look to gain at least 50 pips a week consistently - this would be 10 pips a day. With experience you can build on this.
 
Preparation comes mainly in form of screen time. Bring up the 5m EURUSD chart and the 15m EURUSD chart. Look for signals which repeat again and again on the 15m chart and use the 5m to refine your entries (so that you can keep your stops very small). Watch how price typically moves in a day. Watch how it moves at the start of the UK session, the start of the US session, after news etc. Look for classic patterns such as 1-2-3 patterns, W and M formations, double/triple tops and bottoms. When these patterns coincide with S/R levels you end up with very high probability trades.
 
Take action by actively getting involved in the market regularly - place trades in demo (or in live for very small stakes). Continue to do this until you feel comfortable with your trading and confident to increase your stakes.
 
Finally, treat trading as you would a business. Because you can lose so easily if you're careless, you need to ensure that you're not gambling on any trades and that you always have good justification for entering any trades. If you're not 100% sure of any trade - then don't trade.

Hi Neil,
 
It would be handy for others if you posted your test results or opinions on the systems you're testing - start a thread called "Neil's test lab" or something like that :)
 
From what I've seen of manual systems they fall into 3 main camps:
 
1) Trending System
2) Ranging System
3) Breakout System
 
All have their faults - trending systems don't work in ranging markets and vice-versa and breakout systems are prone to trading false breakouts.
 
Each system type can be subdivided into:
 
1) Conventional (typically MA's for trending systems, BB's/Stochs/CCI etc. for ranging systems)
2) Novel (stacks of fancy indicators which you can't understand how they work unless you analyse the code).
 
"100 Pips before breakfast" is a good sensible ebook which explains how to trade trending markets effectively.
 
"Easy FTSE Trading System" is another good ebook which explains how to trade ranging markets effectively. It's geared for the UK spread betting markets and for the FTSE, however applies equally to MT4 trading and Forex.
 
"1 Minute Daily" (currently on the blacklist I think) is probably the best "set and forget" Asian range breakout system I've seen - though you have to adapt a long term view with these sort of "set and forget" systems. "Forex Child's Play" works well for more active traders.
 
There's no one system which fits all conditions - otherwise, that would essentially be a "holy grail". The route to becoming a consistently profitable trader is taking bits of each system which you personally are most comfortable using and then you need to put in lots of screen time so that you intuitively know the best time to bring out a particular tool from your trading toolkit.
 
For example, I don't like using MA crosses to trigger entries into trends - I've had many bad experiences with them in ranging markets, so can never trust them. Instead, I look at candle patterns in larger timeframes, where price is obviously moving in the timeframe I'm trading and take note of HH or LL breaks and where support and resistance levels are. If price is trending up and breaks a recent swing high but there is strong resistance a few pips away - then now's not the time to go long, wait for a bounce off resistance and then enter when price starts moving up again. You can either take a few pips with the trend back to resistance or hang on for a larger move, given your better entry point.
 
When the market is obviously ranging - i.e. you look at your chart and the bollinger bands are quite wide and essentially horizontal, then that's the time to look at trading BB extremes. If these extremes coincide with S/R levels then all the better - you have a higher probability trade which can be taken back to the middle band and often from one extreme band to the other.
 
You're right about trading style, and that's what makes it so tricky for us to just trade someone else's system as successfully as they do. Trading shouldn't be a chore or we're not in the right frame of mind - so if systems/methods are too complex, too "black box", too unpredictable etc. for you personally then don't attempt to use them.
 
Finding our "niche" in trading doesn't mean finding a system which works perfectly for us - I think we need a learn a range of methods which can be brought out at the right times depending on market conditions.
 
Trying to trade 1-2-3 setups will pay big dividends in trending markets but will kill you in ranging markets. Taking every MA cross will give you some huge winners (if you can avoid taking winners too early) and then you'll hit a period of possibly weeks where every trade will fail. Knowing how to trade the market on your chart right now I believe is something which can only come naturally after you've put in the requisite "screen time".
 
All I've mentioned so far has been concerned with entries - which despite what some others may say are important. A good entry can give you easy pips and a bad entry can get you stopped out. Money management is important, however a good entry with good money management is still better then a bad entry with good money management.

Diesel,
 
Don't click on any of the big download buttons, here's where you need to download:
 
"Save file to your PC: click here"

rick,
 
The original system is posted in post #1 and the most recent version of the slightly modified indicator which I created is in post #96:
 

http://www.multiupload.com/P9VO5BSVS7
 
We've ensured that the modified version ties in with the original (thanks to conglo), and all it does currently is give you a bit move flexibility on what you see on your chart.
 
The entry rules remain the same:
 
Buy: When up arrow has appeared (or small up box on original version) and when probability is showing > 20.
 
Sell: When down arrow has appeared (or small down box on original version) and when probability is showing < -20.

Re: Advanced Synergy 2.0
 
Try this one:
 

http://www.4shared.com/file/97019894/13c6ef02/derk_synergy_system.html

Hi Guys,
 
I really like the overall concept of this system. As it happens I've seen other systems used by banks which employ similar principles of multiple indicator/timeframe probability aggregation.
 
I've spent the whole of today reverse-engineering the bulk of the main indicator (the fancy one at the bottom is just "eye candy" and solely derived from the master probability).
 
I have the boxes sorted and the signals and I have values for all the indicators though as yet I've not been able to calculate the master probability to match the original all the time (plus some individual indicator signals may need a bit of cross-checking and tweaking).
 
Why am I mentioning all this? Because I'm thinking of sharing the source here, so that others can test and possibly suggest enhancements, so that we can collaborate properly (which rarely happens here) and create a system to be proud of (which will also bring in stacks of cash ;) ).
 
What I don't want to happen after spending all this time is for a few folks to say "please share!!!!" and then they see what's under the bonnet, and having satisfied their curiosity move on to other things without helping out.
 
I want to first establish why some of my indicator readings are wrong (here you need to cross-check my "II" Pips Accumulator indicator against the original, spot the differences and then put those indicators on the charts and work out why there are differences - no coding experience required :) ).
 
The next stage would be to look at possible improvements - there are plenty of parameter settings to change for the existing indicators, though those tweaks will have little overall influence. The next stage (if there needs to be one) would be to investigate if other indicators will give better signals than the ones we already have and also to look at the defaults. MACD and SAR are given percentage ratings of 25% each - is that too much? can something else be used?
 
Here's a screenshot of what I have so far. If there's anyone interested in helping until we get a decent system out of this then post a response. If there's no real interest then I'll carry on trying to work out the system myself:
 
http://i55.tinypic.com/5bws9s.jpg
 
BTW - I know that there are some bugs lurking in the code still - so any hotshot coders who want to join in and hunt them down, please let me know too :)

Here it is:
 

http://www.4shared.com/file/DqNZsJmS

Guys,
 
Waterskiguy even put on his blog that he no longer trades the system as outlined here, though instead trades price action. However, the principles remain sound.
 
The key things everyone should take away from this thread is the following:
 
1. Higher timeframes determine the trend - Weekly and Daily (to a lesser degree).
 
2. Every day you should be able to find at least one pair which is strongly trending on the Weekly, so don't just stick to your old favourites EURUSD or GBPUSD or whatever, expecting to find lots of signals, instead look at all pairs and trade the one which is trending most in the same direction as that trend.
 
3. Don't just jump into a trade with a market order when you've established that there is a trend on the Weekly. Price always retraces in trends and on a Weekly trend, those retracements can be over several days (i.e. lots of pips potential drawdown).
 
4. Apply some common sense. Look at price action Support/Resistance or Fib. levels on the Weekly and Daily to estimate if price is likely to bounce into a retracement just at the time you enter your trend following trade.
 
5. Enter your trades with pending orders. If the trend is Down then enter with a Sell Stop just below the most recent swing low. If the trend is up then enter with a Buy Stop just above your most recent swing high.
 
6. If the above are confirmed with the RSI indicators and the arrows on the 4H chart then your trade stands an even greater chance of being a winner.

Hi Guys,
 
I've just had a chat with waterski guy - many thanks to him for giving up his time to run through his system :)
 
Here are some additional points on trading the system which I gleaned:
 
1. Always wait for the 4H candle with an arrow on to close before considering entering a trade.
 
2. Never enter trades at market price, instead place orders to be triggered:
 
Shorts: Place a sell stop order 3 pips below the low of the closed 4H candle with a down arrow.
 
Longs: Place a buy stop order 3 pips above the high of the closed 4H candle with an up arrow.
 
3. Always set stops at swing high or swing low points from the 4H chart. Targets can be set at the outer levels of channels, or support and resistance levels. However, sometimes when price is entering new territory we won't know where to set the target, in this case set target 1 at the same distance as your stop to give a 1:1 risk/reward.
 
4. It is possible to set two targets, in which case you could close half of the trade when target 1 is hit and then let the rest run moving the stop to say breakeven+10 pips. How long you leave the trade running is up to you, however waterskiguy doesn't like too many trades running at the same time, so will close out most trades if they reach say 120 pips. An average target for a good trade using this system will be around 80 pips.
 
5. Only a handful of pairs will be trending enough to give us high probability entries, so it's worth going through all pairs in market watch first checking Weekly, then Daily for trends and if trends look good then checking 4H for a possible entry.
 
6. When you place a trade, resist the temptation to manually exit early - just let the trade run to your target or stop.
 
7. Waterskiguy checks his charts twice a day for opportunities - once in the morning and once before going to bed. This makes the system ideal for anyone who has a day job. It will take around 30 mins each time you check for opportunties, after then if you identify high probability trades you can place your "buy stop" or "sell stop" orders with associated targets and stops and leave the trades to run - a great "set and forget" system for busy folks looking to grow their account.

Re: Advanced Synergy 2.0
 
Try this one:
 

http://www.4shared.com/file/97019894/13c6ef02/derk_synergy_system.html

Here it is:
 

http://www.4shared.com/file/DqNZsJmS

Here are some slides which summarise what's in the book, though I've not seen the book itself:
 

http://www.tlforum.com/2010manuals/manuals/JeaYu.pdf

I know of excellent scalpers who can achieve that sort of accuracy and keep risk/reward at approx. 1:1 or better, so it's certainly possible.
 
Seems as though this has been around since mid last year, so I expected to find a copy somewhere, though it's tricky to track down.
 
One of the techinques appears to be the classic of trading bounces from each side of a channel, though it would be interesting to see what the other two are all about.

Glad I'm on the right track waterskiboy :)
 
One thing I'm going to do is first work out when each 4H candle closes in my local time on the different brokers I use. Then I'll know when to be looking for possible signals.
 
As we talked about, it's worth noting certain pairs that are not yet ready to give a signal though could do soon, to give us a "heads up" as to what may happen next. This is where your trendlines come in handy folks. If the overall trend is down and price is in middle of a channel then the next time you should be looking for an entry short is when the price nudges the upper trendline. It's worth keeping a note of these potential trades in a trade journal, so that we know good opportunities when they arrive, even if we've subsequently deleted the trendlines - also keeping a journal of actual trades and the reason why you took them or are planning to take them is very good discipline and allows you to see your trading more as a profit making business rather than a "crap shoot".
 
For those of you not familiar with setting orders in MT4 here's a brief summary:
 
In the "New Order" window select Type as "Pending Order" rather than the default "Instant Execution".
 
In the pending order section there are 4 types:
 
Buy Limit: This means that as soon as price drops to X, you want to Buy it
Sell Limit: This means that as soon as price rises to X, you want to Sell it
Buy Stop: This means that as soon as price rises to X, you want to Buy it
Sell Stop: This means that as soon as price drops to X, you want to Sell it
 
In our case we're trend following, so we're always using either Buy Stop orders or Sell Stop orders.
 
Limit orders are used to trade against the previous price movement. e.g. if price zooms up to a very strong resistance level, you may want to place a Sell Limit order to sell at that point.
 
When entering your order, you enter the price at which you want the order to be triggered, and you can also enter your stop and target at the same time.

humz,
 
Extract all files into the following directory:
 
C:\Program Files\<Your MT4 Broker Directory>\experts\indicators
 
Now go to that directory and cut 'n' paste the template file mtf rsi arrows clock.tpl into the directory:
 
C:\Program Files\<Your MT4 Broker Directory>\templates
 
Open a 4H chart and right click on the chart screen and select Template -> Load template
 
You should be able to load mtf rsi arrows clock.tpl from there which will automatically set up your screen and load all the indicators you need :)

Hi Guys,
 
I've just had a chat with waterski guy - many thanks to him for giving up his time to run through his system :)
 
Here are some additional points on trading the system which I gleaned:
 
1. Always wait for the 4H candle with an arrow on to close before considering entering a trade.
 
2. Never enter trades at market price, instead place orders to be triggered:
 
Shorts: Place a sell stop order 3 pips below the low of the closed 4H candle with a down arrow.
 
Longs: Place a buy stop order 3 pips above the high of the closed 4H candle with an up arrow.
 
3. Always set stops at swing high or swing low points from the 4H chart. Targets can be set at the outer levels of channels, or support and resistance levels. However, sometimes when price is entering new territory we won't know where to set the target, in this case set target 1 at the same distance as your stop to give a 1:1 risk/reward.
 
4. It is possible to set two targets, in which case you could close half of the trade when target 1 is hit and then let the rest run moving the stop to say breakeven+10 pips. How long you leave the trade running is up to you, however waterskiguy doesn't like too many trades running at the same time, so will close out most trades if they reach say 120 pips. An average target for a good trade using this system will be around 80 pips.
 
5. Only a handful of pairs will be trending enough to give us high probability entries, so it's worth going through all pairs in market watch first checking Weekly, then Daily for trends and if trends look good then checking 4H for a possible entry.
 
6. When you place a trade, resist the temptation to manually exit early - just let the trade run to your target or stop.
 
7. Waterskiguy checks his charts twice a day for opportunities - once in the morning and once before going to bed. This makes the system ideal for anyone who has a day job. It will take around 30 mins each time you check for opportunties, after then if you identify high probability trades you can place your "buy stop" or "sell stop" orders with associated targets and stops and leave the trades to run - a great "set and forget" system for busy folks looking to grow their account.

Whois makes some interesting reading...
 
Domain Name: ECNALPHA.COM
Registrar: DIRECTI INTERNET SOLUTIONS PVT. LTD. D/B/A PUBLICDOMAINREGISTRY.COM
Whois Server: whois.PublicDomainRegistry.com
Referral URL: http://www.PublicDomainRegistry.com
Name Server: DNS1.ECNALPHA.COM
Name Server: DNS2.ECNALPHA.COM
Name Server: DNS3.ECNALPHA.COM
Name Server: DNS4.ECNALPHA.COM
Status: clientTransferProhibited
Updated Date: 21-nov-2010
Creation Date: 08-oct-2010
Expiration Date: 08-oct-2011
 
The website has only been around for just less than 2 months and they've only bought the domain for 1 year.
 
Does that mean that they're planning to run off with everyone's cash and shut down before 08-oct-2011 ?