jtrader

Here is a secret share just for my indo friends in this thread!
 
I have just had professionally coded my own Custom Indicator that may be a help to those who already understand how to plot swings and breaks of them. I have never shared this before but wanted to save it for a special moment...
 
Below is an image of recent EURUSD. In the picture, the indicator is programed to follow fairly large swings however that can be customized whatever way you like. You can also customize how many pips it must break the swing by.
 
http://i177.photobucket.com/albums/w201/jtimpsonstamps/jt.gif
 
and here it is. Enjoy!
 

http://www.mediafire.com/?xh6quaxcxs91xmt
 
this is for your personal use and not to be resold. Thanks for respecting my wishes on this.

http://i47.tinypic.com/140xgtv.png
 
http://i46.tinypic.com/51sftv.png
 
http://i47.tinypic.com/11taqvm.png
 
 
alright, so what the cut off pic says is this: If the setup candle doesn't get triggered I cancel the order. But if market moves sideways without breaking it for a few or more candles, I will trade it. That is the only broken rule. It is a little price action with indicators.
 
Any questions, please ask but it should be self explanatory.. oh, the indicators are here I think : http://www.forexfactory.com/showthread.php?t=293684 and here : http://www.forexfactory.com/showthread.php?t=64018

First of all I would like to thank juicyt for kindly sharing his system with us. I have made a copy of the charts and included the indicators to download from here:
 

h**p://[email protected]/download.php?a256a265l70uruu
 
Enjoy ;)

Guys,
 
Following link is still working. You can dowload from here : h@@p://[email protected]/LY6GQ7BJ6S
I hope this helps.

Here it is for your sins, my friends :)

http://www.multiupload.com/TO97GLMWB3

Here it is:
[email protected]/N2X33FTQHN

Guys,
 
Each trade should be taken on its own merit and you need to think of drawdown in the same terms too.
 
Potential drawdown on a single trade depends on how much you've staked and the size of your stop.
 
Because waterskiguy's system is longer term trend following all your trades will naturally already have an edge - hence keep on trading the system with a sensible 2.5% of account stake consistently and your account should grow.
 
Here are some tips to improve on trade selection to ensure that you pick only the best trades and can see some consistent account growth:
 
1. You see a down trend on weekly and daily and an arrow pointing down on the 4H candle which has just closed - do you jump straight into the trade short with a market order? If so, then you've already reduced the odds of your trade succeeding. You may even think that short term RSI isn't too important if it doesn't line up and just home in on the arrow because it's made a noise and grabbed your attention - this too is a fatal move. So...firstly ensure that you follow all rules to the letter every time you trade.
 
2. You see a trend down as in 1. and decide to correctly place a sell stop just below the low of the 4H candle, however when you calculate your swing high you realise it's 300 pips away. Then you look at what's happened to price recently over the 4H, Daily and Weekly charts - has price always stopped at a support level ? How far away is that support level ? If a previous support level has held and is only 100 pips away, then you're best off ignoring this trade and looking for a better one, for the simple reason that the reward of 100 pips isn't worth risking 300 pips to get it.
 
3. You see a down trend as in 1. again, however you've missed the next 4H candle after the one with the arrow on and that next candle went down but zoomed back up to close with a stonking great spike on the bottom. Enter short here with a market order (which you shouldn't be doing anyway!) and you're asking for trouble.
 
4. Draw some trendlines on the charts in all timeframes - ask yourself if your trade makes good sense. Are you looking to go long at the top of a well established weekly channel ? If so, then again you're likely to come unstuck as price bounces off the top of that channel yet again and eventually blows through your stop.
 
As for EA's, the majority of EAs fail because you can't code mechanical exits that work anywhere near as well as manual trader's exits. Manual traders have a feel for market flow, they can see differences in speed of candle formation and can minimise losses. The typical EA has a simple stop of x pips which guarantees that it will kill an account when market conditions change. More sophisticated EA's can get around this problem a bit by using a % of ADR as the stop, but the stop is still nowhere near as manual trader's stop. Good manual scalp traders can get out of a lot of potentially losing trades by just seeing price "stalling" etc. and getting out quick for breakeven. Some EA's are able to place stops at swing highs and lows as required by this system, but then they fail because they can never get the right risk/reward.
 
This system is different to most in that the entry and exit rules are clear-cut. We're placing orders with stop at swing/high low and have a target which is at least as big as the stop or preferably bigger. The bigger targets will come from some chart analysis of S/R levels in different timeframes which is is possible to code into an EA, though not easy. So why not create an EA ?
 
1. The analysis of "trend" is easy to define with the human eye when the rest of a chart is taken into context (something we do naturally). This is where the EA would come unstuck. Also in the additional checks which we may sometimes manually make on S/R levels, trendlines etc. will be very hard to code.
 
2. What is the point of creating an EA in the first place? Most folks want an EA because they're not full-time traders and can't be at a screen all day and some are just lazy and want to turn on a machine which earns them money for doing nothing every day lol. This system requires a maximum of 1 hour analysis each day, if you prefer you could just check the charts once a day for 20-30 mins at a time convenient to you. If you trade this system correctly you won't need to look for the latest marketing scams "Earn $$$$'s per week for 1 hour's work a day" because you already have the capability to do just that (or will do very soon :) ).

No probs alright,
 
Trading with the trend is the main aim of this system. Waterskiguy even mentioned experimenting with looking at the trend on the Weekly and Daily and if both are strongly short then enter with a sell at any point on the 4H chart. Simply trading with the main trend will ensure an "edge", however it's even better if we can optimise our entries to minimise unnecessary drawdown.
 
My view is that we should only enter orders when all indicators line up - i.e. both RSI's and an arrow on the most recent closed 4H candle. This will ensure that we're only trading signals with the highest probability.
 
The alternative...if the trend is strong and we have an arrow on the 4H though both RSIs aren't lined up, then we should wait for all to line up to have the highest chance of getting a successful trade. If the trend is still intact and price is still going in the direction of the arrow then we could place a market order in the direction of the trend as soon as all indicators line up.
 
I think re-entries are safe to trade. What we're effectively doing with a re-entry trade is waiting for price on the 4H to retrace slightly (probably giving an opposite arrow), then for price to return to the main trend direction confiming that with an arrow change back to the trend on the next closed 4H candle.
 
If we're in a trade and get an opposite arrow then I'd want to be out of that trade at that point.

soundfx has it right on the money or in this case "the trade", make sure ALL line up.
 
Example: of short trade
 
A. weekly has minimum 3 or 4 bars all making lower lows
 
B. go to daily make sure it all looks good - smooth def down trend - chances are it will be
 
c. go to 4hr chart look for pull back and arrow for short - YOU MUST wait for 4 hr candle to close
and it prints. we enter 2,3 pips BELOW the 4hr candle that just closed and printed the arrow. Use
sell stop order - never market order - we want the market to come through our order and fill us.
If the 4hr candle closes with arrow and we just enter at market and the market farts off the
opposite direction then we are in losing trade. Always make the market come to us to fill our trade
/order.
 
d. both rsi indicators must be red, with white line below the black line
 
Now .... even though this is a good method/system it is just a tool to trade/ enter the market.
 
How much you know in general about trading will determine how successful you are with this tool.
 
Things like how fluent are you at drawing trend line? Do you know your support/ resistance zones?
 
Do you REALLY see the correlation between the 4hr chart, daily, weekly? How they line up, the
flow and ebbs within each time frame?
 
Do you understand the relationship between whole numbers and how the market moves towards
and from them?
 
Not to complicate things BUT the above mention are just some of the very core principles that will
provide a frame work from which a person should be trading from.

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: STEINITZ FRACTAL BREAKOUT CUSTOM INDICATOR for....YOU!!!
 
I have a working EA of this system, but it's not as good as you think if you stick strictly to the rules Steinitz uses. At best it is simply a glorified moving average crossover system, and it *looks* good if you look at the history of the indications.... until you live trade with the thing. Pretty much every trade (with a number of notable exceptions) winds up in profit, but not all hit your TPs and the indicated trades have a nasty habit of swinging away from you if you just fall short and miss your TP. In addition, the default SL rules are too strict.
 
In short, if I set the EA to trade strictly by the Steinitz rules, it's a loser.
 
Most trades hit the first fibonacci TP, and that works in your favour. Once hit you can take your first TP and set additional trades to Breakeven. Having said that, the daily support and resistance levels have more sticking power in trading, and you need to take them into consideration above and over the first fib retracement. Plus then there are trades which open below the SMA50 and have negative D on the indicator, with occasionally ridiculous first TPs which need to be adjusted to suit. I have added a bunch of filters to my work, but I don't want to over filter the trading - or have to optimize it if I have a better exit strategy for when things don't hit the first TP, but are at their max profit level for the trade.
In addition, I find that using the higher time frame SMA50 as a hard stop loss works a lot better.
 
Also you have to filter out trades when you suspect a retracement to the SMA50, or a consolidating market and are better off waiting for the retracementr to complete before entering.
 
All these rules are hard to code.... :-?

Guys,
 
Following link is still working. You can dowload from here : h@@p://[email protected]/LY6GQ7BJ6S
I hope this helps.

Some extra mirrors :
 
http://www.r@[email protected]/file.jsp?id=g79fi03h1m

First time trying rapidshare. It's only allowing 10 downloads.
Here it is: hxxp://[email protected]/files/372319262/Triple_Strike.rar.html
 
Enjoy.

Well I finally managed to get it and the link is as above.
For the guys that PM'd me I'll reply shortly.
It is based around the Ste@lth system and all the relevant files are in the Zip.
Enjoy and thanks appreciated.

What a shame, I just purchased the same thing from the guy at:
 

***** [email protected] *****
 
for 150 Pounds.
 
Wish you PMed me back so I could have used that money for something else we don't have.
 
BTW, I just downloaded from your link and they are the exact same files. Go figure.
 
 

Pair is GBP/USD and timeframe is 15 mins. Follow all the system rules for placing stop loss and you will see how it behaved in first half of 2008.
 
I hope this helps.

Pair is GBP/USD and timeframe is 15 mins. Follow all the system rules for placing stop loss and you will see how it behaved in first half of 2008.
 
I hope this helps.