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SamW

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  1. I'd like to ask you did you bought a forex renew system of Mr. Barry ? I am thinking to pay him $50 for that.., but I am still not so sure to do so or not.

    Can you please tell me is it worth to pay it for ? .. or maybe you have this system already and you could share it with me.

    Thank you,

    Here you have the London setup

     

    THE FOREX RENEWAL STRATEGY
    London Session
    
    I would recommend demo trading this strategy for at least two weeks or longer until you have total confidence and have mastered the setup of the system.  Don’t trade this system live until you have 50 consecutive positive trades.
    The Forex Renewal Strategy is based upon a 15 minute time frame.  The idea is to take high percentage trades whereby we can be 100% certain it will be a winner.
    Start out with the GBP/USD, once you grasp the system setup you can move on to the EUR/USD.  We are always looking for the best setup.
    The goal is 20 or more pips.
    We are going to use the 15 minute time frame.
    All times are EST.  Just adjust them to wherever you are.
    This strategy will begin at 02:45 but your entry won’t be until after 03:15 at the earliest.
    Always have a 60sma to determine the trend, support and resistance.
    I also have a 21ema and a 5ema on my charts just to stay in trades a little longer.
    I also use the MACD for confirmation but not to make a trade decision.  Since this system is based on price action none of these indicators help make a decision to go long or short.  However, after our entry (and since these indicators are lagging) a really good trade will show the 5ema crossing the 21ema and both crossing the 60sma, and a signal on the MACD in the direction of our trade.
    
    THE SETUP
    There are two parts to the Forex Renewal System:
    #1  Draw a horizontal line on the open and close of the 02:45 candle.  To enter a trade a candle must open and close above and off the 02:45 horizontal lines to go long or below and off the 02:45 horizontal line to go short.  The candle cannot be touching the horizontal lines on the 02:45 candle.  Our entry candle is the next candle.  If that candle goes in the same direction as our signal candle, after a few pips, we enter a trade in the direction of the signal candle.  If the price is staying between the two lines of the 02:45 candle just wait and be patient.  Look for the same setup on another currency pair.  The London session usually moves pretty fast, but, there are times it takes a little longer.  Grab 20 pips and get out – you’re a winner.  If there is a breakout confirmed by the indicators stay in the trade for more pips.  50 to 100 is not uncommon.  Profit is random based on market conditions, but once I reach my goal of 20 pips I’ll begin looking for other setups.
    Here are couple observations.
    If your 02:45 candle is a doji look for another pair to trade.  A doji means indecision in the market and we can’t be 100% certain what will happen.
    If your 02:45 candle or your 03:00 candles are 30 pips or more, look for another pair to trade.
    If a currency is having a bank holiday, do not trade that currency.
    If at 03:00 you have an uptrend and the price is dropping and the 21ema is in the way with only 3 to 5 pips to reach it then don’t trade.  The price may bounce off the 21ema and then continue the uptrend.  Same goes for a down trend.  Also if the price is close to the 60sma wait for a candle to open and close above or below this line because it also will act as support or resistance.  If the price is between the 21ema and 60sma make sure there are 20 pips available before entering your trade.
    A candle must open and close off the 02:45 horizontal lines you drew on the candle.  On your signal candle neither the high nor low can be touching the 02:45 candle.
    For a short entry:  If the 03:15 candle opens below the 03:00 candle wait for a 50% retracement on the 03:00 candle before entering a short trade.  Take 20 pips if there is room between the entry price and the 60sma.  A Long trade is just the opposite.  Often, but not always, you will see a 50% retracement after your signal candle.
    
    #2   For confirmation draw a line from the close of the 17:45 candle (15 minute chart) through the close of the 02:45 candle.  If a candle is above the line and not touching it enter a long trade and if the candle is below the line and not touching it enter a short trade.  What we are doing is confirming our trade with #1.  These lines, which I call Eagle lines, are not new with me but something my mentor showed me years ago.  How to draw your eagle line:  If the 17:45 15 min. candle is bullish (green) start your line on the top of the candle body (not the wick).  If your 17:45 15 min. candle is bearish (red) start your line on the bottom of the candle body. So if the 17:45 candle is red and the 02:45 candle is green your line will be drawn from the bottom of the 17:45 candle through the top of the 02:45 candle.  This line extended through the 02:45 candle will normally act as support or resistance in future price action.
    
    STOP LOSS
    My stop loss is placed 20 pips in the opposite direction below the low or above the high of the horizontal line.  Don’t worry it’s never been hit.  But, as with anything in Forex, it could happen.
    
    
    INDICATORS
    It is not necessary to use any!  They are all lagging, and this is a price action system.  So why do I have them on my chart?  Just can’t break the habit.  And, I like to see if the MACD histogram is starting to rise or fall, above or below the 0 line.
    I won’t trade if the price action is too close to my 21ema or 60sma, because often they become support or resistance.
    You should print out a chart on the pair you were trading, to compare it with my screen shots so you can see exactly what happened or didn’t happen.
    
    SUPPORT
    
    It has been said, “An analyst is someone who can tell you tomorrow why his today’s forecast did not happen.”  There are many variables that go into the price action of a currency pair during 24 hour period.  The best explanation why this system works is that even though the London market opens at 03:00, where we find the biggest spreads and the whipsaw effect of prices, it is at about 03:30 that the banks step in.  Our strategy is to jump on the coat tails of the banks and ride along and then when we reach our goal to jump off.  For support I am going to try to give my best explanation, with a screen shot, of what happened for several days and as long as  you ask questions.  Your questions are invited, be nice and be patient.  I’m not a rocket scientist, just a trader.
    
    OTHER CURRENCY PAIRS
    I have found that this system works with the GBP/USD, EUR/USD, USD/CHF, USD/CAD, AUD/USD, and USD/JPY.  I watch all six of these currency pairs looking to see which ones have shown me a setup candle.  That is, which pair has closed above or below the 02:45 horizontal line and isn’t touching it.
    The most important rule in Forex trading is not to trade unless your 100% certain of the outcome.  This system has eliminated the ‘hope’ indicator.  Our goal is to build a success record one trade at a time.  As you learn this system and the discipline that is necessary to implement it you will find that trading is a lot more fun when your adding to your capital on a daily basis.
    
    To Your Success, Barry
    
    
    
    
    

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