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NEW Never Bef0re 5een F0rex 5y5tem - 1OOO+ P1P5 @ M0nth


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Retireme, I have question on your previous post. Would you let me know your thoughts? Thanks,

 

My rules as they stand:

 

* Horizontal lines at HIGH and LOW of 6 hour no trade period (00:00-06:00 broker time)

* Vertical line at 14:00 broker time (If no bars form before 14:00, no trade)

* Risk to reward ration of at least 1:2 e.g. stoploss 25 - target 50

* Two candles in same direction over the period high or low and enter - Question: Do you have a rule on long bar? example: if breakout bar is more than xx pips, don't enter or wait until retracement, etc?

* No Friday trading

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Retireme, I have question on your previous post. Would you let me know your thoughts? Thanks,

 

Sorry, I didn't see it.

 

The short answer is no I don't... however, I do look back at previous support and resistance lines either during the no trade period or prior day.

 

I should also tell you that I do a lot of modification during the active trade. e.g. I am constantly moving my SL (NEVER more than where it started) but towards the BE. If the trade is moving quickly on the positive side I will also modify my TP at the same time as the SL. In effect, I manage the trade from start to finish. I am looking to perfect this system on a higher time frame so that I can leave the computer for short periods. On 15 min TF it is very risky to do so.

 

When I get some time, I will do up some graphics and my trade management process for perusal. Gentlemen, this is NOT the holy grail, all of what I am presenting is from my own observations and testing. I am happy to listen to all variations that anyone has to offer!

 

Rgds

RM

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Guys, first of all I would like to give two thumbs up for Craven, for posting this system and also retireme for updating it and helping others to figure out he's way of trading, so here is my little contribution which I think it can come handy for this system. Here is link to OCO (one-cancel-other script where you can set buylimit or sell line manually in mt4) visual expert.

 

xxxx://[email protected]/file/zUpNkRmT/OCO_Visual.html

Edited by altoronto
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No, I selected that period because it is the tail end of the US session (traditionally slow) and start of the AU and JP (also traditionally slow). The potential for a breakout after his period is much higher, go back and have a look for yourself, you will see what I mean. Of course, we have exceptions to the rule in many ways, sometimes there is a really choppy period within the no trade region and then relatively quiet day for the remainder. I am looking at the best average period and to my mind, this period is better, to someone else this may be different. The indicator in Optimus does not draw boxes on a backtest anyway so I just use vertical lines x 3 (00:00, 06:00 & 14:00), horizontal lines x 2 (period high & period low).

 

Rgds

RM

 

Retireme; Do you mean it's the tail end of the Asian session? Not US session? or do you mean something else all together that I am missing something..

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Sorry, I didn't see it.

 

The short answer is no I don't... however, I do look back at previous support and resistance lines either during the no trade period or prior day.

 

I should also tell you that I do a lot of modification during the active trade. e.g. I am constantly moving my SL (NEVER more than where it started) but towards the BE. If the trade is moving quickly on the positive side I will also modify my TP at the same time as the SL. In effect, I manage the trade from start to finish. I am looking to perfect this system on a higher time frame so that I can leave the computer for short periods. On 15 min TF it is very risky to do so.

 

When I get some time, I will do up some graphics and my trade management process for perusal. Gentlemen, this is NOT the holy grail, all of what I am presenting is from my own observations and testing. I am happy to listen to all variations that anyone has to offer!

 

Rgds

RM

Thanks for your reply. I am looking forward to your upcoming post. :)

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Sorry Gents,

 

Made many mistakes yesterday trying to juggle work and answer posts.

 

I was on EJ not GJ when I said I didn't get a trigger, I mucked up my post regarding time / session zones.

 

I will wait until after 30 Sep when I retire :) and then concentrate full time on the many trading issues and provide feedback.

 

Thanks for the understanding.

 

RM

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WOW you retiring? and fulltime trading forex?

Sorry Gents,

 

Made many mistakes yesterday trying to juggle work and answer posts.

 

I was on EJ not GJ when I said I didn't get a trigger, I mucked up my post regarding time / session zones.

 

I will wait until after 30 Sep when I retire :) and then concentrate full time on the many trading issues and provide feedback.

 

Thanks for the understanding.

 

RM

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retireme, I know you are busy, but when you have the time, would you help me how do you draw the trend line on the following charts? I believe this system's success has a lot to do with how do you draw the trend line. I know you've mentioned that channel line should be draw and not the wedges, but how would you find your trend line on these charts? Thanks,

 

Green is 00:00 to 06:00 gmt

 

http://i56.tinypic.com/30u5u0m.png

 

http://i56.tinypic.com/femoll.png

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