cazador Posted July 18, 2010 Report Share Posted July 18, 2010 100% Free Simple Price Based Forex ;) trading system - an interesting system that was developed by one of the Forex traders recently. It works for any pair (though, EUR/USD is recommended) and in all market conditions. No indicators are required to trade using this system. Download and use it - it's totally free: http://www.karldittmann.com/simple-price-based.pdf :-? edw123, soundfx, vicqua and 5 others 8 Quote Link to comment Share on other sites More sharing options...
matt1984 Posted July 18, 2010 Report Share Posted July 18, 2010 Thank for sharing Cazador... Quote Link to comment Share on other sites More sharing options...
john225 Posted July 18, 2010 Report Share Posted July 18, 2010 Did i understand it right i can take any candle and i have to calculate like in the book explained? Quote Link to comment Share on other sites More sharing options...
soundfx Posted July 19, 2010 Report Share Posted July 19, 2010 john225, This system is worth trying on 4H or Daily candles because the targets end up being quite large. My view is that this system is flawed, however the principle is interesting and could potentially be enhanced to work much more effectively. The problem with basing key levels on the quoted price can be seen with an example of GBP/JPY and EUR/USD. GBPJPY is currently at 132.77 and EUR/USD is currently at 1.2947. Hence, the key level for GJ is 13 and for EU is 13, which means that we're expecting similar sized moves for both pairs and set buy/sell orders and stops accordingly. Likewise the target for GJ is 132 and that for EU is 129 (again virtually the same). The ATR of GJ has highs this year of around 370 pips and lows of around 160 pips, and the ATR of EU has highs of around 220 pips and lows of around 120 pips. As you can see, GJ typically moves a lot more pips per day than EU, however using this system we always end up with similar entries, targets and stops which can't be right. I think if we look at determining the key value from the 20-period Daily ATR we'll get better results. The target can be the current ATR and the key value can be say ATR / 4. Quote Link to comment Share on other sites More sharing options...
powder Posted July 19, 2010 Report Share Posted July 19, 2010 anyone mirror it? links above not working Quote Link to comment Share on other sites More sharing options...
Guest raw Posted July 19, 2010 Report Share Posted July 19, 2010 Complete HP is down. Raw Quote Link to comment Share on other sites More sharing options...
bgrtz Posted July 19, 2010 Report Share Posted July 19, 2010 Just Copy & Paste... How to Trade? 1 . Higher timeframe chart is recommended as each trading setup requires some calculations based on the latest bar. 2 . Key number should be calculated first. It's based on the current price. For the quotes with 4 digits after a dot the key value is the current price multiplied by 10 and then rounded. For the quotes with 2 digits after a dot the key value is the current price divided by 10 and the rounded. 3 . Place pending Buy order at Current Price + (2 * Key value). 4 . Place pending Sell order at Current Price - (2 * Key value). 5 . Place stop-loss for pending Buy order at Open Price - (2 * Key value). 6 . Place stop-loss for pending Sell order at Open Price + (2 * Key value). 7 . Take-profit for both orders is calculated similarly to the key value but the current price should be multiplied by 100 for the quotes with 4 digits after a dot and shouldn't be divided for the quotes with 2 digits after a dot. In both cases the values should be rounded. 8 . Trailing stop is also applied to the orders and is set to 2.5 * Key value. 9 . Don't forget to cancel the untriggered orders after the timeframe period ends. 10 . If this sounds too complicated, see the example below. Quote Link to comment Share on other sites More sharing options...
bgrtz Posted July 19, 2010 Report Share Posted July 19, 2010 1 . It's a EUR/USD H4 chart. 2 . The current price is 1.4810, the current bar's open price is 1.4832. 3 . There are 4 digits after a dot in the quotes for EUR/USD. That means that the Key value is calculated as 1.4810 * 10 = 14.8. Rounding it results in 15 pips. 4 . Pending Buy order level is calculated as 1.4810 + (2 * 15) = 1.4840. 5 . Pending Sell order level is calculated as 1.4810 - (2 * 15) = 1.4780. 6 . Stop-loss for pending Buy order is calculated as 1.4832 - (2 * 15) = 1.4802. 7 . Stop-loss for pending Sell order is calculated as 1.4832 + (2 * 15) = 1.4862. 8 . Take-profit for all pending orders is calculated as 1.4810 * 100 = 148.1 or, after rounding, 148 pips. 9 . Take-profit for pending Buy order is set to 1.4840 + 148 = 1.4988. 10 . Take-profit for pending Sell order is set to 1.4780 - 148 = 1.4632. 11 . Trailing stop for both orders is set to 2.5 * 15 = 37.5 or, after rounding, 38 pips. Quote Link to comment Share on other sites More sharing options...
Guest raw Posted July 19, 2010 Report Share Posted July 19, 2010 Now Link is working. Thanks Caz for sharing. Raw Quote Link to comment Share on other sites More sharing options...
Freddie Posted July 19, 2010 Report Share Posted July 19, 2010 Do correct me if I am wrong but isn't this just a 4H breakout of open and close + or - 30 pips? The complicated crap surrounding this only alters it by a couple of pips. One could set this up using one of the session indicators set for each four hour period on a one hour chart for ease of use. Freddie Quote Link to comment Share on other sites More sharing options...
bgrtz Posted July 19, 2010 Report Share Posted July 19, 2010 That's why it's free... Quote Link to comment Share on other sites More sharing options...
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