Strategy that could become millionaires

[pardy]

Superfx,

 

Many thanks for sharing what seems to be a good strategy. Just so others and I can be sure we are following your strategy correctly, could you please confirm if my understanding is correct:

 

1. We draw a channel from 1200 to 0800 LONDON time.

2. The channel is drawn by joining the two uppermost peaks with a trendline, and the two lowermost troughs with a trendline.

This will not give us parallel lines but slanting/sloping ones.

3. At 0800, we take the breakout of one of these lines provided the golden variety confirms, or when it confirms. Is the confirmation when all elements of the golden varity are in the same direction?

4. We do not look for two consecutive closes after breakout per the original strategy.

 

For those struggling with times (I do too), use the p4lclock indicator on your chart that displays broker time, your local time, and london time (amongst others). On the paramon, simply adjust the settings so london time is displayed on the current bar, and is in agreement with the p4lclock. You will know that you have the settings for london, then simply change the settings to get 1200-0600

 

Thanks superfx

[pauli79]

In the manual it says to use times from 00.00 to 600 using Interbankfx charts.Anyone use these charts?

So we all agree on start and end times exactly where does this correspond to in BST.BST at present is GMT +1.We can then set our own charts accordingly.

I know this crops up all the time but if we get it right then all results should agree too.

[chrisbenjy]

2. The channel is drawn by joining the two uppermost peaks with a trendline, and the two lowermost troughs with a trendline.

This will not give us parallel lines but slanting/sloping ones.

 

The original strategy says:

 

Try to draw the channel as parallel as possible. You don't want it to look like a triangle

 

So i presume it is the same in this variation.

 

Chris

[chrisbenjy]

That's it guys

Another perfect day

+30 Pips

If someone could put this in EA would be great ...

 

Yes, an EA would be good. The hardest thing would be drawing the channel. If someone can code a custom indicator to draw the channel, then it would be possible to code an EA.

 

Edit: After reading the whole of the original manual I don't think using an EA would be as profitable as manually trading the system, because of the common sense and discretion required (see the bottom of page 5 and the whole of page 6 in the original manual).

 

However, we should create an EA anyway, because it could still be profitable.

Edited August 2, 2010 by chrisbenjy

[pardy]

The original strategy says:

 

 

 

So i presume it is the same in this variation.

 

Chris

 

Hi, on the contrary if you look at superfx's charts on pg4 i think, you will find that they are not parallel, and can be triangular.

 

Pardy

[sillykiddo]

is there any PDF for how to draw the channel? thanks

[Freddie]

For those struggling with times (I do too), use the p4lclock indicator on your chart that displays broker time, your local time, and london time (amongst others).

 

This should be a requirement on every page. Just going to give you some kudos on that post.

[Hagar1713006266]

For those who would like it - P4L Clock indi below

 

http://www.megaupload.com/?d=RG0H373X

 

 

enjoy :)

[Mustafa]

Hello Guys Plz tell me the chart showing different on 5 dig broker from 4 dig u can see which is better one

on Fxopen it looks like

http://my.jetscreenshot.com/3899/m_20100802-dqyi-62kb.jpg

 

and on FXDD it look like

http://my.jetscreenshot.com/3899/m_20100802-fwtq-65kb.jpg

[Mustafa]

There is a difference in gray area if u can see entry is earlier with fxdd chart any comments guys

[chrisbenjy]

You need to change the begin and end settings on the i-ParamonWorkTime indicator, because different brokers have different GMT offsets.

 

Chris

[Guest David1713006337]

In the manual it says to use times from 00.00 to 600 using Interbankfx charts.Anyone use these charts?

So we all agree on start and end times exactly where does this correspond to in BST.BST at present is GMT +1.We can then set our own charts accordingly.

I know this crops up all the time but if we get it right then all results should agree too.

 

The easiest way to make your chart to show the same time as one pictured here is to install the indicator on your chart, go back to a time where you see a posted picture is shown and make adjustments to your own chart until both your chart agrees with one posted here.

[joeytrader]

Hi superfx, thanks for share, can I confirm with you about the start time:

 

I have tried to match my charts with those posted on page 4 (post #40). If I am reading those charts and the i-ParamonWorkTime indicator correctly, my charts look like that if the start time is at 6:00 London time. But I think the consensus so far from reading the recent pages of posts seem to be we are starting at 8:00 London time.

 

Can you verify that we are using 8:00, and not 6:00, (or vice versa) London time to start? (or a quick screen capture like you did for post #40 would also be wonderful, showing us the trend lines you drew for today, etc.).

 

Much appreciated.

 

For today, at least, it seems either case would be profitable anyway. So a great start.

[chrisbenjy]

Hey Superfx,

 

Nice system, but it seems me and a few others are confused about the drawing of the trendlines. The manual shows a channel (i.e two parallel trend lines), but in your examples in previous posts you have used two separate, converging trendlines that eventually form a triangle. Can you please clear up our confusion?

 

Btw, did you go live with this today? If you did then congratulations on the profitable day for you.

 

Thank you

 

Chris

[⭐ godl1ke]

Even the pdf is unclear. The author says, 'Try to draw the line as parallel as possible. You don't want it to look like a triangle.' But if you look at the screenshots provided you can see that the lines do sometimes form a triangle (6th Jan, 8th Jan, 13th Jan etc). I guess it's a best fit approach and that really it's down to each individual to decide.

[DominoFX]

Here is a technical tip how to draw parellel trendlines: draw the first one, double click it (the three handles should appear), then move it away with the mouse while holding down the Ctrl key.

[chrisbenjy]

Here is a technical tip how to draw parellel trendlines: draw the first one, double click it (the three handles should appear), then move it away with the mouse while holding down the Ctrl key.

 

That is what I did this morning, but it appears from looking at trade examples that we aren't supposed to create parallel trend lines. We are supposed to create the channel by drawing a trend line from the highest high to the second highest high and another from the lowest low to the second lowest low.

 

Atleast, this is what I understand at the moment. We will need confirmation from superfx.

 

Chris

[Freddie]

I am beginning to believe that people are getting caught up in a 'mystic belief'.

 

Look at a chart and you will see that around 0600 UK an up-trend started. A line of any sort would have done as a starting point. Even a median between H & L of the period.

 

In my post almost as it happened, I drew a parallel channel and followed that with a two trend line triangle. It showed that both 'worked'. Post #55 if you want to look.

 

Don't forget that it is the traders that push the price not a drawn line or a magic indicator.

 

Freddie

[agent007uk]

I live in London, and have loaded the i-ParamonWorkTime indicator on IBFX (broker time is GMT) and can confirm that the zone covers 01:00 - 07:00 London time. Currently, London time is British Summer Time (GMT+1).

 

Dave

[Freddie]

...and we are off, another close above and we are in a buy!!

 

http://i914.photobucket.com/albums/ac341/freddieforII/Chan0308.jpg

 

...but it has gone against us!!! What is the stop loss?

 

 

Freddie

Edited August 3, 2010 by Freddie
added pic

[Freddie]

It all looked good, blue bits at the bottom, two closes above...and now this.

 

Steady, don't panic... another few minutes will show us better!!

 

http://i914.photobucket.com/albums/ac341/freddieforII/Chan03082.jpg

Edited August 3, 2010 by Freddie
pic

[Freddie]

If I were on another site "Forex made EZ" for instance I would expect that George would be saying "This is how I draw my channels and I will sell here with the expectation of the price hitting the bottom of the channel"

 

http://i914.photobucket.com/albums/ac341/freddieforII/Chan03083.jpg

Edited August 3, 2010 by Freddie
pic

[pauli79]

Hey Freddie almost 'live' trading on here,very impressive.However why are you doing 6 am breakout when I thought we agreed it was 8 am BST or UK time.I may be wrong but thats how i understood it.

[Freddie]

Hey Freddie almost 'live' trading on here,very impressive.However why are you doing 6 am breakout when I thought we agreed it was 8 am BST or UK time.I may be wrong but thats how i understood it.

 

Oh dear!!

Got it round my neck again!!

 

I must have missed that! Thanks Pauli!!

[linkrink]

My setup

 

http://img715.imageshack.us/img715/7169/oc3810.png

 

line bar chart to explain the channel

 

http://img405.imageshack.us/img405/5812/oc3810linechart.png

Edited August 3, 2010 by linkrink