5 years of work - no repaint, high quality signals easy

[paapi]

Hi,

 

It is because of people like abdulisback (who always misinterprets what he has read or seen) and phreak that people might not share their ideas about trading in the future. Abdulisback.., for you let me clear this.., waterskiguy clearly implies that he developed this in his journey as a trader and he was profitable and now he does not trade it because he trades now in a different manner.., and he has time and again stated that trading method is not important trader is important.., he has never claimed that his method would bring you 100% success rate, but he has clearly stated that we as traders have to improve to use any method.., now if you both say that this would not work.., please i think i would like to know how you both trade. Let us have one Abdulisback great system to trade fx and one from phreak also. I am not against you.., but i want to learn from both of your strategies also.

[josephR]

Well, in order to arrive at an objective conclusion about the merits of this system, I coded the indicators as histogram signals. Here is an updated version that is mtf and (unlike older versions) does not require any other indis to be present for it to run:

 

 

RumiRSISignal-v2.ex4

 

Let me know if you are having issues with it.

 

Soapbox:

While the system and its merits will ultimately depend on the user and everyone's mileage WILL BE different, I appreciate the civility of the arguments raised, pro and con. Waterskiguy should be commended for his effort and contribution. Lets remember that criticism has value when it is constructive. When I can show all the false/valid signals, I am contributing but when I pontificate and pooh pooh, I am not adding any value! My 2cents.

[grooter]

Well, if you entered XAUUSD on H4 using this system you could have made a whopping $30/oz. $2/oz on XAGUSD.

 

And yes, in choppy markets you might lose money. This applies to all trend following systems. Following blindly any signal leads to the same results like any manual system offers - a disaster. This system does - from my point of view - not replace preparation and analysis before entering a trade.

[Guest Jayman007]

Quite a few harsh words there Abdulisback.. maybe take it down a notch. No one is trying to solicite you so you need to ease off a bit.

 

The system has been presented here for us to try FREE. The proof is NOT on watersky guy but rather for everyone to prove to themselves that this system works with their broker and trading style.

[Abdulisback]

Quite a few harsh words there Abdulisback.. maybe take it down a notch. No one is trying to solicite you so you need to ease off a bit.

 

The system has been presented here for us to try FREE. The proof is NOT on watersky guy but rather for everyone to prove to themselves that this system works with their broker and trading style.

 

Sorry about that

 

I have done my part, now It is time to leave this thread and leave yuo guys to decide

 

good luck to you all

[Marcuss]

Well, in order to arrive at an objective conclusion about the merits of this system, I coded the indicators as histogram signals.

 

Thanks for the indi.

 

Joseph, can you share your template for this system? (and maybe all the indi that you use)

 

Many thanks again!

[josephR]

Marcuss, I just add my indi to Jayman007's template shared earlier (post#241?).

 

JosephR

 

PS,

I don't use the system myself. My interest is in the indi as a filter. I have not come to any solid conclusion one way or the other about its merits.

Edited February 21, 2011 by josephR

[Guest phreak]

Well, guys, let's make it clear - there is nothing wrong that waterskiguy shared his system on this forum. But what normally happens when a system is shared here? It is educated (if required) and tested with an attitude that it's just another candidate to a garbage bin (which is usually the case - exceptions are extremely rare). Why was it different with waterskiguy's system?

 

In his first post he wrote: 'Here is a method that WORKS and it is EASY to see the signals and NO re painting. If you follow the rules it works and will prob be one of the easiest most profitable methods you will find .... that I can guarantee!!!' Normally this kind of idiotic statements come from crooks who sell their dysfunctional systems and nobody takes them seriously on this forum anyway. But this case is different: immediately waterskiguy's reputation skyroketed and everybody got excited even before properly testing the system. And waterskiguy had just a few posts on this forum - in other words he was not even a trustworthy forum member with hundreds of posts and undisputable reputation. These are the examples of the feedback on the day waterskiguy shared his system (January 1, 2011):

 

'I have not read all the posts on this thread but based on the first page, I must say waterskiguy got it. Congratulations. Well done. To all other members; quit playing with all the pay for garbage, this is as close as most of you will get to a real pro system.'

 

or

 

'I agree too that this is the best forex system ever share in this forum. What makes it the best is the fact that this is the only one that works after many years of trial and error trading.'

 

or

 

'Thanks for sharing your creation system and share with us. This is genius.'

 

Enough examples? What the hell is going on? What is this forum turning into? Are you out of your mind? Is it some kind of a conspiracy or what? And that is all it takes to convince you, guys, that the system is 'good'? You've gotta be f*cking kidding...

 

This forum has always been the place where idiotic hype about ANY system is put to stop right away. Let's get real and keep it this way.

Edited February 22, 2011 by phreak

[peterad]

PHREAK

 

Wow, well said!!

 

Peter

[Abdulisback]

And to top it all up, waterski kid has disappeared haha

[Guest phreak]

And to top it all up, waterski kid has disappeared haha

 

Actually he shows up once in a while probably to ensure high volume of traffic to his website :)

[kavalius]

Well with all this talk, I decided to put my opinion about the system.

 

It does not work! I traded with it from the start of the thread and the results are not good. It gives a lot of false signals and if I let it to go to TP or SL I would have lost significantly. I think most of the others got the same results, haven't seen anyone bragging about their amazing results with this system. Hope this helps not to waist your time.

 

Regards

[forex.pathfinder]

I tested many brokers for this method , best broker is : http://www.afb.com.kw/,because signal is more correct.Here is link for my interpretation.I use H4,H1 and M15.Greetings

hxxp://r@[email protected]/files/449248321/Waterski_guy.7z

(change some letters ;)) )

Edited February 22, 2011 by forex.pathfinder

[ismael360]

Finally some honest experiences from people who have actually tried it. Thank You.

[CiDER]

@waterskiguy

Thanks for sharing; very generous of you.

 

Wondering which broker you're using with your system?

[knightyonder]

hi dear indo-investasi buddies,

 

i've been watching this thread growing fast like phreak said "over- hyped". to say this system generates a lot of "false" signals is misleading. systems do not give false signals, there are only false human's perception, interpretation, ignorance and so on.

 

almost all systems give identical signals. when a new system is shared there will always be somebody not satisfied with the "quality" of the signals. so people start modifying system by adding new indicators or playing with the settings. eventually they'll run in circle, tons of "false" signals are still generated.

 

why so? because market conditions are forever changing, indicator systems can't adapt to them. instead of being frustrated of the "false" signals, newbies never bother to find out they actually have been trading against the main flow, support/ resistance, trading during overlapping price action and news release etc.... one shouldn't follow system blindly, it's a tool. you won't use a pair scissors to cut everything will you? like a tree?

 

me, i too use tools like indicators. but not in this way like when momentum crosses 0 line or crosses moving averages blah blah blah... normally if you take the system signals, it is when the move is already underway and your entry is already too late thus means more risk!!! of course newbies'll get lucky when you coincidentally get in sync with the main trend so you'll turn out ok... but remember markets only trend less than 20% of the time (the experts say) during normal time, system followers will get whipsawed...

 

so here is how i use indicators, i look for divergence, support/ resistance zone. i compare the strength of each leg and take my entry as near to the S/B as possible to reduce my risk. if the move is in my direction, i would have on the ride before the newbies come in much later (high risk). In conclusion, there is no shortcut to success, get real and learn price action so i am sill learning. the way is still far ahead for me. use each tool cautiously and know what you are doing.

 

there is nothing wrong with waterskiguy sharing his system, thank goodness he is not trying to sell anything hehe... but you still have to keep learning, not add new indicators or adjust the settings... it does you no real help...

 

knight

[shabz]

Nice post, well put. Look at systems, evaluate them, do not follow blindly. Take elements of systems that produce a higher probability of success under certain market conditions, do not use 2 or 3 indicators that are derived from the same source. In essence learn how these indicators work & their inherent weaknesses. Sometimes simply zooming out the chart will help you to see the clear trend direction.

[soundfx]

Guys,

 

Waterskiguy even put on his blog that he no longer trades the system as outlined here, though instead trades price action. However, the principles remain sound.

 

The key things everyone should take away from this thread is the following:

 

1. Higher timeframes determine the trend - Weekly and Daily (to a lesser degree).

 

2. Every day you should be able to find at least one pair which is strongly trending on the Weekly, so don't just stick to your old favourites EURUSD or GBPUSD or whatever, expecting to find lots of signals, instead look at all pairs and trade the one which is trending most in the same direction as that trend.

 

3. Don't just jump into a trade with a market order when you've established that there is a trend on the Weekly. Price always retraces in trends and on a Weekly trend, those retracements can be over several days (i.e. lots of pips potential drawdown).

 

4. Apply some common sense. Look at price action Support/Resistance or Fib. levels on the Weekly and Daily to estimate if price is likely to bounce into a retracement just at the time you enter your trend following trade.

 

5. Enter your trades with pending orders. If the trend is Down then enter with a Sell Stop just below the most recent swing low. If the trend is up then enter with a Buy Stop just above your most recent swing high.

 

6. If the above are confirmed with the RSI indicators and the arrows on the 4H chart then your trade stands an even greater chance of being a winner.

[Guest phreak]

soundfx, you really have trust in waterskiguy...:) It feels like waterskiguy created a cult from the scratch, with many followers irrationally convinced in his righteousness and willing to follow him up to the very end...

 

The question is: is it worth it? Who the hell is waterskiguy anyway? If you look closer at his 'system' (which you properly highlighted), it's just a set of rules, which are pretty much common knowledge for any experienced forex trader, not a revelation. There is only one small problem with this 'system' - it doesn't work. Not in today's market, at least. That's why waterskiguy doesn't trade it anymore.

 

The best you can do is to stop worshiping waterskiguy and move on... Move on to something that is not a recycled old garbage...

Edited February 24, 2011 by phreak

[hermes]

Who the hell are you phreak? waterskiguy gave you here his guidance and it is up to you to tweak it to your temperament, experience and knowledge. The FX market is ever changing and rigid ideas don't hold for long. With the world unions soon will be less and less currencies to trade (euro=dollar=asia curency) what you say than?

Hermes

[Guest phreak]

Who the hell are you phreak? waterskiguy gave you here his guidance and it is up to you to tweak it to your temperament, experience and knowledge. The FX market is ever changing and rigid ideas don't hold for long. With the world unions soon will be less and less currencies to trade (euro=dollar=asia curency) what you say than?

Hermes

 

'Who the hell are you phreak?' - nobody asks this question about me because I don't come up with knowingly lame 'systems,' nor do I admire them. As a result nobody cares who I am...

 

But may be I should create my own cult...:) It's easy... Say, I'm gonna come up with a system like: 'buy low, sell high', 'whatever goes up - goes down, whatever goes down - goes up' and so on. Then I'm gonna attach a few 'fancy' indicators to a chart and here you go - I can either sell it or at least let you, guys, praise it...:) In either case it's gonna be much fun...

[trading]

I believe people in this forum not kids, and know exactly felt tears of loss and joy of winners. Yes, some of phrase statement waterskiguy is little exaggerate but nothing to blame more, i accept that as motivation, or did you want at least try system with statement 'never works in five year' ??.

 

In this forum share is everything no matter what the background is. He share the system, the rules, give explanation etc and not take any penny, what do you expect more, convince ?? Enough said, if you try the system and not work, get mirror and take look into yourself. The person who says it cannot be done should not interrupt the person who is doing it.

[soundfx]

phreak,

 

As it happens I've spoken to waterskiguy at some length via Skype about various aspects of trading.

 

He's a genuine guy, generous with his time and trying to help out newbie traders and also (like any experienced traders) looking for any ideas which he may be able to incorporate into his own trading to make him a better trader. The system that waterskiguy shared was intended to make trading easier for new traders who don't have the skills yet to understand and interpret price action - the analysis process in the system is intended to put them into trades in the same direction as the best trending pairs, so that they maximise chances of success and the indicators are just to fine tune entries, so as to avoid entering blindly and minimise the chance of trades zooming off in the opposite direction to your position as soon as you enter them.

 

There's no cult following going on here lol. Waterskiguy happens to be one of your fellow countrymen - you should have a chat with him before jumping to conclusions.

 

I personally found the idea of looking for the pair which is trending best a real big eye opener. My trading typically revolves around EURUSD and occasionally I look at GBPUSD and AUDUSD, so trend trading has never attracted me before because large trends are few and far between if you're only looking at a maximum of 3 fairly highly correlated pairs.

[waterskiguy]

Wow I am flattered that there are people out there who are pro and con.

 

Can't have the yin without the yang and ya can't have up without down or hot without the cold.

 

I shared my alpha trader method for one reason ... alpha trader method is the system that allowed

me to become a profitable trader. If it can help others great, if it does not help for some so be it.

I know it will not resonate with everyone just like trading in general doesn't.

 

I have never once asked for anything in return for sharing this method.

 

If the rules are followed it works and it will always work BUT and here lies the kicker, any trend following system will work if you trade with the trend BUT you must trade with the flow of the market.

 

Yes there is a reason I do not trade this method anymore (just like I disclosed when I first started posting to my blog and to every one I have conversed with via skype) because it is indicator based it lags. If you trade with trend only you will be safe.

 

Hence my rules about following the weekly, daily, even monthly charts and the flow of those higher time frames.

 

When you trade a consolidating market unless you trade only price action you will get chopped to pieces.

 

Once a person has put in a enough "chart time" they will see the forest through the trees but as many new people have figured it out learning price action takes time. A new person trading price action is not realistic but if you have a good solid indicator based system with rules you can make money providing you follow the rules.

 

You will notice that when signals are given on 4 hr or daily charts as long as you are trading with the real trend on the higher time frames, weekly, monthly etc many times the signal is given during a bullish or bearish engulfing candle which is a price action or candle stick pattern.

 

Like I have said many times your results with this method like any method will come down to your general knowledge of trading.

[john225]

Nice post waterskiguy

 

This thread moved fast. A little bit to fast for me xD Where can i find the rules for this system? Could you post this on the first page so anyone can find it easy?