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(Req) F0rex Renew@l


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well read this about the system ....

 

Barry let me test his Forex Renewal System so I could do another product review. I admit that I am impressed – this strategy is the real deal. I will share the basics but not give any details because then I would be giving the strategy away and I can’t do that.

 

This is a very simple support and resistance strategy that anyone can use. I tested it for two weeks and I was successful every day except for two days and on those days I had a break even trade and one loss for 10 pips.

 

Here are the key benefits.

 

* The strategy is profitable

* Easy to use

* Doesn’t take a lot of time

 

There are not many negatives here but I will mention them to do a fair and objective review.

 

Here are the negatives:

 

* Limited profits, some of my trade gains were small (I know, how can I complain, they were still profits)

* Limited time frame, you can only trade this strategy at a certain time

 

Overall this is a great strategy and I recommend it for traders that are looking for a profitable trading strategy. If you use a trading plan with good money management this strategy will be a winner for you.

Edited by deadsoul
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and this...

 

Never enter a trade unless you are 100% sure of the outcome.

 

There is an indicator that a lot of traders use called Stochastic. It means 'probability'. What is the probability that my trade will hit my profit target? On a roulette wheel your probability of winning or losing is 50/50. You pick either black or red, just like tossing a coin, how many times in a row can you pick heads or tails? With the currency market you can, by studing and learning, developing discipline and patience move the odds in your favor. But, would you place a trade if you were 90% certain that it will be in your favor? That means there is a 10% chance it will go against you. What about 95%? You have probably been absolutely certain that a currency pair was going to go exactly as you predicted only to watch it go in the opposite direction. Why did you place the trade? Did you want to lose your money? Of course not! There was some piece of the puzzle that you didn't have. If you had had that piece of information you would have stayed out of the trade or traded in the right direction. "You have got to know the rules."

 

In the month of December 2010 I had 65 positive trades in a row without any losses. Even though I was 100% certain that each trade would produce at least 20 pips, I did not know how much time each trade would take. Most trades take less than 15 minutes, some trades take as long as 30 minutes, but there are a few trades that make you wait and wait. One such trade was a long entered on the GBP/USD. I was 100% certain that this was going to be a trade, based upon my system, that would produce 20 pips. I entered the trade and immediately set a stop. The stop was never hit but the trade was in the oven for ten days. Even though the system was correct, many other opportunities were lost on the GBP/USD during those ten days. Did I miss something or ignore one of my own rules? NO! It's just that every now and then a black swan swims by and reminds me that the market is complete control, all I can do is wait. But waiting for a trade I know is going to be positive is much better than watching a trade go against me and maybe never come back.

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and i search all barry nick names in forexfactory..if his nick name is barry....

 

 

Barry Cade

Aug 2008 United Kingdom

321 Posts

 

2 Comments

 

BarrySDCA

Jul 2007 United States

141 Posts

2 Threads

 

 

BarryPips

Jan 2008 Canada

25 Posts

1 Threads

 

 

Barry777

Nov 2009 Philippines

5 Posts

 

 

barryc

Jun 2004

1 Posts

 

 

barry1089

Oct 2010 United Kingdom

1 Posts

 

 

barrystuden

Apr 2009 United States

 

11 Comments

 

barrysent

Jun 2009 Nigeria

 

 

Barry

Jul 2009 Australia

 

 

barrytanpc

Jul 2009 Singapore

 

 

barrygee

Oct 2009 United Kingdom

 

 

barryb

Dec 2009 Australia

 

 

barrywise

Jan 2010 Singapore

 

 

BarrylWatson

Apr 2010 United Kingdom

 

 

FBarryF

Apr 2010 New Zealand

 

 

michaelbarry

Apr 2010 United Kingdom

 

 

Barry Smith

May 2010 Australia

 

 

pbarryde

Aug 2010 Hong Kong

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Reading from Deadsoul post:

 

 

"This is a very simple support and resistance strategy that anyone can use. I tested it for two weeks and I was successful every day except for two days and on those days I had a break even trade and one loss for 10 pips.

 

Here are the key benefits.

 

* The strategy is profitable

* Easy to use

* Doesn’t take a lot of time"

 

 

and from forexrenewal's website:

 

CHOOSE ONE TIME PURCHASE OPTION #1

FOREX RENEWAL New York Session OR London Session with 3 Days follow up e-mail

Pick one

New York Session $49.95

London Session $49.95

 

CHOOSE ONE TIME PURCHASE OPTION #2

FOREX RENEWAL London & New York Sessions &

3 Days follow up email -

$69.95

 

CHOOSE ONE TIME PURCHASE OPTION #3

FOREX RENEWAL - New York, London, Asian, & European Sessions & 3 Days followup email- $99.95

 

 

 

==============

 

 

I suppose it is a breakout strategy of the last consolidation before a new session opens (like London Open strat)

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I asked the author of the system a question concerning what was meant by trading at a "certain time" He gave a quite detailed answer covering other aspects of his system. Below you will find my question followed by his answer. May be helpful in understanding a bit more about his system.

 

My question:

 

I saw the following review of your system in a forum:

 

Here are the key benefits.

 

* The strategy is profitable

* Easy to use

* Doesnâ?Tt take a lot of time

 

There are not many negatives here but I will mention them to do a fair and objective review.

 

Here are the negatives:

 

* Limited profits, some of my trade gains were small (I know, how can I complain, they were still profits)

* Limited time frame, you can only trade this strategy at a certain time

 

My question revolves around the "certain time" mentioned in the review.

I take that to mean this is traded at a certain time or narrow window of time for each market session? Can you disclose how far into each session this time would be? I ask because that could be a determining factor in which market or markets I would purchase. I'm on the west coast of the U.S. so for me Asia starts at 16:00, Europe 23:00, London 00:00, and N.Y. 5:00. I would prefer to plan ahead so I would choose one that wouldn't conflict too much with sleeping or working.

 

His answer:

 

I sell a trading strategy (system) for each trading session, New York, London, European, Asian, that has proven to be very consistent and profitable. It is based upon price action and taking opportunity of signal candles given throughout a 24 hour day. Although I do use a few indicators they are only for confirmation. When a trader makes a one time purchase of the Forex Renewal System I send the system via email and then send screen shots of each days trades with explanation of the signal, TP, and Stop. I don't offer signals but I do teach traders how to recognize a signal on their own so that they can continue trading in the same way. All my trades are on a live account. The trading record is very long, about 35 pages for the 530 winners in a row. But anyone is welcome to see my trading record if they care to come to Canton, Ohio. All trades are taken on a 15 minute TF. I use the GBP/USD, EUR/USD, USD/JPY, USD/CAD, USD/CHF, AUD/USD. But to start out I recommend the G/U and E/U. Decembers trading record was 65 positive trades and 0 losses. I think November's was 45 and 0. I first came up with this system in April of 09 and have been trading it ever since. Nearly all my trades are for 20 pips, but that comes with experience and patience, and I have a 20 pip SL. This system can be traded through out a session, but I can only be 100% of what will happen about 30 to 45 minutes after a session opens. After that it's anybodys guess. But there are special indicators that offer good signals to trade off of. Should you decide to come on board I would recommend the London session, that way if you saw a signal at 03:15 EST you would be out with 20 pips by 04:00 at the latest. And if you didn't see a signal you wouldn't have to trade.

 

Hope that helps, Barry

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http://www.forexfactory.com/showthread.php?t=272924&page=31[/Code]

 

Read post#463

 

I have been following that! Interesting, lots of good reports but no details, on the system. Cynics suggesting that he is Barry!!! Usual FF rubbish. Nice it only happens infrequently here.

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seems the system has a 1:1 ratio 20 pip tp as well as 20 pip sl, so a win to loss ratio of over 99% would make it outstanding ..... exceptional .... if true of course

 

it would be the 'holly grail' hermanhess..

 

As for you guy's asking about chetachukwu's 'Barry's support and resistance indicator is one piece of rubbish that i know' comment. it's just what he say's, no system or strategy, just a S/R indicator.....download here:

 

hxxp://codebase.mql4.com/627

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okay lads and lasses, after reading this thread i did a bit of digging (the things i do for you's lot)...

 

THERE ARE ONLY 7 RULES TO FOREX RENEWAL

 

#1 Draw a horizontal line on the open and close of the control candle.

#2 Draw an Eagle line for your session for confirmation.

#3 Wait for a signal candle - one that opens and closes above or below (with nothing touching) the Horizontal line.

#4 On the next candle, enter in the direction of the signal candle after 2 or 3 pips, set TP at 20, SL at 20 pips below the horizontal line.

#5 Don't trade between the 21ema and 60sma unless you see 20 pips available

#6 Don't enter a trade on the 60sma, wait for the price to break above or below

#7 Look at higher TF to see where you’re going.

 

TERMINOLOGY

 

1) control candle (the one with the high / low lines marked)

2) signal candle (the one that opens and closes without touching)

3) entry candle (the candle that passes high or low of signal candle by 2-3 pips, we enter the trade)

 

how do i know this....well i got into the FX Renew@l forum

 

hxxp://finance.groups.yahoo.c0m/group/RenewalSystem/message/319

 

319 messages (u can flick through them all)

 

here's some pics........ hxxp://www.screencast.c0m/users/GiveMeFatPips/folders/Forex%20Renewal%20Trades/media/f8400ba5-589a-4fdd-85c7-18a8b46ebb82

 

......:-bd

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thks kraven ..... :)

 

look what i found in the yahoo group

 

I am sorry folks, but I will no longer be posting into this forum as there is a

site out there that has managed to get a read access to this private forum. I am

concerned that anything I say would be giving away Barry's system and I do not

want to do that.

 

It looks like the files are safe as I went through the link they have after I

signed off and it indeed does allow me to read all 319 posts, but does not allow

access to the Files section. So for now I will leave my files there unless Barry

asks me to remove them.

 

Sorry, and Kind Regards, Scott

 

He posted this msg as soon as kraven made his post about the yahoo group so clearly this guy is in here everyday using all the resources our forum has and then takes the high moral ground and pretends to look like a saint and speaks ill of us.

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