(Req) F0rex Renew@l

[kraven]

your right Hermanhess.....i disguised the link a bit, so as you say this Scott is a regular user here and didn't find it in a regular search.....that's one thing that's starting to bug me here, too many 'leeches' not enough 'seeds', this guy clearly downloads and uses other peoples systems and contribution while sitting there with this in his back pocket.......

[freddy]

They lock the yahoo group! lol

 

Anyway, it has always been like that, people leaches for systems, repack them for selling then others try to find out what the 'secret' behind and so on. It is so funny to witness all these never ending stories.

 

Now tell me which come first, the egg or the hen?

 

As for Barry's sytem, it looks like a variation of the system given in craven's famous thread.

At least about what they call the Eagle line!

[fxshare]

thks kraven ..... :)

 

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.

 

 

ban that guy and his IP from indo ..>:) leeches everything from the forum and now when he got a "holygrail" system (may be he is thinking like that becoz he got 2-3 winning trades in a row lol) he don't want any others to get access to that ..

[kraven]

OK before the forum was made private, i copied a lot of random posts down....i'm posting them here so other indo memebers can look and see what they can come up with......control candles are 7:45 GMT this i know....apply below to my post with the 7 rules....

 

POSTED 13TH JAN:

 

If your trading the New York session, where is the end of that session? The answer is at 14:15 EST. If you use the MACD you can change your settings to 6, 13, 9 and go to a 5 minute TF and see that as we get close to 14:15 the price action begins to change. See todays U/Cad, G/U. We really can't trade this because of lack of volitility but it's good to know just in case momentum picks up. The control candle is 14:15 and the Eagle line would be from 08:15 through 14:15. I'm never 100% sure of this trade but it's always in the back of my mind for the Asian session.

 

You can see I drew the lines on the open and close of the "control candle"

 

Price first went below the lines, but there was no candles that did not touch

the lines, then price formed a signal candle (open and closed above the lines

and without touching) and then price moved at least 30 pips

 

So my question is, does the fact that price first started moving below the lines

disqualify a long trade?

 

Of course now that I have written this I see that if I had drawn an eagle line

then only long trades would be viable

 

 

The rest of my pairs have alot of 30+ pip candles.

I bagged 231 pips in 2 days trading over 3 sessions.

I'm taking my toys and going home.

Greed is an ugly thing!

 

Well that 44 pip bar before your "signal" candle should have told you that something is going on.

If you check Forex factory news you will see there was "reg flag" news at that time (specifically TIC long term purchases....what ever the heck that is)

So during periods of news you will need to have a bigger stop loss, in this case your stop loss was too tight

 

Barry will not take every single trade he will shop for the best looking trade and take those ONLY....ones where he feels he is 100% sure that the trade will move in his favor.

That 44 pip bar would scare me from taking that trade.

 

By the way on my chart the 44 pip bar was the signal candle (which would disqualify it), although if you took a trade off the high of that you would have profit, or if your stop loss was not so tight you woudl be in profit.

 

I know hind site makes us all brilliant but if you lose on a trade, don't let the loss not give you the lesson.

 

As I see it, the 9:15(EST) 15min candle is the setup candle - ie it is the first

candle to open and close without touching the horizontal lines from the 08:15

candle and the Eagle line and is not restricted by the 60 & 21 EMA. owever it

sets up after that large 09:00 candle caused by the TIC report news and

prevailing wisdom suggests you should avoid trading into that kind of

volatility.

 

It looks like you should not have been stopped if you placed your SL 20

pips below the low setup candle line.

 

Your SL should have been about 0.9842 right?

 

It looks like the lowest price made toady in NY session was 0.98665

right?

 

And also that 30+ pip candle was printed on the chart just prior to the

trigger candle on my chart. I will post a chart in my folder on the

files page

 

 

 

POSTS 19TH JAN

sure but EU and AU should be valid, no doji, no 60MA and no lines touching on the signal candle

 

>

> The GU control candle was a doji, not supposed to trade dojis

>

 

> >

> > All these pairs has clear signals down and but once i enter it went the other way....any thoughts?

 

To me it looks valid entry because signal candle broke ema21, sma60, horizontal line and order is placed 2-3 pips below(as it is sell order) in the direction of signal candle

 

OK, the G/U does have a doji on the 18:30 candle, which means three things: There is indecision in the market, there may be a reversal, and I can't be 100% certain that this trade is good for 20 pips. But, you should have been long from 18:00 on. Why, because of the one pip candle rule. "If you have a one pip candle that is preceeded by a candle at least 4 pips, enter your trade in the direction of the one pips candle." Since the 18:00 candle was bullish, we enter long. This is an interesting strategy that is accurate about 80% of the time. I only take about 10 to 12 pips on this kind of trade but it can go for a lot more. Tonight I'm tired and got out with 12. But the FR was cancelled on the doji.

 

Secondly, the Asian session is only traded on the GBP/USD. Because it works there. Where as, I doesn't profit consistantly on other pairs. You might get lucky but with the A/U, E/U or others but for the Asian your bread and butter is with the G/U.

The Japan open at 18:00 is usually very lame. There isn’t, on most days, a lot of volatility. However if the price action of the US market has been good with 100 pip swings there is a good probability that the Asian session will provide numerous opportunities for trading.

 

 

 

 

GU trade invalid - doji

AU trade invalid - price did not break below signal candle

EU trade - yes, price did go 3 pips below the signal candle and reversed.

 

So the question is how to avoid this, what is the lesson learned.

I could give some arm chair quarter back thoughts but it is easy to be a great trader in hindsite.

 

Barry's number 7 rule seems to be the one to consider

 

Thanks, Rule 7 helps... at H4 its uptrend?

 

 

I don’t know if some folks have/paid for the Asian session document from Barry. It says, specifically, trade only the GBP/USD if conditions are met. The lesson, perhaps, is trade only the GU.

 

I made 20 pips tonight on that GU trade, though my pending order (just above the 60SMA) got executed on a candle while price was still banging up against that SMA. On reflection, I was fortunate - not the best entry placement. Lesson learned.

 

 

________________________________________

From Barry

Was it possible to know that the G/U price was going to go up this far today and what did we need to look at to expect this rise? There is a key to forex trading that every trader should have. And that is the knowledge that every candle will be retraced by at least 50%. So, we look at out G/U chart and wonder if there is a candle in the past that needs to be retraced. First we look on our 15 min and don't see one. Then we look on a 60 min and don't see one. Then on a 4hr and don't see one. Then we look on the daily and see that there is a candle on 12/15 that needs to be retraced. So we can expect the price to go to at least 50%. But it can go higher to 100% and it did. But what about the candle on 12/14, it hasn't been retraced by at least 50%. Can we expect the price to go there? Sure we can. But when? That's the problem, we know it will but it could take another day or maybe a week. Then again, it could only take tomorrow mornings London session. I don't know. All I know is that it is going there. Am I going to go long and set a TP up there? No Way! From now until that candle retraces we will have multiple opportunities to picp up pips without getting into a trade that could (and probably) will go against us and hit our stop. But if the London session should give us a buy signal that is where I would expect the price to go.

Barry

 

 

as i said, random posts, some follow on from one another some don't.......let's see if we can crack it

Edited January 20, 2011 by kraven

[tigris]

Thanks Kraven. Any more random posts that you can share ?

[kraven]

that's all i got.

[shabz]

This sounds similar to the M*K*S trendline system, plotting lines between certain candles on the 15 min time frame. I may have this indicator in my collection.

[god]

All seens fairly straight forward---except --can anyone tell me what the eagle line is? Also in one of the chart examples in Kraven's link the trade seems to have been taken in the opposite direction to the signal candle. In the 7 rules it says to trade in direction of signal candle--ie the first one not to touch the 2 start lines on control candle. Hoping someone can shed some light on this.

Cheers

PS --on second thoughts trade direction is obvious cause of where the SL has to be placed

Edited January 23, 2011 by god

[tomykas]

I'd like to ask you did you bought a forex renew system of Mr. Barry ? I am thinking to pay him $50 for that.., but I am still not so sure to do so or not.

Can you please tell me is it worth to pay it for ? .. or maybe you have this system already and you could share it with me.

Thank you,

[Freddie]

... I am thinking to pay him $50 for that.., Can you please tell me is it worth to pay it for ?

 

We don't have the system but more importantly, I do not believe that we have yet found a system worth buying.

Are you new to Forex or just new to this site?

[SamW]

I'd like to ask you did you bought a forex renew system of Mr. Barry ? I am thinking to pay him $50 for that.., but I am still not so sure to do so or not.

Can you please tell me is it worth to pay it for ? .. or maybe you have this system already and you could share it with me.

Thank you,

Here you have the London setup

 

THE FOREX RENEWAL STRATEGY
London Session

I would recommend demo trading this strategy for at least two weeks or longer until you have total confidence and have mastered the setup of the system.  Don’t trade this system live until you have 50 consecutive positive trades.
The Forex Renewal Strategy is based upon a 15 minute time frame.  The idea is to take high percentage trades whereby we can be 100% certain it will be a winner.
Start out with the GBP/USD, once you grasp the system setup you can move on to the EUR/USD.  We are always looking for the best setup.
The goal is 20 or more pips.
We are going to use the 15 minute time frame.
All times are EST.  Just adjust them to wherever you are.
This strategy will begin at 02:45 but your entry won’t be until after 03:15 at the earliest.
Always have a 60sma to determine the trend, support and resistance.
I also have a 21ema and a 5ema on my charts just to stay in trades a little longer.
I also use the MACD for confirmation but not to make a trade decision.  Since this system is based on price action none of these indicators help make a decision to go long or short.  However, after our entry (and since these indicators are lagging) a really good trade will show the 5ema crossing the 21ema and both crossing the 60sma, and a signal on the MACD in the direction of our trade.

THE SETUP
There are two parts to the Forex Renewal System:
#1  Draw a horizontal line on the open and close of the 02:45 candle.  To enter a trade a candle must open and close above and off the 02:45 horizontal lines to go long or below and off the 02:45 horizontal line to go short.  The candle cannot be touching the horizontal lines on the 02:45 candle.  Our entry candle is the next candle.  If that candle goes in the same direction as our signal candle, after a few pips, we enter a trade in the direction of the signal candle.  If the price is staying between the two lines of the 02:45 candle just wait and be patient.  Look for the same setup on another currency pair.  The London session usually moves pretty fast, but, there are times it takes a little longer.  Grab 20 pips and get out – you’re a winner.  If there is a breakout confirmed by the indicators stay in the trade for more pips.  50 to 100 is not uncommon.  Profit is random based on market conditions, but once I reach my goal of 20 pips I’ll begin looking for other setups.
Here are couple observations.
If your 02:45 candle is a doji look for another pair to trade.  A doji means indecision in the market and we can’t be 100% certain what will happen.
If your 02:45 candle or your 03:00 candles are 30 pips or more, look for another pair to trade.
If a currency is having a bank holiday, do not trade that currency.
If at 03:00 you have an uptrend and the price is dropping and the 21ema is in the way with only 3 to 5 pips to reach it then don’t trade.  The price may bounce off the 21ema and then continue the uptrend.  Same goes for a down trend.  Also if the price is close to the 60sma wait for a candle to open and close above or below this line because it also will act as support or resistance.  If the price is between the 21ema and 60sma make sure there are 20 pips available before entering your trade.
A candle must open and close off the 02:45 horizontal lines you drew on the candle.  On your signal candle neither the high nor low can be touching the 02:45 candle.
For a short entry:  If the 03:15 candle opens below the 03:00 candle wait for a 50% retracement on the 03:00 candle before entering a short trade.  Take 20 pips if there is room between the entry price and the 60sma.  A Long trade is just the opposite.  Often, but not always, you will see a 50% retracement after your signal candle.

#2   For confirmation draw a line from the close of the 17:45 candle (15 minute chart) through the close of the 02:45 candle.  If a candle is above the line and not touching it enter a long trade and if the candle is below the line and not touching it enter a short trade.  What we are doing is confirming our trade with #1.  These lines, which I call Eagle lines, are not new with me but something my mentor showed me years ago.  How to draw your eagle line:  If the 17:45 15 min. candle is bullish (green) start your line on the top of the candle body (not the wick).  If your 17:45 15 min. candle is bearish (red) start your line on the bottom of the candle body. So if the 17:45 candle is red and the 02:45 candle is green your line will be drawn from the bottom of the 17:45 candle through the top of the 02:45 candle.  This line extended through the 02:45 candle will normally act as support or resistance in future price action.

STOP LOSS
My stop loss is placed 20 pips in the opposite direction below the low or above the high of the horizontal line.  Don’t worry it’s never been hit.  But, as with anything in Forex, it could happen.


INDICATORS
It is not necessary to use any!  They are all lagging, and this is a price action system.  So why do I have them on my chart?  Just can’t break the habit.  And, I like to see if the MACD histogram is starting to rise or fall, above or below the 0 line.
I won’t trade if the price action is too close to my 21ema or 60sma, because often they become support or resistance.
You should print out a chart on the pair you were trading, to compare it with my screen shots so you can see exactly what happened or didn’t happen.

SUPPORT

It has been said, “An analyst is someone who can tell you tomorrow why his today’s forecast did not happen.”  There are many variables that go into the price action of a currency pair during 24 hour period.  The best explanation why this system works is that even though the London market opens at 03:00, where we find the biggest spreads and the whipsaw effect of prices, it is at about 03:30 that the banks step in.  Our strategy is to jump on the coat tails of the banks and ride along and then when we reach our goal to jump off.  For support I am going to try to give my best explanation, with a screen shot, of what happened for several days and as long as  you ask questions.  Your questions are invited, be nice and be patient.  I’m not a rocket scientist, just a trader.

OTHER CURRENCY PAIRS
I have found that this system works with the GBP/USD, EUR/USD, USD/CHF, USD/CAD, AUD/USD, and USD/JPY.  I watch all six of these currency pairs looking to see which ones have shown me a setup candle.  That is, which pair has closed above or below the 02:45 horizontal line and isn’t touching it.
The most important rule in Forex trading is not to trade unless your 100% certain of the outcome.  This system has eliminated the ‘hope’ indicator.  Our goal is to build a success record one trade at a time.  As you learn this system and the discipline that is necessary to implement it you will find that trading is a lot more fun when your adding to your capital on a daily basis.

To Your Success, Barry

[hermanhess]

We don't have the system but more importantly, I do not believe that we have yet found a system worth buying.

Are you new to Forex or just new to this site?

 

Freddie you're right that we can never be sure of anything in fx but about this sytem some guy in the ff thread wrote he actually phsically met the creator of forex renewal and physically verified his statments which shows hundreds of winning trades in a row, the creator has also said on his website he invites anyone to come meet him in ohio and see all his trading statments. unfortunately 'm not in ohio nor in USA for that matter or I just might have gone to check the authticity of his calims ......heh heh

 

However we cant really be certain about anytihng when forex is concerned so caution should always be exercised.

 

Great work SamW .... thx

[god]

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

 

Thanks for this Kraven. Hey how do I thank you so it is recorded in your number of thanks?

[kraven]

god (hehhhe i'm talking to god) you can thank any poster by clicking on the gray 'thanks' on the bottom left of each post..........just like i did for SamW (good work mate)

the problem here is we all use different brokers.....with different times and different candle readings, i looked at some of the pics posted on the FX renewal forum before it went private and retraced them on my broker......it was totally different, sometimes to the point that the pics showed up candles, mine were down.

Edited January 23, 2011 by kraven

[freddy]

Thanks for this Kraven. Hey how do I thank you so it is recorded in your number of thanks?

 

 

Your Holiness,

The world was not built in a day.

With all due respect, let me remind you of the rules you've laid yourself: A few extra messages, O Divine Word and You can thank your servants.

Then, miraculously, the button will appear in the lower left corner, right alongside the stars.

Your humble servant

Freddyctus

[freddy]

god (hehhhe i'm talking to god) you can thank any poster by clicking on the gray 'thanks' on the bottom left of each post..........just like i did for SamW (good work mate)

 

Lol, Kraven,

You were faster than me!

[kraven]

you need to loosen those fingers Freddy....

 

I have been looking into this trying it out before SamW posted

 

.......For confirmation draw a line from the close of the 17:45 candle (15 minute chart) through the close of the 02:45 candle. If a candle is above the line and not touching it enter a long trade and if the candle is below the line and not touching it enter a short trade. What we are doing is confirming our trade with #1. These lines, which I call Eagle lines, are not new with me but something my mentor showed me years ago. How to draw your eagle line: If the 17:45 15 min. candle is bullish (green) start your line on the top of the candle body (not the wick). If your 17:45 15 min. candle is bearish (red) start your line on the bottom of the candle body. So if the 17:45 candle is red and the 02:45 candle is green your line will be drawn from the bottom of the 17:45 candle through the top of the 02:45 candle. This line extended through the 02:45 candle will normally act as support or resistance in future price action.

 

can't realy seeing why this matters or what it realy contributes?

 

..............For a short entry: If the 03:15 candle opens below the 03:00 candle wait for a 50% retracement on the 03:00 candle before entering a short trade. Take 20 pips if there is room between the entry price and the 60sma. A Long trade is just the opposite. Often, but not always, you will see a 50% retracement after your signal candle.

 

this could be important......back checking i've seen a lot of bad trades that could have been avoided waiting for this to happen.....however, once it's retraced 50% I believe we must wait for the candle to go back past it's opening price (same direction as signal candle) before we enter and not just enter on the retracement.

[toddanderson]

The other system would be the same ? and we need to find the times for the other sessions ?

 

New York, London, Asian, & European

 

Here you have the London setup

 

THE FOREX RENEWAL STRATEGY
London Session

I would recommend demo trading this strategy for at least two weeks or longer until you have total confidence and have mastered the setup of the system.  Don’t trade this system live until you have 50 consecutive positive trades.
The Forex Renewal Strategy is based upon a 15 minute time frame.  The idea is to take high percentage trades whereby we can be 100% certain it will be a winner.
Start out with the GBP/USD, once you grasp the system setup you can move on to the EUR/USD.  We are always looking for the best setup.
The goal is 20 or more pips.
We are going to use the 15 minute time frame.
All times are EST.  Just adjust them to wherever you are.
This strategy will begin at 02:45 but your entry won’t be until after 03:15 at the earliest.
Always have a 60sma to determine the trend, support and resistance.
I also have a 21ema and a 5ema on my charts just to stay in trades a little longer.
I also use the MACD for confirmation but not to make a trade decision.  Since this system is based on price action none of these indicators help make a decision to go long or short.  However, after our entry (and since these indicators are lagging) a really good trade will show the 5ema crossing the 21ema and both crossing the 60sma, and a signal on the MACD in the direction of our trade.

THE SETUP
There are two parts to the Forex Renewal System:
#1  Draw a horizontal line on the open and close of the 02:45 candle.  To enter a trade a candle must open and close above and off the 02:45 horizontal lines to go long or below and off the 02:45 horizontal line to go short.  The candle cannot be touching the horizontal lines on the 02:45 candle.  Our entry candle is the next candle.  If that candle goes in the same direction as our signal candle, after a few pips, we enter a trade in the direction of the signal candle.  If the price is staying between the two lines of the 02:45 candle just wait and be patient.  Look for the same setup on another currency pair.  The London session usually moves pretty fast, but, there are times it takes a little longer.  Grab 20 pips and get out – you’re a winner.  If there is a breakout confirmed by the indicators stay in the trade for more pips.  50 to 100 is not uncommon.  Profit is random based on market conditions, but once I reach my goal of 20 pips I’ll begin looking for other setups.
Here are couple observations.
If your 02:45 candle is a doji look for another pair to trade.  A doji means indecision in the market and we can’t be 100% certain what will happen.
If your 02:45 candle or your 03:00 candles are 30 pips or more, look for another pair to trade.
If a currency is having a bank holiday, do not trade that currency.
If at 03:00 you have an uptrend and the price is dropping and the 21ema is in the way with only 3 to 5 pips to reach it then don’t trade.  The price may bounce off the 21ema and then continue the uptrend.  Same goes for a down trend.  Also if the price is close to the 60sma wait for a candle to open and close above or below this line because it also will act as support or resistance.  If the price is between the 21ema and 60sma make sure there are 20 pips available before entering your trade.
A candle must open and close off the 02:45 horizontal lines you drew on the candle.  On your signal candle neither the high nor low can be touching the 02:45 candle.
For a short entry:  If the 03:15 candle opens below the 03:00 candle wait for a 50% retracement on the 03:00 candle before entering a short trade.  Take 20 pips if there is room between the entry price and the 60sma.  A Long trade is just the opposite.  Often, but not always, you will see a 50% retracement after your signal candle.

#2   For confirmation draw a line from the close of the 17:45 candle (15 minute chart) through the close of the 02:45 candle.  If a candle is above the line and not touching it enter a long trade and if the candle is below the line and not touching it enter a short trade.  What we are doing is confirming our trade with #1.  These lines, which I call Eagle lines, are not new with me but something my mentor showed me years ago.  How to draw your eagle line:  If the 17:45 15 min. candle is bullish (green) start your line on the top of the candle body (not the wick).  If your 17:45 15 min. candle is bearish (red) start your line on the bottom of the candle body. So if the 17:45 candle is red and the 02:45 candle is green your line will be drawn from the bottom of the 17:45 candle through the top of the 02:45 candle.  This line extended through the 02:45 candle will normally act as support or resistance in future price action.

STOP LOSS
My stop loss is placed 20 pips in the opposite direction below the low or above the high of the horizontal line.  Don’t worry it’s never been hit.  But, as with anything in Forex, it could happen.


INDICATORS
It is not necessary to use any!  They are all lagging, and this is a price action system.  So why do I have them on my chart?  Just can’t break the habit.  And, I like to see if the MACD histogram is starting to rise or fall, above or below the 0 line.
I won’t trade if the price action is too close to my 21ema or 60sma, because often they become support or resistance.
You should print out a chart on the pair you were trading, to compare it with my screen shots so you can see exactly what happened or didn’t happen.

SUPPORT

It has been said, “An analyst is someone who can tell you tomorrow why his today’s forecast did not happen.”  There are many variables that go into the price action of a currency pair during 24 hour period.  The best explanation why this system works is that even though the London market opens at 03:00, where we find the biggest spreads and the whipsaw effect of prices, it is at about 03:30 that the banks step in.  Our strategy is to jump on the coat tails of the banks and ride along and then when we reach our goal to jump off.  For support I am going to try to give my best explanation, with a screen shot, of what happened for several days and as long as  you ask questions.  Your questions are invited, be nice and be patient.  I’m not a rocket scientist, just a trader.

OTHER CURRENCY PAIRS
I have found that this system works with the GBP/USD, EUR/USD, USD/CHF, USD/CAD, AUD/USD, and USD/JPY.  I watch all six of these currency pairs looking to see which ones have shown me a setup candle.  That is, which pair has closed above or below the 02:45 horizontal line and isn’t touching it.
The most important rule in Forex trading is not to trade unless your 100% certain of the outcome.  This system has eliminated the ‘hope’ indicator.  Our goal is to build a success record one trade at a time.  As you learn this system and the discipline that is necessary to implement it you will find that trading is a lot more fun when your adding to your capital on a daily basis.

To Your Success, Barry

[freddy]

you need to loosen those fingers Freddy....

 

I have been looking into this trying it out before SamW posted

 

.......For confirmation draw a line from the close of the 17:45 candle (15 minute chart) through the close of the 02:45 candle. If a candle is above the line and not touching it enter a long trade and if the candle is below the line and not touching it enter a short trade. What we are doing is confirming our trade with #1. These lines, which I call Eagle lines, are not new with me but something my mentor showed me years ago. How to draw your eagle line: If the 17:45 15 min. candle is bullish (green) start your line on the top of the candle body (not the wick). If your 17:45 15 min. candle is bearish (red) start your line on the bottom of the candle body. So if the 17:45 candle is red and the 02:45 candle is green your line will be drawn from the bottom of the 17:45 candle through the top of the 02:45 candle. This line extended through the 02:45 candle will normally act as support or resistance in future price action.

 

can't realy seeing why this matters or what it realy contributes?

 

..............For a short entry: If the 03:15 candle opens below the 03:00 candle wait for a 50% retracement on the 03:00 candle before entering a short trade. Take 20 pips if there is room between the entry price and the 60sma. A Long trade is just the opposite. Often, but not always, you will see a 50% retracement after your signal candle.

 

this could be important......back checking i've seen a lot of bad trades that could have been avoided waiting for this to happen.....however, once it's retraced 50% I believe we must wait for the candle to go back past it's opening price (same direction as signal candle) before we enter and not just enter on the retracement.

 

He says himself that he uses the "Eagle line" for confirmation.

It reminds me the same kind of lines drawn between two candles in the system shared by craven (the thread which never ends!) and also as noticed by Shabz: the M/K/S/ trendline system.

 

All these lines, like any Support& Resistance lines have values if used with price action, not just on their own.

[freddy]

The other system would be the same ? and we need to find the times for the other sessions ?

 

New York, London, Asian, & European

 

 

 

From what i recall there is another setup (probably NY setup) where he used

 

08:15 EST and draw his "eagle" line between 03:15 EST and 08:15 EST.

 

I think European and London share the same setup.

 

I don't know what time he uses for Asian, but I think it is possible to find it by deduction it (but I don't trade Asian session)

[Freddie]

From what i recall there is another setup (probably NY setup) where he used 08:15 EST and draw his "eagle" line between 03:15 EST and 08:15 EST. I think European and London share the same setup. I don't know what time he uses for Asian, but I think it is possible to find it by deduction it (but I don't trade Asian session)

 

I don't want to start a "What time where" battle but all my charts start the day +/- an hour or two from GMT. Can someone show me a US based chart?

Probably a silly question but they say "Seeing is believing, feeling is the god's truth"

 

A later thought: NY people say that London open is around 2-3am for them so their charts must be the same as ours!! OK, just need to convert the ESTs to GMTs

Edited January 24, 2011 by Freddie

[Diesel 10]

Here is NY Session. Enjoy!

 

http://www.mediafire.com/?1fow5sk6p8kbgkp

Edited January 24, 2011 by Diesel 10

[Freddie]

100% success rate here!! Well I just looked at it on £$ this morning 08:15

 

Had to use 5 min chart to get the indicator to work. Thinking about it, if I used 15 min chart it would probably not work after all!!!

http://i914.photobucket.com/albums/ac341/freddieforII/8152401.gif

Edited January 24, 2011 by Freddie
late thought

[god]

god (hehhhe i'm talking to god) you can thank any poster by clicking on the gray 'thanks' on the bottom left of each post..........just like i did for SamW (good work mate)

the problem here is we all use different brokers.....with different times and different candle readings, i looked at some of the pics posted on the FX renewal forum before it went private and retraced them on my broker......it was totally different, sometimes to the point that the pics showed up candles, mine were down.

Cheers Kraven.

The funny thing is I really am God----but then ---so is everyone(and everything) else!

[alankw88]

Could someone please post some screen shots on how to enter a trade? Thanks so much.