davewooldridge
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is that s/r indicator superior to the one in fpm already?
I've been trading the 4 hour mechanically (Testing) but had a hard time keeping up due to travel with my day job and I'm going to start trading the daily on the next signal.
This system works and has already proven it self. The daily's may have had a bad year in 2009 (exiting with the trend that is) but you still came out ahead. Jim has been posting his results on the 4 hour for years and holds back nothing. He loses some months and doesn't try and hide it. In the end he comes out way ahead!!
Almost any one can trade the 4 hour with out losing sleep every night, it just takes a little planning. The heart of the system is the Fast and Slow trend. When they cross you trade. Before they cross you get and arrow and numerous warnings Before you go to bed just check your charts, if you don't have a warning or an obvious cross coming then go to sleep and check the next day. If you miss one then get in late. This is a trend catching system, not day trading, getting in a little late should not be a problem.
Jim seems like a great guy and gives great customer service. I've seen a few people mention that he should be on the boards answering questions. I say good for him that he isn't, his system works and if he came on the forums every so called expert trader would come out of the closet and start challenging him. If he was a marketer he would be here selling, but he's not, he's a trader and he's trading.
This system works and has already proven it self. The daily's may have had a bad year in 2009 (exiting with the trend that is) but you still came out ahead. Jim has been posting his results on the 4 hour for years and holds back nothing. He loses some months and doesn't try and hide it. In the end he comes out way ahead!!
Almost any one can trade the 4 hour with out losing sleep every night, it just takes a little planning. The heart of the system is the Fast and Slow trend. When they cross you trade. Before they cross you get and arrow and numerous warnings Before you go to bed just check your charts, if you don't have a warning or an obvious cross coming then go to sleep and check the next day. If you miss one then get in late. This is a trend catching system, not day trading, getting in a little late should not be a problem.
Jim seems like a great guy and gives great customer service. I've seen a few people mention that he should be on the boards answering questions. I say good for him that he isn't, his system works and if he came on the forums every so called expert trader would come out of the closet and start challenging him. If he was a marketer he would be here selling, but he's not, he's a trader and he's trading.
fxtrader85
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I agree with all of the above
I like your s/r as it plots lines all the time which is great for setting up trailing SL's. I recommened using both in conjunction with one another...
fxtrader85
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coolpixel, thanks for bringing up parabolic sr a few posts ago, it's an indicator i've heard about but never really experimented with. following on from your comment, please see the attached jpg...
1. at this point fast trend and slow trend have matched up so we go short @ 1.67003. parabolic sr is outside the price range which is also a go short sign. perfect
2. parabolic sr still outside price range and suggests we move our stop to 1.65053 (as this indicator is primarily concerned with trailing stops) for both these green spots...
3. Stop WOULD have been hit in this candle if the trade was still live, JUST. candle peaked @ 1.65053, we would have been stopped out for 1950 pips...
4. this is where the system arrows suggest we should exit, exit trade @ 1.65914, exit for 1089 pips...
5. this is the important part. here we can see on this candle a new low has been established for that 4 hr wick, however, the parabolic sr indicator has reversed to the outside (which is a buy signal) if we closed out this trade at the end of that 4hr period, we would exit @ 1.64219 for 2784 pips...in hindsight it's a perfect exit as we would have been stopped out in the next candle...
thoughts?
1. at this point fast trend and slow trend have matched up so we go short @ 1.67003. parabolic sr is outside the price range which is also a go short sign. perfect
2. parabolic sr still outside price range and suggests we move our stop to 1.65053 (as this indicator is primarily concerned with trailing stops) for both these green spots...
3. Stop WOULD have been hit in this candle if the trade was still live, JUST. candle peaked @ 1.65053, we would have been stopped out for 1950 pips...
4. this is where the system arrows suggest we should exit, exit trade @ 1.65914, exit for 1089 pips...
5. this is the important part. here we can see on this candle a new low has been established for that 4 hr wick, however, the parabolic sr indicator has reversed to the outside (which is a buy signal) if we closed out this trade at the end of that 4hr period, we would exit @ 1.64219 for 2784 pips...in hindsight it's a perfect exit as we would have been stopped out in the next candle...
thoughts?
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coolpixel1
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It certainly looks as though the Parabolic will serve to complement an exit - that was the idea so excellent work - well done! I have a question though - what helped you decide that at no.2 position you moved your stop (as opposed to to say the candle or two before)? Or I presume you were gradually moving it until the Parabolic signalled an opposite move. It was certainly fortunate that at no.3 the stop would have been hit - and wasn't. And as is evident, the white arrow comes way too late. I really like the clean look of your screen/view. I have very positive feelings regarding this route in finding exit points. Many thanks and hope others agree!
fxtrader85
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I probably should have said yes i would be moving the stop to mirror the parabolic sr from before point 2 (I only specifically mentioned point 2 because as you said this was just before it moved in the opposite direction)
I'm liking this indicator...
coolpixel1
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Hi fxtrader85 - what settings do you have for the Parabolic? Try...
Step 0.01
Maximum 0.094
Trend Minimum 5
these are settings utilised for M15 and M30 but may work faster for the 4H charts too!!
Step 0.01
Maximum 0.094
Trend Minimum 5
these are settings utilised for M15 and M30 but may work faster for the 4H charts too!!
fxtrader85
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Arghhhh. Thanks coolpixel I didn't even realise you could change the settings! I've got it on the default settings which are Step: 0.02 and Maximum: 0.2...I can't see a "trend minimum" option. I'm going to have to play around with this a bit to optimise it. If I change it to your settings, it totally skews the results of the recent example I posted. But at the same time it probably helps other trades...so many different variables.
There's nothing like actually getting stuck in and trading anyway so I'm just hoping for some signals...I'm monitoring GBP/USD, EUR/USD, AUD/USD and EUR/JPY and nothing yet........
fxtrader85
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"ajnanth"...are you going to speak anytime soon?
fxtrader85
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DL66, because of the current EUR issues I'm trying to catch shorter trends on those currencies (30m-1H)
fxtrader85
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I've realised I haven't got the nerve/patience for long term trends!
Definitely yes. When you look how long Jim´s runs are, he must leave positions open during the couple of weekends.
Pedrosek, thanks for your input. I have asked Jim to confirm but not got a response yet. In fact he hasn't replied to any of my last 3 emails
Pedrosek, thanks for your input. I have asked Jim to confirm but not got a response yet. In fact he hasn't replied to any of my last 3 emails
If isnt problem with email adress, because Jim answered on emails early. Its my experiens. Many people here bless Jim for quick comunications. Try another adress.
coolpixel1
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He leaves positions open for longer than a week so weekend too - which email address did you use? he normally answers within 24 hours!
Hey all,
I have been using this system on 4H Charts on a live IBFX account since Dec 1st. I started with $162.28 US and as of tonight I am at $209.35...that is a 29% return on my money. December I traded .01 lots or about $1 margin for each trade. Jan and Feb I started trading .05 lots or about $5 each trade. I follow the rules exactly...I get out only when an exit arrow shows up. I do not exit a trade at S/R or when the Fast Trend reverses. Since I use the 4H charts one of the times a new candle closes/opens is at 2am my time. I go to sleep right after the 10pm candle and luckily there has only been a few times I missed a trade at 2am. If I do, I usually buy/sell when I wake up at 6am...unless there has been a huge movement from 2am to 6am.
Dec: Profit $5.26 trading .01 lots
Jan: Profit $24.74 trading .05 lots (a few trades in early Jan were .01 lots)
Feb: Profit $13.23 trading .05 lots (I have open positions with $3.84 in profits)
Total Trades: 59
Short Positions (won %): 35 (42.86%)
Long Positions (won %): 24 (54.17%)
Profit Trades (% of total): 28 (47.46%)
Loss trades (% of total): 31 (52.54%)
Largest profit trade: 21.31 loss trade: -8.46
Average profit trade: 4.36 loss trade: -2.51
Maximum consecutive wins ($): 6 (27.69) consecutive losses ($): 5 (-13.10)
Maximal consecutive profit (count): 27.69 (6) consecutive loss (count): -22.83 (4)
Average consecutive wins: 2 consecutive losses: 2
In early Feb, I did get a little aggressive and bought USDJPY at the entry arrow and then again when there was an up exit arrow. Those both went against me, so if I did not take the 2nd trade (at the up exit arrow) I would be up another $7.72 for February. Jim says in the manual that taking a 2nd trade in that circumstance is a big risk that can pay off, but that was the first and last time I do that. Only 1 trade per pair at a time for me from now on.
I love this system. Jim has answered the 3 emails I have sent him to ask questions within 24 hours. I do notice that his blog has a different # of trades per pair than I have, but I attribute that to using different brokers.
Noltisy
I have been using this system on 4H Charts on a live IBFX account since Dec 1st. I started with $162.28 US and as of tonight I am at $209.35...that is a 29% return on my money. December I traded .01 lots or about $1 margin for each trade. Jan and Feb I started trading .05 lots or about $5 each trade. I follow the rules exactly...I get out only when an exit arrow shows up. I do not exit a trade at S/R or when the Fast Trend reverses. Since I use the 4H charts one of the times a new candle closes/opens is at 2am my time. I go to sleep right after the 10pm candle and luckily there has only been a few times I missed a trade at 2am. If I do, I usually buy/sell when I wake up at 6am...unless there has been a huge movement from 2am to 6am.
Dec: Profit $5.26 trading .01 lots
Jan: Profit $24.74 trading .05 lots (a few trades in early Jan were .01 lots)
Feb: Profit $13.23 trading .05 lots (I have open positions with $3.84 in profits)
Total Trades: 59
Short Positions (won %): 35 (42.86%)
Long Positions (won %): 24 (54.17%)
Profit Trades (% of total): 28 (47.46%)
Loss trades (% of total): 31 (52.54%)
Largest profit trade: 21.31 loss trade: -8.46
Average profit trade: 4.36 loss trade: -2.51
Maximum consecutive wins ($): 6 (27.69) consecutive losses ($): 5 (-13.10)
Maximal consecutive profit (count): 27.69 (6) consecutive loss (count): -22.83 (4)
Average consecutive wins: 2 consecutive losses: 2
In early Feb, I did get a little aggressive and bought USDJPY at the entry arrow and then again when there was an up exit arrow. Those both went against me, so if I did not take the 2nd trade (at the up exit arrow) I would be up another $7.72 for February. Jim says in the manual that taking a 2nd trade in that circumstance is a big risk that can pay off, but that was the first and last time I do that. Only 1 trade per pair at a time for me from now on.
I love this system. Jim has answered the 3 emails I have sent him to ask questions within 24 hours. I do notice that his blog has a different # of trades per pair than I have, but I attribute that to using different brokers.
Noltisy
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