Genesis System

[FetteredChinos]

im only trading the overnight method at the moment. (intraday is a wee bit too complicated)

no trades triggered satisfactorily this week (DC cheated and took a short on monday despite it missing the target by 8 points or so. im not convinced. rules are there to be obeyed)

as a result i would be expecting to see 10,370 today (maybe over-running a bit more) with a possible gap-up opening after the US data before trending down for the rest of the week. targetting 10,260 and below.

FC

 

[robber]

thanks for the quick reply FC.


Neil

 

[FetteredChinos]

doesnt look like 10,370 is possible today, unless funny things happen.

looks like we are getting a trend week. so if 10,260 goes, then it should be down for the rest of the week.

or something like that...

hmm..

 

[JeanM]

I had today as a sell day. I thought maybe I was being thick when you all seemed to have the opposite.


Jean

 

[FetteredChinos]

remember, if there is a bank holiday, then tuesday becomes monday, thursday becomes wednesday etc.


so in theory for a standard 5 pattern we would be targeting a breach of yesterdays/tuesday's high.


looks unlikely doesn't it.

 

[JeanM]

If it is a 3 it would be a sell.

Jean

 

[FetteredChinos]

true. but its not a 3 though.


hit the inner zone on tuesday (previously known as monday lol )

this signifies a 5...


hope this helps.

FC

 

[JonnyT]

Does Genesis = Bull****?

JonnyT

 

[FetteredChinos]

dont think so Jonny. Jim Bowen is no longer allowed to broadcast after his outburst last year.

 

[Bigbusiness]

It does seem like Genesis is overly complicated. I have seen different targets posted, dc2000 seems to ignore them and do his own thing, some people seem to have lost the ability to work out what day of the week it is and not knowing if it is a 3 or a 5 or a trending week doesn't seem ideal. It is a shame that we all can't see how it works to simplify it a bit. You can call me old fashioned but I like to know for sure if I am buying or selling and exactly when to do it.

 

[CarpeUK]

It does seem like Genesis is overly complicated. I have seen different targets posted, dc2000 seems to ignore them and do his own thing, some people seem to have lost the ability to work out what day of the week it is and not knowing if it is a 3 or a 5 or a trending week doesn't seem ideal. It is a shame that we all can't see how it works to simplify it a bit. You can call me old fashioned but I like to know for sure if I am buying or selling and exactly when to do it.

Ok I purchased this form DC and in my opinion it was a big waste of money. I was thinking of asking for a refund but I don’t think he will do it so I have not bothered.

I have now changed to FX and found my own trading strategy and so far returns me anything from 30/50 pips a day, today was 49pips.

When I first started looking into trading people said to me find your own strategy and stick with it so that is now what I am doing. I tried DC's system and first the manual has been very badly written, not easy to understand. The problem is the more experience you gain the more complicated people make there trading systems then when they come to sell it and try to make it simple again they cant, what they think is simple, to a beginner is not.

Also it does not tell you how to work out the numbers required as from time to time they will change, you have to rely on DC to email them to you.

Like people say on this forum "KISS" and in my opinion this system is not

Anyway that’s my take on it,

Sorry DC but that’s my opinion, I am sure there are people out there that disagree and like your system but I don’t..........If you do feel some compassion for me after reading this and would like to offere me some sort of refund that would be good 🙂

CarpeUK

 

[robber]

Carpe, congrats on the 30/50 pips a day. Are you going to buck the trend and tell us how you are doing it?

😆

Neil

 

[Bigbusiness]

It still seems strange to me that dc2000 was able to backtest this system but those that have purchased it don't seem to be able to verify the results. Perhaps it is worth asking for a more detailed version of how the figures below were obtained. At least that might make the system easier to understand.

Previous stats for the system

For 2003 - 04
89% win rate, av win 140, av loss 23.25 for last 12 months to April.
max drawdown was in march this year at 141 the usual is circa 50 points
max consecutive losses 1

For Jan 2002 - April 2003
win ratio 86%
Av win 237 points
Av loss 50.05 points
max consecutive losses 3 in 2002

today +130 points Monday +70 points

 

[CarpeUK]

Bigbusiness
-----------------

To be honest I can’t be bothered with it now. I am not interested in trading that system, I am a little sorry I purchased it but that was the chance I took. I am happy working on my own FX system and when it is ready...(a long way of yet) I will be happy to share it with everyone for FREE..........The FX market makes more money then all the big Indices put together so there is enough to go around 🙂

Robber
----------
I will be happy to share my system with everyone but as it is in the very early stages I have lots of things to work out and as my trading knowledge is limited it will take some time.

Ok the basis of my trading is so simple people will doubt if it works and at this time it does. The currencies I am testing it on at the moment are EUR/USD, GBP/USD & GBP/EUR.

Using the 3 Elliott wave indicators on an EOD chart you can work out the direction the market is moving. (you need to understand how the 3 Elliott wave indicators work I will explain about them another time. now as I am checking the EOD chart and the last 3 days the EW indicators show me what has been happening. Now I tried to day trade but I found it a little difficult because of work so I decided to try EOD.

Ok enough of the overview here is what I do

I check my charts at either 17:00 (est) that 10pm uk that is when my chart plug-in for FXCM has its end of day or at 5am uk time ( I have found trading from 5am is more profitable then over night)

Let’s work on 5am UK time. I place my buy or sell on each currency as the indicator tells me, set stop losses then forget about it until I get to work. Now this seems very simple and some people may say very stupid and I would have agreed but at the moment it’s profitable not stupid.

Example: yesterday I placed 2 trades at 5.30am. got to work at 7am then checked my trades and guess what 65pip profit in 2 hours, my days money made, I should have gone home 🙂

Today was a different story. I placed 3 trades. Same time frames and when I got to work and checked my trades they where showing losses so I left them and by the afternoon I was in profit by 36pips.

The problem I have with the above is am still testing stop losses (trying to find the best possible, seems to be between 35-45) also I have no entry or exit strategy so there is the problem.
Note: there are things that you need to take into account and one is FA's, some will make a gap in the market of up to 200 pips so if an FA moves against you and stops you out its more then likely to move back in the direction it came from but anyway FA's are another trading strategy.

Robber, if you or anyone thinks they can help me with an entry or exit strategies please do.

CarpeDiem

 

[robber]

Carpe, Very kind of you to publish your trading principles and congrats on cracking EW. I have tried and found it's not for me.

Like you I'm working so am looking around for systems that allow me to 'fire and forget'. I'm currently playing around with a trading system which includes a metatrader indicator called the ATR channel (which I think is just a keltner channel under a different name). This looks a bit like Bollie bands and I'm using it to give me a simple target value.

When it comes to trading I'm using CMC at the moment, once I've opened a position I immediately set fixed stop and target orders as OCOs. Thus I can walk away from the trade and let it do its thing.

 

[CarpeUK]

Carpe, Very kind of you to publish your trading principles and congrats on cracking EW. I have tried and found it's not for me.

Like you I'm working so am looking around for systems that allow me to 'fire and forget'. I'm currently playing around with a trading system which includes a metatrader indicator called the ATR channel (which I think is just a keltner channel under a different name). This looks a bit like Bollie bands and I'm using it to give me a simple target value.

When it comes to trading I'm using CMC at the moment, once I've opened a position I immediately set fixed stop and target orders as OCOs. Thus I can walk away from the trade and let it do its thing.

Robber,

You will be surprised how simple the EW indicator can be. The plug-in I am using with FXCM includes lots of different indicators but the EW is based on numbers so all you have to do is learn what the numbers mean and trade on them.

People like to make you think it’s difficult but it is not. The only thing I need to do is work out entry and exit on my daily chart so if you know any apps I can use to help me plot entry/exits on analyzing charts please let me know.

Also just to let you know i have placed the following trades this morning.

EUR/USD - sell 1.2241
GBP/USD - Sell 1.7878
EUR/GBP - Buy 0.6827 - This trade has been open since yesterday but still my system is showing a Buy so i have left it running.

when i first opened the GBP-USD it moved against me by about 12pips (i have faith in my EW indicator..hehehe) but now I am at work and updating this post the pips on the above are as follows

EUR/USD +11pips
GBP/USD -4pips
EUR/GBP +10pips

Let me know what you think

CarpeUK

---------------------------------

Update: i will update this part of the post each time i close of a trade today

EURUSD closed @ 11.12am @ 1.2211 = +30pips
GBP/USD Closed @ 13.45pm @ 179.28 -50pip (error on my part, think an
FA was made, the price was jumping
all over the place).
thats what i get for not checking the
FA's calendar, there is a lesson learned 🙂

GBP/USD-re-entered sell @ 1.7983 current pips @ +18
EUR/GBP is open @ -1pip

 

[stevespray]

Surely the only way for someone to demostrate their system is to make some realtime calls before or as they place the trades. It's very easy to convince people with backtest results.

Just my observations - I know DC has worked hard on hus system.

Steve.

 

[CarpeUK]

Surely the only way for someone to demostrate their system is to make some realtime calls before or as they place the trades. It's very easy to convince people with backtest results.

Just my observations - I know DC has worked hard on hus system.

Steve.

Steve,

Sure I am happy to do this for you. First I would like to say I cannot back test this as I am not a programmer so I have to demo trade this.

I am happy to call my trades before hand but it will be 5/10mins before I trade. The reason for this is because like I said I am working form daily indicators and I have no set entry or exit at this time, this is where my system needs work....Can you help?

I am looking for an app that will help me to analyse a daily chart with the EW indicator and help me predict/set the best entry & exit levels.

the market closes over the weekend but re opens at about 7pm UK time on Sunday so if you would like me to I will post some trades either Saturday night or Sunday morning (before 7pm) so you can see what I am doing and not just blagging it 🙂

Please remember, as I have no entry strategy yet it will be either a buy or sell and I will tell you what Currency. and stop loss to set. Please demo trade it with me just so you can see what I am seeing and hopefully others will be able to help me devise a good entry point

someone did say to me that if you have no entry/exit strategy then you have no system, I am not sure if I agree, ok sure its flying by the seat of my boxers when placing the trade so you will have to monitor the trades to exit at a nice profit but hay every system has to start somewhere
and mine has started here 🙂...I have been making nice little profits on demo trading this so all I need now is a strategic entry point.

CarpeUK

P.S
I am not knocking DC system its just that I regret buying it because I have now found my own trading system and I am confident I can make a little extra cash whilst still working full time 🙂

 

[stevespray]

CarpeUK.....

I wasnt suggesting that you personally post your trades. I was refuring to DC directly. If he could post a series of almost live trades and thoughts then people could a) see what he was doing, and b) the borad would be able to judge for themselves the profitability of the system when operated by its designer.

At the end of the day there is a thin line between people who 'trade for a living' and others who 'pretend they trade for a living whilst peddling their grail systems'.

I'm not slagging off anyone here but just suggesting a course of action which would justify to the group why an individual could and should charge money for a trading system.

Steve.

 

[ajnath]

Ok I purchased this form DC and in my opinion it was a big waste of money. I was thinking of asking for a refund but I don’t think he will do it so I have not bothered.

I have now changed to FX and found my own trading strategy and so far returns me anything from 30/50 pips a day, today was 49pips.

When I first started looking into trading people said to me find your own strategy and stick with it so that is now what I am doing. I tried DC's system and first the manual has been very badly written, not easy to understand. The problem is the more experience you gain the more complicated people make there trading systems then when they come to sell it and try to make it simple again they cant, what they think is simple, to a beginner is not.

Also it does not tell you how to work out the numbers required as from time to time they will change, you have to rely on DC to email them to you.

Like people say on this forum "KISS" and in my opinion this system is not

Anyway that’s my take on it,

Sorry DC but that’s my opinion, I am sure there are people out there that disagree and like your system but I don’t..........If you do feel some compassion for me after reading this and would like to offere me some sort of refund that would be good 🙂

CarpeUK

Carpe,

I think it would be interesting to understand why you think the system is a waste of time and money – I do agree that the manual is vague and leaves you asking many questions.

In DC’s defense he does tell you how to calculate the targets and always promptly replies to questions