Advanced system #13 (The Floor Trader System)
Submitted by Edward Revy on January 25, 2009 - 12:29.
Yesterday I've got another great feedback from one of our readers - Rahul.
He writes:
Hello Edward,
I think you are a very noble person because you are doing great work here helping newbies and also dispelling the popular myths about trading to show ppl the reality. I think you have a very good heart. Thank you for helping all our brothers and sisters out there in the forex world.
I have found a strategy which is the real thing .... it has been used by a contemporary of Denis Richard and used by many professional traders who have made millions from it.
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The system is definitely tricky with all the variations of entries. Have you tried using only Level 1 entry?
Hello all,
I am new to forex and i tried this system on EURUSD London open till 12:00. It did work well for a while; however, over the last days i blew up my account ;-) great experience, though!
I am not sure whether the market was not good for this system, very choppy, or it is me who is messing everything up - overconfidence.
Did anyone trade this system successfully over the last week? Personally i believe the best would have been to have stayed aside but i just want to know some other people experiences.
Thanks and keep up all the good work,
Chisco
hi rahul thanks alot
Great to hear your feedback, Phil.
Thanks a lot and happy trading!
Edward
Hi all,
Well on the first time of trying I managed to get 69 pips with this strategy going long - I'm really pleased with that. I used the original strategy and traded EUR/USD on a 5 min chart from UK time about 7am for a couple of hours. I did keep my eye on the 15m and 60m charts to check the overall view. I used a EMA9 EMA20 as the prime action indicators and an EMA75 to help with trend direction. I started with a small position and added to it as per retracements. I can see it would probably work for GBP/JPY and USD/CHF as well - and probably most of the big movers. I'm going to try it on my other fave GBP/JPY and see how it goes and probably the USD/CHF tonight.
I'm really happy with the results so far (I did test in a practice account first). As I'm based in Thailand it means cheap living so to get 50+ppday is terrific! One advantage I have is that I can trade the morning Asian session (Thai time 7am) for a couple of hours, then the Europe session (Thai time about 13:00) 2 or so hours then the US at 20:00 Thai time, plus the overlaps. Great time zone to be in! I didn't trade the long drop this morning, but if I did probably would have got another 40 or so pips. Wonderful!
Great site as well - I've learned so much from this one and babypips. Thanks to all for sharing information - I'm a relative newbie to forex (done shares & CFDs before). but I think forex suits my style of trading better and so does this strategy.
Cheers
Phil
Rahul said, "I used to make 2 hundred pips a day to double my account and it worked everyday"
Did you get this by going after 20 pips 10 times a day?
This makes so much sense, Steve!
Thank you for an excellent work. I think we should stick to your version of CrossBack Top/Bottom.
Best regards,
Edward
Sorry to labour the point but the confusion is caused by a hyphenated word construction defining 2 separate actions: 'CROSS' the old high or low, then come 'BACK' through it.
Steve T.
CROSS-BACK:
Here I believe are the sentences to define what it means;
"...4. Watch the market action at the current days' high. Drop down to a smaller timeframe - the 2 minute chart, if day trading indexes.
5. If the market makes a new high, then "crosses back" under """THIS""" price, watch the low reached on this downwave..."
I think """THIS""" refers to current day's high, therefore a cross-back means reaching a 'new' high (or low) and then crossing back through what WAS the day's high.
Steve T.
I believe "cross-back" means reaching a new high or low and then crossing back through the previous high or low. I think, "....5. If the market makes a new high, then "crosses back" under this price..." should read, "5. If market makes a new high, then "crosses back" under previous high..."
Steve T.
Correct. That's exactly what's been said on the first page. All credits go to that website, plus all screenshots has been taken from the source website too.
Actually this strategy was copied word by word (along with charts) from site www.trading-naked.com. Since the word "cross-back" top is not defined there, its alleged author will not be able to reply here.
Hi Jim
as you can see, the strategy never explains this term and so far we haven't found the interpretation. Sorry.
I have never come across the term "Crossback Top" as a newbie.
Could anyone explain it to me? (a screenshot would be very helpful!)
Thanks
Jim
Hi all.
Could anyone upload screenshots of their actual trades. Thanks in advance
Vagelis
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