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.
Read entire post >>>
Hi everyone,
I have had a look at some charts, and saw this setup.
Let me know what you think.
Happy Trading
Michael
Hi again,
Spotted another trade.
What you think?
I plan to trade these 2 setups, will keep everyone upto date.
I also spotted possible setups on the EUR/GBP (but is sitting on strong support and is a 3rd retracement to the MAs), also keeping an eye on the USD/CAD.
Happy Trading
Michael
Hi,
Both trades active, so we will wait and see what the day/week will bring.
Happy Trading
Michael
hi Michael,
re the chart not knowing time frames etc; I suspect there is a good reason this is called the Floor trader strategy namely because thats where it originated and I suspect it was not meant to work in longer time frames; subject to that how are you finding it with your most recent trades ? re finding the trend; I agree in FX this is the hardest thing to do; how do you normally find the trend ? the same method should work; failing that just put up the 9 & 18 on a higher time frame; I have been experimenting with that on everything from the 30 min to the 4 hr; what I am finding that if the 30 min trend lines up with the 4hr candle formation then its pretty good at ID the trend. tom/oz
Hi Tom,
Knowing where price is going to go next is not only the Holy Grail of trading, it is also impossible!!
As traders all we can do is look for a setup that has an edge (high probability), and continually keep trading it.
With good money management (and a little patience) we can be prfitable.
Happy trading
Michael
Hi everyone,
As stated in a previous post, I have also been watching the USD/CAD, and this morning a setup presented itself.
Any comments?
Orders have been placed :)
Happy Trading
Michael
Hi everyone,
For those still following, of the 3 trades I placed last week (Charts above-EUR/USD, USD/CHF, and USD/CAD.
Both the USD/CHF and the USD/CAD trades have closed out for a loss, and the EUR/USD in currently sitting at about -100pips.
This strategy is currently being KILLED, as there doesnt seem to be any trend with any of the traded currencies, whiplash is a terrible thing.
What to do is the question? Do I trade through the drawdown, with the hope of making it back next year or do I stop using this strategy???? Who knows......
Happy trading
Michael
Hi everyone,
Just had a look at all my charts, and the MA seem to crossing (or about to cross) on most of the USD pairs (possibly showing USD strength).
Could be an interesting week.
Happy trading
Michael
Post new comment