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,
at the moment I don't have any additional ideas for refining the entries for this strategy.
You could, actually, make strict rules to enter only after a retracement which is no less than 4-5 bars. This way, you'll get fewer signals and hopefully the accuracy will increase.
Kind regards,
Edward
Can I know, what it mean by if the retracement last for more than 6 bars, it would be suspect?
Absolutely not,
the only requirement is for a retracement to have a length of over 4 bars.
After that will it be 6, 7 or 8 - doesn't matter.
Kind regards,
Edward
i cant find many 5min or 1 min setups... forex seems too choppy for this method.. probably works a lot better with stocks or futures..
Edward,
A most excellent site and very worthwhile and interesting information. I have created a Word document which collates all the information on this system (including charts)from your site. It might be handy as a "complete" reference for your readers.
If you think it worthwhile, how would I upload it?
Kind regards,
Peter D.
Hi Peter,
there a link below the comment field, which will open an upload window for you.
Once you upload the file, there will be a link given to you.
Please copy that link in your next comment, so that we can access the file (since all the uploads are hosted on the external server).
Kind regards,
Edward
"Absolutely not,
the only requirement is for a retracement to have a length of over 4 bars.
After that will it be 6, 7 or 8 - doesn't matter."
Regards to this, from the post on the main page, its says best retracement is 2-5 bars, the 6 one will be a suspect. In this case, does it mean we can have more than 6 bars of retracement?
Hello Edward,
Will upload the file when I have edited it a little more.
I was also wondering about the "6, 7, or 8 bars . . ." statement as it conflicts with the general strategy content. However, if the EMA's indicate a trend continuation, I suppose it is simply a matter of waiting until the price reversal candle appears? If it doesn't, then it must be a continuation of the retracement - correct?
As a new-comer to FX and to on-line forums, and after reading through hundreds of contributions, may I suggest that contributors:
1. Sign their contributions (any alias will do),
2. Refer any comments in response to the specific contributor (as appropriate).
By doing this , we can all follow the thread and benefit from the enormous collective knowledge of your readers.
Kind regards to all,
Peter D.
Post new comment