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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THIS STRATEGY LOOKS WONDERFUL BUT THE RULES ARE TOO MANY. CAN ANYONE SIMPLIFY IT.
ARINZE
Easily, Arinze
As suggested by Rahul, take only Level 1 signals.
Regards,
Edward
If this strategy has a defined set of rules isn't it possible to write an EA??
hi, i'm from malaysia... :) anyway i think this method is quite simple actually...only that i don't understand what it meant by crossback top/bottom in level 3 setups...can anyone be kind enough to explain more? thanx in advance
This is an interesting system. I was wandering, what happens if we get a Level 2 signal to get in a trade before Level 1 happens? Do we enter in a position, or we have to wait for Level 1 to happen first?
According to the rules, we can take Level 2 signal without waiting for Level 1 signal to occur. This situation (when level 2 comes first) will happen during the rallies and selloffs, when price won't be given a chance to fully retrace and touch 18 EMA.
Regards,
Edward
There is too many false signal for 9/18 MA. Prefer using 9/30 MA.
This system is very accurate but it needs some interpretation in order to function properly. What happens for example if BUY signal exists but the last bar is an inverted hammer? Do we wait and enter the position after a long shadow or immediately after a body of a candle? To see what I'm talking about I have attached a screenshot.
Thanks
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