FREE FOREX STRATEGIES

Advanced system #13 (The Floor Trader System)


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 >>>


 


..if it doesn't have any further instructions, then you're supposed to take any trade.

..this is not a very simple strategy to follow, I wish it was revised into a smaller, easier to read version.. but having it the way it is, one needs to read it up to 3-4 times to fully comprehend the rules..
May be.. try reviewing it one more time, but if nothing works, it would probably make sense to save the energy and time for another strategy..?

Hi all,
Can I ask if you will take any trade, the moment Moving average cross? Like it go for down cycle you wait for retracemnt and trade?

Will this be not follow the main trend or?

From,
Tin

It's correct, Peter

EMA would give a more reliable visual reference.

Regarding the candle count, I would not hope the market to follow 5 candle retracement pattern strictly.. I'm very open to 6-7 candle retracement as well. May be more than that would actually rise some concern, which I'd probably have to agree with, but a limit of 5 is a bit tight, in my opinion.

Regards,
Edward

(P.S. Many screen shots to this strategy use 3 min time frame)

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.

"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?

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

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.

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..

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

Can I know, what it mean by if the retracement last for more than 6 bars, it would be suspect?

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

Yes, this 2-5 bar retracement thing sounds alright, because i use the 5 minute bars on a few currencies but there have been few setups.. maybe this would help to find some.. but the problem is, if the retracement reaches 3 bars...and you think oh great thats within the limits, but then it gets you in but then retraces to 4 or 5 bars and takes you out due to the stop being at the top of the reversal top.

i thought this method had real potential and the first day i used it i made alot of money, sadly i have only lost money since that day... if there was some way to refine entries / optimise TF..would be good.

The strategy can be used across all time frames.
Try any TF from 5 min to 1 hour first.

Regarding stops, there are few paragraphs under "Protective stops" in the original strategy rules on the first page.

Kind regards,
Edward

Can I know this strategy is best used on which time frame? And also how do we apply the stop loss to it?

Yes, that's where the count begins (for a retracement in a downtrend).

Regards,
Edward


 

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