Advanced system #6 (Picking Tops and Bottoms)
Submitted by Edward Revy on July 15, 2007 - 07:29.
Were you told not to hunt for tops and bottoms when trading..?
Why not break the rules when you can tell with an astonishing precision where the next top or bottom will be?
Here is one very nice and accurate trading system that could make your Forex trading entirely about hitting the right spots.
Trading setup:
Time frames: 5, 15, 30 minutes, 1 hour, 3 hour and 1 day – just one chart at the time will be used.
In case you do not have the exact time frames, simply substitute them with the closest ones. For example, 15 min can be changed to 10 min, 3 hour can be changed to 4 hour etc.
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Hi Edw.
i just noticed tt using MT4 on diff. providers the ADX(14) on daily basis gives diff. values. check att. snaps and advise how this happens and how to know which is the correct one.
thks
brgds,Andy
Could be that some platforms don't include Saturday and Sunday data into the calculation, or may these are different types of ADX, when, again, one of them uses Mon-Fri, and another a whole week.
Also, keep in mind that different platforms can run in different time zones, so the day and hours will start with a shift, thus affecting the calculation of the daily ADX.
Hello ! I would like to know if anybody is making consistent profits using this strategy ?
Thank you.
Thank you so much. I was honestly just doing the same thing but using an ETB for support and resistance, but this is much better.
ADX is the perfect indicator for confirmation while scalping trend pullbacks.
Hi Edward,
first of all thanks a lot for your precious didactical activity. I applied some of your advanced trading strategies to forex and they worked well. Thanks again. But I have a little question for you: I trade forex but my principal trading area is commodities. Well, do you think some of these strategies could work as well on, e.g., gold, crude or soybeans? Do you trade commodities as well? I use a simpler version of this advanced#6 strategy that is known as 'holy grail' strategy and has been revealed by Linda Raschke; it looks similar, except for the down-scaling time frames. Do you think this way to scan down the time frames in search of the 30 adx value and retracement to 20 ema could work in commodity futures as well? And what other strategies could fit in your opinion?
Hi,
Thank you for your feedback.
Unfortunately, I don't think I'll be able to give some good advice, since I don't trade commodities.
Kind regards,
Edward
Hi Edward
I am a newbie and trying to figure out how to use this strategy. How do i physically set it up on the trading station? So far i have gone into Marketscope and 'add indicator' then clicked on EMA and changed it to 20....don't really know what i am doing or why, would you mind very much explaining this in detail for me so i know how to set it up to try a trade?? thanks
Natalie
Following this strategy.... I've found a candle touching 20 EMA from below with ADX (14) over 30 line but it's like approaching towards 30 level.... Should I enter at such level as the ADX might touch 30 or go below it in next candle.... Trend is downwards though in both larger and smaller time frames except at smallest time frame.... How should I act to such case.
Sohel (Newbie)
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