Forex trading strategy #8 (Teodosi's simple system)
Submitted by User on September 20, 2007 - 04:59.
This Forex system was sent us by Teodosi.
We are proud to have such users willing to share their thoughts,
ideas and systems so that others can learn and trade Forex even more successfully!
Thank you, Teodosi! Your contribution is greatly appreciated!
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"Hello guys i`ve been using one very profitable system and i want to share
it with all of you. If anyone has any suggestion i`m open to hear something
new to add in it.
This is my system.
I use 1h chart on GBP/JPY with Stoch(5,3,3) and RSI(7). My idea is this ...
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Absolutely,
USDJPY is a good pair to trade with this Forex strategy.
Regards,
Edward
From Walter Chan:
Hi Edward, can we use this strategy fro USDJPY? Anyone here tested its effectiveness? :)
You're absolutely right!
Happy Holidays!
Edward
From Walter Chan
What I interpret from his screenshot is the current candle must be "completely close" and then compare the previous candle before we go into a trade.
Hope I understand it correctly.
Merry Christmas! :)
Hi Walter,
The current candle must Close at least 50% of the previous candle.
Happy trading!
Edward
From Walter Chan:
Hi Edward,
it means the current trading candle must close/trade at least 50% of the previous candle?
Great comment!
Thank you for your contribution.
Regards,
Edward
Hey everybody,
I use Teodosi's system in my trading, and it is very profitable. I would like to add a couple of rules I have found to be very successful while using this system.
1). The lines for overbought and oversold should be slightly different between the stochastic and the RSI 7. I like stochastic to be around 75 or 25, and RSI to be around 70 or 30 (RSI rarely hits 75 or 25).
2.) Don't immediately enter on the next candle after you get you signal, you can almost always get a pullback for a better entry. I have found that these pullbacks will usually reach the middle of the signaling candle, and will increase the amount of pips you can take on the trade. This also goes for your exits too, wait until the pullback to close out your profits.
3.) Don't tinker with the 100 pip stop loss, it is uncannily perfect for this system. Everytime I have tried to make my stops closer than 100 pips, I have been stopped out on a pullback before the intended move came.
4.) When sitting on over 100 pips of profit, move your stop to breakeven. Then you can relax knowing you are playing with the house's money. If you reach 200 pips of profit, move your stop to 100 pips of profit, and so on...
These are my personal trading preferences for Teodosi's Simple System, which I think is brilliant. Thanks Edward and Teodosi for the material, I appreciate your wisdom and your efforts.
Started testing it too recently.
Denny
Hi guys,
Anyone else testing this?
Any solid rules for S/L and T/P?
Regards,
Marius
Hi everybody,
2 trades today(EURJPY and GBPJPY), one is currently at +54 pips, the other one at +39.
This strategy works fine so far. Thanks mr. Teodosi!
Regards,
Marius
Hi guys,
I started testing this, and it looks promising. It can catch large moves very early. Please see a sample of my testing from today.
Good luck!
Regards,
Marius
yet to test it. thanks for sharing
Hi Edward
It is humbling for me to hear that you have actually taken the time to visit my website and that you have good things to say about it, as new as it is.
I have been collecting data for the GBP/USD, USD/CHF and USD/JPY pairs in order to have bigger samples for back-testing. My current strategy for EUR/USD does not work exactly the same for these currency pairs due to different levels of volatility and liquidity. I am looking at other strategies such as displayed in your site to find the best fit for each currency pair.
Your due dilligence in maintaining your site is admirable and it makes me only want to work harder.
Looking forward to a healthy and prolonged relationship.
Regards
Dean Gladle.
Hi Dean,
1500 a week is an extremely high target. It can only be achievable when market is willing to "cooperate" by providing one opportunity after another. Still, this result is plausible, considering that GBP/JPY pair produces wide daily ranges. Adding on top few more pairs: such as USD/JPY, EUR/JPY and(or) AUD/JPY can produce additional profits.
Nothing known, however, about the consistency of strategy performance, so it is a subject to test.
It is true, we haven't seen comments from Teodosi for a long time, we can do nothing but wait; he didn't publish his email for contacts.
Good luck and happy trading!
Edward
P.S. I saw your blog. It is a nice alive story of the journey of a trader. I'm going to revive the link to it.
Update: sadly the link no longer works...
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