Advanced system #8 (4 CANDLES STRATEGY)

Hi!

"If your stop loss is hit, set the pending order again."
Im not sure what this means. If your long trade is stopped, immediately go long again? or set the pending long at the top of the channel again?

Thanks!

nduka, thanks james it really worked

Could you tell what is Moving Avarage Periode & Type in your screenshoot please ?

Regards;

Manus168

James,

I have been back testing this method, but have adapted it to using 3 hours, instead of four. It seems to work quite well. Great, simple strategy. Thanks for sharing.

David j.

I decided to find out what time zone Jame's trading platform operates in. If to look back at Dec 20, 2007 the charts appeared to be in GMT+2 zone (you may double check to be sure). I think from there you can decide what time zone and hours you'll be using.

Also I'd try GMT zone and EST zone to compare results.
Hope this helps,

Thomas

James - or others using this system - apologies asking this again but I'm still confused as to which 4 candles to use. I trade with ACM based in Geneva who open and close at 21:00 GMT. Do I therefore use the 22:00, 23:00, 00:00 and 01:00 (GMT) candles or is it specifically the first 4 candles of the calendar day in Geneva 01:00, 02:00, 03:00 and 04:00 (GMT)

Thanks for your help.

Hi laricole, can you please tell what the sever timing of your trading platform is when you used it in trading this strategy.

james thanks u and u and u infact it is wonderfull cos i used it on gbp/usd and eur/usd and it works,i open a demo account with $300 and i turn it to $613 in 7 days cos i make one trade per day and target just 10pips on high lot. laricole.
e-mail: laricole4u[at]yahoo.com

good job there james keep it up ok.

grace_m2007

Hi kiluvys,

I've compared the screen shot data provided by James to the history data on my charts. It looks that James trading platform timing is running according to GMT+2 time zone.
So, if you want to follow the recommendations precisely, you would need to focus on 4 candles from starting from 00:00 GMT+2.

Regards,
Edward

P.S. James, please confirm or correct me if needed.

Hi kiluvys, good note, James didn't mention that. I'd look at both and collect some statistics. Then simply compare.
Troy

Hi Javier,
Yes you may. But then if you don't come later on during the day to check on your trading performance, you won't be able to trade another breakout (in the opposite direction) in case an opportunity presents itself.

Other than that, a plan to have one breakout trade per day looks good.

Regards,
Edward

Hello I am Javier and I wanto to know if I can create an entry order, for example 30 pips below the lowest low and 30 pips above the highest high with 50-60 pips of stop loss and 50 - 100 pips to take profit
Once one of the entry orders is triggered I could remove the another entry order, James can I apply this?
Thanks in advance and Regards

Hi James what is the best time to start watching the market and wait for the 4 candles,London(00:00 GMT) or NY(00:00 EST)???

kiluvys

James you are a great guy. Am still using the 4h stoch strategy but i have been looking of a way o make valid entries.I guess i can use this too.

Regards
Nzemkolo