Advanced system #13 (The Floor Trader System)

Hi Weiru,

Just to show that some trades dont always go well.

Here is a trade that I made that went wrong. It also shows where I place my stops.
First picture shows what the trade looked like when I placed my orders, and the second shows where I got stopped out.

Happy trading
Michael

Hi Kristoffer,

a quick update: our uploading system has been restored, you can try it now. Same thing, after uploading add a link to your image here in the comment.

Thomas
(mod)

Hi Michael,
had some problems posting her, but I have now uploaded a couple of trades on Imageshack (bad quality for some reason). I am now long CAD/USD http://img12.imageshack.us/img12/7817/chartusd.jpg (went long at 1,0690).
and I traded GBPUSD http://img5.imageshack.us/img5/2493/gbph.jpg
Maybe I have misinterpreted the system, but doesn't level one buy signals mean that one bar has to close between the MA's? I am with FX solutions now, quite pleased with them. I am from Norway. Which broker do you use?

Regards,
Kristoffer

Hi Michael,

the uploading feature is temporarily down; expected to be up next week.
For now you can use any free service like 4shared, imageshack etc and post a link to the uploaded file here in the comment.

Thomas

Hi Kristoffer,

A chart of your trades would be great- If you can upload them.(I cant seem to anymore, any ideas?)
From my understanding,a level 1- after the MA cross we wait for the price to retrace a touch/penetrate the the 18EMA and place a buy/sell at the high/low of that bar.

Could you aid your opinion.

Sorry to hear about your losses, I seem to be breaking even.
If you cant place a stoploss, I would consider another broker- not sure who you are with? Are you an american citizen?

Happy Trading
Michael

Hi Weiru

Have been eaten up buy the chop this week too. Not an ideal week for this strategy.
My exit strategy/stoploss is the high/low of the 'price reversal bar'. I am trying something at the moment- take off half the position at 1:1 RR, and leave the other half at breakeven. (will try to upload a chart explaining it- but am having difficulties).

Happy Trading
Michael

Hi,
The only trade I did this week was buying GBPUSD, i don't risk taking level 2 or three signals. To be honoust I cannot understand why you traded EURJPY in the first place. The last qualifying trade on this pair on level 1 is 30.th of july, but I am not quite sure about the system yet either, and I have so far lost money trading forex. Thank you for your advice on buying orders Michael, but how do you set stops when you set buying orders on limit? My broker does not allow me that because of some new US regulations, so now I am trading without tops.

Regards,
Kristoffer

Hi Michael,
the only buy signal I got this weekend was GBPUSD bought at 1,6480, sold it yesterday for 1,6566 (cannot understand where you got all your buy signals, but this system is not so good as some may claim). I have placed a buy order on USD/CAD at 1,0690. Thank you for your advise on buying orders on break out, are you trading all levels of entry? For some reason, the American government has put restrictions on stop losses if you want to buy at a specific price, so I am now trading without stops. Anybody here that can recommend a broker outside the US, or a way to sort out this dilemma?

Regards,
Kristoffer

so far the screenshots are based on ideal trends. Can anyone share the exit strategy for this system in a choppy environment? I seemed to get all chopped up in there.

Thanks.

Regards,
weiru

Hi everyone,

If you look at a chart (still cant seem to post any) you will be able to see that of the 5 orders I placed, all were executed and 4 rapidly crashed and burned (OUCH!!) The only one I have open is the long GBP/JPY, and that is currently sitting at approximately breakeven. :(

Not a good week.

I have been thinking about dropping EUR/JPN from my watch list, as it has been my worst performer.

Anybody have some ideas?

Happy Trading
Michael

Hi,
I cant sit in front of my PC all day either. That is why I trade daily charts, it takes me about 20 minutes to scan the charts for potential trades, I then place buy/sell orders at the high/low of the 'price reversal bars'. And do the same tomorrow.

Orders placed today- Sell EUR/JPY, Sell EUR/USD, Buy GBP/JPY, Buy USD/CHF, Sell AUD/USD. (Like I said in previous post plenty of potential trades this week).

(Edward- I tried to upload a chart, but it wont let me, will try again later today)

Happy Trading
Michael

Thanks Michael, I would love to see more charts. My main problem with trading this system is that I have too be with my computer too buy/sell when it breaks the high/low of the preceding bar, and this is impossible for me. Do you think it is possible to use limit orders and hold the trade for approx. one day, or is it best to stay buy the computer and sell when it turns on the 1H chart. Thanks.

Hi Tom,

I currently trade the EUR/GBP, EUR/JPY, EUR/USD, GBP/JPY, USD/CHF, USD/JPY, GBP/USD, USD/CAD, AUD/USD, NZD/USD.
I haven't taken trades on all these currencies yet (i.e Aud/Usd and Nzd/Usd- they have been in a long up trend) but I agree the set up works well.
The moving averages help identify the trend and the pull back with the 'trend continuation bar' is an excellant trigger to trade.
I am currently long GBP/USD, CAD/USD, and short EUR/GBP. And next week should be a good week, there seems to be plenty of potential trades on the way!

If anyone wants I can post some more charts.

Happy trading
Michael

hi all,

Michael thanks for the response; I have been working with this and its working well. I think what helps with the system is identyfying the major Support & Resistance levels via Pivots. This helps to give confirmation to the move prior to the actual pullback and allows me to set alerts and therefore not have to sit in front of the screen for hours on end. Michael can you tell me which 9 currencies you follow ? Also Edward can I suggest another few threads ? Such as the best times to trade FX and also the best FX pairs to trade ? I have some notes and ideas it may just not be best to post them here.
Thanks again for the site it really helps having multiple brains working on the same issues.
Tom

Hi everyone,
Chart above was on a daily chart. They were trades that I made live. I only trade this system on a daily chart. I also trade 9 currencies with it. I get about 2/3 trades a week.
Tom- yes entries are made at the pull back, if there is no pullback, just wait. This is hard- there was a cross made on the daily USD/CAD about 2 weeks ago, and it just kept on going! So missed the entire move.
I will post some more charts soon.

Happy trading
Michael