100-300 Pips Per Day Any Pair Any Timeframe Using 2 Indicators - page 92
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So is this method from Joe still working for all? Pls get me updated something here. Thanks
Somebody pls help me to add email alert when number 3 appears? Thanks
Question about joesmoe trading systems
Hi all,
I was wondering what is the consensus on the 3 systems joesmoe posted sometime last year. The first one was simple, and I coded it into thinkscript, but then before I did a lot of paper trading, saw remarks that it did not perform well. What about the other systems? I would consider porting #2 or #3 if they do well.
This thread suddenly died. Is anyone still trading this method ?
Hi joesmoe, I'm trying this setup in M1 TF and it seems to be working, although I didn't wait for the PA to cross the 100 SMA. My entry signal is 2 or 3 reverse bars after the '3' appears. My concern is how should I manage the risk-reward? Where should I put my SL and where to TP? Prompt reply by anyone would be appreciated, thanks!
Hello fellow traders,
The Mac D Reverse TSU:
I have another set up I love to use. This one is very easy to see, easy to trade and you don't have to be glued to your computer as much. It also will satisfy the trader who wants multiple trades a day and does not want to be as patient and feels he has to make alot of trades each day.
1- Put up every single pair that your broker will allow on your MT4 Platform
This allows you to have lots of choices
2- Set everyone to 1HR time frame.
3- Drag TRO 3_Level_ZZ_Semafor onto each pair.
4- Put MAC D onto each Pair set at 11,12,11
5-Drag TRO support and Resistance onto each pair
6- Put 100 SMA for Entry. ( This is not on the Templete you will have to add it.)
See Picture below for example.
Rules
1- Wait for Number three to show up on the pair.
2- Wait tell the Histogram peaks and retraces back 2-3 Histogram bars the other direction.
3- It's better to see a High peak on the Mac D Histogram
4- Switch to 1m chart. When Price Crosses 100 SMA take the trade.
The reason why this works so well is it allows you to trade often because you are looking at so many pairs. You start to not take junk trades because you know there are more pairs to look at and it allows you to not force a bad trade just for the sake of trading.
This also works because the 1hr time frame will have a pullback or reversal and it does not have to be much to make a great number of pips. Going to the lower time frames would work as well but your risk of how much it will move is the key. This will also take you out of lower time frame wip saw.
JOE SMOEUpdates
Hi Everyone,
Have just found this thread and it sounds intriguing: are these 3 systems really so accurate?
I've found the 2nd system on post #36, where Joe says to wait until price crosses the 100MA before making the trade but on his attached picture I can't see a 100 MA.
Has anyone found the 100 MA to be vital in determining trade entry?
To anyone who still uses this method, which of Joes three systems havej people found the easiset to use?
Cheers,
Mike
Trading using support/resistance levels is how the pros trade and major institutions place pending orders at possible S/R, especially pivot points as this is where reversals tend to occur so it's worthwhile using pivots too.
A few indicators for confirmation is ok and in fact although indicators have a lag element, often times they can signal reversals or at least a stall in the current movement through divergence.
The S/R break method does indeed work, you just need to trade in the day's direction. I only trade in this direction as the market is behind you then. A move in the opposite direction may only be a small retracement on a higher timeframe.
Bottom line, every one has their own style of trading that fits their personality and you can indeed be profitable in this game as long as you're consistent and patient.
All the best...
Trading using support/resistance levels is how the pros trade and major institutions place pending orders at possible S/R, especially pivot points as this is where reversals tend to occur so it's worthwhile using pivots too.
A few indicators for confirmation is ok and in fact although indicators have a lag element, often times they can signal reversals or at least a stall in the current movement through divergence.
The S/R break method does indeed work, you just need to trade in the day's direction. I only trade in this direction as the market is behind you then. A move in the opposite direction may only be a small retracement on a higher timeframe.
Bottom line, every one has their own style of trading that fits their personality and you can indeed be profitable in this game as long as you're consistent and patient.
All the best...Hi Olives,
Thanks for your perspective and tips on using S&R levels. Do you use one of Joe's methods? Which one have you found most profitable?
Cheers,
Mike
Hi Mike
Kudos to Joe for making the thread and at least bringing the importance of support and resistance back into the limelight. Too many people rely on indicators with bells and whistles when they trade but the real secret (if there is one) is that the when the market stops moving it has hit a point of support or resistance. Which way it will break and how far depends on variety of things such as what the higher time frame is doing, or high impact news, etc.
I wait for the market to stall at support or resistance and then jump on board when it moves. Most of the time I'm trading in the right direction, however there are times when fundamental factors cause a temporary (or longer term) reversal which is where money management comes in to play.
The very first thing I do at the start of each day is to see what the daily chart is doing. If it's bearish I ignore all bullish moves on the 1HR chart, as these may just be retracements on the daily chart. Then I trade from one S/R to the other. Daily pivot points also key S/R levels and reversal points. I've attached a chart with daily pivots on it so you can see how price reacts to them.
There is also another indicator I use called Super_SR which works in the same way as the one Joe posted but the levels don't disappear they stay where they are. It's remarkably accurate with GJ.
In addition there is another indicator which is a multi-timeframe SR indicator. I sometimes drop to the 15min chart and plot 1hr S/R on it. Then trade from one level to the next. On occasion I use pending orders with very tight stops. Trading this way with S/R levels means an excellent risk to reward ratio. So your losers are small and the winners are very big.
Anyway enough rambling I'll post the charts and indies...