My New Day Trading System-rate and test - page 16
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Hello All.
Just thought I would post this chart because I have seen this scenario again and again on all timeframes.
This pattern is rock solid and looks the same whether it is M1 H1 or Daily.
If you have been following Cy's system you would surely have noticed the
amount of signals that come as a reject of the -60 or -40 line.
That's because the markets are fractal
. In fact the WIlliam's 2000 signal should work on any time frame.
I'm confused about this signal though
. I'll keep studying it so I may yet understand.
Hi guys. Thanks for that system, works well on M5 too.
But what u mean rainbow indicator? Can you share it please?
And where you put your stops? Near -50 wpr? but sometimes it can be huge loss about 50 pips.
Sorry for my english)
Hi guys. Thanks for that system, works well on M5 too.
But what u mean rainbow indicator? Can you share it please?
And where you put your stops? Near -50 wpr? but sometimes it can be huge loss about 50 pips.
Sorry for my english)Hey wskeal,
The Rainbow indicator and several others are indicators that Brookey29 kindly made based off of my William's 2000 signal. You can find them all by clicking on the attachments icon (paper clip) in the upper right of this page. Some of the files are zipped, if that helps.
Your stop loss is the point at which the signal invalidates itself. That is, if you sold, you should have done so when the William's2000 closed at -61. If it then closes at -60 take the small loss. Keeping the losses small is how we hope to achieve a favorable risk/reward ratio. I started taking this system seriously when I noticed that the signal can easily net 20, 30, 50 or even 100 pips in a single trade.
Chances are you will get another chance at the trade. Entry and stop loss is the easy part of this system. The more challenging part is when to take profit, AKA, managing the trade. That takes practice and familiarity with the currency pair. My Forex Cockpit concept should help with this. I will probably start a thread explaining exactly how it's used at some point but for now just ask if you want to know.
EDIT:
Sorry I misunderstood you. I do sometimes close the trade if the W2000 retraces to -50. Sometimes I do what I described above. Either way my stopped trades are never more than -15 pips.
I've never seen where it would have been 50 pips but I'm sure it's happened. So here's the rule then, if it has to be concrete: Close the trade if it retraces to -59. Just close it but re enter if it goes back down. Usually it will eventually give you a profitable signal that will at least recoup your losses. There will be occasional times when it's just jerking you around and you end up taking a sizable loss but the over all system should make up for that.
This is similar to Gann's method of exit. His idea was to take several small losses, several moderate profits and a few huge profits here and there. If it was good enough for him it's good enough for me.
If the momentum isn't there to drive the price several pips in our direction when we take the trade then we will probably get stopped out at some point anyway. Nothing I hate more then a stalled price as soon as I enter a trade.
Williams Trade Indi Update V1.2.1
Hi All.
I had a PM the other day where it was mentioned that a few signals may have been missed by the trade indi.
By changing a few settings I was able to pick the signal but noticed that I had hard coded a figure in which was the amount of difference to the trigger lines that the point at valid bars back was wanted. This is now an adjustable variable which is better.
eg: If you want the -60 short trigger to occur when 9 bars back was at least at -55 ( showing it was coming down ) You would set the valid bars back at 9 and difference to 5. If you want to see all crosses with no filter valid bars back can be 1 with a diff of 0.
Chart attached for clarity.
Cheers.
Hi All.
I had a PM the other day where it was mentioned that a few signals may have been missed by the trade indi.
Cheers.Hey brooky, is there any chance that you could kindly post a zip/rar file of your current indi's with a template from the latest rainbow chart you posted on post #151 if thats possible? Just trying to go through the thread to peice together the files but Just want to make sure I have the right settings and stuff.
Would be great if these were posted by Cycle Surfer on page 1 so newbies including myself can save time and spend more time trading. Thanks so much to both of you for your contributions here, wish you many pips!
Thanks for the updated indie Brookey.
I"ve had family stuff the last few days guys, I'm back now. I was thinking of possible filters for the WIlliam's2000 signal and came upon a possible filter that should work pretty well.
This is a bit complicated at first glance but isn't really. The WIlliam's2000 follows the price pretty well which make it possible to predict to a good degree of accuracy where the price will be when the WIlliam's2000 reaches a certain level. So if the William's2000 is at -40 and heading down you can look at the price and deduce that it will be around 20 pips lower (usually) when the trade triggers.
If there's any support at that price level then you wouldn't want to take the trade. That is to say that if the price has bounced off of that price level in the recent past then you are better off not taking the trade. This works well with the 4periodMA since usually in this case you would have a lot of support to punch through anyway.
Example attached.
There's lots of juicy shorts available right now for all my fellow scalpers. I'm done for the day already. When I scalp I tend to do it in short bursts, I don't believe in extended sessions. Focus gets warn away fast.
Sorry that I havn't been posting live trades for the William's2000 system lately, I've been working on a new scalping method.
Cycle Surfer, where should I find the latest and best settings for the indicators being used right now?
Thanks for sharing your helpful insights and method here. Much appreciated.
Cycle Surfer, where should I find the latest and best settings for the indicators being used right now? Thanks for sharing your helpful insights and method here. Much appreciated.
Hey WIltered Fire.
The following indicators are what I use for my William's2000 system. They can all be found by clicking on the "attatchments" icon (the paper clip) in the upper right of this thread.
1. WIlliam's % Range (set to 2000 in the inputs tab) OR Brookey's William'sTrade that was posted a few posts back. His version is automatically set at 2000 and shows the signals on the price line.
2. 4periodMA. This multi time frame indicator is used to determine support and resistance across time frames.
3. TD Sequential.
This is pretty much all you need though strictly speaking you can do ok just by taking the signal from the WIlliam's % Range described in this thread.
The second two indicators are for managing the trade and the first is for entry.
4perood MA:
Basically you want to ignore a signal from the WIlliam's2000 if there is a lot of support or resistance blocking the way.
TD Sequential:
Often when a 9 forms above the price the price will fall and vice versa. It doesn't work often enough to be a trading signal on it's own but it does work enough to be very useful when managing the trade.
---------
Brookey has been kind enough to write many indicators based on this system and they all work well.
---------
I may start a new thread based on this system that describes everything in a clearer way.
Hey brooky, is there any chance that you could kindly post a zip/rar file of your current indi's with a template from the latest rainbow chart you posted on post #151 if thats possible? Just trying to go through the thread to peice together the files but Just want to make sure I have the right settings and stuff. Would be great if these were posted by Cycle Surfer on page 1 so newbies including myself can save time and spend more time trading. Thanks so much to both of you for your contributions here, wish you many pips!
Hi,
Just a note that I will post the zip shortly. I have been working on a confirmation signal and have found a good one that I will explain as well.
Cy has dibs on the first post and I think now that we have all refined the concept somewhat, Cy when he has time could collate all thats needed.
Cy, if you are reading this, you may want to wait for a moment till I do my next post so that you can include some extra files if you see fit.
Cheers.