Comments on: FOREX Training Course – lesson 2 : (The basic system)

By: sionsmith

sionsmith — Mon, 26 Dec 2011 02:34:59 +0000

For chart setup see lesson 1.

Stop Losses (SL) and Target Profits (TP) are covered in lesson 3.

By: bsdpowa

bsdpowa — Mon, 26 Dec 2011 01:58:03 +0000

I’m guessing this is H4, what parameters do you use on MACD?

By: sionsmith

sionsmith — Mon, 26 Dec 2011 01:04:07 +0000

This is H4 time frame. MACD settings are

Fast EMA 5
Slow EMA 13
Signal SMA 1

By: cabletrader

cabletrader — Mon, 26 Dec 2011 00:19:54 +0000

Lagging oscillators always look great after the event but aren’t a practical trading aid.

MA based indicators, like a lot of indicators, work fine in a clearly trending market but fail miserably in a ranging market.

For every entry signal that leads to a profitable trade you’ll find one that leads to a loss.

Anyone considering following this system would be strongly advised to test it thoroughly on DEMO first.

By: mgryga

mgryga — Sun, 25 Dec 2011 23:44:46 +0000

This system is well tested on Forex Factory. It works fine.

By: cabletrader

cabletrader — Sun, 25 Dec 2011 23:14:42 +0000

No offence but I’d still suggest people check it on DEMO first and not take anyone else’s word that it “works fine”. Systems like this are everywhere but no-one EVER seems to post any advance calls or trading blotters, it’s all retrospective results.

Like I already said it looks great on historical data but in a live market environment you’ll probably find it lags too much ie late entries, smaller targets, wider stops.

It’s up to you how you spend your money, I’m just warning you is all.

By: sionsmith

sionsmith — Sun, 25 Dec 2011 22:29:58 +0000

I completely agree, lagging oscillators & indicators look great after the event, that is not what i’m teaching!

Candlestick patterns, how the market reacts around certain levels fibs / pivots / EMA’s is what i’m trying to show here.

Watch the video at the end I explain that the system works best in trending markets and that you need to identify what state the market is in before trading. It can be used in ranges, your stops and target must be much tighter.

cheers

By: buffer50

buffer50 — Sun, 25 Dec 2011 21:58:17 +0000

Hi Sion,

Well done on your teaching to us all, keep up the good work, by the way do you have any way to tell us when you have posted a new video on your you tube site as i only get a weekly e mail from You Tube

Thanks
Paul

By: calderone4x

calderone4x — Sun, 25 Dec 2011 21:38:18 +0000

Very helpful video.

By: hclausse

hclausse — Sun, 25 Dec 2011 21:11:07 +0000

Whats wrong with URL link?