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[popoola]

Hi Folks

I am a new forex trader looking for a way not to join the 85-90% that are not succesful in this business. My long term hope is to be able live profitably on proceeds from this business. I work full time and so do not have the time to sit at the screen all day although I would love to. So I acquired this trading technique from Quantum.

This threadwill enable have a record of all my trading decisions and to conform to the rules of the trading system.

The trading system is based on a combination of Elliot and Fibonacci's principles and is designed to keep you in trades for longer as long as the trade is going your way. ICWR stands for Impulsive/Corrective Wave Retracement. While I cant upload the whole system here for your perusal I can say that it (the system) tries to characterize every large move as impulsive or corrective and then make decisions based on that. If a move is corrective then it will not travel too far against the true trend. However if the move is an impulsive one then we just need to hand in there for the full ride.

I will be applying this system to the Euro, British Pound, Canadian Dollar, Yen and the Euro/Yen.

Please note that the system is a long term system and therefore does not require a lot of monitoring. This also means I can put on trades on more than one currency at a time

I already started this thread on the Journal section but decided to put it on the mainstream section so that more traders can see it and put in their comments. Secondly I could not post charts on the journal section.

[popoola]

First trade of this thread

Long 1 Eur/Yen @146.76 stop at 14576. Stop placed according to the system. Chart will follow later.

If anyone can advise how to get chart from my VTrader trading system please help

[yardie]

What is your TP for the EURYen trade?

[popoola]

Chart as promised...

Added later...

The ICWR Longterm strategy looks for the last wave of 150 pips or more on the 4hourly and draws the 0,25,68,76 and 100% fibs on it. if a full bar trades between the 78 and 100% levels and the RSI on the daily is above 50 then it is a buy with a 100pip stop. On the other hand if the market trades a full bar in the 0 - 25% fib area and the daily RSI(14) is below 50% it is a sell with a 100 pip stop

[popoola]

Hi Yardie We meet again...

According to the strategy there is no profit target. You stay in the trade till you are stopped out in this case -100pips or you get the an opposite signal in this case to sell.

I for one will run away with a simple 100pips. I have examples of trades that have lasted 4 weeks and have raked in as much as 700pips!

Before you ask me (I know you will). There is a process of moving stops as the market trades in your favour. It involves identifying the 150pip or more waves as the market progresses. If the market move in your favour the sell signal will occur at a higher level hopefully after a lot of pips in your favour

[popoola]

Nothing much to add to the story here. As you know I went long the Euro/Yen at 146.76. Stop @145.76. We stand at 146.48 now (-28pips). We have been as low as 156.32

According to the system we keep our peace and stay in.

[popoola]

My position is in profit about 10 pips. We have been as low as 146.20. The GBYen has gon to new hight but not the EuroYen. Chart is still bullish and the yen is still very weak. No new active waves of 150pips or more have been identified

[popoola]

The EuroYen stands at 147.17. My position from 146.76 is in profit. No new active waves so stop stays the same @145.76.

The british pound is in the buy zone now

[popoola]

Another position opened

Long GBUSD @1.8429 stop @1.8329. The active wave and the technicalities are on the attached graphic

[branac]

Hi popoola,
You have a nice and simple system there. I am waiting for your signals on EUR/USD.

Take care,
branac

[popoola]

We have just finished trading for the day and I am pleased I am in profit.

The charts as they stand now are below. I feel like moving the stops. The system doen not move stops unless another active wave is identified. But there is 150 pips on the table...

[tstmarkt]

Originally Posted by popoola

We have just finished trading for the day and I am pleased I am in profit.

The charts as they stand now are below. I feel like moving the stops. The system doen not move stops unless another active wave is identified. But there is 150 pips on the table...

Popoola,

Welcome to the forum, I know that system well and have tested it; it is very good, but be sure you are allow to give it away for free, did you buy it?fficeffice" />>>
>>
Rule number one using this strategy is to follow the rules... you should not move you stop.....>>

[popoola]

Hi tstmarket

Thanks for contributing to the thread. Since I started using this method I have had a new discipline for entry. I like the idea that you dont have to monitor it that much because I work full time. You didnt say whether you are still using it. Do you have any ideas on its improvement. I still feel if you have 2 straight up days you move stop to breakeven ie ICWR(2).

[popoola]

Both trades closed

BPound @1.8544 +115pips

Euro/Yen @147.60 +83pips

Bottled it. Would love to get back into the pound after it crosses the resistance @ the 8550 area.

[popoola]

Currently flat now. However looking at the markets now I shouldnt have come out of the Pound. It has broken through the resistance and is heading for the 'stratosphere'.

The lesson here is "STICK WITH THE SYSTEM!"

The mental aspect of trading is an issue that no one system will fully address. There is no amount of words that can be said to tackle that.

Waiting for the next trade