Yet another newbie system!

[mamz]

Hello compro00

could you please provide me with Epiphony e-mail address to the following mail:
moajeba@yahoo.com

Best regards good mate.

mamz

[sr2]

Originally Posted by tim_nn

That's quite a big and difficult question!

As always tim_nn your comments are most appreciated. I am going to leave the posts as is for the moment, even though 100pips looks tempting

I will discuss the spread betting side with you. It is definitely the way I want to go in future as I have had enough of taxes in the UK!

I know what you mean about FXCM. I have read the comments. I'm actually with GFT at present but likely to switch in the future. Just waiting for the charity to get up and running then I may have a bit more time to sort myself out

Thanks again tim.
A

[nvwine]

Thanks for the thread. I find it quite interesting. I've taken several of the last trades and done well. I would would appreciate it if you could post a screen shot of the chart the next time you enter a new trade. This way I could double check my charting setup. I've compared with some of your old posts and followed the setup but it would be nice to check it once in a while. Keep up the good work.

[sr2]

Originally Posted by nvwine

Thanks for the thread. I find it quite interesting. I've taken several of the last trades and done well. I would would appreciate it if you could post a screen shot of the chart the next time you enter a new trade. This way I could double check my charting setup. I've compared with some of your old posts and followed the setup but it would be nice to check it once in a while. Keep up the good work.

Glad you have done well out of the trades. I've done ok too

Lets hope it continues that way. EURUSD came within 8pips of 100pips profit

Anyway if I remember to post up an image I will. When I post the trade let me know if I do not post an image.

Thanks
SR2

[sr2]

After following the system for a few weeks I have come to realise that it may be necessary to add a discretionary element to the system. The reason I say this is that we came to with 7 pips of closing EURUSD but then it reversed. NFP pushed the price back down and closed for +100pips in the end. But it took a long time. We could have had the pips much sooner without the reversal headache.

What we can do is keep track of the original system as well as TS and maybe a slightly discretionary version also.

I'm no expert but I think everyone gets a feel for the markets after they have been trading a while. So based on that I will change my trading style. All trades will initially be taken using the original rules with a target of +100. If however during the trade I feel that I should close I will post that up and close the trade.

I will just have to try variations over the next few months and see which works best for me.

Thanks
SR2

[sr2]

Its been about 4 weeks now since I started following the system live and I have learnt several things:

1) it is necessary to be around every 4 hours to check if there is a trade (I think I knew this already but was hoping for a little bit of flexibility)
2) The system is profitable as I have made 300pips over the past 3 weeks. One of the trades did not count as the rules were not fully obeyed so in actual fact it was 200pips. Thats about 50pips a week which in all honesty is not bad considering that there is not much effort involved.
3) I need to spend more time enhancing the system
4) There will probably need to be an element of discretion as was recently highlighted by the EURUSD trade
5) The rules may need to change in order to get a better entry

I think I will continue to trade live but will not post up my trades as they will probably not follow all the rules. I need to work out what works for me. Also I do not think I will continue to actively post in this thread for now as I need to spend time working on the system. Everyone who has been following this thread has the basic building blocks, maybe its time you all tried playing with the rules and seeing what the outcome is.

Thanks
SR2

[gapdown]

How has this system worked during the last few months on nontrending?

[sr2]

Originally Posted by gapdown

How has this system worked during the last few months on nontrending?

Since my last post 11/05/2005 there have been 7 trades which adhered to all but 1 of the rules of New YANS and all 7 were winners.

The rule that I did not follow exactly was the 15pip rule. I changed that to 20pips. Also I have started to use some discretion in that if I think the trade maybe turning I will close out.

Hope that helps.

SR2