I've been thinking of a new system...

[jasperforex]

I can't lay claim to it, it's something I bought which gives the levels in excel. There are two setups, one which covers euro and canadian, the other covers pound swiss and aus. I have to keep refreshing the market levels in excel in order to get an accurate entry level, but in practice and from experience of using it, I only bother when the market is approaching the entry point of the previous day.

[Baruch]

Originally posted by akshay
Care to share the specifics on your system jasper?

I've been backtesting this like crazy, and it so far seems to make profits everytime for all the majors, just sometimes it happens in a day, sometimes a few days, sometimes a week, and sometimes a month. It's almost foolproof I've not found an entry price so far for any pair that's not given a 100 pip profit at the end of a month or sooner.

Obviously, one should not have the cow sense to buy when strong and sell when weak, buying should be done after falls or weakness and selling when a currency is strong.

Akshay

Wow!! So this is THE HOLY GRAIL?!

[akshay]

I'll be placing demo trades and posting those trades plus the results on this thread. The demo account has $30,000.

I'll start with the 50 pip aim. Which means the limit is 50 pips ($500), and for each 50 pip drop a new buy is entered and the limit of both trades are modified such that both are closed with total 50 pip profit, and so on.

Maybe the mods would want to move this thread to the trade recommendation section, not sure.

Akshay

[Tekunda]

I have thought of something similar (I am sure that many more people have tried to figure out something similar)
but I see the following problem:
Yes, adding one lot (or even use the Mardingale system doubling every 100 pips) is fine until you come the very last movement. Say you have an automated entry order to buy every 100 pips if the market moves south against you, but eventually it will exhaust and the last movement might not be your 100 expected pips, but only 90 pips.
So another buy order will NOT be executed, but this is the order you need most. Say the marekt retraces 300 pips, but your last entry order was not executed. So the last lot, which was missed by a few pips does not exist, but this is the lot which would have gotten you the most profit, as it was at the very extreme point of the last movement. I am sure this will change the whole calculation. If you are able to guarantee that you will be able to buy the last lot at the very extreme point, your system should work, but how can you guarantee this, as nobody knows how many pips the very last movement (from the second last order) will be?

[Smurf]

Nice point, Tekunda. For arguments sake, let's say your next buy point in a falling trend is 1.2000 and your designated profit point from 1.2100 (your last lot) is 1.2250, then your worst nightmare becomes a dip to 1.2001 followed by a rally to 1.2249 before a new drop. You have just missed a 248 pip rally that your system is built upon.

This, of course, is extremely unlikely, but the point is that the system works brilliantly in theory, because you can measure the swing sizes with perfect hindsight, but if you could pick exact tops and bottoms you wouldn't need a system such as this anyway

Cheers, Smurf

[majed]

hi akshay;
your thinking is great; I think your system can be developed, to be profitable, I tried the same idea but I didnt continue, I think it worth to be tried;
regards
Majed

[jasperforex]

I just finished my example of the system I'm using in the Trading Methods forum. This time it went straight into profit straight away without needing extra trades so there was no chance to show how it works if markets continue to fall.

[akshay]

Jasper,

I located that 50 pound item. May I know if it gives you exact entry, TP, SL and tells you exactly what to do, or not?

Seems like a good product according to the ad, but I'm puzzled why anyone would sell something so good for $90.

They should create a monthly service and charge $500 a month, if it works so well.

Akshay