Revised Lucky Star System

Published on Friday April 6th, 2012 at 11:22PM by Konata

Well, that was a flop~

Not really. It works, at the same time, not so much. Probably I'm not good with wave analysis. So, I'm going to use MAs more. Whats the difference?

Here is a quick peak: 

  • 8 EMA (Yellow)
  • 21 EMA (Blue)
  • Stoch (12,3,3)
  • Fibs
Gone are the HA candles~!
 
I'm going to test this on M15, M60 (H1), and M240 (H4)... I wonder how it will work out...
 
How to draw the Fib Level?
The Stoch will determine the Low and the High for my Fibs Level.
The High and Low is determine at cross of Level 40 for Low, cross of Level 60 for High. 
 
When do we enter a trade?
Lets discuss the long entry...

Long Checklist:
  1. Yellow above Blue
  2. Draw Fibs Level from Low to High
  3. Price must retrace to at least the 50 Fibs level
  4. If Price hits 76.8% Fibs, its invalid. 
  5. If Price goes back to 38.2%, enter!
  6. First TP level will be at 0.00%!  :)
  7. Stop Loss is 3 pips below the 61.8%.
Thats the new way to trade this i guess. More conservative.
But then again, why not aim for the A++ Setups than the A+ only, right? :)
 
What are your thoughts? Would love to hear/read comments on this. ^_^
  • 2 comments
  • Go to RazorX's profile

    On Saturday April 7th, 2012 at 07:40AM by RazorX -

    "But then again, why not aim for the A++ Setups than the A+ only, right? :)
     
    What are your thoughts? Would love to hear/read comments on this. ^_^"
     
    Hi Konata
     
    I have mixed thoughts about this. See this line of thinking is also in line with most PA (Price Action) users way of thinking - target the A+ setups. I have tended to go along with this line of thinking. However I read an article the other day which severely challenged that line of thinking. Another opinion and another line of thinking is always good so here it is : Forget That Perfect Trade by Dr Pipslow of Babypips.com.
     
    Cheers
     
    RazorX
     
     
  • Go to Konata's profile

    On Saturday April 7th, 2012 at 12:23PM by Konata -

    Yes, I just read through that post.

    I agree, this game of Forex is all about probability. ^_^
    I believe that following the checklist, hopefully, it will give me a higher probability for positive trades than negative ones  :D

    Maybe I phrased it wrong. Not A++ setups, but High Probability Setups!  :) :)

    Thanks for your comments!  :3
    Happy Trading!  ^o^ 

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