bo7a method... method for GBP/JPY

hello mr mindforex
& thx for sharing your nice method here
is it a rule that when EMA 90 is flat we shouldnt enter ?

do not enter trade if 90 ema is flat

this will keep you out of many whipsaw trades

my suggestion is to look back at the time frame while the 90 ema has been flat and note the high and low price for that entire period

then if you get a signal to enter a trade while the 90 ema is still flat, do not take the signal until the price extends beyond the high or low for the entire period that the 90 ema has been flat

As in the title, this is a great system. Looking at visual back-testing there appears to be some merit in taking "counter-trend" trades i.e. wrong side of the 90ema, but basing your TP at something more conservative like to 90ema itslef, or using a recent swing high / low as the stop level and taking profit at a 1:1 risk:reward level. Just a thought.

Also a question, in a recent move like seen over the past few days, after short entry on the 18th the target was easily reached but then it carried on dropping over the next couple of days. Do you just stay out till the next cross, or do you look to re-enter again perhaps at the failure to break the 15ema on the 19th? Also looking at the next cross, this was a long but on the wrong side of the 90ema, but did reach the 90ema for 140 pips profit.

If you exit with a profit, you can re-enter trend after 2 things happen:

1. price retests 7 ema and bounces back
2. price then makes new high or low for the current move

After price has retested, you can set entry order just below or above the low or high point for the current move.


For counter trend crosses, defined as crosses going up with price below 90 or crosses going down with price above the 90, you can take the cross but I would tighten up the stop and limit. Don't tighten stop closer than 55 or 50, though. I would suggest 55 stop and 90 or a 100 limit on these counter trend crosses. And just as with trend following crosses, do not take if 90 is sideways.

I took +144 green pips last night till now with this method !

my friends

I'm sorry that I can't trade these days

I'm having exams and i'll finish it at 23/1

beleive me it it a very good system, u will make alot of money using it, try it and u will be so happy

good luck

Mindforex thanks for sharing and good luck with the exams!

Rob

Indeed - hope exams went well. I know feeling. Mine are finalyl done and I think I barely passes. Working full time and going to school full time does not make for a lot of well informed trades.

....but unfortunately I didn't trade this move . One of the things I've been working on is a way to stay on these sort of huge moves. As per the previous posting looking for re-entries after taking profit at the relevant pivot level is one, another is looking to exit only after a candle closes past the 15EMA. It does mean you will get stopped out on some of the shorter moves with less pips than if you'd just taken profit as per the rules, but this is more than made up for by the big moves I think. Some rough calculations showed that November and December would have increased the pips won by approx 25 - 30%. The attached pic shows an example where the trade would have gained around 140 pips based on exit at first pivot level, and around 210 based on exit at candle above 15EMA. Depends how greedy you are I guess .

Also another thought on entering when the EMA's are very close together / EMA90 flat etc. Does produce some whipsaw but eventually there will be a breakout. The beauty of this system I think is not entering the trade till it retraces to the 7EMA. If you also do this on a failed trade i.e. wait till it retraces to the 7EMA (or close to it), rather than just exiting as soon as there is a cross in the opposite direction you can "get away" with losing a smallish amount of pips most times.

Would be good to your views on this mindforex when you get the time after exams as someone who has traded this a long time and probably considered these possibilities previously!

bo7a method is one of the most profitable forex trading systems for me!!! manyy pips!

Are many trading this system and if so how have the results been?

thanks

hi - not sure if I missed this but is it best to wait until close of candle that retests the MA7 or to place order as soon as it retests ?
Thanks

hi whihc platform fx broker or ecn broker would you use to trade live. as i hv read in many forums, traders are fleeced of their profits by some fx brokers

please pass on thanks to Mr Bo7a also ,together you have came up with a winner
cheers
Jayalfx

What about this strategy, is it working good with ppl here?

Its a solid trading system,,,Just need to have patience and a wait for a good entry,,,,Works on the 30 and 60 min tf,,,

Mindforex,,,Where are you???

hi every one, I'm new here at Forex factory and new to trading FX, this system would suite my capabilities as a trader, unfortunately I don't have an M4 charting platform, as I'm from Ireland I've been using a spread betting firm, is there any where I can down load a free M4 platform, also the daily pivots that is in the system could i substitute this with a feb drawing from the previous days trading..? hate writing on any of these forums, its only when you start asking questions that you realise how little you know..

All help much appreciated.

Danny

The wise man knows, what he doesn't know

Try downloading IBFX or Alpari,,,Good luck!

hey mind forex how goes it.thanks for the download,I need all the help I can get.I found a broker with a 1 pip spread on gbp/jpy.their name is FXCH in London.I don't know much about brokers yet,but I do know low prices when I see them.

best regards trader vick