don't bother the lines, they're there because i'm doing something else on the chart. if you browse one page back you'll quickly notice that i didn't even mention those lines. so again... don't bother.
i'm gonna quote what i posted before...currency that you must use to trade:
EUR/JPY (this strategy is optimized only in this currency pair, you will definitely fail if you try using other currency pair).
leverage that you need:
1:500 or higher (using high leverage does not always mean you must use high lot size, you can use small lot size with less margin by using this kind of leverage. be smart, stay open minded).
broker that you must use:
any broker with fixed spread and try to look for rebates so you can reduce the trading cost. again... be smart and stay open minded! there are ways to make money and not just trader A's way or trader B's way
m15 (this strategy is optimized for this TF; you will encounter unnecessarily high risk on other TF).
indicators that you will need:
3lv_zz_semafor_TRO_MODIFIED_VERSION (thanks TRO, this is really a gem even after the 1st try; for those of you who don't know... i got 500 pips on the 1st day i tried using it back in 2009)
i-sessions 2 set it to 45 minutes during Tokyo, London and New York open. this is useful only for the naked trading.
solar_wind_clean_x_mtf+alerts use H1 as the timeframe.
use the trading tester script so you can train during weekend. train your eyes to see what's going on and the possibilities to make money. unlike other trading strategy, this trading method won't work on m1 so it's useless to train using m1 TF. you will really need to spend some time to watch m15. the more time you spend the better you will become at spotting profitable trading entries.
also this one...now... open your chart, align the setup and then look at the 3lv zz and the bias and then for the naked trading look at the extreme. "see" where you can enter with both strategies. if you can't see at least 180 pips per position (360 combined pips for both strategies; 1 position for each strategy) then you obviously will never see it. today's chart is the most obvious even for the noobs.
ok then... some more explanation:
if you are long enough in this market you know for sure that each currency pair has different characteristic. this is so obvious. EURUSD is different than GBPUSD, right? there are strategies that you can use for all currency pair but this one strategy here is set only for EURJPY. the setting is different (i put countless man hours to optimize this thing to fit EURJPY perfectly, please keep that in mind and i'll be glad if you can appreciate my hard work). i'll give out more info later on regarding SL as i forgot to put it last time. so if there's anyone here would like to find a strategy that will be usable for other currency pair then be my guess. i won't stop you from doing that but at least you can enrich yourself for your own benefit from i'm telling you on this thread
why leverage 1:500?
i showed you how you can optimize your forex earning. if you want to use this strategy with 1:50 then there's really no problem to it you can still use whatever leverage/position size that you want and you'll still make money with this trading strategy. i already said before, i'm a high risk trader and i love to push the boundary to get super result. why go around the block if you can walk straight to the grocery store? why take a long time to make big bucks if you can do it in a week or even a day? with a 1:500 leverage it only takes around $260 to open a $10/pip lot while you are required 10x more margin than that to do the same on a 1:50 leverage. plus i can get hit a lot of time (not that i get hit many times in a day) and still can open positions with a 1:500 leverage. if you know the power of your trading strategy then why not push it to the max? now you tell me which leverage is more effective? but i'm not here to argue on how much you should gain or not. i'm just trying to convey my point of view. take it or leave it also, as i already said before... blessed are you who live in places other than Japan and U.S. because this thing is not accessible for the U.S. and Japanese traders. what position size should you use if you want to max this strategy? for a starter you can use 0.20% up to 0.25% of your trading balance per pips. if you already get used to it you can increase it up to 0.50% of your trading balance per pips. if you use larger than that your balance will be killed. don't increase the lot size as you gain profit. that is not recommended. only increase your lot size after you double your trading account or after a month of profit (which will be more than 100% after a month). be free to experiment with your own money management technique. this area is flexible. again, you don't have to use the kind of lot size that i mentioned. you can go with whatever lot size that you want and you'll still make money from this but make sure to adjust your profit (in %) expectation too. also, if you are using this strategy along with other strategy you must lower the lot size. find out which lot size works for your combo.
why use fixed spread?
i know they're bandits but they have their use too. i can get a consistent 1.3 spread on EURJPY (on a rebate package) without having to worry it will change during news or during other hectic times. there are other broker that can give lower spread on EURJPY but they don't give the kind of leverage that i want. for other currency pair i can use other broker that don't charge commission and still get less than what Oanda has to offer with much more leverage. always be smart; open your mind to other possibilities.
why m15 timeframe?
if you go up the time frame you won't get the same action. and also if you use H1, H4 there is a chance that you will miss the entry because you're asleep (while the rest of the world is trading). so you'll have to enter at next available entry but what if that next entry turn out to be a loser? you'll have to enter at the next entry point again to make up for the loss and so on and so forth. if however, you use D1 or even W1 you will for sure won't get in late but can you wait that long for an entry? a losing trade is always there for you to take without knowing it beforehand, yes? and for you to see big bucks on this huge TF you'll need tons of $$$ in your trading balance. but yeah, you can still use this on a D1 or W1 as these TF is similar to m15 but on a larger scale. this is my findings and my findings will save you a lot of trouble and screen time.
this one strategy alone will net you 100% in a week (provided you follow what i instructed above). i repeat... stay open minded until you get there. this is a very important state of mind when trying to get out of your cage and make more money (that is if you want to develop further). it's shin kaizen (continuous improvement) thread, remember? LOL
my pic is not a problem at all. i can even see the semas and the bias (SW). also, i specifically told members to open up their own chart, align them etc. etc. so you can see it much more clearly and even scroll it back and forth.
and i already told members what to look for... look at the 3lv zz and the bias (by bias i meant the solar wind/SW) etc... enter when they're both pointing on the same direction. if 3lv zz points up and solar wind is red then that's a no no. yes, you'll get stopped out 1 or 2 or even 3 times but there are different scenarios of the market every day and sometimes you'll get a smooth sail right off the bat and you're done for the day. i did mention about the possibility of losses as well in my previous post.
and yes, you're right. the lines are from Blubb_Zlines_FGV indi. but they are of no importance at all for this strategy.
no, you don't need to use 1:500 leverage if you can't. you can make money with or without 1:500
why would someone even think of trapping others? that is one sad comment. really. i'm sorry if i got it wrong though.
yes, the 3lv zz repaints but you can make money from it. otherwise i wouldn't even think about posting this strategy on this beloved forum.
no, semas is not the bias just like you mentioned. it's the SW that is the bias here. SW setting is for the higher TF (H1) this is so you'll be able to react faster to the market changes by using M15.
i looked over on MO's last 3 posts and they are good indeed. looking forward to the indi created for that. i'm always looking for things that can iimprove my strategy
open up a live cent account if you will and then enter at the specific entries using the instruction that i just mentioned and watch how many times you will get stopped out and how many times you will get profit. you'll be amazed how this combination of repainting indi (3lv zz) work perfectly well with the non-repainting indi (solar wind). you'll eventually see 20 to 30 pips every day.
oh... and you used the SW indi incorrectly. i specifically told members to use H1 as the timeframe on a m15 EURJPY. it's the multi timeframe function that we need from the SW. the setting of 30 min on SW is also good. you'll make loads of cash with it
and i never said any of the indi that i mentioned is to be used alone. i specifically mentioned in my previous post... align the setup and the look at the 3lv zz and the bias (meaning the SW)
now... i forgot to mention the SL and TP setting for the strategy. set your SL to 15 pips plus your broker's spread. if your broker is using a variable spread then use the highest average of their spread. for example if you frequently see the broker giving you a 2.3 pips spread on EJ then add that spread to the 15 pips and you'll get yourself a stable SL.
why 15 pips + spread for SL?
it's the most accurate SL setting for the last couple of years. but again, you can research for your own optimum SL.
why no limit order?
don't use limit order on this strategy. enter right after the bar closed (if you see a sema on the current candle wait for it to close and then immediately enter a buy/sell.). make sure you see both 3lzz and SW pointing on the same direction. if not then simply ignore the trading signal. a limit order means you're expecting a bargain entry. it's good to use this but what if you missed the entry just because you're waiting for a couple of pips more? using market order is better. however, you can experiment with limit order if you want to.
what about TP settings?
for TP you can aim for 20 pips or 30 pips per trade (this is the most appropriate TP level for some years now). but there are times when the price move even further into your profit direction and what you should do is to obviously follow it and lock the profit wherever you think is the best place for you.
ok guys, now open up your chart (if you are online now) and see how the combo (of 3lzz & SW) showed you a clear cut 60 pips several bars before i made this post. i just closed my position and i net 42 pips due to the loss of 18 pips just several bars before the entry. now that is 10% if you used 0.25% of your balance per pips. the beauty of the indis is you don't have to wait for an entry point in front of your chart. just go to your chart whenever you hear the sound alert (both indis have sound alert).
i clearly understand that many of the members here don't like to use indi. so did i. i can still enter my trades by using the same method and without the indicators and the result will still be the exact same. but i revised my way of thinking because by using the indis i don't have to spend a lot of time waiting for one trading strategy to give me a trading signal. i'm always looking for ways to improve and optimize my earning potential in this market and currently i have 3 trading strategies running. 2 of them i already mentioned and the other one is scalping during the first 2 hours of London open and New York open. and by using indis i know when to enter the market without even have to watch it and therefore, saving my eyes from extensive usage for years to come. people should really learn how to automate some of their trading processes. some, not all.
i think i've covered all angles for this one strategy. if you ever have any other question about this particular trading strategy just review my posts over and over and over again because many a time you're too focused and you missed the obvious. people tend to see what they want to see and not seeing everything else.
That's great that you came back and updated us. It is much clearer now. My only issue is I have 10% of the leverage that you have so I would think my results would be 10% of your results (3% to 10% a day). Still not bad. I am willing to learn new things, so i'll give it a whirl.