Strategies, Systems & Indicators
- Thread starter Edward
- Start date
- Status
...save this picture in the background as we are going to dicuss about this chart...
Eddie G: open that link and keep it inthe background.. as we are going to discuss that chart and all the signals....
Eddie G: the Lazy boy Chart has 3 important elements or indicators, call whatever you want
Eddie G: 1. The ADX, which gives us a clear idea about whether to participate in the market or not
Eddie G: ADX, the blue colored line flirting with the red line.. did you get it... it's in a separate window below the candlestick pirce action window
Eddie G: got it?
sanjoy_6: yes
Eddie G: When the ADX is below the red line, it simply means that the market does not have enough 'Volume or Momentum or participation... or in short term to go any direction
Eddie G: even if the signals says short.... or go long... it will lack the strength to move 20 - 30 pips in one direction
sanjoy_6: so it is as important as the signal itself.
Eddie G: so..... to stay away from the market when it's below the red line is a good option.. or else you will be frustrated.... the market takes you to 5pips in profit and then 10 pips in loss and 5 pips in profit... so it's simpfly going nowhere....
Eddie G: now it does not give you the direction as to what to do... to go long (buy) or to short (sell) it only tells you that the market does not have momentum.
Eddie G: strenght...
Eddie G: Remember in markets you can do two things broadly and three things in particular
Eddie G: broadly you can participate in the markets or choose not to participate right?
sanjoy_6: ok.
Eddie G: either you say i will trade or I won't
Eddie G: ADX gives you direction to decide this
Eddie G: whether to trade or not to trade
Eddie G: now that we have indication that we can trade and the markets are in a mood to move up or down... and give opportunity to us to earn .....
Eddie G: the second imporatnt question is whether to Go long or go short
Eddie G: it's like, lets go for a long ride on your bike.... ADX says don't go it's gonna rain....
Eddie G: after some time ADX says, now you can go, the sky is clear
Eddie G: Once you get a green signal from ADX you need to decide whether to buy or to sell
Eddie G: For that we have two indicators ... one is the edmoving average and another one is the one that closely follows it
Eddie G: The yellow line and the red line
sanjoy_6: ok
Eddie G: to illustrate it let me give you a pic
Eddie G: unable to send the pic here in conf... so sending it individually
Eddie G: look what happens when the adx is above the red line
Eddie G: and what happens in the phase when the adx is below the red line
Eddie G: the markets are clearly clueless and directionless right?
sanjoy_6: yes
sanjoy_6: too many whipsaws.
Eddie G: Now if you decided to trade during this period.... you would be frustrated and might have opted out with a loss
sanjoy_6: one query
Eddie G: cursing the markets and cursing the system or cursing yourself
Eddie G: shoot
Eddie G: tell me sanjay
sanjoy_6: on the right side of the chart, the ADX is going from above the red to below the red and still market is trending.
sanjoy_6: how to read this kind of scenario?
Eddie G: ADX is no holy grail
Eddie G: no system is holy grail
sanjoy_6: that is true.
Eddie G: ADX might lose few trades.... it does not mean that the markets are not trending.. but surely means that the underlying currents are not strong....
sanjoy_6: ok.
Eddie G: to even filter such trades now we have added a yellow line to the blue line... so if the blue line is crossing above the yelllow line, even below the red, we can go for the trade: ok.
Eddie G: adx moves slow.... so adx has a limitation... it can't simply jump from below to above 22 levels... so to counter that limitation now we ad yellow line that gives us a clear indication about the momentum picking up
Eddie G: the yellow line is our Trigger line.
sanjoy_6: yellow line on the main chart, correct.
Eddie G: yes
Eddie G: now lets clear about crossover
Eddie G: crossover means like crossing over a road, from one side to another
Eddie G: here, there can only be two scenerios.... the yellow line crosses from below to above or above to below the red line. right?
Eddie G: and the third scenrio can be where it is just lying above it or its parallel...or a confusing scenerio
Eddie G: one big forex trader say, 'Doubt what doubt, if there is doubt just stupid just stay out' . it's not like that sahcin's lbw... that you neeed to see the replay 100 times.. the benefit of doubt goes to the batsman.the benefit of doubt goes to the markets.simple... in doubt... simply stay out.
Eddie G: So, when the yellow line crosses from above and goes below, we are looking at a Short scenario
Eddie G: when the yellow line crosses from below and goes above we are looking at a long scenario
sanjoy_6: and the ADX should be abobe Red
Eddie G: right... or it should have a bullish trajectory
sanjoy_6: ok
Eddie G: crossing above the yellow line to indicate it is also moving up
Eddie G: you got the first set up... a bullish crossover or a bearing crossover
sanjoy_6: ok
Eddie G: this is the first setup.. it puts us with the trend...
sanjoy_6: to summarise
Eddie G: if you are at 30 m or 4h time frame, this puts you along with the trend
Eddie G: go ahead sanjoy
sanjoy_6: yellow crossover red with ADX uptrending (at least) for long
sanjoy_6: and vice versa for short.
Eddie G: right.
sanjoy_6: I have few for exits. will ask later.
Eddie G: ok
Eddie G: now, we have arrows coming up asking us to getread2trade
Eddie G: they either appear before the crossover or appear after the cross over
Eddie G: they serve as a confirmation or a warning for a REVERSAL or a RETRACEMENT
Eddie G: the markets don't move in one direction.. straight they move like a snake
Eddie G: the markets will run up or down, then consolidate, and then either move up or down
Eddie G: the arrows try to pick up the underlying currents and give you an immediate feedback
Eddie G: if you are traveling from your home in chennai to bangalore
Eddie G: before you hit the highways, you would have taken 20 left and right turns
Eddie G: the arrows will give you twenty short and buy signals
Eddie G: for may be profit booking or an impending reversal
Eddie G: got it... but the crossovers will say, this guy is heading north so toward bangalore and not toward mahabalipuram
sanjoy_6: right
Eddie G: the crossover normally gives an idea about the mid term, the arrows about the short term
Eddie G: we wait for the arrows confirmation....
Eddie G: that makes us doubly sure
sanjoy_6: ok
Eddie G: (that does not mean that the moment you enter you will only be in profits, if that s what you think then may be you don't belong to trading)
sanjoy_6: cross over below red happens but arrow still point up, so we wait?
Eddie G: this is the second setup
Eddie G: ok, lets proceed
kumudhan6600: proseed eddie...latecomers can catchup or read later...
kumudhan6600: proseed eddie...latecomers can catchup or read later...
Eddie G: we need three signals for the set up... can someone summarize it
sanjoy_6: ok
sanjoy_6: Yellow and Red Crossover on the main chart
sanjoy_6: Yellow over Red line in ADX chart
sanjoy_6: and the arrows indicacting the underlying trend
Eddie G: take a look at the first crossover in the post
sanjoy_6: is that correct Eddie or did I miss something?
Eddie G: the first signal on the chart
Eddie G: explain me what happends on the vertical white dotted line
jayganesh8_21: sorry but i can't c white dotted line
Eddie G: the first red downward arrow is on the vertical white dotted line
Eddie G: are you looking at the post and the chart in the post
jayganesh8_21: i m looking the post which u send the link & there is only one chart on that web page
kumudhan6600: yes in that chart see in left side...
kumudhan6600: yes in that chart see in left side...
jayganesh8_21: as i can see there is gap down opening correct me if i m wrong
jayganesh8_21: sir m i right or wrong ?
jayganesh8_21: eddie sir i have ans u r Q pls tell me it is right or wrong
Eddie G: yes it is a gap down opening, but do you see the white dotted line or not
Eddie G: you said you dont see the white line, so i was confused
jayganesh8_21: s
Eddie G: let me start with the flow
Eddie G: let me begin...
Eddie G: the first red arrow comes at the end of that particular candle... so when that candle ended... we knew that
we are looking at a reversal or a retracement for the bullish trend that we saw just before it. right?
Eddie G: so either you might have booked your profit or waited for a confirmation.. right?
Eddie G: now we are looking at a short signal... so we are ready to short.. but we don't have a crossover yet.
Eddie G: yet... a necessicity for us to take that signal
sanjoy_6: so in the uptrend if the thumbs down comes, we should book out profits and vice versa
Eddie G: right... later on exits
sanjoy_6: ok
Eddie G: but it sure talks about a retracement for sure
jayganesh8_21: but in my chart no thumb come ?
Eddie G: thumbs don't come, I have put the thumbs to explain the post
jayganesh8_21: ok
Eddie G: now, looking at the arrow, we are ready to short, but we wait for the confirmation... and once we get the crossover at the close of the candle marked 1 .... we are ready to short
Eddie G: we loook for crossover only after the canlde closes.... we don't consider a crossover when the candle is running .. got it?
Eddie G: I can't stress the importance of the above statemnt
Eddie G: if you have had a yellow, you would have had an crossove already
Eddie G: yellow blue
Eddie G: right now, lets focus on picking the signals and the setup
Eddie G: at the close of the candle marked one we got a crossover and also the arrow red for the downside
Eddie G: now we are ready to short only 'IF THE LOW OF THE CROSSOVER CANDLE IS BROKEN BY MORE THAN 3 PIPS
Eddie G: IF THE LOW OF THE CANDLE WHICH GAVE US THE CROSSOVER WHEN IT CLOSED IS NOT BROKEN BY MORE THAN 3 PIPS WE DONT GO SHORT.... AND VICE A VERSA FOR LONG
Eddie G: this are capital so that you will remember them...
sanjoy_6: bottom arrow comes and we wait for the crossover
sanjoy_6: cross over happens and we wait for the candle to end
Eddie G: read and re read it for three more minutes
sanjoy_6: candle ends and we put a trade at 3 pips below low
Eddie G: right sanjoy,
Eddie G: we short below the low of the candle which gave us the crossover....
Eddie G: now a question
Eddie G: what happens if you get a crossover before the red arrow down
jayganesh8_21: sir when ther was short signel but the adx line was below 20 so
sanjoy_6: we wait
Eddie G: the new rule for adx, is that we have added a yellow line if youare aware of it
Eddie G: right... we simply wait...
Eddie G: but read the new logic for reading the adx in the post
jayganesh8_21: ok sir
sanjoy_6: we get into a trade ONLY when both crossover and arrow dwon takes place in whatever combination.
Eddie G: right
Eddie G: we wait for the arrow, and short belwo 3 pips of the candle that gave us the red arrow....
sanjoy_6: yes
sanjoy_6: and if arrow comes first and then crossover then we short 3 pips below the crossover candle.
Eddie G: now sanjoy, and kumu alternatively you guys explain the next signals 2, 3, 4,
Eddie G: right sanjoy, are you guys getting it?
sanjoy_6: I will go for 2
Eddie G: 1. Which candle gave you crossover at it's CLOSE
Eddie G: 2. Arrow confirmation is there or not
Eddie G: 3. High or Low broken or not..
Eddie G: only this three things to be seen apart from the adx stuff
sanjoy_6: 1. Cross over took place just after the candle which gave arrow confirmation
sanjoy_6: 2. Arrow confirmation was there
Eddie G: good
sanjoy_6: 3. Seems high was broken but cant say for sure by 3 pips or not
sanjoy_6: ADX was above Red all the while
Eddie G: High of the crossover candle i.e 2 here
Eddie G: which is clearly not broken...
sanjoy_6: ok in that case not broken
Eddie G: you don't get into the high and low....before both confirmations
Eddie G: got it sandeep?
sanjoy_6: alright
Eddie G: so we waited for it... but the third condition was not met... so its a no call... and a red arrow appeard
jayganesh8_21: s
Eddie G: now kumudhan you explain the next
kumudhan6600: next crossover down comes at candle marked3...
Eddie G: right
kumudhan6600: and we go short in next canle below close of that 3 bar minus 3 pips?
Eddie G: right
kumudhan6600: around 1.2245.
Eddie G: any doubts here for others
sanjoy_6: nopes
jayganesh8_21: no
Eddie G: great
sanjoy_6: good fat trade this one
Eddie G: yeah
Eddie G: the next signal by sandeep
sanjoy_6: ok now 4.
kumudhan6600: and where that trade closed eddiee?
Eddie G: will come to exit later
Eddie G: just practice the entry for now
jayganesh8_21: v got the signal but it does not break the high by 3 pip as our rule.
Eddie G: great
Eddie G: next signal at 5
sanjoy_6: was that correct interpretaion?
Eddie G: i did not see it... kind of in a hurry
Eddie G: wait
Eddie G: sandip, you got the crossover before the no. 4
jayganesh8_21: s that pin bar
Eddie G: candle at 4 does not break the high but I thin the subsequent candle breaks the high by 4 pips.. check the post
Eddie G: and we lose here some 21 pips,
Eddie G: read the original post once again
Eddie G: sanjoy, kumudhan, and sandeep... are you getting the basic idea about it
sanjoy_6: yes
jayganesh8_21: s sir
Eddie G: Now lets come to the Exit,
Eddie G: the exit depends upon many things ... primarily, the time frame, 30 min has diff target so does 4 hr
Eddie G: and the most important thing is the time during which you trade.... there are few disagreements on this from other people.but I believe very strongly that in the European session, 90% of the time the euro pairs will have a good movement compared to when europe is sleeping...
jayganesh8_21: can u tell us the best time
Eddie G: so if I am trading the european pre and the main session, i will be a little more patient then when i jump on to a trade when markets are offline
Eddie G: 11 - 3 noon 6 - 10 night best window for catching few good moves
Eddie G: 11-3 witnesses euro open and japan close
Eddie G: 6-10 witnesses eruo close and us open.... so real good moves in between them
Eddie G: phir dukan bandh karo aur ghar jaao
Eddie G: not like that.... there are sometimes good moves triggered by news...
Eddie G: but these are the best timing in myopinion
sanjoy_6: Eddie will it be possible to cover exits today?
Eddie G: I have written on exits in the step up approach of exits... its quite easy
Eddie G: simply speaking
Eddie G: if enter in 1 hr time frame
Eddie G: get back to 15 min and if you see a counter trend there.. exit.. this way you will get the most out of a trade
Eddie G: so we close the conference ok.
Weekly Updates
Guys can I request you to post your weekly progress here.. in terms of no. of positive trades and no. of pips made.
Request all active members and the newbies to post their this week's result here... Few of us are now ready to go live, Madhav, Sumit and few others are planning to go live in the coming weeks, based on the consistent performance they have shown. Thus I suggest others too come forward and post your results / statements for us to have a look and suggest improvements if any.
If you do demo trading in isolation and without accountability, it is of no use... because you will keep on experimenting and keep losing trades open.
So bring it on... lets rock
Guys can I request you to post your weekly progress here.. in terms of no. of positive trades and no. of pips made.
Request all active members and the newbies to post their this week's result here... Few of us are now ready to go live, Madhav, Sumit and few others are planning to go live in the coming weeks, based on the consistent performance they have shown. Thus I suggest others too come forward and post your results / statements for us to have a look and suggest improvements if any.
If you do demo trading in isolation and without accountability, it is of no use... because you will keep on experimenting and keep losing trades open.
So bring it on... lets rock
Hi Edward,
Just completed reading transcript . One doubt have come up in my mind.
The above quoted msg says that we to have wait if we get crossover without arrow.
1.is this a new rule added to system ? as earlier you have not told us to wait.
2. we wait for ? a arrow or we completely avoid that crossover ?
As of now only this much doubts I remember . Will post more if I remember or get more doubts.
Please forgive me if I am adopting the system very slow.
Sunny...
Just completed reading transcript . One doubt have come up in my mind.
The above quoted msg says that we to have wait if we get crossover without arrow.
1.is this a new rule added to system ? as earlier you have not told us to wait.
2. we wait for ? a arrow or we completely avoid that crossover ?
As of now only this much doubts I remember . Will post more if I remember or get more doubts.
Please forgive me if I am adopting the system very slow.
Sunny...
High Biswajit,
Sunny has done a good job of compiling all the important posts and I have posted it in the first opening post, so take time and go through it once and twice and thrice, so that you get some clarity on the setups.
If still in doubt, then don't worry, we have many champions of Lazy boy available at Traderji today, your queries will certainly be solved.
1. The thumbs up and down are put by me to explain each of the signals there, so it's not part of the system. It is added to explain the chart.
2. Crossover is validated only after the 'CANDLE is CLOSED', I can't emphasis this point enough, you try to verify a crossover only after the candle is closed. The best way to do is, once the candle is just about to close, may be in the 29th minute, you draw a vertical line on the current candle and look at the left hand side of the current candle... if you can see a crossover, it's a crossover or else it is not..
in some cases, when the candle is big, it seems like the crossover happened before this candle, or inbetween the last and the second last candle and that causes your confusion.
All the best biswajit, and hope you find Lazy boy as an easiest and laziest way of making some handsome profits
Sunny has done a good job of compiling all the important posts and I have posted it in the first opening post, so take time and go through it once and twice and thrice, so that you get some clarity on the setups.
If still in doubt, then don't worry, we have many champions of Lazy boy available at Traderji today, your queries will certainly be solved.
1. The thumbs up and down are put by me to explain each of the signals there, so it's not part of the system. It is added to explain the chart.
2. Crossover is validated only after the 'CANDLE is CLOSED', I can't emphasis this point enough, you try to verify a crossover only after the candle is closed. The best way to do is, once the candle is just about to close, may be in the 29th minute, you draw a vertical line on the current candle and look at the left hand side of the current candle... if you can see a crossover, it's a crossover or else it is not..
in some cases, when the candle is big, it seems like the crossover happened before this candle, or inbetween the last and the second last candle and that causes your confusion.
All the best biswajit, and hope you find Lazy boy as an easiest and laziest way of making some handsome profits
Thank you very much sir.Now my doubt is clear.
One suggestion is to make lazy boy even more lazier we can add thumbs up/down symbol showing a valid crossover.
I am going to demo trade this system for coming weeks and surely keep posting my experience
.I really think here is a great thread in the making.:thumb:
One suggestion is to make lazy boy even more lazier we can add thumbs up/down symbol showing a valid crossover.
I am going to demo trade this system for coming weeks and surely keep posting my experience
.I really think here is a great thread in the making.:thumb:
Last edited:
Re: Weekly Updates
Hi Edward,
Indeed I wanted to go live few weeks before itself. Unfortunately some of my personal issues are not letting me to fully focus on the trade and I have been running around all the day.I feel bad that I couldn't contribute much during this period. Atleast by 2nd week of August I hope to be fully focused on Forex and would like to be immersed in it. However Till then I will be posting my results whenever I trade.
I am overwhelmed to see the kind of concern you have towards us. You deffinately belong to that rare 1% category.
Regards
Raghav
Hi Edward,
Indeed I wanted to go live few weeks before itself. Unfortunately some of my personal issues are not letting me to fully focus on the trade and I have been running around all the day.I feel bad that I couldn't contribute much during this period. Atleast by 2nd week of August I hope to be fully focused on Forex and would like to be immersed in it. However Till then I will be posting my results whenever I trade.
I am overwhelmed to see the kind of concern you have towards us. You deffinately belong to that rare 1% category.
Regards
Raghav
Sunny, Biswajit, Guna and others,
I took 1 and half years to make 2 consistent weeks of profits...
3 Credit cards exhausted, my papal accounts (used to make websites and earn some decent dollars) and some fund transfers.. before I could even get 2 consistent weeks of profits.... so I am slower than you guys... don't worry, we have all the time in the world, and anyways we are not in a hurry to die
Someone here in Traderji said sometimes back without mentoring it's difficult to succeed in forex, its true to a large extent.... we and people trading forex for few years, did not have anybody to even tell us what RSI is or MACD is, but thanks to Traderji, today you guys have people to explain things in your own language.
Take your time, but do your home work, that will make you guys earn a lot of respect when you ask questions... it is not an answer that gives an idea of your understanding and depth, it is always a question.
So go through the thread, today people are exited about Lazy boy in TJ and people from 30 countries visit our website to download Lazy boy, it itself is a testimony about how Lazy boy works, a simple system for a housewife, a student, a pro, a salesman and a retiree...
Finally remember, to learn something you need to delearn a few things... I was taking this seminar and we were live in Surat, I told to buy above the high and this guy a textile mill owner says, it's against conventional logic to buy above a high, you are supposed to selll.. after today he believes in everything thing that we say...
I am here to see you guys succeed that's the only objective and that's the only passion for me as off now... take care guys and God bless..
Keep rocking
I took 1 and half years to make 2 consistent weeks of profits...
3 Credit cards exhausted, my papal accounts (used to make websites and earn some decent dollars) and some fund transfers.. before I could even get 2 consistent weeks of profits.... so I am slower than you guys... don't worry, we have all the time in the world, and anyways we are not in a hurry to die
Someone here in Traderji said sometimes back without mentoring it's difficult to succeed in forex, its true to a large extent.... we and people trading forex for few years, did not have anybody to even tell us what RSI is or MACD is, but thanks to Traderji, today you guys have people to explain things in your own language.
Take your time, but do your home work, that will make you guys earn a lot of respect when you ask questions... it is not an answer that gives an idea of your understanding and depth, it is always a question.
So go through the thread, today people are exited about Lazy boy in TJ and people from 30 countries visit our website to download Lazy boy, it itself is a testimony about how Lazy boy works, a simple system for a housewife, a student, a pro, a salesman and a retiree...
Finally remember, to learn something you need to delearn a few things... I was taking this seminar and we were live in Surat, I told to buy above the high and this guy a textile mill owner says, it's against conventional logic to buy above a high, you are supposed to selll.. after today he believes in everything thing that we say...
I am here to see you guys succeed that's the only objective and that's the only passion for me as off now... take care guys and God bless..
Keep rocking
Hi Edward,
Just completed reading transcript . One doubt have come up in my mind.
The above quoted msg says that we to have wait if we get crossover without arrow.
1.is this a new rule added to system ? as earlier you have not told us to wait.
2. we wait for ? a arrow or we completely avoid that crossover ?
As of now only this much doubts I remember . Will post more if I remember or get more doubts.
Please forgive me if I am adopting the system very slow.
Sunny...
Just completed reading transcript . One doubt have come up in my mind.
The above quoted msg says that we to have wait if we get crossover without arrow.
1.is this a new rule added to system ? as earlier you have not told us to wait.
2. we wait for ? a arrow or we completely avoid that crossover ?
As of now only this much doubts I remember . Will post more if I remember or get more doubts.
Please forgive me if I am adopting the system very slow.
Sunny...
Re: chat room...
Thanks for the understanding Eddie. I was trying to get back in the conf. repeatedly and in my last attempt Kumu told me that the conf. has ended. I am really sorry to have caused distress unknowingly.
There are some days when the internet connection just keeps playing and I guess today was that day for me.
Hope everybody would understand.
Thanks,
Sanjoy
It happened after you left at the end... and it did really look bad :lol: .
But you seem to be a nice and sensitive.. guy.. God bless...
At times what meets the eye is not the reality... a big lesson for me today.. take care sanjoy and God bless.
But you seem to be a nice and sensitive.. guy.. God bless...
At times what meets the eye is not the reality... a big lesson for me today.. take care sanjoy and God bless.
There are some days when the internet connection just keeps playing and I guess today was that day for me.
Hope everybody would understand.
Thanks,
Sanjoy
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