Profits all around
It is shaping up to be a great autumn for my trading system, after a quiet summer things are really moving. The most important thing about trading is being on the right side of the trade, if you are looking to trade the USDJPY you need to know if you are looking to buy or sell. The second most important thing is timing the entry, you need to have a good technical plan that means you do not buy at the highs or sell at the lows.
My technical system does exactly that, it gives clear guidance about what to trade, when to trade and in which direction. This week we have had one medium term trade activate (buy USDJPY at 113.49 stop loss 113 with a target of 117: this trade is currently up 50 pips and looking good for its target). Two short term trades buy Palladium and Buy GBPJPY both of which delivered a nice return (total nearly 150 pips in 4 trade). There are a lot of trading systems, I have tried most of them, but this Plummer wave approach is the most reliable I have found, I designed it around Elliott Wave but made major adjustments to suit the specific nature of Forex trading. The system now provides me with a full time income and I think it is finally complete and working to its full potential.
The system identifies those assets that have a Bullish or Bearish sequence, in effect those that have a trend and in which way the trend is going. We then find pullbacks against the trend at higher degree, this means we are always buying the dips and selling the rallies, we are never on the wrong side of the trade and we never buy at the high. Of course we are not always right but you don’t have to be right every time to make good money in Forex, you Just have to be right enough of the time and make sure your wins are greater than your losses.
The system is currently giving a further medium term entry signal and has 2 short term entry ideas, the short term ideas give followers the asset and the criteria to look for to open a trade. All of the trades require a Plummer wave pullback to trigger the entry and hopefully everybody following my trades is learning how to recognise this important technical indicator and use it to their advantage. Followers have regular video updates on trades and a daily email explaining thoughts plans and ideas.
The short term ideas let you know what to trade and in which direction (two thirds of the puzzle) but the trader must find the entry point by applying the rules of the system, often these short term trades require constant monitoring and by nature are only expected to last for a few hours. In our system short term means the hourly chart we never go below that time frame.
Medium and long term trades are given as full signals Entry, Stop and Target with guidance about what to do when the trades become live. These longer term trades can be set as limit orders and allowed to play out over a number of days. Medium term trades are found on the 4 hour chart and long term trades on the daily chart.
The image below shows the live USDJPY trade with the green box representing the Buying area, a limit order was placed at the top of the box and a stop loss at the bottom. In around 75% of cases the asset turns inside the box and moves on to be a profitable trade, which is exactly what happened in this case. This trade is now risk free with the stop loss having been moved to zero.
If you are interested in receiving the signals, training and all of the information necessary to implement this trading system it is provided free to all those who open a new trading account at XM by clicking the affiliate link on the micro signals page, I receive income from XM for every trade that is placed on account that has joined by following the link. This affiliate link is what pays for the signal but it is free to the trader. If you don’t want to open an account with XM you can buy the signals via the paypal link on the signals page, paying subscribers also receive a 45 min 1-1 skype training session which accelerates learning and can receive the short term trades as signals should they wish it.