- I would refrain from using it on Daily charts
- On pairs with a high spread, I would not go any lower than M30 charts
- The best time to trade this on lower TF's is during breakout times...i.e, London or N.Y opens.
Personally I have done a complete 180 degree turn from before. I think I was a lazy trader who wanted to trade the Daily charts because of my day job, but this has been hard to do and the returns have not been the greatest because such a large s/l is needed and so your profits are minimal.
I will be endevoring on a 6 month blitz using this system and eurusd (M5), gbpjpy (M30) and gbpchf (M30). I will be going to bed shortly after coming home from work and waking up about 4:45 GMT and trading until I reach my pips or until I have to go to work. I will try to be on this thread during that time frame to help others as I can, but my main priority is not needing my job in 6 months....wish me luck
System Requirements:
- PSAR set to .01, .2
- Fractals (under Bill Williams section)
System Rules:
- The basic jist of the system is to take Fractal Breakouts using the PSAR as your directional. Another words, don't take a long Fractal Breakout if the PSAR dots are indicating short and vice versa.
- One thing is you don't need to wait for a Fractal to form after the change of the PSAR. You should go to the very latest fractal that would already fall above, below the PSAR dots and use that as your entry. This point may change to a different Fractal as the PASR moves on the next bar. Then you can add additional positions on the next Fractal the forms after the PSAR cross over.
- s/l and t/p are up to the user, but on erousd M5, no more than a 20 pip s/l and gbpjpy (m30) and gbpchf (m30) no more than a 50 pip s/l should be adequate. Take profit when you reached your target. Also, you may use the most recent High Fractal in a Short Trade and the most recent Low Fractal in a Long Trade as your s/l points.
Well, this is all there is to it. I think that you will find this ver simplistic in nature and very condusive to any pair on any tf except the dailies and up.
Happy trading and I will try to be around when trading to help out those I can.....