By admin | January 20, 2008 - 10:26 am - Posted in Software

A trader without a specific system is like a seaman going on a voyage without a compass. Any wind is good because he doesn’t have a specific predetermined direction. He is called a discretionary trader. At the end of the day he arrives at the destination called .

However, most of the that have been developed could be very tedious to trade because you just have to there for many hour watching out for the right set up, and sometimes not helpful at all due to the fact that they make use of following indicators that just actually tell you what has just happened. So the essence of this writing is to give you, free of charge, a system that helps me overcome these and trade profitably.

This system is meant for because it makes use of daily technical levels i.e. daily pivot levels with some considerations for Fibonacci levels. Don’t worry about the involved in the determination and placement of these levels; there’s an indicator called fiboPiv_v2 which is available at the library of Metatreder4 that does all the hard work for you.

: This system works well on EUR/USD, GBP/USD and /USD. These obey technical rules quite well.

Time Frame: Hourly.

Indicators: FiboPiv_v2. Just double click on Meta editor at the bar of MT4, click on the library, then on indicators and scroll down the list to find it. Once you find it click on it to highlight it, and then click on download. Once it’s correctly done it will give you a report with zero error. Then go back to the platform and open the indicator window, you’ll find it among the custom indicators. Double-click on it while the chart e.g. EUR/USD () is open and just click on OK. It will automatically give you the support and levels every day at 5p.m EST.
In addition to this you would also impute 14, and Bollinger band 3 for detecting trends and their tops and .

Chart settings: Use candle stick charts at about 75%, and set the period separators. You could do that by right clicking on the chart and selecting properties at the end of the list. Click on common and check the period separator.

-Reward: 1.5. (20pips and 30pips take ).

: The settings have to be done anytime between 5p.m EST and London open at 3a.m EST. Let’s assume that at 5p.m EST the price is above the pivot point and below R1, just place a buy pending order between 7-10 above R1 and a 20pips from that price, and your take should be 30pips from the entry price. For the sell place a sell pending order 7-10 from the pivot point and a 20pips from the entry price, and your take 30pips form the price.

Note: The middle line of the Bollinger band will let you know the , while the will give you top and bottom hint through divergence and overbought or oversold. Be careful about selling at the bottom or buying at the top. Better still avoid it all together.

: A ranging day or more usually follow a trending day, while the range between the technical levels will be wide. So you may want to adjust your take and according to what is expected e.g. 20:15.

If the system is properly used you could expect between 60-70% which should be on a 1.5 reward. Please trade it first! The major of this system is that you don’t have to be there 24/7 because it makes use of pending orders at technical level. This affords you the luxury of logical, and free . That’s why I call it an “easy to use; almost ” technical level system.

What more? If you want an absolutely accurate and fully system that uses 50 modern indicators and makes with impunity (almost $5000 for me within 3 weeks of partial use) please visit You’ll find out how to get it “FREE” and also find some very useful technical infomation there e.g Multiple time frame .

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