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3bar Reversal system

Discussion in 'General Forex Talk' started by Proximus, Oct 18, 2007.

  1. Proximus

    Proximus Recruit

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    What do you think about 3bar Reversal System?
    is anyone trading with it? can somebody share an experiance with the system...
    I've traded for a while with this system but I didnt do very well...
     
  2. rpaco

    rpaco Sergeant

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    All depends on the size and configuration of the bars and their position in respect to the rest of the chart. IMHO you are better off looking at a combination of Stochastic+RSI_MACD+Williams or any permutation of 2 or 3 of them. (Though other s swear by the ADX) Plus your MAs and bollys on the chart and THEN look at the candle pattern for reversal signals which coincide with the other indicators and piercings of the 100 or 200 Bolly or the 100 or 200 SMA. but of course you must take into account the R and S Levels, Fibonacci levels and the effects of the news which is given to you in advance by Felix. Well I think thats covered every thing, I can tell you the theory of how to drive a racing car and teach you to swim as well but it doesn't mean I can do either very well. You have to find you own way, or adopt an existing system. I use Power Break but tend to interfere with it which cost me a lot of pips yesterday, but today got me 54 by 08:00 BST on Cable. Currently 20 pips down on USDJPY have orders placed both ways on Cable and Fiber. Read all the stuff on here in various threads by 3Black Crows and Cyclon, they are much more experienced than me. Also do the complete Babypips course. Oh sorry I forgot, no i don't use the 3 bar reversal system unless it coincides with other indicators.
    cheers mate:) Good luck.
     

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