238# Trade Like A Boss Trading System
Submit by Janus Trader (Written by Ismale From indo investasi Forex Forum)
Most of you who has used Xard's setup's before know that they are built for the MT4 system.
Those of you who have not used one of Xard's setups before, just to let you know, the TRADE LIKE A BOSS setup is to be used with Metatrader 4.
The TRADE LIKE A BOSS setup is to be used to trade Forex, GOLD, & Silver.
BOSS MODE is a trend catching setup, meaning it was designed and built to get you
in and out of the trend.
The reason for this is becuase most pips are made while catching the trend.
Inside the Oscillator window you will see the Range indicator.
This is real easy to read...
White line above top black line.... price going up
White line below bot black line.... price going down
Now, this indy will show the start of a new move when the white line crosses the black line especially if the Oscillator has just changed as well.
The drawback to using this indy is even though it is great at showing us when to
get in on the start of a new move, it is much harder to see continuation moves with this indy.
Not to worry. The histo indy that is in the window above the Oscillator is a filter indy :-)
This will work hand hand with the range indy to show us continuations in the current trend as well as an exit strategy if you are not already out of the move, if the filter goes against you then it is time to exit.
Also the filter indy will help you decide if its a good time to get in.
As a rule of thumb... do not trade against the filter indy... it is there for your protection.
The higher gann ssl which will show you 4hr on 1hr & 30m chart and daily on 4hr chart.
This way you can see the immediate higher timeframe as it is critical to your decision making process.
Trading with the higher time frames is preferred.
The smaller Gann ssl is part of your trigger. You want to be in a red smaller gann ssl to look to sell, and in a green smaller gann ssl to look for a buy.
You want to be in a red small gann ssl with in a yello big gann ssl to sell, and in a green ssl with in a purple big gann ssl to buy.
The DSR in the main chart that looks like a squared cross hair or hash mark, think of it as a zero line, you want to be above it when going long and you want to be below it when going short.
It is there as a confidence booster. Just watch it for a few days and you will see why.
The indys help support each other in the whole decision process.
Let me know what you think so far.
And if you like what you see. Please give thanks.
Just remember the Range indicator is very important. You shouldn't take the trade
unless you have the Range white line crossing the Top black line for a buy trade and cross the Bottom black line for a sell entry.
I want the Range line to be facing up or down when it does it's cross.
A Flat Range line is a weak signal.
Use the Trend signal Arrows to confirms your entry decision. At least until you
get the hang of this setup.
When you get a Trend Sig Arrow, make sure you got Trend bars across the the DSR ( the grey hashmarks), or at least the mid line of the hashmarks before you take your entry.
DSR. Stands for Dynamic Support & Resistance. It's support and resistance that adjusts to price while price moves. So you want to break past S & R before taking a entry on a trade. You might even want to wait for price to retest the S & R that you just broke thru before you enter a trade.
Also on the Trend Sig. When it stop. What I mean is say your getting trend signal
arrows on each candle and every candle afterwards, but then on the next candle you don't.
The streak of trend arrows has stopped so this means the trend may have slowed down or even stoped. So this is something to keep in mind.
Another that you want to pay attention to is the Murey Math. There a many ways to use murrey math, and if someone has some ideas on how else to use it here to beter trading this setup, please let me know.
But as for me, I try to keep it as simple as possible.
So what I look is how much price has moved across the murrey math map.
I do this to get an idea to when it may be running out of gas and when it may want to start going in the other direction.
So say price trends downwards for a while and then it comes into the oversold areas of Murrey math. The 1/8 and -1/8 area and beyond. Now I'm looking for signs of weekness.
Like a double or triple bottom.
Now that I'm in the over sold area of the murrey math. I'm not looking to take anymore sell trades.
I'm now looking for the trend to change and go upwards
On Take Profit It will be different for each time frame. I will set a predetermined number of pips that I want to take profit at. For the 1hr eur/usd for example I would strive for around 60 pips.
I always open 2 trades on a pair at a time, this way I can try and make the second trade run.
So I open 2 trades on the eur/usd and set the first trade to take profit at 60 pips or the nearest monthly pivot, s/r. Once I have taken this first take profit on the first trade I let the second run until the candles change color against me.
The how point of this is to bag my first trade early to give me leeway to let the second run.
This is just my style of trading, you should do what works for you.
When it comes to StopLoss. I first set an initial stop loss of 80-100 pips to
avoid my account from being wiped out from some freakish news.
Once I take the trade off the DSR in the direction I want to go, and the trade has moved my way a little I then move my stoploss to just above or below the last small gann line entry.
The whole point of me doing this is that I want to get out if the trade goes against me. When price goes against you and it hits the last high or low of the last small gann line then the gannline changes and price can be going against you. Keep in mind that when a trade first begins that it can go up and down until it goes the way it is going to go that 's why I wait until the trade goes my way a little before moving stoploss close to small gannline.
Again this is just the way I do it, so you should do how ever you feel confortable trading.
I hope this help.
Share your opinion, can help everyone to understand the forex strategy.