#1: In order to fully understand this system it is essential that you spend one full week experimenting with the trading details found in the first 8 posts. You must become proficient at picking out these types of Consolidation Zones (CZ's) regardless of the pair or the Time Frame by simple visual confirmation alone -- aka, Naked Trading. Posts 1-8 teach you how to do exactly that. Skipping over this phase of your self-training is only going to cause you a lot of grief later on down the line. So please, no shortcuts. Stay with the program and get this part down solid before continuing past the first couple of pages. This is your primary confidence building step. It starts right now. If you pass it over, then you can't expect to have the required confidence for what comes after.
#2: This thread was started as a naked trading system. See paragraph #1. We do have a custom indicator now, but we didn't start out with one. After nearly 9 months we still have traders working off of naked charts with hand-drawn CZ's, so using the custom indi is certainly not a requirement. If you like it, use it. If you don't, then don't. It's use is completely optional; pips have been made either way. But if you decide to include the indicator as part of your Stairsteps trading, then you are expected to learn how to use it with absolute minimal outside assistance. Demanding that other members or myself provide you with our own custom settings or templates for the indi is a sure way to get yourself banned from the thread.
#3: This thread is unlike most every other system thread offered here at the Forex Factory in one very important regard: I am not teaching theory here. This is a proven system that has been traded by the OP with a very high degree of success for the last 5 years. It does not require refining. It does not require extra indicators or filters. It is being presented as a time-tested and fully mature system of trading the Forex market. The proof is that after 8.5 months and over 500,000 hits, no major details about the system have been altered, save for the addition the our custom indicator and the necessary adjustments this has brought into the thread. Other than that, the core system of Stairsteps remains completely unchanged. Not because I am adverse to change, but because so far none has been needed.
#4: I expect anyone who participates in the thread to do so only after reading it all the way through. Save your questions and comments until the end. It may take a week to read all of it (in addition to the week of testing from para.#1), but it's worth the effort. Consider it an investment in your future. Jumping to the end and expecting special treatment is another sure way of getting banned. When you're finally ready to participate and add to the general discussion, you will be expected to post pics of your charts and your trades.
#5: There is no single post or page that says it all. You will need to read the entire thread to get the maximum effect. The regular members (and I) can pick out fakers a mile away. Please don't insult our intelligence. Scammers and trolls and time wasters are not welcome here. On the other hand, serious students that aren't afraid of putting in the time and effort are always welcome. Do yourself a favor and treat it like a marathon to get the full effect. Not only will it improve your trading, but you will earn the respect of your fellow Stairstep traders too. We've all passed throught the fire already and have come out tempered on the other end, and we welcome your company!
#6: As you read over the thread you will notice that I do not provide trading signals, nor do I provide indicator templates. I do not post pics of on-going live trades, but I do post pics of recently closed trades. In other words, I do not make it possible for members to follow my trades while they are still live. There are two main reasons for withholding this type of information: First, being spoon-fed keeps you weak, and it places the mentor above you and keeps him there forever. A real mentor wishes that his students will become as strong as he is, or even stronger. A real mentor never wishes to be the center of attention forever, just long enough to get the student on their feet and going strong. So you should expect to see a lot of "tough love" in this thread, and not a whole lot of spoon feeding. Noobs with questions already covered in the thread will be ignored; persistent noobs looking for a handout will be instructed to go back to Page One and try again. Noobs that don't get the first 2 hints usually don't get to stick around. Second, is that by providing such detailed information in a public forum, some poor soul could get the impression that I was suggesting that everyone reading my posts should follow suit. But what happens if that trade fails? Am I now responsible for everyone else's losses too? There have indeed been other Forex Factory mentors sued over losses in just this way. I don't intend to become a member of their club. So yes, out of an over-abundance of caution there are questions I simply will not answer until I am prepared to, if at all. Intelligent folks will understand this concept and respect my wishes. Those less intelligent will ignore my wishes and continually ask for my private trading details. Of the 2, guess which ones get banned and which ones don't.
#7: As of April 8, 2012, we've had 515,250 hits... the PDF in post #1 has been downloaded 10,901 times... and the custom Squlaou indicator in post #1 has been downloaded 4369 times. Also, the core system remains unchanged and is still as solid as ever.
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The original first post:
Some traders swear by man-made indicators. Some swear by technicals and analysis. Today I will be presenting one of the ways I trade using breakouts based only on pure price action and simple hand drawn breakout boxes.
This method is so simple it's hard. Most traders overlook this style of trading not because it is ineffective, but because it just isn't as "sexy" as a method that employs lots of colorful lines and graphs and special lingo and complicated algorithms. This system may not be sexy (it isn't), but it is highly effective -- for me. YMMV.
Let's get right to it.
Pic #1 is highlighting the type of consolidation zones we are looking for. There is no hard and fast rule here. Simply "eyeball" the chart and pick out these types of zones, and then cover them with a rectangle from your MT4 tool bar. Later, this rectangle will be a uniform height, but for now just draw the boxes free-hand and pick out as many of these zones as you can.
This system will work for any pair on any TF. But for those who wish to follow me I am showing a G/U M15 chart from this week (ending July 1).
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