Here's my comments, broader than the current system/EA under discussion here. I like the system, but in the absence of actually knowing how to trade some may still experience some difficulty. And if I may, here's why. Generally I never enter a trade without knowing what's happening in the bigger time-frame. If the daily trend is up, I want to trade in the direction of the daily only i.e. with the momentum. Let me use an example, a professional trader knows that previous resistance can become support and visa versa. Since this system is based on the m15 and h1 time-frames, we are trading minor trends within a bigger trend, hope that makes sense.
Today the system had CADJPY and AUDJPY along with other pairs confirmed for SELL in both time-frames.However, I bought both CADJPY and AUDJPY based on the Elliott Wave principle. I just closed AUDJPY buy for 42 pips, and CADJPY for 30 pips. The current resistance level on both those pairs in my opinion are weak, and weak resistance will be broken. Similarly, weak support will be broken.
I previously stated, wait for confirmation of a breakout, do not just enter a trade. The above is my explanation for why.
All the best everyone.
Guz