Hi,
History
This is my journal. The objective is to make me a better trader. I've been trading markets since 8 years now. I never give up, always try to find the holy grail that will put me in vacations for the rest of my life. Ehehehe. You have to have a dream right?
I have come up with this system that seems fairly nice. It combines CandleSticks + Wave Theory + Good Common Sense.
The system
Is pretty easy. Must be.
1) Look for a hammer. If you dont know what a hammer is, try read more about candlesticks.
2) There must exist a trend, if uptrend, then look for inverted hammer. If downtrend, look for a normal hammer. You got a hammer? Step 3 we go!
3)Look for a cross on the TRIX (Triple Exponential Average Indicator). It's the only indicator to be used. If the TRIX is about to cross, go to last step 4 !
4) Wave Theory! Here we must be able to draw 3 waves before the candle we just saw. The rules here are that the 3rd wave must be bigger than wave 2 and wave 1.
The Rules
Enter a trade, when all the above requisites are in place. Try to avoid Pivot points and news.
Exit the trade when the opposite hammer appears, or the TRIX has crossed again in the opposite direction.
I use the 5 min TimeFrame. Never tested other one.
Only open trades in London hours.
Only trade the EUR_USD
Will show pictures with the rules, is a lot better to understand.
Resources
Since is very exhausting to keep look for a chart or several charts in such a small time frame, i made this bot (EA) that detects hammers and inverted hammers on real Time. All this do (for now, later i will add new stuff) is launch an alert telling you that a hammer or inverted hammer was found, and you go to that chart look for the other requisites to open a trade.
History
This is my journal. The objective is to make me a better trader. I've been trading markets since 8 years now. I never give up, always try to find the holy grail that will put me in vacations for the rest of my life. Ehehehe. You have to have a dream right?
I have come up with this system that seems fairly nice. It combines CandleSticks + Wave Theory + Good Common Sense.
The system
Is pretty easy. Must be.
1) Look for a hammer. If you dont know what a hammer is, try read more about candlesticks.
2) There must exist a trend, if uptrend, then look for inverted hammer. If downtrend, look for a normal hammer. You got a hammer? Step 3 we go!
3)Look for a cross on the TRIX (Triple Exponential Average Indicator). It's the only indicator to be used. If the TRIX is about to cross, go to last step 4 !
4) Wave Theory! Here we must be able to draw 3 waves before the candle we just saw. The rules here are that the 3rd wave must be bigger than wave 2 and wave 1.
The Rules
Enter a trade, when all the above requisites are in place. Try to avoid Pivot points and news.
Exit the trade when the opposite hammer appears, or the TRIX has crossed again in the opposite direction.
I use the 5 min TimeFrame. Never tested other one.
Only open trades in London hours.
Only trade the EUR_USD
Will show pictures with the rules, is a lot better to understand.
Resources
Since is very exhausting to keep look for a chart or several charts in such a small time frame, i made this bot (EA) that detects hammers and inverted hammers on real Time. All this do (for now, later i will add new stuff) is launch an alert telling you that a hammer or inverted hammer was found, and you go to that chart look for the other requisites to open a trade.
Attached File(s)
hammerfeast.tpl
21 KB
|
256 downloads
|
Uploaded Feb 8, 2012 7:15am
THV4 Trix called.ex4
28 KB
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245 downloads
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Uploaded Feb 8, 2012 7:17am
HammerFeast.ex4
4 KB
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305 downloads
|
Uploaded Feb 8, 2012 8:38am