Simplicity is the Ultimate Sophistication
Im going to share with you all a system which can produce pips daily.
I believe "Less is More"
and simplicity is the ultimate sophistication.
so i think the simpler the better.
its a strategy that i develop myself, but it was inspired by many traders.
Im going to share my strategy because others has contributed to me as well.
WHAT YOU NEED TO DO:
1.Open the EURUSD Pair, then wait the last two candle before the london market open(i use icmarket, so its 8.00 candle time)hourly candle,wait until it close.
2.look at the highest and the lowest that the 8.00 candle made.
3. at 9.00 opening candle see the market whether its going down or going up.
If its going down, put the sell stop the first 00 level under,
and if it going up, put the buy stop at the first 00 level above the 8.00 candle.
4. Put the TP 10 PIPS and SL: 15 PIPS
5.If the TP hit then close your computer.
6.if its hit sl then see the market, see the high/low of the first 00 level above/under the 8 pm, place an order on that level with triple lots.
7. Close computer.& usually the TP will be hit.
If SL still hit, then enough for today.
close your computer, accept your loses and get out.
8.Repeat on the others day.
The strategy constantly changing for better perfomance, please read from post one until the last post.
Strategy UPDATED on 10/7/2017
Ive recently improved the new strategy, and make it better.
So please use the updated one .because the updated one is so much better !
So what you need to do is:
1. one hour before london open, open two trades. Open buy stop and sell stop on the 00 level .Entry point is still the same(on 00 level above and under the 8 o clock candle.).
The different is the SL and TP.
One trade use 12 pips Take profit, and 10 Stop loss.
One trade use 5 pips Take profit and 10 Stop loss.
Now i didnt use martiangle anymore, so there are no triple lots!
IF we both Profit then we gain 17 pips.
if we lose one trade we lose only -5pips.
If we lose both we lose 20 pips.(which is rarely happens).
So there are 3 possibilites would happen here everyday.
2. Cancel the buystop if sellstop is executed,
or cancel the sellstop if buystop is executed.
3. Just let it be!
I SUGGEST YOU ALL only open a trade 1% from the equity. so when you lose, you only lose 1.55%(with sl 15pips and commision) and when you do the martiangle with triple lots, you only risk maximum of (approx 4.75%)
If you trade acc with big amout of money i suggest the less is better.
which means you can open only 0.5% of your money, and its really safe.
THIS IS THE MOST IMPORTANT PART OF TRADING,
WHATEVER HAPPEN TO THE TRADE ON THAT DAY,LIMIT THE TRADE,
FOR ME I LIMIT MYSELF ONLY TRADE FOR 2 TRADES A DAY.
AND WHATEVER HAPPENS,THEN ACCEPT IT.
YOU CAN TEST THIS METHOD, THE HIT RATE FOR THIS STRATEGY EXTREMELY HIGH!
PLEASE DO A BACKTEST AND ALSO FORWARD TEST!
ITS SIMPLE, BUT NOT EASY !
Because another member asked me to not posted the sweetspot indicator(and indicator which can show 00 level , so i just deleted the indicator).
Please search it for yourself if you need the indicator, there are a lot of it in this forum.
THIS METHOD NEED A BROKER WHICH HAS SMALL SPREAD, IF YOU HAVE BROKER WITH BIG SPREAD DONT TRADE THIS STRATEGY!
IF YOU WANT TO ASK ME WHAT BROKER I USE OR WHICH BROKER I RECOMMEND YOU CAN PM AND ASK ME.
If you earn and profit with this strategy.
I hope you can do charity, or help others who are in need!
(im giving this simple strategy free anyway).
Life is simple, and it is not all about money.
I hope i can help you,
and you can help others.
Hope all beings live happily.
Do You mean H1 candles?
i know the sweetspot gold lines are 10 pips apart but how do i factor in the spread? is it added to the ten pips profit/SL or its separated sorry for the newbie question(am one). thanks
I always love simple systems myself. Just want to share a fair warning to those using this system as to what kind statistical edge is needed to trade these kinds of systems.
You should only trade this system if your spreads are maybe .1 or .2 pips. Definitely, nothing more than .5 pips and the images below will explain why. If you have a spread of 1-2 pips you need avoid this system or trade it on a much larger time frame with say 150 pip stop and 100 pip target.
As can you see, if you have a 2 pip spread trading this system, you need an 8% edge over the traditional break-even rate... just to break even.
People like to pretend they are fighting against other traders in the market and this why they almost always lose. You will never win fighting the wrong enemy. Your true enemy is the statical disadvantage the spread provides you when using SLs and TPs
Zentrader8: thank you for this. I just have a few questions:
1. What do you consider the market opening time? 8am or 9am? And is that the open of London or the open of Frankfurt? Many people combine them and say the "open". I've heard soooo many different answers to that question but since you require it in your method, you should be the one to define it for us.
2. Have you tried it for US or Asian sessions? If "Asian open", then what time would that be since Tokyo and Sydney have completely different market times. Wouldn't that be two different market open times??
Oftentimes, people just lump these times together... Euro, Asian, US. It's too confusing and as I said, your method requires it so we need to hear it from you.
The main thing of the spreadsheet is the Win Rate needed to make up
Zentrader, can yu post some charts ?
Very easy to find out if an edge exists with an ea----anyone?
Thank you for your method. I've one question: what you do, if first stop loss hit, but than price comes back and moving forwards? For example: first buy stop triggers. Than sl, but than price goes not down. It goes up again. Do you than buy again at the same price where the first buy order was?
If you can have a spread of .01, I am almost positive an edge will exist trading with weekly daily and hourly trends. You can even quantify the edge by seeing how likely a green candle is to form, when the trend is long vs a red candle. Usually 1-2% more likely. I've done the math my self in excel. If I can find the old spreadsheet on my computer I will post it here for you guys. This means the win rate needed to make up to be profitable will have to be less than this 1-2% margin. Which would leave you with a minuscule edge that would disappear should any slippage or spread widening occur.
I recomend a broker which has a small spread, for me i use icMar**t and the average spread is 0.1,0.2 and sometimes it even can be zero.
yes im quite agree, for a trading strategy like this we need a high win rate, and also a low spread broker.Thats why i really recomended you to choose the lowest spread broker you can get to trade this strategy.if the spread is higher, it will decrease the winning rate for this kind of strategy.
and the reason why i only trade eurusd is also because the spread for this pair is quite small.
1.London open is at 10.00(i use icmarket), i look at 8.00 candle . and wait until it close.then can start to trade at 9.00 candle opening.(if there any 00 levels touched)
2.Nope, i only trade 1 hour before london open.because that time the price will have momentum that can push the price to touch TP.
The importance is,
For me i just limit my trade 2 times a day.Whatever happens, just accept it.
Hi zentrader, for the entry on 8 of March 2017 am i right to say we buy at 1.0570 (hit SL), and then reenter sell 3 times lot size at 1.0550?? or is it reenter at 1.0560?
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