One line to rule them all (OLTRTA)

Wanted to share this trading strategy for some time now, so lets do it now.

After reading several posts from veteran members Peter Crowns and CrucialPoint I've come to realization that Daily open line is the line to rule them all.

We look only for BUY setups if the price is above the Daily open line and SELL if the price is below the Daily open line.

But even if you are a monkey you know that you cannot just enter blindly BUY/SELL when price is above/below Daily open line. You need some extra confirmation/line/point.... What I use are the daily Pivot points.

So we BUY/SELL when price moves away from the Daily pivots and then comes back(retraces) to one of the Daily pivots and it bounces again in the direction of the Daily trend.

White bold line is daily open line, yellow is Daily PP, green/red are Daily Support/Resistance lines.



You can visual backtest as far as you like and if you have the eyes that are needed for this strategy you will spot this kind of setups every day. If you have read through till now then you know there is no magic arrow that will tell you when to enter or exit so don't even ask me when to enter and exit or about R:R, because this is based on PRICE ACTION. And you need hundreds to thousands of hours of price action and charts to understand how markets move.

All trolls will be removed from the thread, for those that have anything against this strategy, explain yourself, provide evidence whats wrong with it or you will be removed also.

To others who will use it in any way or implement it in their own way of trading, enjoy.

Indicators, setfiles, template:

For visual backtest:

And set All pivot points, displaying mode: Historical

Cheers.

Additional explanation for new traders:

I am sure you have heard of the saying "Make one step back to make two steps ahead".

This is it. Price has to make a step back to make the additional move, because price does not move in a straight line, it needs that additional push some would even call it liquidity, order blocks, whatever you want to call it.

One real life example are more or less all athletics disciplines (running, high jump, long jump...). You always make one step behind, mostly is the rigt leg so that you can make that acceleration that you need to move forward.



Look at price action this way.

A few more visual backtest examples from thursday. Vertical blue line is when I start trading.

Thank for share your strategy!
I have simple question, your are profitable with a strategy? if your are, how much time ?
Done! Good night and good Trades !

Nice. I was thinking of backtesting daily open as i have seen price bouncing from open price many times in realtime. However i had a bit different approach in my mind. Currently i am using two lines for now for my real trading i.e. high and low. You have pointed out that do not ask about entry and exit but everyone will need one. Furthermore, could you tell if you are the one to develop the backtestee?

If you can spot the setups then yes.

I'm not sure I understand you. If I have developed the indicator for visual backtesting? No I did not develop any indicators.

It is a good strategy. This shows that you know the nature of the market. But we can improve this method in the future and filter out its mistakes.

Did you just register to get on my nerves? I guess you are some active member who doesn't have the balls to ask me what you are asking with his original account.

It is very similar to the strategy I have worked with. He can be very successful by drawing S R. I'm subscribing sorry for bad english already.
It is very similar to the strategy I have worked with. He can be very successful by drawing S R. I'm subscribing sorry for bad english already.

trend is your friend. systems that follow the trend save money.

Yeah. Wanted to know if you were the developer.

Ignore the DAX trade it was a miss click.

My still open trades which will get closed soon.


And ofcourse there are losers, which I will also show, because this is not a holy grail and I don't have an all seeing eye.


I would normally close it earlier but I have set the SL a few pips under the daily open and it got hit.

Yes I missed this one, was away most of the NY session I managed to add few trades via remote desktop on my phone but I missed EU totally. There are a few more but I won't cry a river for missed trades, tomorrow is a new day.

There are two problems with this approach

1) Churn - price will gravitate +/- Open until it eventually moves far enough away - the problem is, how long until that occurs? - this is "Death by a thousand cuts"

2) When to exit? -if step 1 has high churn , your exit may be much further than you want it to be due to losses from step 1.

Hi .why you didnot take buy when it hit the pivot from higher price?

Did you even read the opening post?