Simple and profitable trading style

Since the beginning of the bullish movement base on the strategy, CADJPY and CHFJPY have each made over 550 pips as at now. Great movement.

BOJ must be really pleased with the weakness of Yen. It's good for Japanese exports. The great thing about Forex is that wherever the Economy goes, traders always have advantage - those who are able to catch the move early enough.

As I said yesterday the strategy of going bullish can be used to close your bearish position and vice versa, so that you don't close prematurely. The interesting thing now is that am both bullish and bearish with the strategy - CADJPY, long; CHFJPY,long; NZDJPY, long; GBPCAD, long; EURUSD, short; AUDUSD, short; AUDCAD, short. This would give me more confidence that the strategy of going bullish can be used to close short position and vice versa.

The descending resistance seems to be really valid on this pair.

Just leave it the way MT4 set it. You don't have change anything. MT4 already set it on default. Don't do you own setting. Just install bollinger bands and nothing else

AUDCHF is a pair worth monitoring with this strategy. This is because it's moving sideways on both the daily and weekly charts. It's going to be explosive trade. This time I think I will increase my lot size, since confidence is already being built around this strategy.

If it meets the entry point I will post it here.

Thanks for sharing ur trading strategy,though from ur user name i guess u are from Nigeria,like me.well i like to know how u place ur stop loss when trading with this strategy.....

In setting stop there is no difference here withe strategy. When setting stop loss generally you use the last candlestick to set stop loss. Let start by general method of setting stop loss. Assuming you are waiting for a confirmation candlestick after a Doji candlestick and you want to go bullish. Then a strong confirmation bullish candle finally forms. When you get in you set your stop loss little below the "Low" price. You already know we have Open, Close, High and Low prices. Opposite is the case with bearish entry. You're going short, your stop loss should be little above the "High" price. About this strategy is the same. As you get in ( Bullish ) your stop loss also below low price. No difference. The only difference I can tell about the strategy is that I sometimes use the weekly candlesticks for my stop loss. This is daily may get triggered and still obey the setup. Using the weekly candlestick has made me more comfortable with this strategy. By warned that weekly candlestick stop loss is wider than the daily. Some of us over cautious of stop loss. In this strategy also I sometimes trade a very small lot size, 0.01 when the stop loss is on weekly candlestick.

Hi Dkarev, yea am a Nigerian. In setting stop there is no difference here withe strategy. When setting stop loss generally you use the last candlestick to set stop loss. Let start by general method of setting stop loss. Assuming you are waiting for a confirmation candlestick after a Doji candlestick and you want to go bullish. Then a strong confirmation bullish candle finally forms. When you get in you set your stop loss little below the "Low" price. You already know we have Open, Close, High and Low prices. Opposite is the case with bearish entry. You're going short, your stop loss should be little above the "High" price. About this strategy is the same. As you get in ( Bullish ) your stop loss also below low price. No difference. The only difference I can tell about the strategy is that I sometimes use the weekly candlesticks for my stop loss. This is daily may get triggered and still obey the setup. Using the weekly candlestick has made me more comfortable with this strategy. By warned that weekly candlestick stop loss is wider than the daily. Some of us over cautious of stop loss. In this strategy also I sometimes trade a very small lot size, 0.01 when the stop loss is on weekly candlestick.

There is something I omitted - EURAUD. This pair is negatively correlated with AUDCHF. You can see that both are sideways now. This is because of the positive correlation of EURO and CHF. When one is going up the other goes down. When EURO is strengthened, CHF is also strengthened. When they meet my entry point I will not take both. I will take the better one whose resistance/support is far away.

I just find out that the strategy obeyed 4hrs yesterday on EURAUD, short. While the daily was closing strongly below middle band, the 4hrs closed below lower band. That's great for 4rs traders. But how highly successful is what I don't know now. It has made over 100 pips now on 4hrs. I have seen how successful it is with weekly and daily. I will be backtesting it with daily and 4hrs for those who trade 4hrs.

Many of the pairs are still moving accordingly. If you have been following the thread I have already listed the pairs am backtesting and the entry point. CADJPY, long; CHFJPY,long; EURUSD,short; NZDJPY, long. As I have said earlier I did not take CADJPY and CHFJPY because I was already long in NZDJPY. They all obey same strategy/entry point. This is where correlation can really magnify trading account. AUDNZD not performing like the rest positions- it's kiiling me with retracement. EURUSD performing after the US election.

AUDCAD already moving also. NZDCAD will soon follow downward move. If the last candle on the daily had close below lower band, it would have given a go ahead

I said earlier that am waiting for AUDCHF. Its not given signal base on the strategy. This pair is no longer in my mind for now. It's risky.

hi there great journal.

do you scan all pairs waiting on your signal or is there pairs you stay away from.

Cheers Paul

Scanning the pair I post? If I get what you mean I have all the pairs I trade in my platforms all 27 pairs. But I don't trade EURCHF. So funny pairs

Hey 9ja, love the thread.

With regard to the d1 and h4 not cooperating, could you not increase the deviation of the bolinger bands to, lets say 2,5 instead of 2?

This will then not effect the middle line (The 20 MA), but will increase the distance that price has to travel to reach the outer bands, as I assume you already know.

Just my 2 cents, I look forward to seeing this progress!
Many thanks

Thank you, Godsense. I do not need to change anything. I always wonder why we need to change the setting when platform/MT4 already has everything. The major reason I created my trade explore is that readers would be able to know themselves whether the strategy is working or not. Another thing is that traders also have to back check some charts and see where a strong trend started, using the weekly and the daily. It's really simple. All the pairs I listed are moving. Check them yourselves. Let me repeat, am using seven platforms to check the profitability of the simple strategy. I wish you all happy trading week

EURUSD has the higher probability of breaking the monthly support. If it does, I know the strategy has, first time, performed using monthly and weekly. While the last monthly candle closed below middle band, the week closed below lower band. A you can see EURUSD has been ranging/sideways. As I have said at the beginning the strategy works best when price in ranging/sideways