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No Magic!

  • #1
  • First Post: Edited 6:29pm Sep 2, 2017 5:43pm | Edited 6:29pm
As I see the need for some traders including me to decrease screen time needed to do trades.............
This is a system to identify entries fast mostly used for the 1 hour chart which needs less time to monitor the trade........
I will start with the entry technique which is as simple as possible...............welcome to this thread as long you are constructive............try to be polite with others
LIFE IS TOO SHORT TO WASTE A SECOND

here you will have indicators used,template and the manual of this method as word document.........
Attached File(s)
File Type: mq4 SweetSpots GOLD.mq4   4 KB | 2,248 downloads

Attached File(s)
File Type: tpl ATHEER 1M-1H-D-M.tpl   90 KB | 2,061 downloads

Attached File(s)
File Type: docx No Magic.docx   816 KB | 4,566 downloads
atheer1
  • #2
  • Sep 2, 2017 9:15pm Sep 2, 2017 9:15pm
While I didn't do an extensive backtest of your system. From a quick demo of it on the Cable m1 and H1, it looks like a solid system to me. The mechanical rules are there to give a foundation of where to start. As for the Bollinger bands (correct me if I'm wrong), they serve to provide intuition/feel for the trades as time spent on the system increases. Trades can be taken wherever in relation to the Bollinger bands (trader's discretion). Very simple mechanically, but with discretion in mind.

It's very different from how I trade (trend/momentum), but interesting nonetheless. Some questions I have: How do you exit? Are these quick trades (couple of bars in duration)?
An eternal student.
  • #3
  • Sep 2, 2017 9:48pm Sep 2, 2017 9:48pm
Quoting gestuntsey
While I didn't do an extensive backtest of your system. From a quick demo of it on the Cable m1 and H1, it looks like a solid system to me. The mechanical rules are there to give a foundation of where to start. As for the Bollinger bands (correct me if I'm wrong), they serve to provide intuition/feel for the trades as time spent on the system increases. Trades can be taken wherever in relation to the Bollinger bands (trader's discretion). Very simple mechanically, but with discretion in mind. It's very different from how I trade (trend/momentum),...
Entry rules are mechanical as you see.........yes BB give you the feel where the price is and whether it is proper to take the trade or not.........I can use this system both ways for fast gains or more extended profit...........exit is the most difficult part............many ways to do it..........for the mathematical way I prefer not to exit my trade before I bank at least 2X the risk even if that means risking a loss..........here is a general rule a trade taken from extremes of BB and from right level should reach at least 2X the risk I see trades that can reach as much as 10X the risk(if not mostly you are trading counter trend)..............the other way to exit is to find an important level of R/S then scale out some of the position letting some to run free moving stop to break even............the other way which I do not prefer is to exit some part at the other end of BB and letting some to run.........It is difficult to explain but live examples may serve the purpose.........

forget to say welcome
atheer1
  • #4
  • Sep 2, 2017 10:07pm Sep 2, 2017 10:07pm
Thanks
  • #5
  • Sep 2, 2017 10:22pm Sep 2, 2017 10:22pm
Quoting antonsatu
What is the Sweetspotgold for? Thanks
welcome.........

This nice indicator is used to divide 1H chart into 10 pip grid intervals,and that is my way of finding R/S levels by watching wicks of the candles touching or crossing those lines...........read entry rules and you will see that it is all about the wicks and those lines...........If you are asking about R/S in relation to those lines you may read the 1st post of this thread............

https://www.forexfactory.com/showthread.php?t=607008
atheer1
  • #6
  • Sep 2, 2017 10:28pm Sep 2, 2017 10:28pm
Thanks atheer1
I also use BB on H1.It will help me a lot.
  • #7
  • Sep 2, 2017 10:30pm Sep 2, 2017 10:30pm
Quoting saad007
Thanks atheer1 I also use BB on H1.It will help me a lot.
welcome
atheer1
  • #8
  • Sep 2, 2017 10:59pm Sep 2, 2017 10:59pm
Quoting atheer1
{quote} welcome
What about a pinbar type candle?

Another question.What's your success rate with trading this simple technique?
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  • #9
  • Sep 3, 2017 12:11am Sep 3, 2017 12:11am
Following your work. Thanks and
Regards
  • #10
  • Edited 1:17am Sep 3, 2017 12:35am | Edited 1:17am
Quoting saad007
{quote} What about a pinbar type candle? Another question.What's your success rate with trading this simple technique? {image}
This is a good example of the importance of the rule buy at the high of candle 2...........in this case this was not met.........and did you notice that if you take the bull candle you labelled and the bear candle after it was a sell trade according to the rules.................in fact I am happy that you mention on of the examples of momentum trading........win rate is good as you take setups at good levels
atheer1
  • #11
  • Sep 3, 2017 1:14am Sep 3, 2017 1:14am
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Why this trade in the chart example is a good sell to take?think of it....Why?
atheer1
  • #12
  • Edited 1:58am Sep 3, 2017 1:37am | Edited 1:58am
Quoting atheer1
{image} Why this trade in the chart example is a good sell to take?think of it....Why?
Your win rate is good as you take trades at good levels of R/S

Answer: high of this setup was 3 Year high ( high of 2015 ) so almost closing the gap between 2014-2015
atheer1
  • #13
  • Sep 3, 2017 1:47am Sep 3, 2017 1:47am
Quoting atheer1
{quote} This is a good example of the importance of the rule buy at the high of candle 2...........in this case this was not met.........and did you notice that if you take the bull candle you labelled and the bear candle after it was a sell trade according to the rules.................in fact I am happy that you mention on of the examples of momentum trading........win rate is good as you take setups at good levels
Thanks for your reply.Maybe I missed that.

win rate is good as you take setups at good levels
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  • #14
  • Sep 3, 2017 2:41am Sep 3, 2017 2:41am
Thanks for the post. I would like to know if you enter the market but did not reach the TP and you see a different input closes the old order and opens the new one even without reaching the TP?
Another question, if the signal is out of the BB is more functional?

Thank You!
  • #15
  • Sep 3, 2017 2:50am Sep 3, 2017 2:50am
I am new to sweetspot indicator,it seems that Atheer you are using this indicator for long time,is it good? and in your template I can see 4 samde indicator of sweet spot,what is the reason? what do we mean by dotted line and wat do we mean by solid horizontal line?
  • #16
  • Edited 10:10am Sep 3, 2017 3:06am | Edited 10:10am
Quoting atheer1
As I see the need for some traders including me to decrease screen time needed to do trades............. This is a system to identify entries fast mostly used for the 1 hour chart which needs less time to monitor the trade........ I will start with the entry technique which is as simple as possible...............welcome to this thread as long you are constructive............try to be polite with others LIFE IS TOO SHORT TO WASTE A SECOND here you will have indicators used,template and the manual of this method as word document......... {file} {file}...
Thank you Atheer for this new strategy. Its all clear described. One question: Do you search this pattern especially at good supp and dem areas? Or do you only look at the sweet spot lines.

thanks
  • #17
  • Sep 3, 2017 3:19am Sep 3, 2017 3:19am
hi
its very simple and seems worth to test.
  • #18
  • Sep 3, 2017 9:11am Sep 3, 2017 9:11am
Hi..thx for sharing the strategy.

I just wonder about bb function, what is the relation to this strategy? Maybe i miss something here.

Regards,
Tom
  • #19
  • Sep 3, 2017 10:15am Sep 3, 2017 10:15am
Atheer, do you cancel the trade, after 3rt candle didnt touch the high or low of the setup candle? If not, how long you let the buy or sell stops open?
  • #20
  • Sep 3, 2017 2:34pm Sep 3, 2017 2:34pm
Quoting nightfox84
Thanks for the post. I would like to know if you enter the market but did not reach the TP and you see a different input closes the old order and opens the new one even without reaching the TP? Another question, if the signal is out of the BB is more functional? Thank You!
I understand your question as follow:
You have a signal let us say buy..........you entered the trade.........then before reaching take profit you have another signal of sell what to do?From the robotic point of view that is to say completely mechanical one approach is to take every signal with stop and ultimately price will filter what is bad from good.from practical point of view that will exhaust you finances...........although the price move like that.............

From my view I will take the trade that fits my understanding of important levels of R/S and directional sentiment and will wait and see if my stop is taken then I was wrong so either I will stop and reverse or have another opportunity.....

from theoretical point of view signals coming at BB extremes are more important and have statistical edge over those in the middle
atheer1
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