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Simple Low Risk Price Action Trading w/ TE Results

  • #201
  • Oct 5, 2017 7:33am Oct 5, 2017 7:33am
I hope some of you caught the action this morning during the London session, this as a US trader frustrates me because all of this happened about 2-4 hours before I woke up. These are some grade A setups and all of them performed extremely well. I may just have to start waking up a couple hours earlier. I actually saw the EURCHF trade last night during tokyo and set it up for an overnight trade and it hit TP.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 100517 AUDJPY 1.JPG Size: 150 KB
Click to Enlarge Name: 100517 EURCHF 1.JPG Size: 261 KB
Click to Enlarge Name: 100517 EURGBP 1.JPG Size: 234 KB
Click to Enlarge Name: 100517 GBPUSD 1.JPG Size: 238 KB
Click to Enlarge Name: 100517 USDCHF 1.JPG Size: 242 KB
Attached Image
  • #202
  • Oct 5, 2017 1:15pm Oct 5, 2017 1:15pm
Very nice day, Thursdays seem to have some good price action for this strategy. You can see here the AUDUSD and NZDUSD have been in free fall down trend and have yielded setup after setup. There were some much smaller opportunities on the EURUSD, EURJPY, AUDJPY, and EURCHF as well, however the risk/reward wasn't too favorable.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 100517 AUDUSD 1.JPG Size: 210 KB
Click to Enlarge Name: 100517 EURCHF 2.JPG Size: 169 KB
Click to Enlarge Name: 100517 NZDUSD 1.JPG Size: 201 KB
  • #203
  • Oct 5, 2017 2:22pm Oct 5, 2017 2:22pm
Quoting Embry1
Very nice day, Thursdays seem to have some good price action for this strategy. You can see here the AUDUSD and NZDUSD have been in free fall down trend and have yielded setup after setup. There were some much smaller opportunities on the EURUSD, EURJPY, AUDJPY, and EURCHF as well, however the risk/reward wasn't too favorable. {image} {image} {image}
What is that indi at the bottom?
  • #204
  • Oct 5, 2017 2:45pm Oct 5, 2017 2:45pm
Quoting ficibald
{quote} What is that indi at the bottom?
It's from post #177 it was an indicator coded for this strategy to show when 3 or more signals line up. I don't use it to enter the trades but it's handy for confirmation of the trade and maybe useful for exiting a trade. Doesn't take up too much screen space so it's staying for now.
  • #205
  • Oct 6, 2017 7:42am Oct 6, 2017 7:42am
Nice when NFP works out in your favor. I don't usually trade during news but this was a great opportunity and the risk/reward made sense. Not only would you win big if it goes in your favor but it would be an instant TP hit. What's very interesting is that in data news reports like this a lot of the times the market sets up just before the news release and you'll see results like this. Or worst case scenario it goes against you for a small stop loss. So watch for these sometimes but make sure to do your homework on the news release.
Attached Image (click to enlarge)
Click to Enlarge Name: 100617 AUDUSD 1.JPG Size: 313 KB
  • #206
  • Oct 6, 2017 10:48am Oct 6, 2017 10:48am
Embry1 how is this trade? Ignore the purple and orange lines. 4/4 with divergence and 1:2 ratio. Last time I forgot to look for divergence. Thanks for the look over.
Attached Image (click to enlarge)
Click to Enlarge Name: Forex.png Size: 398 KB
  • #207
  • Oct 6, 2017 10:57am Oct 6, 2017 10:57am
Quoting OCrhino
Embry1 how is this trade? Ignore the purple and orange lines. 4/4 with divergence and 1:2 ratio. Last time I forgot to look for divergence. Thanks for the look over. {image}
It's good for that scalp that it looks like you got there. It's actually a reversal pattern and the GBPUSD is super overextended on the 1 hour chart but it looks like you had your TP and SL placed appropriately. I edited your pic to show the support/resistance levels that were important on that particular trade. But yes it's a valid 4/4 signal with bearish divergence but not a whole lot of room to go looking at the 1 hour chart.
Attached Image (click to enlarge)
Click to Enlarge Name: 100617 GBPUSD 1.JPG Size: 386 KB
  • #208
  • Oct 6, 2017 1:36pm Oct 6, 2017 1:36pm
Quoting Embry1
{quote} It's good for that scalp that it looks like you got there. It's actually a reversal pattern and the GBPUSD is super overextended on the 1 hour chart but it looks like you had your TP and SL placed appropriately. I edited your pic to show the support/resistance levels that were important on that particular trade. But yes it's a valid 4/4 signal with bearish divergence but not a whole lot of room to go looking at the 1 hour chart. {image}

The over extended and support level on the 15min is why I only went for a 1:2 ratio. Thanks for the feedback.
  • #209
  • Oct 6, 2017 9:20pm Oct 6, 2017 9:20pm
Quoting TradeForexFx
{quote} Please use all indicators and profile from this post. Edited to include the "Simple" template file. {file} {file}

Try this profile. Use the indicators from my above post. after installing the attached indicator, use the attached profile.

At the bottom of the chart, a list of pairs appear. Click to change the chart easily to the desired pair.
Attached Image (click to enlarge)
Click to Enlarge Name: Simple 1.jpg Size: 140 KB
Attached File(s)
File Type: zip Simple 1.zip   18 KB | 397 downloads
File Type: mq4 Symbol changer 1.1 separate.mq4   7 KB | 355 downloads
  • #210
  • Oct 7, 2017 3:04am Oct 7, 2017 3:04am
Quoting Embry1
Nice when NFP works out in your favor. I don't usually trade during news but this was a great opportunity and the risk/reward made sense. Not only would you win big if it goes in your favor but it would be an instant TP hit. What's very interesting is that in data news reports like this a lot of the times the market sets up just before the news release and you'll see results like this. Or worst case scenario it goes against you for a small stop loss. So watch for these sometimes but make sure to do your homework on the news release. {image}
Nice. I Take second setup too
  • #211
  • Oct 7, 2017 6:38am Oct 7, 2017 6:38am
Quoting TradeForexFx
{quote} Try this profile. Use the indicators from my above post. after installing the attached indicator, use the attached profile. At the bottom of the chart, a list of pairs appear. Click to change the chart easily to the desired pair. {image} {file} {file}
Just been playing around and getting this setup for next week. Nice work again,Thank you. it makes things a lot easier for sure !

Could I suggest a useful addition that you may consider adding if you get time. An audio alert for the "simple panel v1"
  • #212
  • Oct 7, 2017 12:46pm Oct 7, 2017 12:46pm
Quoting nihilist23uk
{quote} Just been playing around and getting this setup for next week. Nice work again,Thank you. it makes things a lot easier for sure ! Could I suggest a useful addition that you may consider adding if you get time. An audio alert for the "simple panel v1"

Good to know that my efforts are being appreciated. Thanks.

I am not a programmer. Already available indicators have been modified for specific needs. I am sure that the modifications you are suggesting will not be a problem for someone who knows programming, but I don't think I can do it.
  • #213
  • Oct 7, 2017 7:17pm Oct 7, 2017 7:17pm
Embry1 my new best friend. I just wanted to let you know how happy I am with your strategy. I have been able to achieve 75-80% consistently depending on the pairs. This strat is fantastic and I would love to see it automated. The rules are simple and kiss (keep it simple stupid). Thank you TradeforexFX for your great work on making searching for trades easier.

I have been lurking and subscribed to another strategy here on FF and I think that if your strat was turned into a pin on Seller9 EA we all would win. I have shared your strat with Seller9 and how I trade it. Your baby is a fantastic trend trading system married his basket trading EA it could be a real gold mine.

The way it works while using your rules on opening and closing a trade
1-Seller9 turns your strat into a indicator/pin that you attach to all your the charts. (he is an amazing colder and maybe able to use TradeforexFX work)
2-The Casino EA Trader will look at all the charts and auto trade the ones that meet your rules.
3-You can also have the EA trade all the pairs that correlate price action trade in the direction that your strategy indicator says to (basket trade them all at once)

Here is a link to his forum, read through it and you will be able to see the possibilities if we combine two winning brilliant peoples ideas like Seller9 and Embry1.
  • #214
  • Oct 7, 2017 7:25pm Oct 7, 2017 7:25pm
Here is a link to Seller9 thread if you want to check it out Embry1. https://www.forexfactory.com/showthread.php?t=677806
  • #216
  • Oct 8, 2017 10:39am Oct 8, 2017 10:39am
Quoting AngelicaMari
Embry1 my new best friend. I just wanted to let you know how happy I am with your strategy. I have been able to achieve 75-80% consistently depending on the pairs. This strat is fantastic and I would love to see it automated. The rules are simple and kiss (keep it simple stupid). Thank you TradeforexFX for your great work on making searching for trades easier. I have been lurking and subscribed to another strategy here on FF and I think that if your strat was turned into a pin on Seller9 EA we all would win. I have shared your strat with Seller9...
Glad to see you're having good success with the strategy, it seems like you have a good understanding of how the signals work in conjunction with support/resistance and divergence to have that kind of win ratio.

I've seen the Casino EA before and it's good work. I'm certainly open to making this strategy as accessible as possible and an EA to capture the trades that I can't get to would be really helpful as long as the parameters are very similar to how I trade it live. I'm sure many other people would be interested in this as well if it works. My main focus would be to trade it during the London session for the hours that I'm not awake and is typically where the most signals and highest quality signals are found. I'll see if there's anything we can work out with that. Xmess7 is also a great EA coder but I'm not sure he has the time for a project like that.

And to the fact that you're getting a 75-80% win ratio with this strategy, hopefully you're getting a good risk/reward as well. If you're getting at least a 1.5/1 risk/reward ratio then you'll be on the fast track to insane wealth. I put this together to show the possibilities of this strategy if used correctly. When you see the actual possibilities in front of you when you have a winning strategy and the ability to execute the strategy with no emotion it's quite inspiring. This simulation was used with very average inputs so that anyone can achieve these kind of results. Of course if your numbers are better than this you'll grow an account exponentially faster. The inputs are a starting capital of $1000 with a 65% win ratio at a 1.5/1 risk/reward over the course of 1000 trades (20 trades a week for a year) and a 2% risk per trade.

Thanks again to everyone who has contributed to this strategy and those of you who contribute in the future.
Attached Image (click to enlarge)
Click to Enlarge Name: 100817 Equity Curve.JPG Size: 141 KB
  • #217
  • Oct 8, 2017 1:22pm Oct 8, 2017 1:22pm
Hello Embry1
Thank you for sharing this strategy
Subscribed
  • #218
  • Oct 9, 2017 11:41am Oct 9, 2017 11:41am
So we all know it's a USD and CAD bank holiday so there's not much action going on. I'm really not trading much, I did make one live trade but with the volume today the rewards are not great. There really haven't been a lot of signals lining up, however on days like this paying attention to divergence and support/resistance can really pay off big time. This is a mix of 2/4 and 3/4 signals that are strengthened by the divergence and support/resistance that turns non 4/4 signal setups into wonderful opportunities. Once you get the hang of using divergence with support/resistance with this strategy you'll see many more opportunities throughout the day, even on super slow ones. Also, EURCHF seems to be a fantastic pair for this strategy, I typically see 1 or 2 great setups every day on that pair. Paying attention to the support and resistance will also help you with your S/L and money management because if you see a 4/4 signal like you would have seen on the EUR/CHF chart and it broke through 2 signals (PSAR and middle BB) you may have stopped out. But if you look at the previous resistance which should now act as support, you can either set your SL under that OR enter the trade again for an even better entry if you already took the trade at the 4/4 signal.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 100917 EURAUD 1.JPG Size: 192 KB
Click to Enlarge Name: 100917 EURCHF 1.JPG Size: 149 KB
  • #219
  • Oct 9, 2017 12:16pm Oct 9, 2017 12:16pm
Here's the trade I took live on the GBPUSD. Again using divergence with support/resistance to strengthen a 2/4 signal setup. This one just hit TP at 1.3153 from a 1.3127 entry on a slow day. Excellent risk/reward ratio. The GBPJPY had the same setup.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 100917 GBPJPY 1.JPG Size: 167 KB
Click to Enlarge Name: 100917 GBPUSD 1.JPG Size: 144 KB
  • #220
  • Oct 9, 2017 12:44pm Oct 9, 2017 12:44pm
Quoting Embry1
Here's the trade I took live on the GBPUSD. Again using divergence with support/resistance to strengthen a 2/4 signal setup. This one just hit TP at 1.3153 from a 1.3127 entry on a slow day. Excellent risk/reward ratio. The GBPJPY had the same setup. {image} {image}

Did you take the trade on the GBP/JPY about 2 1/2 hours prior to the one you took in this chart? At that time it would of been 4/4 with divergence. Looks like it would of been a trade that stopped out, which happens. But I also want to make sure if you saw it there was a reason for not entering.

Thanks
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