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I challenge you to fail with this

  • #441
  • Jun 3, 2018 1:06pm Jun 3, 2018 1:06pm
Quoting Joseph95
I don’t know anymore how to explain it. This is the last time, seriously, there are 20+ examples. Type 1 (Bullish) We have 2 candles. One Red and one Green. If the green has a downLONGER shadow compared to the previous candle low and then CLOSE above the previous candle high, we have a type 1 signal Type 2 (always bullish) We have two candles. One red and one green. If the green has a downLONGER shadow compared to the previous candle low and DOESN’T CLOSE ABOVE THE PREVIOUS DAY HIGH BUT close ABOVE THE OPEN -because is red isn’t it?- (If the previous...
Dear Joseph95, based the given definition I think in these all 3 screen shots there is No setup at all, Am I correct.

in 1st and 2nd screen shot, the 2nd candle did not cross the Open of the 1st candle

and in 3rd screen shot both candle are of same color + The 2nd candle did not cross the Open of the 1st candle,
Hence there is NO SETUP.

Is my interpretation correct ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Image1.jpeg Size: 101 KB
Click to Enlarge Name: Image2.jpeg Size: 113 KB
Click to Enlarge Name: Image3.jpeg Size: 107 KB
  • #442
  • Jun 3, 2018 2:05pm Jun 3, 2018 2:05pm
Quoting Impenia
{quote} Great stuff, mate. From the average win-rate (+75%) you posted, I think a 1:1 ratio is already good enough. Anything higher will just be a cherry on the cake. One might consider splitting his positions in 2. First position exits at 1:1, while the other continues to run until the next key S/R level.
the question from me to you is that how do we determine the S/R level you have mention, i which there is an indicator or something to determine those key level
  • #443
  • Jun 4, 2018 3:11pm Jun 4, 2018 3:11pm
Here are the setups per the 5 pm NY Close.

Attached Image (click to enlarge)
Click to Enlarge Name: 20180604_Setups.jpg Size: 256 KB
  • #444
  • Jun 5, 2018 12:13am Jun 5, 2018 12:13am
What should be the exit strategy for these setups?? How do we get out from the trade once we are in
  • #445
  • Jun 5, 2018 1:26am Jun 5, 2018 1:26am
Quoting dkarev
{quote} the question from me to you is that how do we determine the S/R level you have mention, i which there is an indicator or something to determine those key level
There are a number of indicators that attempt to plot S/R levels, however, I don't use them. I prefer to draw the levels myself.
---
So, here's how I personally go about them. I focus mainly on the D1 TF for my S/R levels, but occasionally I also plot H4 and W1 levels, depending how strong the trend is. I usually change my D1 charts from candlestick to line graph. This helps me to see the turning points better. I then place horizontal lines at the tip of the turning points to mark my S/R levels. I try not to pick every turning point but only the ones that resulted in some significant moves. After that, I flip back to candlestick charts and then watch PA around those S/R levels.
Simplicity Is The Ultimate Sophistication!
  • #446
  • Jun 5, 2018 2:31pm Jun 5, 2018 2:31pm
Here are the setups for today per the 5 pm NY close.

Attached Image (click to enlarge)
Click to Enlarge Name: 20180605_Setups.jpg Size: 257 KB
  • #447
  • Jun 6, 2018 8:06am Jun 6, 2018 8:06am
Quoting Hambone
Here are the setups for today per the 5 pm NY close. {image}
Thanks for posting this daily. Couldnt get the scanner to work for me and this does save time... much appreciated.
  • #448
  • Jun 6, 2018 2:13pm Jun 6, 2018 2:13pm
Here are the setups per the 5 pm NY Close today.

Attached Image (click to enlarge)
Click to Enlarge Name: 20180606_Setups.jpg Size: 257 KB
  • #449
  • Jun 6, 2018 2:19pm Jun 6, 2018 2:19pm
Quoting prof8t
{quote} Thanks for posting this daily. Couldnt get the scanner to work for me and this does save time... much appreciated.
You're welcome prof8t. Does your broker use a prefix or suffix on the currency? If so, you need to add it to the inputs. For example, my broker lists the pairs as EURUSDi. Notice the "i" at the end. I had to add it to the pairSuffix on the inputs. Only then would the indicator list the pairs.
  • #450
  • Jun 6, 2018 2:52pm Jun 6, 2018 2:52pm
Quoting Hambone
Here are the setups per the 5 pm NY Close today. {image}
Thanks, it's great that you share this daily with the group!
Life is like a snickers, its full of nuts!
  • #451
  • Jun 7, 2018 2:23pm Jun 7, 2018 2:23pm
Here are the setups per the NY 5 pm close today.

Attached Image (click to enlarge)
Click to Enlarge Name: 20180607_Setups.jpg Size: 247 KB
  • #452
  • Jun 9, 2018 5:41pm Jun 9, 2018 5:41pm
Quoting david7
I know this is supposed to be used only on daily, weekly and monthly, but I still tried it on M5 and it works pretty well if you want to scalp or scalp to swing. I used tradingview. All trades are from today until back approx. 1-2 weeks. No cherry picking. I didnt followed any indicators or pay attention to trend, market structure, price action, news etc. so theres room for improvement. I just tried to find valid Type1 setups. GJ, M5 Pips: +195,4 Trades: 14 Winrate: 85,71% Uj, M5 Pips: +188,2 Trades: 21 Winrate: 76,19% GBPNZD, M5 Pips: +236 Trades:...
Hi David, are you still testing this setup on M5? Mind sharing your results? Tnx.
Simplicity Is The Ultimate Sophistication!
  • #453
  • Jun 11, 2018 3:03pm Jun 11, 2018 3:03pm
Here are the setups per the 5 pm NY Close.

Attached Image (click to enlarge)
Click to Enlarge Name: 20180611_Setups.jpg Size: 256 KB
  • #454
  • Jun 11, 2018 9:06pm Jun 11, 2018 9:06pm
Quoting Hambone
Here are the setups per the 5 pm NY Close. {image}

Thank you for the updates
  • #455
  • Jun 12, 2018 5:05am Jun 12, 2018 5:05am
Quoting Impenia
{quote} Hi David, are you still testing this setup on M5? Mind sharing your results? Tnx.
Not constantly due to time reasons. Just had not enough time to test it everyday.
I do have took spontaneously a few trades on M5 GJ on my Live account and they were positive. 6W, 1L.
What I noticed on M5 is that most of the time the trades become profitable when the signal candle is small - mid sized. On huge signal candles there were more losses. Cant tell now how to define "huge" candles, when I'm going to test it properly I will meassure the pipsize of those candles. This is probably an area where improvements can be made and mistakes can be sorted out.

I hope you guys and joseph keep making progress. I dont like to make judgements before I havent test it long enough, but so far like said before it works good on M5.
It didnt work on M15, H1, H4 for me.

I would like to take trades constantly everyday for a month on one pair to have a reliable result. Since markets behave different on week 1 than on week 4.
Problem is at the moment I have not enough time to trade, but I will do it soon and share my results.

If you guys can confirm the system on any timeframe feel free to share. The more people test it the easier it gets to filter out the right pairs and timeframes. I had the best results so far on daily and M5.
  • #456
  • Jun 12, 2018 2:13pm Jun 12, 2018 2:13pm
Here are the setups per the 5 pm NY Close.

Attached Image (click to enlarge)
Click to Enlarge Name: 20180612_Setups.jpg Size: 246 KB
  • #457
  • Jun 12, 2018 9:03pm Jun 12, 2018 9:03pm
Quoting david7
{quote} Not constantly due to time reasons. Just had not enough time to test it everyday. I do have took spontaneously a few trades on M5 GJ on my Live account and they were positive. 6W, 1L. What I noticed on M5 is that most of the time the trades become profitable when the signal candle is small - mid sized. On huge signal candles there were more losses. Cant tell now how to define "huge" candles, when I'm going to test it properly I will meassure the pipsize of those candles. This is probably an area where improvements can be made and mistakes...
i think i understand what u mean by the candle too long enough, all pattern /indicators wont work. mostly during high impact news, right?
  • #458
  • Jun 13, 2018 4:33am Jun 13, 2018 4:33am
Quoting francisw
{quote} i think i understand what u mean by the candle too long enough, all pattern /indicators wont work. mostly during high impact news, right?
Hi francis,

I'm not sure what exactly you mean, but I didnt used this entry method on M5 during orange & red news.
I traded GBP pairs during London until NY close and rest of pairs when NY open until close.

For using daily candles it worked also during orange&red news, but I prefer to close my trades before news eventhough with daily candles it requires time to hold the trades, therefore its not always avoidable news to cross your trades. But the higher the timeframe the less impact it has on your trade. The most comfortable entry method was for me the daily. If you want quick scalps then M5.

btw I was always using Type1 signals only. I still didnt try weekly candles.
  • #459
  • Jun 13, 2018 10:24am Jun 13, 2018 10:24am
I have been back testing this strategy extensively for the last week or so using a programmed strategy for JForex. I have tried 5 min, 60 min, 4 hour and daily charts on GBP/USD and EUR/USD and cannot find anyway to make it consistently profitable with Type 1 trades or even with the addition of Type 2 trades (they seem to make the outcome worse). One year might be profitable and the next few years are losses - break even at best not including commissions i.e. net losses. I had some hope for this since it looked pretty good on the surface. Perhaps there could be filters applied or avoiding news days - not sure, but overall I couldn't find long term success with this strategy. I tried trailing stops, break even levels, only trading in certain sessions, scalping, various stop losses and RR - nothing is consistent with this :-(
Emotion - it steals your money.
  • #460
  • Jun 13, 2018 5:12pm Jun 13, 2018 5:12pm
Here are the setups per the 5 pm NY close.

Attached Image (click to enlarge)
Click to Enlarge Name: 20180613_Setups.jpg Size: 252 KB
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