Hello,
This is my humble attempt to come up with a method that speaks to me. Many hours were spent reading, analysing the approach of many well known contributors to this forum. I have chosen to share it expecting all kinds of feedback/criticism. This I welcome as any trader should if they want to improve. I had fun putting this together and if anyone is interested in creating an EA for it that would be wonderful. I could not help use Frankenstein for the name of this method since it should be apparent to many that there is nothing revolutionary about it. Like Frankenstein is alive but clumsy, confused, naive but has a good heart. Please enjoy, dissect but use the scapel respectfully.
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Strategy: I will use price action on a daily timeframe chart to identify possible trades. Pin bars (based on the James16 thread) in combination with the following MT4 indicators: Fractals, AutoPivot’s (weekly timeframe) Support/Resistance, Bollinger Bands, FxSniper’s Ergodic CCI Trigger and Solar Winds. My Stop Loss/Take Profit will be based on the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1lace><st1laceName>Average</st1laceName> <st1laceName>True</st1laceName> <st1laceType>Range</st1laceType></st1lace>(10) indicator. All entries will follow established trend until such time when my money management criteria ends the trade. This could be less than a day to infinity. * As with any method discretion will play a part.
Tactics:
I will enter long (3 lots) when yesterday’s bar/candle shows:
1. Pin bar
2. Green bar in the Solar Winds window
3. Blue above Red in the FxSniper window
4. Price touches or penetrates lower Bollinger Band or in some cases the mid Bollinger Band
5. Previous bars/candles that have retraced from nearby Support Level and Fractals will reinforce all of the above.
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I will enter short (3 lots) when yesterday’s bar/candle shows:
1. Pin bar that also indicates a Fractal symbol
2. Red Bar in the Solar Winds window
3. Red above Blue in the FxSniper window
4. Price touches or penetrates upper Bollinger Band or in some
cases the mid Bollinger Band
6. Previous bar/candles that retraced from nearby Resistance
Level will reinforce all of the above
Money Management:
I will risk no more than 5% of my funds with all of my active trades combined. My risk/reward ratio will be based on my <st1lace><st1laceName>Average</st1laceName> <st1laceName>True</st1laceName> <st1laceType>Range</st1laceType></st1lace> calculations. I will focus on four of the major currency pairs. I will only trade the daily chart.
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My Stop/Loss will be determined in the following manner:<o></o>
1. Entry price(1pip+spread above/below previous close) + 70% of
<st1:stockticker>ATR</st1:stockticker> = SL1
1. SL1 ÷ 2 + Take Profit price = SL2
2. SL1 ÷ 4 = Trail Stop
My Take Profit will be determined in the following manner:
1. Sell/Buy one lot @ (SL1 ÷ 2 + entry price)= TP1
2. Sell/Buy one lot @ ( SL1 ÷ 4 + TP price)= TP2
3. Leave one lot with a Trail Stop ( SL1 ÷ 4) <o></o>
This is my humble attempt to come up with a method that speaks to me. Many hours were spent reading, analysing the approach of many well known contributors to this forum. I have chosen to share it expecting all kinds of feedback/criticism. This I welcome as any trader should if they want to improve. I had fun putting this together and if anyone is interested in creating an EA for it that would be wonderful. I could not help use Frankenstein for the name of this method since it should be apparent to many that there is nothing revolutionary about it. Like Frankenstein is alive but clumsy, confused, naive but has a good heart. Please enjoy, dissect but use the scapel respectfully.
Frankenstein Method<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>
<o
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></o>Strategy: I will use price action on a daily timeframe chart to identify possible trades. Pin bars (based on the James16 thread) in combination with the following MT4 indicators: Fractals, AutoPivot’s (weekly timeframe) Support/Resistance, Bollinger Bands, FxSniper’s Ergodic CCI Trigger and Solar Winds. My Stop Loss/Take Profit will be based on the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1
lace><st1laceName>Average</st1laceName> <st1laceName>True</st1laceName> <st1laceType>Range</st1laceType></st1lace>(10) indicator. All entries will follow established trend until such time when my money management criteria ends the trade. This could be less than a day to infinity. * As with any method discretion will play a part.Tactics:
I will enter long (3 lots) when yesterday’s bar/candle shows:
1. Pin bar
2. Green bar in the Solar Winds window
3. Blue above Red in the FxSniper window
4. Price touches or penetrates lower Bollinger Band or in some cases the mid Bollinger Band
5. Previous bars/candles that have retraced from nearby Support Level and Fractals will reinforce all of the above.
<o
></o>I will enter short (3 lots) when yesterday’s bar/candle shows:
1. Pin bar that also indicates a Fractal symbol
2. Red Bar in the Solar Winds window
3. Red above Blue in the FxSniper window
4. Price touches or penetrates upper Bollinger Band or in some
cases the mid Bollinger Band
6. Previous bar/candles that retraced from nearby Resistance
Level will reinforce all of the above
Money Management:
I will risk no more than 5% of my funds with all of my active trades combined. My risk/reward ratio will be based on my <st1
lace><st1laceName>Average</st1laceName> <st1laceName>True</st1laceName> <st1laceType>Range</st1laceType></st1lace> calculations. I will focus on four of the major currency pairs. I will only trade the daily chart. <o
></o>My Stop/Loss will be determined in the following manner:<o
></o>1. Entry price(1pip+spread above/below previous close) + 70% of
<st1:stockticker>ATR</st1:stockticker> = SL1
1. SL1 ÷ 2 + Take Profit price = SL2
2. SL1 ÷ 4 = Trail Stop
My Take Profit will be determined in the following manner:
1. Sell/Buy one lot @ (SL1 ÷ 2 + entry price)= TP1
2. Sell/Buy one lot @ ( SL1 ÷ 4 + TP price)= TP2
3. Leave one lot with a Trail Stop ( SL1 ÷ 4) <o
></o> 
All 4 1 and 1 4 All
