Welcome everybody
Since four years now I was trying to be discretionary price action trader, simultaneously however I was constantly searching for a clear, simple and easy to execute mechanical system.
Taking inspiration from different sources it looks like I finally found some trend following formula that is quite simple to execute and is also bringing satisfying results on eur-usd
tools:
ema55
kijun-sen + tenkan-sen (part of ichimoku kinko)
osma
heiken ashi
price action (retracement)
long entry rules (opposite for short):
1) first long signal (preparation signal):
close of 15 min price bar must be above three lines: ema55, kijun sen, tenkan sen and osma must be positive and heiken ashi must be bullish:
2) retracement period: we are waiting for specific price behaviour which may happen very next candle or any amounts of following candles.
3) second long signal (entry signal): we are entering the market one or two seconds before the close of second long signal.
Simply saying what we are looking for is one long signal, then some retracement and finally second long signal again.
long exit strategy (opposite for short):
1) initial SL is -30 pips
2) when price reaches + 30pips SL should be moved to BE or kijun-sen if it is higher than BE point.
3) After that we simply trail our SL with kijun sen (SL should be 1 pip below kijun sen – or as much below as is your broker's spread) and we are patiently waiting for SL to be taken.
recommended entry hours:
beginning: 3h before London Open.
end: 1h before London Close.
revers rules:
if we are in long transaction and second short signal appears we close the long transaction and open short one.
We can revers only during recomended entry hours period after that time we neglect all signals and we are waiting for SL to be taken (with profit or Loss)
You may revers that transaction only after valid reversal signal that appears during the next trading period beginning 3h before London open
continuation rules:
if we were in long transaction that was stopped (with profit or loss) we enter again the next bullish signal if it appears.
If we have open long transaction we neglect all other long entry signals until long transaction is closed (with profit or loss)
If we have open transaction (long or short) we neglect any signals that appears after recommended trading hours. You just manage your SL and wait till transaction is closed by SL (with profit or Loss)
INDICATORS
ATTENTION PLEASE
Neglect all indicators attached to post no2 and download only those attached to this post
replace them if you downloaded them already
Those 3 custom indicators are clearly pointing entry signals.
Govinda_arrow: (it requires Govinda_math to work)
signalling arrows – they appear after candle is closed.
red dot – initial SL should be placed there
green dot – when price reaches that level we move SL either on BE point or kijun sen.
Arrows appear only when:
1)previous candle was not fulfilling all required conditions and the current candle fulfilled all of the conditions
2)previous candle was fulfilling all the conditions and current candle also fulfills all the conditions and retraces back to the area of EMA55, kijun-sen, and tenkan-sen (or at least touches one of those lines)
Govinda_live: (it requires Govinda_math to work)
light blue bar – preparation for long signal
blue bar – long entry signal
golden bar – preparation for short signal
red bar – short entry signal.
additional explanation for long transaction:
1) first light blue bar = first bullish arrow = long preparation signal
2) all following light blue bars are simply telling us that dark blue bar (entry signal) may appear soon
3) Dark blue bar (entry signal) = second or any other consecutive bullish arrow.
Govinda_math: You do not have to open this indicator on your chart (it shows nothing) but you have to put it to /experts/indicators folder. (it is slightly modified Heiken Ashi indicator which calculates only HAopen and HAclose)
Since four years now I was trying to be discretionary price action trader, simultaneously however I was constantly searching for a clear, simple and easy to execute mechanical system.
Taking inspiration from different sources it looks like I finally found some trend following formula that is quite simple to execute and is also bringing satisfying results on eur-usd
tools:
ema55
kijun-sen + tenkan-sen (part of ichimoku kinko)
osma
heiken ashi
price action (retracement)
long entry rules (opposite for short):
1) first long signal (preparation signal):
close of 15 min price bar must be above three lines: ema55, kijun sen, tenkan sen and osma must be positive and heiken ashi must be bullish:
2) retracement period: we are waiting for specific price behaviour which may happen very next candle or any amounts of following candles.
3) second long signal (entry signal): we are entering the market one or two seconds before the close of second long signal.
Simply saying what we are looking for is one long signal, then some retracement and finally second long signal again.
long exit strategy (opposite for short):
1) initial SL is -30 pips
2) when price reaches + 30pips SL should be moved to BE or kijun-sen if it is higher than BE point.
3) After that we simply trail our SL with kijun sen (SL should be 1 pip below kijun sen – or as much below as is your broker's spread) and we are patiently waiting for SL to be taken.
recommended entry hours:
beginning: 3h before London Open.
end: 1h before London Close.
revers rules:
if we are in long transaction and second short signal appears we close the long transaction and open short one.
We can revers only during recomended entry hours period after that time we neglect all signals and we are waiting for SL to be taken (with profit or Loss)
You may revers that transaction only after valid reversal signal that appears during the next trading period beginning 3h before London open
continuation rules:
if we were in long transaction that was stopped (with profit or loss) we enter again the next bullish signal if it appears.
If we have open long transaction we neglect all other long entry signals until long transaction is closed (with profit or loss)
If we have open transaction (long or short) we neglect any signals that appears after recommended trading hours. You just manage your SL and wait till transaction is closed by SL (with profit or Loss)
INDICATORS
ATTENTION PLEASE
Neglect all indicators attached to post no2 and download only those attached to this post
replace them if you downloaded them already
Those 3 custom indicators are clearly pointing entry signals.
Govinda_arrow: (it requires Govinda_math to work)
signalling arrows – they appear after candle is closed.
red dot – initial SL should be placed there
green dot – when price reaches that level we move SL either on BE point or kijun sen.
Arrows appear only when:
1)previous candle was not fulfilling all required conditions and the current candle fulfilled all of the conditions
2)previous candle was fulfilling all the conditions and current candle also fulfills all the conditions and retraces back to the area of EMA55, kijun-sen, and tenkan-sen (or at least touches one of those lines)
Govinda_live: (it requires Govinda_math to work)
light blue bar – preparation for long signal
blue bar – long entry signal
golden bar – preparation for short signal
red bar – short entry signal.
additional explanation for long transaction:
1) first light blue bar = first bullish arrow = long preparation signal
2) all following light blue bars are simply telling us that dark blue bar (entry signal) may appear soon
3) Dark blue bar (entry signal) = second or any other consecutive bullish arrow.
Govinda_math: You do not have to open this indicator on your chart (it shows nothing) but you have to put it to /experts/indicators folder. (it is slightly modified Heiken Ashi indicator which calculates only HAopen and HAclose)
Attached File(s)
