Candle Waves

Is there anyone who just trades waves of candle color?
Maybe with a single, say 8-10 period moving average?
Too simple?
I'm new so please forgive the simple question my friends!

Many thanks and good trading!
Wannabe FXSurfer

plot a 50 ema on a 4 hours chart enter long at the first candle that opens above 50 ema and go short at the first candle that opens below 50 ema and tell me what u think

I think positive pips

I usually look at 5 min. candles. So, four hours of price action is 48 candles, right? I'll plot a 50 period moving average of my 5 minute candles and look at a window of 48 candles. Is that right? Do you ever use a shorter (e.g. 10 period) moving average to exit? Or, some other method?

Many Thanks, Mina!

FXS

Hi Mina,
Thats all, can you shares more ideas and samples please...

happy trading

Abdel

There are thousands of systems and methods out there, and it is not hard to develop one.

1. Look at a chart over a large time period
2. Notice patterns or how indicators happen to change the price.
3. Write down definitive rules for entry and exit, TO THE LETTER!
4. You have a new friend. His name is F12. Go back in MT4 and start trading your system as though it were real time. Use F12 to advance one bar at a time.
5. Write down any trades you would have taken in a spreadsheet, with time taken and closed, price opened and closed, stop loss, take profit, etc.
6. Do this for a large sample (I do at least a year for daily, 3 months for 4H)
7. Is your idea still great?
8. If it is, Congratulations! Now trade your system for all the data available to you, and see if this idea is applicable to only one pair or all (the latter is better )
9. Is your idea still great?
10. If so, Congratulations! Now demo your system for 6 months to learn the effect you have on your system (emotions, drawdowns, the like)
11. Is your idea still great?
12. If so, Congratulations! You are ready for a Mini or Micro account.

If you follow this process all the way through, you will be a very good trader and ready for live trading. I have done this process at least 12 times. Only a couple have made it to the demo phase, but they are very good ideas that will eventually make it to live trading, if I keep at it and improving.

The problem is not that most people fail one of these steps, we all do! The problem is that most people don't have the discipline and drive to start over with a new idea.

Sorry for the long post, but my main message is that you don't need anybody to give you a system. You can develop a great system on your own. Will you?

I wish you the best in trading,
andersenw

Thanks so much for the outline on system development!



FXS

sorry to dissappoint you but I dnt use this I just wanted to say yes it's possible with good money managemnent and longer time frames even the simplest system can work for you
and fx surfer 5min is a graveyard for new traders too much time consuming, little profits and your tight sl will get hit more often than you think