Base candle entry
Thanks to Forex Factory. I have learnt lot from this forum. I wish to say thanks to all seniors and juniors who shared their knowledge and provide their support to new comers. Specially thanks to Forex Factory admin and their colleagues. This is best forum for me.
The idea I am going to explore its very simple and possibly many of seniors will not impress because in my system I do not use to many technical indicators and other tools, however I will appreciate if you guys could add and improve this system.
Practice will make perfect.
This system is 30minute-trading system. Ideally we only trade one 30m(one candle) after entry either way.
Here we will call a base candle and an entry candle.
When xpma trends upward (changes its colour to bullish), 8ema crosses upwards to xmpa.
First (base candle) candle close bullish we go long at the opening of next candle.
We close position at the end of our entry candle or our profit limit will be hit.
For short every thing will be opposite to above. .
Rules.
EUR USD
30M
Indicator
XPMA
8EMA
Trading Hours 7.30 to 15.30 ODL MT time
Long
XPMA trends up
8 EMA has crossed XPMA upwards
When first candle turns bullish, at the opening of second candle. We go long and at the end of this candle we close position or we will hit our profit limit.
Short
XPMA trends down
8EMA has crossed XPMA downwards
When first candle turns bearish at the opening of next candle we open short position and close at the end of this candle or our profit limit will be hit.
STOP LOSS
We can place stop at Low of long base candle or high of the short base candle
Profit limit
20pips
I normally close half position if 15pips+
Money management can significantly improve success rate.
Few important points the can improve positive result chances.
If the base candle is close to 8ema or xpma the better trade.
The smaller base candle best trade possible.
Because I am using this system from few months now so after entry I go more then one candle some time it’s based on higher time frame confirmation and support and resistance levels.
Its better to look 1hour time frame if higher time frame has also on base candle or entry candle then you will defiantly make it.
Be patient for trading do not take any trade if you not feel confident.
More trendy market more positive results.
When there are few news coming can be best day to trade.
2 to 4 trade could be possible a day.
Do not trade on the first Friday of every month.
Trade one month every day and you will be having at least 800 to 1000pips in you pocket.
If you are senior trader then I feel no problem making more than this.
I have not back tested too long this time market is so volatile so it’s working very well this time.
System will work 4h but in that case base candle should be quite small to get good result.
I am not always available so I will not be able to answer all questions straightway however when ever possible I will be giving explanations.
Please try only on demo account untill you feel confident.
Thanks to Forex Factory. I have learnt lot from this forum. I wish to say thanks to all seniors and juniors who shared their knowledge and provide their support to new comers. Specially thanks to Forex Factory admin and their colleagues. This is best forum for me.
The idea I am going to explore its very simple and possibly many of seniors will not impress because in my system I do not use to many technical indicators and other tools, however I will appreciate if you guys could add and improve this system.
Practice will make perfect.
This system is 30minute-trading system. Ideally we only trade one 30m(one candle) after entry either way.
Here we will call a base candle and an entry candle.
When xpma trends upward (changes its colour to bullish), 8ema crosses upwards to xmpa.
First (base candle) candle close bullish we go long at the opening of next candle.
We close position at the end of our entry candle or our profit limit will be hit.
For short every thing will be opposite to above. .
Rules.
EUR USD
30M
Indicator
XPMA
8EMA
Trading Hours 7.30 to 15.30 ODL MT time
Long
XPMA trends up
8 EMA has crossed XPMA upwards
When first candle turns bullish, at the opening of second candle. We go long and at the end of this candle we close position or we will hit our profit limit.
Short
XPMA trends down
8EMA has crossed XPMA downwards
When first candle turns bearish at the opening of next candle we open short position and close at the end of this candle or our profit limit will be hit.
STOP LOSS
We can place stop at Low of long base candle or high of the short base candle
Profit limit
20pips
I normally close half position if 15pips+
Money management can significantly improve success rate.
Few important points the can improve positive result chances.
If the base candle is close to 8ema or xpma the better trade.
The smaller base candle best trade possible.
Because I am using this system from few months now so after entry I go more then one candle some time it’s based on higher time frame confirmation and support and resistance levels.
Its better to look 1hour time frame if higher time frame has also on base candle or entry candle then you will defiantly make it.
Be patient for trading do not take any trade if you not feel confident.
More trendy market more positive results.
When there are few news coming can be best day to trade.
2 to 4 trade could be possible a day.
Do not trade on the first Friday of every month.
Trade one month every day and you will be having at least 800 to 1000pips in you pocket.
If you are senior trader then I feel no problem making more than this.
I have not back tested too long this time market is so volatile so it’s working very well this time.
System will work 4h but in that case base candle should be quite small to get good result.
I am not always available so I will not be able to answer all questions straightway however when ever possible I will be giving explanations.
Please try only on demo account untill you feel confident.
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