Its just a simple trading system and it matters not if its a ranging market or a trending one, because we aren't riding trends, we're just dealing with 2 candles to make some easy gains.
Simply wait for a bull candle and see if the next candle forms bullish, by say 5pips and you can enter for a 10-20pip target, stoploss at the low of the previous one.
If the candle is bull and the next one isn;t forming bullish, its a no trade.
Best times to trade are from european open to new york close
- #21
- Jun 3, 2009 1:18am Jun 3, 2009 1:18am
- Joined May 2007 | Status: Ozziedave | 1,344 Posts | Online Now
i think this thread will end when somebody make an EA and discover that the equity goes down hill in a run long. So no EA please. At least let this thread stay alive for 24 hours. I might be wrong , let see how this goes.
Let me tell you something. Tell me whats better?
1. a dozen of lagging and lieing indicators and a system that keeps you exposed into the market (more exposure more risk) to make a 100 pips on speculation of prices.
or
2. A system thats just price action and that can give u a 80-90% chance of earning 10-20 pips in just an hour or less of exposure into the market.
----
If you browse through the hourly chart and you will notice 8/10 times after a bull candle forms the next candle forms into a bull and vice versa for a bear candles. If you see a bull candle, u see the next candle forming into a bull right in front of your eyes and you also see its gone 5pips from the close of the first candle.... Thats like the highest bet you can take for making some kind of immediate gain from the market, like 10-20 easy pips.
I bet you that everyone will agree that theres no mechanical system on earth that can profit in the longrun with low risks, simply because the market doesn't move mechanically.
Theres no way to know which way the price will head next.. it could go up it could go down.
I just use this strategy to make my 20-40 pips daily, If you use about 10% of your account and bank on 20-40pips daily, thats a 2-4% daily gain and in 20 trading days a month thats a 40-80% easy gains, isn't it?
When you speak of EA, its like your trying to make all the pips of the market and a automated system that will over trade the market mechanically on your behalf.
It doesn't work that way, because 50% is the traders system and 50% is the traders instincts and his plans of what he wants from the market, that will eventually decide what is profitable in the long term.
prepare for worst & expect the best
- #36
- Jun 3, 2009 2:41am Jun 3, 2009 2:41am
Hi Tony Bro,
Good to hear from you dude.Nice thread.Keep up the good work.It is more importantly to achieve a 100% guaranteed 20 pips rather than 5% on 100pips.
I choose the former.
Brunei Nimrod.
Respect and Salute.
Good to hear from you dude.Nice thread.Keep up the good work.It is more importantly to achieve a 100% guaranteed 20 pips rather than 5% on 100pips.
I choose the former.
Brunei Nimrod.
Respect and Salute.
I have opened a dedicated usdjpy discussion here. Please feel free and your analytics are welcomed. 
http://www.forexfactory.com/showthread.php?t=172342
went long at 95.99 closed at 95.24 . 25pips gain. Just need to dig out another 20 pips and call it a day.
http://www.forexfactory.com/showthread.php?t=172342
went long at 95.99 closed at 95.24 . 25pips gain. Just need to dig out another 20 pips and call it a day.
prepare for worst & expect the best
I just use this strategy to make my 20-40 pips daily, If you use about 10% of your account and bank on 20-40pips daily, thats a 2-4% daily gain and in 20 trading days a month thats a 40-80% easy gains, isn't it?
I just want to ask if you make 20-40 pips a day that is indeed 2-4% gain a day but what if you lose? It appears to me the system has a reward:risk of much below one, because sometimes on the hourlies the candle formed is 60 pips so you stop would be at the low of the candle so basically you're risking 60 pips to make 10 or 20 which means you could lose 6%- 12% or more of your account on a single trade. Is my understanding correct? Also if it is how do you handle losers do u wait till your stop is hit or do you close the trade once it goes say 20 pips against you
thanks