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Attachments: 1-2-3-Go System (No Indicators)
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1-2-3-Go System (No Indicators)

  • #1
  • First Post: Mar 17, 2010 5:17am Mar 17, 2010 5:17am
Hello all,

This is a very simple system that depends solely on price action. It uses no indicator except price itself. The system is composed of 3 candles only. The 3rd candle is your signal. I will call it "The Signal Candle". The timeframe can be anything but I prefer Daily. It is not limited to any pair. So you can trade any pair you want.

Rules for going Long

1- Close of Signal Candle is above the highest close of the preceding 2 candles
2- Length of the Signal Candle Body is greater than the length of any of the preceding candles' bodies
3- Length of the Signal Candle Body must not be greater than twice the body length of any of the preceding candles
4- Enter trade when the Signal Candle is completed
5- Exit trade at the end of the trading day


Rules for going Short

1- Close of Signal Candle is below the lowest close of the preceding 2 candles
2- Length of the Signal Candle Body is greater than the length of any of the preceding candles' bodies
3- Length of the Signal Candle Body must not be greater than twice the body length of any of the preceding candles
4- Enter trade when the Signal Candle is completed
5- Exit trade at the end of the trading day
Make It Simple !
  • #2
  • Mar 17, 2010 6:49am Mar 17, 2010 6:49am
Thanks for sharing this simple strategy. I have been trading for more than an year now, and I am beginning to see where the flows with most indicators are, so right now I am studiyng price action and this is a useful tool.
What timefrime do you trade this strategy mostly?
  • #3
  • Mar 17, 2010 7:48am Mar 17, 2010 7:48am
Is thier any indicator that can show the entry, so that you could at least visual backtest

Quoting ashraf999
Hello all,

This is a very simple system that depends solely on price action. It uses no indicator except price itself....
  • #4
  • Mar 17, 2010 8:21am Mar 17, 2010 8:21am
Quoting dnedelchev
Thanks for sharing this simple strategy. I have been trading for more than an year now, and I am beginning to see where the flows with most indicators are, so right now I am studiyng price action and this is a useful tool.
What timefrime do you trade this strategy mostly?
The daily
Make It Simple !
  • #5
  • Mar 17, 2010 8:44am Mar 17, 2010 8:44am
Hi, ashraf999
Are you tried to use a stop loss and target for profit with this system and which currency pair you trade with it?
  • #6
  • Mar 17, 2010 8:55am Mar 17, 2010 8:55am
Quoting hytsys123
Hi, ashraf999
Are you tried to use a stop loss and target for profit with this system and which currency pair you trade with it?
The target is simply the close price at the end of the trading day. I use it for all pairs. The stop loss is something I forgot to mention: It is the open of the signal candle

Regards
Make It Simple !
  • #7
  • Mar 17, 2010 9:10am Mar 17, 2010 9:10am
Quoting toddanderson
Is thier any indicator that can show the entry, so that you could at least visual backtest
I don't use any indicator..just use Support & Resistance lines & Trend lines and those can be very subjective from one trader to another. I threw indicators away long time ago...no more noise
Make It Simple !
  • #8
  • Mar 17, 2010 10:58am Mar 17, 2010 10:58am
Quoting toddanderson
Is thier any indicator that can show the entry, so that you could at least visual backtest
Hi everybody,

attached is an indicator that paints arrows at signal candles for visual backtesting.

VlanFx
Attached File(s)
File Type: mq4 1-2-3-Go Arrows.mq4   3 KB | 2,501 downloads
  • #9
  • Mar 17, 2010 11:07am Mar 17, 2010 11:07am
So you keep open trade exactly for one candle? What is the rule for exit when trading on different timeframe? Should it be closed at the closing price of the candle which is next to the signal candle?
  • #10
  • Mar 17, 2010 1:38pm Mar 17, 2010 1:38pm
Quoting VlanFx
Hi everybody,

attached is an indicator that paints arrows at signal candles for visual backtesting.

VlanFx
If your indicator is accurate, this is a losing method.
  • #11
  • Mar 17, 2010 1:50pm Mar 17, 2010 1:50pm
Thanks

Quoting VlanFx
Hi everybody,

attached is an indicator that paints arrows at signal candles for visual backtesting.

VlanFx
  • #12
  • Mar 17, 2010 2:59pm Mar 17, 2010 2:59pm
Here is EA for this strategy with "1-2-3-Go Arrows.mq4" indicator. Stop loss is dynamic: at the signal candle opening price. Set TakeProfit input to 0 to turn it off. Trade is closed at the and of the candle. Timeframe is not hardcoded, so on which one you backtest or attach, the one will be used.
Attached File(s)
File Type: ex4 123.ex4   72 KB | 1,340 downloads
  • #13
  • Mar 17, 2010 3:12pm Mar 17, 2010 3:12pm
Quoting billbss
If your indicator is accurate, this is a losing method.
I agree with this observation. I wonder if trading it manually would pick different setups. Things look different visually than logically.
  • #14
  • Jul 14, 2010 5:55pm Jul 14, 2010 5:55pm
I read but this thread seems inactive recently.
Is this method still working.
  • #15
  • Jul 17, 2010 1:20am Jul 17, 2010 1:20am
Quoting tradpat
I read but this thread seems inactive recently.
Is this method still working.
I am not using this strategy anymore. So from my side, it is inactive
Make It Simple !
  • #16
  • Last Post: Jul 19, 2010 6:14am Jul 19, 2010 6:14am
any chart examples guys?

Cheers

Sharpster
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