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Tony's Two Candle trading system

  • #361
  • Jun 13, 2010 9:01am Jun 13, 2010 9:01am
Quoting iamnoel
We download the file v4.zip on the first post right?

Thanks!
Yup...
  • #362
  • Jun 16, 2010 3:50am Jun 16, 2010 3:50am
Hi

I just registered my account here and yet to make my first trade in Forex. I like Tony's Two candle system because of its simplicity. any one using this system consistently. I am planning to start trading this system with my micro account. any suggestions?

usasa
Weigh well output the loss and gain And proper action ascertain
  • #363
  • Jun 16, 2010 9:07am Jun 16, 2010 9:07am
I trade this system daily. I use the original Tony rules. As long as you are patient and follow the rules you should be profitable.
  • #364
  • Jun 16, 2010 9:50am Jun 16, 2010 9:50am
Nice observations. But did you try it on 4hrs chart/candle? Did you consider the trend?
  • #365
  • Jun 17, 2010 10:44pm Jun 17, 2010 10:44pm
This works on any TF but I found it results on a 1 hr TF became truly exceptional when I applied S/R and candlesticks as filters.
It rarely fails when the turnaround candle forms an engulfing pattern or is a longwicked reversal candle.
I also would rather see it break thru strong resistance or support.

In other words, it’s a great method but it needs to be tempered by common sense.
  • #366
  • Jun 17, 2010 10:52pm Jun 17, 2010 10:52pm
Quoting fxtrader21
I trade this system daily. I use the original Tony rules. As long as you are patient and follow the rules you should be profitable.
The method really looks quite simple.
How long have you been using this system and on what TF? What is your success ratio with this system?
Also if you can briefly lay down the rules you follow that will be great.
Thanks.
  • #367
  • Jun 17, 2010 11:05pm Jun 17, 2010 11:05pm
Quoting nuancom
nice 42pips
Hey nuancom,
what is that blue line indicator you have on your screen shot?

thx
  • #368
  • Jun 19, 2010 9:59pm Jun 19, 2010 9:59pm
Quoting tommbstone
Hey nuancom,
what is that blue line indicator you have on your screen shot?

thx

I think it is the ALF - http://www.forexfactory.com/showthread.php?t=239353
  • #369
  • Jun 20, 2010 4:36pm Jun 20, 2010 4:36pm
Quoting iamnoel
I think it is the ALF - http://www.forexfactory.com/showthread.php?t=239353
I think you are right. thank you
  • #370
  • Jul 10, 2010 8:49am Jul 10, 2010 8:49am
I did small simulation and I lose the account in 1 month...

http://i614.photobucket.com/albums/t...y/next-bar.png
Cut short your losses. Let your profits run on. David Ricardo (1772-1823)
  • #371
  • Jul 10, 2010 8:55am Jul 10, 2010 8:55am
I think you should forward test in a demo account for a month......
I have found little reliability in back testers.

Also what was you money management? and leverage?
  • #372
  • Jul 10, 2010 9:09am Jul 10, 2010 9:09am
Quoting tradestar1
I think you should forward test in a demo account for a month......
I have found little reliability in back testers.

Also what was you money management? and leverage?
Money management - 1 mini lot per trade only from 10 000 usd account. 1:400 leverage.

I think that if backtest is good there is an option to test in on demo.

Please check if I programmed your system correctly. Maybe I did not understand something?
Cut short your losses. Let your profits run on. David Ricardo (1772-1823)
  • #373
  • Jul 10, 2010 9:34am Jul 10, 2010 9:34am
read the rules again....... pick the best time of day....... use rational leverage....... and FORWARD TEST on a demo account.
Back testers are such BS.
Was your back tester running a 24 hr period or was it testing only during the peak trading periods?...6 GMT - 15 GMT you know... when london starts and overlaps into N.Y. for about 3 hours.
What was your SL...... did you actually have one or did you just let it run to close of the candle?

Basically what I saw on your equity curve was extremely unlikely.

So at the risk of being redundant .... I shall reiterate......... Forward test on a demo account and toss the toy back tester.
  • #374
  • Jul 11, 2010 9:02am Jul 11, 2010 9:02am
can some1 explain more details to me how its system work?when im start trade im look for the previous candle right?if its bull and next[right now is appear bull 5 pips i buy?] and if previous bear and now its appear bear -5 pips i should sell? and etc?
  • #375
  • Jul 12, 2010 5:49pm Jul 12, 2010 5:49pm
best post on this thread




Quoting Pip Rage
This works on any TF but I found it results on a 1 hr TF became truly exceptional when I applied S/R and candlesticks as filters.
It rarely fails when the turnaround candle forms an engulfing pattern or is a longwicked reversal candle.
I also would rather see it break thru strong resistance or support.

In other words, it’s a great method but it needs to be tempered by common sense....
Follow the Trend, thats all
  • #376
  • Jul 27, 2010 4:18am Jul 27, 2010 4:18am
Quoting tony_dtrader
Folks,

My strong suggestion is to trade only after 7GMT and max around 20GMT.

Enter the market with a certain goal in mind, like 20-40pips or whatever you need, then stop trading.

Not trading in right sessions, over trading and not having a goal n plan is not good for the health of a trader.

For newbie, just practice on a demo. trade with no more than 10% of your demo money, target 20-40pips per day, thats 2-4% gains per day and 40-80% profit per month.

Just imagine if you had a 100,000$ account and you make 40-80% of that per month, thats...

hi

i dont know what you mean by 5 period smooth moving average high/low etc ? my broker is igindex. how do i choose that there ? i only have provisions for moving averages and simple moving averages.
  • #377
  • Jul 27, 2010 5:07am Jul 27, 2010 5:07am
Quoting tony_dtrader
Howdy Folks,

Just wanted to share a high probability trading system to you. Its very simple, just pull out a 1hour chart any currency.

Now simply wait for a bull or bear candle to form, after it closes bullish or bearish, ITS MOST LIKELY the next candle will form bull or bear candle...theres some easy pips for you.

Examples:

Bull candle at 8gmt, most likely 9gmt candle could be a bull candle too.
Bear candle at 11gmt, most likely 12gmt candle could be a bear too.

Entry Exit Rules:
Bull candle --- Stoploss at the low of the previous candle,...

hi

lets say we are going short. what if the trade candle opens but does not immediately go short by 5 pips, but goes up on opening and keeps on going up, and say later comes down by 5 pips after about 20 mins. does this still count, and can we then go short ? or is that too late ?

it could of course take a long time for it to move down 5 pips so how are we supposed to wait that long ?

regards
  • #378
  • Jul 30, 2010 5:42pm Jul 30, 2010 5:42pm
Quoting Razor_trader
I am going to make 2 more posts on this thread, and perhaps forget about my journal aswell.

The problem with ALL factory threads is that there are a few people out there who are genuinly trying to succeed and then there are others who just have to come along and try to ruin the flow.

The information given in any particular arena can be tossed and turned until the beliefs of a few can overwhelm the beliefs of many. In most instances the person who started a particular thread gets fed up and moves away to enjoy or lament their future. So many...
well put mr razor. This led me to believe and witness the orignal poster and ideas gets lost in programming and questions on basic forex questions that can be answered in google. I myself will take head to what you mention in not jumping from method to method and studying FOREX and not simply finding a "system" without understanding the inner workings of how FOREX works.thanks you for your wisdom.
  • #379
  • Jul 31, 2010 9:46am Jul 31, 2010 9:46am
I like this simple system, especially when you keep the original rules ORIGINAL.
Craig Harris has a similar system on the 15 min. charts tweaked with some stochs and MA's but i had not much consistency there.

I see that the original thread poster Tony is not around much anymore (probably because of our urge to make a nice red Ferrari into a camouflage green tank), but in case you are still looking at this thread Mr. Tony then i would like your opinion a bit more on using a multi timeframe check on filtering out possible bad trades.

You thread is much appreciated as its a good eye opener for me.
  • #380
  • Jul 31, 2010 5:16pm Jul 31, 2010 5:16pm
How can such a well explained simple strategy with charts get so screwed up by cockamane theorists? But I know the answer, they would rather pick holes and arguements than trade.

All one has to do is pull up any 1H chart and see the possibilities. Oh well. p.
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