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A simple strategy with no indicators

  • #1
  • First Post: Jul 14, 2010 6:04pm Jul 14, 2010 6:04pm
Hello all,

This is another simple strategy that I am currently using. You only look at the last 3 daily candles of any pair. Trends are insignificant in this strategy

The rules are simply as follows:

For going long:

1- Body of the latest Daily candle is greater than body of the previous 2 daily candles
2- Previous daily candle must be bearish
3- Close of latest candle is more than close of the previous candle
4- Take profit for next candle at the psychological levels: 50 & 00

For going short:

1- Body of the latest Daily candle is greater than body of the previous 2 daily candles
2- Previous daily candle must be bullish
3- Close of latest candle is less than close of the previous candle
4- Take profit for next candle at the psychological levels: 50 & 00
Make It Simple !
  • #2
  • Jul 14, 2010 7:08pm Jul 14, 2010 7:08pm
Nice....like the idea! Keep us posted and I'll follow along....
  • #3
  • Jul 14, 2010 7:21pm Jul 14, 2010 7:21pm
Quoting ashraf999
Hello all,

This is another simple strategy that I am currently using. You only look at the last 3 daily candles of any pair. Trends are insignificant in this strategy

The rules are simply as follows:

For going long:

1- Body of the latest Daily candle is greater than body of the previous 2 daily candles
2- Previous daily candle must be bearish
3- Close of latest candle is more than close of the previous candle
4- Take profit for next candle at the psychological levels: 50 & 00

For going short:

1- Body of the latest...
Are you trading live or on demo?
  • #4
  • Jul 14, 2010 7:50pm Jul 14, 2010 7:50pm
Ezy and interesting.
Pls. show some charts for illustrations and better understanding of your trading method.
tpat
  • #5
  • Jul 14, 2010 7:56pm Jul 14, 2010 7:56pm
I read 3 of your threads / trading methods with interest. Just that which one your would recommend based on successful rate?
tpat
  • #6
  • Jul 14, 2010 10:21pm Jul 14, 2010 10:21pm
Thanks for sharing! Please post a chart/example when you get a chance.
  • #7
  • Jul 14, 2010 11:00pm Jul 14, 2010 11:00pm
Hi

That's a really cool signal that looks like it hits TP often depending on where the Stoploss is placed.

What are your thoughts on stop loss?

Thanks!

Dan
  • #8
  • Jul 15, 2010 12:06pm Jul 15, 2010 12:06pm
Quoting Trumpcard
hello ahsraf thanks for sharing. in other words your trading daily outside bars with a little extra criteria. Can you post a chart? How many trades do you make a month using this strategy?
A pair is traded only once per day at the maximum. I have just posted an example of this strategy
Attached Image
Make It Simple !
  • #9
  • Jul 15, 2010 12:07pm Jul 15, 2010 12:07pm
Quoting finally
Are you trading live or on demo?
live
Make It Simple !
  • #10
  • Jul 15, 2010 12:14pm Jul 15, 2010 12:14pm
Quoting andante9
Hi

That's a really cool signal that looks like it hits TP often depending on where the Stoploss is placed.

What are your thoughts on stop loss?

Thanks!

Dan
Similar to profit taking, you place the stop loss at the psychological levels 00 & 50. So for example if you entered a long trade @ 1.2734, you could place the stop loss @ 1.2700 and place the target @ 1.2800. This is all subjective
Make It Simple !
  • #11
  • Jul 15, 2010 1:04pm Jul 15, 2010 1:04pm
Quoting ashraf999
Similar to profit taking, you place the stop loss at the psychological levels 00 & 50. So for example if you entered a long trade @ 1.2734, you could place the stop loss @ 1.2700 and place the target @ 1.2800. This is all subjective
Great!

Thanks for your thoughts on the matter.
  • #12
  • Jul 15, 2010 1:07pm Jul 15, 2010 1:07pm
hi asraf,

it is a nice method to read. i have 1 question after saw the attached chart. when do we decide to go for long/short? is it at the open candle of the next day? or did i miss something for the entry rule?

thanks
  • #13
  • Jul 15, 2010 2:21pm Jul 15, 2010 2:21pm
Roughly, how often you get a valid set up? Thanks for sharing...
Quoting ashraf999
A pair is traded only once per day at the maximum. I have just posted an example of this strategy
  • #14
  • Jul 15, 2010 7:16pm Jul 15, 2010 7:16pm
Quoting ashraf999
A pair is traded only once per day at the maximum. I have just posted an example of this strategy
Quoting ashraf999

For going short:

1- Body of the latest Daily candle is greater than body of the previous 2 daily candles
2- Previous daily candle must be bullish
3- Close of latest candle is less than close of the previous candle
4- Take profit for next candle at the psychological levels: 50 & 00
Hi ashraf

More charts for better illustrations are good, please.

One question: the chart posted (I presume it is a daily tf) showing the "latest" daily candle is not greater than body of the previous 2 daily candles? Sorry I might not correct, please comment.

tpat
  • #15
  • Jul 16, 2010 9:35am Jul 16, 2010 9:35am
Here is another example to make it clearer
Attached Image
Make It Simple !
  • #16
  • Jul 16, 2010 9:36am Jul 16, 2010 9:36am
Quoting making_money
hi asraf,

it is a nice method to read. i have 1 question after saw the attached chart. when do we decide to go for long/short? is it at the open candle of the next day? or did i miss something for the entry rule?

thanks
Yes you trade at the open of the next day
Make It Simple !
  • #17
  • Jul 16, 2010 9:42am Jul 16, 2010 9:42am
Quoting tradpat
Hi ashraf

More charts for better illustrations are good, please.

One question: the chart posted (I presume it is a daily tf) showing the "latest" daily candle is not greater than body of the previous 2 daily candles? Sorry I might not correct, please comment.

tpat
I meant that the last candle - which is technically your signal candle - must have a body that is greater than the body of the previous 2 candles. And you trade at the open of the next day candle after the completion of that signal candle. I hope I explained it better. Look at the last chart I posted
Make It Simple !
  • #18
  • Jul 16, 2010 9:59am Jul 16, 2010 9:59am
Here is a bullish example:
Attached Image
Make It Simple !
  • #19
  • Jul 16, 2010 3:01pm Jul 16, 2010 3:01pm
Quoting FX_California
Roughly, how often you get a valid set up? Thanks for sharing...
So far it is almost like 7 out of 10. But again your target and stop loss comply with this strategy as long as you set them up at the psychological levels
Make It Simple !
  • #20
  • Jul 16, 2010 7:37pm Jul 16, 2010 7:37pm
Quoting ashraf999
Here is a bullish example:
OK. You meant to locate candlestick patterns. Thanks. Now I understood.
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