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A simple strategy with no indicators

  • #21
  • Jul 16, 2010 10:18pm Jul 16, 2010 10:18pm
Actually this is a very nice easy method. I originally thought it inolved trading outside bars but realise I was mistaken. Wonder if anyone could write a simple indicator which would simply state something like "OK to trade long" or "Ok to Trade short" having automaticlaly examined the last 3 candles.
  • #22
  • Jul 16, 2010 11:14pm Jul 16, 2010 11:14pm
Hi

Just read the following article Inside Candle Breakout. You may find it benefits.

http://visionsofaffluence.com/2010/0...ple-technique/
  • #23
  • Jul 17, 2010 3:29am Jul 17, 2010 3:29am
Quoting tradpat
Hi

Just read the following article Inside Candle Breakout. You may find it benefits.

http://visionsofaffluence.com/2010/0...ple-technique/
Thanks for posting it. It looks interesting but it is different from this strategy. I am always fond of strategies that depend on nothing but price action itself
Make It Simple !
  • #24
  • Jul 17, 2010 3:35am Jul 17, 2010 3:35am
Another example:
Attached Image
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  • #25
  • Jul 17, 2010 3:40am Jul 17, 2010 3:40am
It is also worth mentioning that you have to be very wary of signals that have very wide range because sometimes you could easily get whipsawed. So always use stop losses ...no matter what
Make It Simple !
  • #26
  • Jul 17, 2010 3:51am Jul 17, 2010 3:51am
Hi.
I want a simple and complete strategy that I am going to program it with ea.
  • #27
  • Jul 17, 2010 3:53am Jul 17, 2010 3:53am
Here is an example where it is possible to get whipsawed if you were not careful
Attached Image
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  • #28
  • Jul 17, 2010 4:03am Jul 17, 2010 4:03am
Isnt this nothing but trading the famous candlestick patterns - "bullish and bearish engulfing" ??
  • #29
  • Jul 17, 2010 7:06am Jul 17, 2010 7:06am
Quoting AcidfluxX
Isnt this nothing but trading the famous candlestick patterns - "bullish and bearish engulfing" ??
No it is not. It does not need to have an engulfing pattern in order to initiate the trading.
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  • #30
  • Jul 17, 2010 7:32am Jul 17, 2010 7:32am
Quoting AcidfluxX
Isnt this nothing but trading the famous candlestick patterns - "bullish and bearish engulfing" ??
See this example. The last candle in the box is not engulfing the previous candle. Yet it qualifies to be a signal as per the criteria of this strategy
Attached Image
Make It Simple !
  • #31
  • Jul 17, 2010 8:05am Jul 17, 2010 8:05am
Hi Ashraf,

Thank you for sharing your trading ideas with us.

Brokers differ as to when their days begin and end. This could have a profound effect on trading results. Please share what broker you use for this strategy.

What has been your profitability with this method? Or is this merely an untested idea?

Thanks,
BC
  • #32
  • Jul 17, 2010 8:41am Jul 17, 2010 8:41am
Quoting Bobcat2
Hi Ashraf,

Thank you for sharing your trading ideas with us.

Brokers differ as to when their days begin and end. This could have a profound effect on trading results. Please share what broker you use for this strategy.

What has been your profitability with this method? Or is this merely an untested idea?

Thanks,
BC
My broker is "FX Solutions". I have been using this method along with other methods for two weeks so it is relatively new. The success rate as I stated earlier is roughly 7 out of 10
Make It Simple !
  • #33
  • Jul 17, 2010 8:51am Jul 17, 2010 8:51am
Quoting Trumpcard
Actually this is a very nice easy method. I originally thought it inolved trading outside bars but realise I was mistaken. Wonder if anyone could write a simple indicator which would simply state something like "OK to trade long" or "Ok to Trade short" having automaticlaly examined the last 3 candles.
This is a very good idea if someone could possibly code it...
  • #34
  • Jul 17, 2010 9:27am Jul 17, 2010 9:27am
hey ashraf999

what a very simple stratagy have here i will have to put it on test from monday/tuesday opening to see how good it will fetch me some green also to figure out ur bokers time.
am happy i didnt have to read 40pages to get to the last page
keep up the good work
  • #35
  • Jul 17, 2010 9:52am Jul 17, 2010 9:52am
Quoting webglobe
hey ashraf999

what a very simple stratagy have here i will have to put it on test from monday/tuesday opening to see how good it will fetch me some green also to figure out ur bokers time.
am happy i didnt have to read 40pages to get to the last page
keep up the good work
I just love simplicity in trading. I wish if our lives were that simple
Make It Simple !
  • #36
  • Jul 17, 2010 10:20am Jul 17, 2010 10:20am
i like the simplicity and it is a very easy set-up to lookout for while keeping to my normal strategy. thanks!!!
  • #37
  • Jul 17, 2010 1:16pm Jul 17, 2010 1:16pm
Hi Ashraf999,

I have just finished reading your other threads, I really enjoyed following your trades on the daily charts, very clear explanations and very helpful.

http://www.forexfactory.com/showthread.php?t=226817

This very simple method looks very interesting too.

I love trading pure price action at support and resistance so anything that makes me focus on candlestick analysis at the end of the day on the daily charts is a bonus.

I look forward to demo trading it as setups arise.

Cheers.
  • #38
  • Edited Jul 18, 2010 2:37am Jul 17, 2010 2:27pm | Edited Jul 18, 2010 2:37am
Quoting ashraf999
Here is another example to make it clearer


hey ashraf

In your post #15 the chart,on your entry ...looking @ that candle from daily chart you dont think that it went negative for like 50pips against you before in your favour (I may be wrong but by your posted chart)

Again can you please tell us the opening hour of your candle in GMT (based on the fx solutions that you use)
  • #39
  • Jul 18, 2010 1:17am Jul 18, 2010 1:17am
Quoting ashraf999
I just love simplicity in trading. I wish if our lives were that simple
Very simple indeed! Like the method......I'm definitely going to watch for set ups this week.
  • #40
  • Jul 18, 2010 10:57am Jul 18, 2010 10:57am
Quoting webglobe
hey ashraf

In your post #15 the chart,on your entry ...looking @ that candle from daily chart you dont think that it went negative for like 50pips against you before in your favour (I may be wrong but by your posted chart)

Again can you please tell us the opening hour of your candle in GMT (based on the fx solutions that you use)
The stop loss you specify - at 00 or 50 - depends on your risk tolerance. I agree that it could go against you first before it turns in your favor and vise versa but that is the nature of trading..it is the ability to take risks without losing your nest.

I live in Saudi Arabia and the trading day according to FX Solutions starts at 9:00 PM (GMT)
Make It Simple !
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