A simple strategy with no indicators | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

SIMPLE EA for a simple method needed!! 2 replies

Trading is this Simple? Finally Explained simple and clearly! 46 replies

Indicators and Rules for Simple Method of Scalping GBP/Jpy on 5 min chart 18 replies

Candles , not indicators - Simple and Effective 11 replies

Most usefull and simple indicators 12 replies

Attachments: A simple strategy with no indicators
Exit Attachments

A simple strategy with no indicators

  • #41
  • Jul 18, 2010 7:52pm Jul 18, 2010 7:52pm
Thanks for sharing. Would it be possible to make an indicator for this?

And what about to check also lower timeframes, e.g. H4 or H1. For example after we get a signal on D1, then check if there is the same candle formation on H4 or H1 and if yes, then enter into the trade.
  • #42
  • Jul 18, 2010 9:48pm Jul 18, 2010 9:48pm
Hi There,

I could do an indicator to scan 19 low spread pairs on each new bar.

You will need to run it on one pair on the timeframe of your choice.

It will then scan and alert pairs suitable for this strat at that moment.

Anyone intersted please pm me.

Regards
ECFOREX
I Love Pips - Lots of Pips
  • #43
  • Jul 19, 2010 12:04am Jul 19, 2010 12:04am
Please post the indicator here...
Quoting ecforex
Hi There,

I could do an indicator to scan 19 low spread pairs on each new bar.

You will need to run it on one pair on the timeframe of your choice.

It will then scan and alert pairs suitable for this strat at that moment.

Anyone intersted please pm me.

Regards
ECFOREX
  • #44
  • Jul 19, 2010 2:31am Jul 19, 2010 2:31am
Do you use the smaller Sunday night candle as a regular day candle...or do you simply skip the Sunday candle and use the last full day candle (Friday)?

Then, what broker do you use as the candles will all be different depending on the individual broker.
  • #45
  • Jul 19, 2010 2:42am Jul 19, 2010 2:42am
Quoting Bobcat2
Do you use the smaller Sunday night candle as a regular day candle...or do you simply skip the Sunday candle and use the last full day candle (Friday)?

Then, what broker do you use as the candles will all be different depending on the individual broker.
Good that you brought this point..I use the last full day candle. My broker is "FX Solutions"
Make It Simple !
  • #46
  • Jul 19, 2010 2:47am Jul 19, 2010 2:47am
Quoting fguru
Thanks for sharing. Would it be possible to make an indicator for this?

And what about to check also lower timeframes, e.g. H4 or H1. For example after we get a signal on D1, then check if there is the same candle formation on H4 or H1 and if yes, then enter into the trade.
I don't know how to make an indicator for this. I just observe and make the decision based on that observation. For this strategy, I only use the daily timeframe
Make It Simple !
  • #47
  • Jul 19, 2010 6:59am Jul 19, 2010 6:59am
Hello ashraf

How frequent such mentioned candlestick pattern appears?
In a week vs. in a month?
Thanks

tpat
  • #48
  • Jul 19, 2010 10:50am Jul 19, 2010 10:50am
Quoting tradpat
Hello ashraf

How frequent such mentioned candlestick pattern appears?
In a week vs. in a month?
Thanks

tpat
I am not sure how many. But if you scan all the major pairs, you could find a valid pattern. For example, NZDUSD has a valid pattern today as per "FX Solutions". However, this is Monday so we don't have a complete full candle like the other days
Make It Simple !
  • #49
  • Jul 19, 2010 10:58am Jul 19, 2010 10:58am
Quoting tradpat
Hello ashraf

How frequent such mentioned candlestick pattern appears?
In a week vs. in a month?
Thanks

tpat
Check also EURJPY - although it is not currently a winning trade
Make It Simple !
  • #50
  • Jul 19, 2010 11:03am Jul 19, 2010 11:03am
This is NZDUSD as per "FX Solutions"..and it is a winning trade ...until now
Attached Image
Make It Simple !
  • #51
  • Jul 19, 2010 12:43pm Jul 19, 2010 12:43pm
Hi ashraf999
Do you use it for all the currencies?
Also
There's any indicator who can identify a candel bigger than the 2 previous?
That would very useful, cause making backtest by hand its hard to see 20 pips diferences on Daily charts
Thanks for sharing
  • #52
  • Jul 19, 2010 1:20pm Jul 19, 2010 1:20pm
I was backtesting a strategy just like this one last week, and then stumbled onto your thread. I didn't use the two candle rule you have, just the longer real body on the reversal candle. So far I have tested three pairs since the beginning of the year. All three show great results; wins are over 50% and the average for wins is higher than the losers.

Here is the MM technique I have been using. S/L was set to 75. Once I open a trade, I didn't check on it until the next day. If it was profitable, I dragged my S/L to 2/3 the length of the winning candle. Then I would repeat this each day until I got stopped out, so the trade might last several days in a strong trend. I never used a limit, just left it open until it hit my stop. If at the close of a day the trade were negative but had not hit my stop loss, I would close the position for a loss and move on.

One thing i have noticed about this strategy is that many times when you get losing trades, the losing candle ends up as a signal in the other direction and often gains back more than you lost by taking the new trade.

I did just have 2 losers with this strategy overnight with EurJpy and GbpJpy, but if I had put my stops at 100 instead of 75, I would still be in both of them, the GbpJpy would be in profit right now.
  • #53
  • Jul 19, 2010 1:21pm Jul 19, 2010 1:21pm
Quoting Mr.Bosch
Hi ashraf999
Do you use it for all the currencies?
Also
There's any indicator who can identify a candel bigger than the 2 previous?
That would very useful, cause making backtest by hand its hard to see 20 pips diferences on Daily charts
Thanks for sharing
Yes I use it for all pairs. But I tend to be more cautious with the JPY pairs for any strategy I may use because of their high volatility. I do not think it is necessary to create an indicator for it. Just train your eyes and that will be sufficient
Make It Simple !
  • #54
  • Jul 19, 2010 2:29pm Jul 19, 2010 2:29pm
Quoting ashraf999
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)
thanks for the time clearification.i assume you mean 21:00 GMT
  • #55
  • Jul 19, 2010 2:30pm Jul 19, 2010 2:30pm
Interesting method ashraf999 Thanks for posting. I'm backtesting your system before throwing money at it but it seems very good. I like KISS systems!
  • #56
  • Jul 19, 2010 2:34pm Jul 19, 2010 2:34pm
Can you give one buy or sell so I can back engineer, I am not all that good with candles? thanks if possible.
  • #57
  • Jul 19, 2010 2:42pm Jul 19, 2010 2:42pm
to me i dont think that an indicator is needed in this ............is just a one time stuff
  • #58
  • Jul 19, 2010 4:06pm Jul 19, 2010 4:06pm
Quoting webglobe
thanks for the time clearification.i assume you mean 21:00 GMT
Yes ..and you are welcome
Make It Simple !
  • #59
  • Jul 19, 2010 4:50pm Jul 19, 2010 4:50pm
Quoting steroidman
Can you give one buy or sell so I can back engineer, I am not all that good with candles? thanks if possible.
Sure...please see the attached chart:
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf.GIF Size: 32 KB
Make It Simple !
  • #60
  • Jul 19, 2010 9:49pm Jul 19, 2010 9:49pm
I will keep everyone posted on my results with this system. BTW, I am using FXCM, and my daily candles close at 5PM EST, which I believe is 10PM GMT.
0 traders viewing now