A simple strategy with no indicators | Page 4 | 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

  • #61
  • Jul 20, 2010 3:04am Jul 20, 2010 3:04am
Quoting cmac0351
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.
5pm EST is 9pm GMT and 10pm UK time
Regards
  • #62
  • Jul 20, 2010 5:07am Jul 20, 2010 5:07am
Got it, thanks.

Quoting howard
5pm EST is 9pm GMT and 10pm UK time
  • #63
  • Jul 20, 2010 6:45pm Jul 20, 2010 6:45pm
Quoting ashraf999
Yes you trade at the open of the next day
what is the succdess ratio ? could you post some results for the past few weeks ?

also, which pair it works best with ? does it work well on stocks and shares e.g. home retail group etc , and wall street (dow) ?

thanks
  • #64
  • Jul 20, 2010 6:48pm Jul 20, 2010 6:48pm
Quoting ashraf999
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

when you say 'greater than the body of the last 2 candles', do you mean the total length of the 2 candles added together, i.e. the signal candle must be greater than the total length, or just the length of each one ?

thanks
  • #65
  • Jul 20, 2010 7:01pm Jul 20, 2010 7:01pm
Quoting ashraf999
Yes you trade at the open of the next day
hi

what is the minimum length of the 2 previous candles we need to have, i.e. how many pips in length must they be at least ? and if the candles are too long, then that is a false signal right ?

regards
  • #66
  • Jul 20, 2010 10:13pm Jul 20, 2010 10:13pm
I have finished a scanner indicator ...

Install it as indicator and run on one screen on time frame of your choice.

It will scann ALL low spread pairs on every new bar .. so if u install it on M15 charts it will scan every 15 minutes. If you change TF it will scan immediately and then every new bar in the new TF ... like H1 ... then it will scan once per hour ..

I ignores the incompleted/last bar completely.

Please remember it scans for the BODY of the candle to be inside the previous bar.

I am also attaching a scanner for the Full candle to be inside the previous bar as per
definition of real inside bar ... use which ever tickles your fancy..

Enjoy

ECFOREX
Attached File(s)
File Type: ex4 cjc-Inside-Bar-Scan-Indi.ex4   4 KB | 1,039 downloads
File Type: ex4 cjc-Inside-Bar-Proper-Scan-Indi.ex4   4 KB | 963 downloads
I Love Pips - Lots of Pips
  • #67
  • Jul 20, 2010 11:33pm Jul 20, 2010 11:33pm
Thanks. I dropped it on GU daily and it gives me a set up on USDCFH and Eurgbp, drop it on EU and it gives me a set up on Gbpjpy. Does that sound correct?
  • #68
  • Jul 21, 2010 12:53am Jul 21, 2010 12:53am
Quote
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...
OK - this all sounds pretty clear until you start parsing the words. Lastest, Previous, Next are pretty clear. When looking at post 59, you identify 2 clear trades, but they are surrounded by losing trades. I must miss the essence of your instructions.

I have written a prospect identifier and tester with results posted for total Buy pips, Sell Pips, Win count and Loss count. BuTTT, I don't get any positive results. So - I am missing something.

Here is the indicator/tester for what it is worth. When describing bars, I always use P0, P1, P2 to identify the current, current+1 etc.

Indy display Blue Up Arrow = BuyProspect, Gold Dn Arrow = Sell Prospect, Lime Diamond = Win Trade, Red Diamond = Loss Trade.

Enjoy, KingHigh
Attached Image (click to enlarge)
Click to Enlarge Name: noindie.gif Size: 17 KB
Attached File(s)
File Type: mq4 NoIndie EA v0.mq4   4 KB | 779 downloads
  • #69
  • Jul 21, 2010 3:14am Jul 21, 2010 3:14am
Quoting whatfx
when you say 'greater than the body of the last 2 candles', do you mean the total length of the 2 candles added together, i.e. the signal candle must be greater than the total length, or just the length of each one ?

thanks
I meant greater than the body of each one of the previous 2 candles
Make It Simple !
  • #70
  • Jul 21, 2010 3:16am Jul 21, 2010 3:16am
Quoting todder
Thanks. I dropped it on GU daily and it gives me a set up on USDCFH and Eurgbp, drop it on EU and it gives me a set up on Gbpjpy. Does that sound correct?
Post the chart please
Make It Simple !
  • #71
  • Edited 3:30am Jul 21, 2010 3:18am | Edited 3:30am
Quoting KingHigh
OK - this all sounds pretty clear until you start parsing the words. Lastest, Previous, Next are pretty clear. When looking at post 59, you identify 2 clear trades, but they are surrounded by losing trades. I must miss the essence of your instructions.

I have written a prospect identifier and tester with results posted for total Buy pips, Sell Pips, Win count and Loss count....
There will be always losing trades. I actually posted one of them here. And your signals are correct according to the strategy
Make It Simple !
  • #72
  • Jul 21, 2010 3:36am Jul 21, 2010 3:36am
Quoting KingHigh
OK - this all sounds pretty clear until you start parsing the words. Lastest, Previous, Next are pretty clear. When looking at post 59, you identify 2 clear trades, but they are surrounded by losing trades. I must miss the essence of your instructions.

I have written a prospect identifier and tester with results posted for total Buy pips, Sell Pips, Win count and Loss count....
Also note that the trade is not allowed to remain for more than one trading day...Post the chart where you don't have positive results
Make It Simple !
  • #73
  • Jul 21, 2010 4:30am Jul 21, 2010 4:30am
Quoting ashraf999
I meant greater than the body of each one of the previous 2 candles

could you tell me which pair it works best with ? does it also work on stocks and the dow ?

also, when do we close out the trade ? what if the trade reverses hits stop before moving in the right direction ?

i back tested it on one of the pairs yesterday, there are a lot of false signals. i found 4 false and 1 correct signal ! anyway, maybe i chose the incorrect pair ?


lastly, to go long, the previous candle to the signal candle must be bearish right ? but what if the signal candle is also bearish but opens higher and closes higher. is this still a correct signal candle ?

have you compiled any results ?


thanks
  • #74
  • Jul 21, 2010 5:20am Jul 21, 2010 5:20am
Quoting ecforex
I have finished a scanner indicator ...

Install it as indicator and run on one screen on time frame of your choice.

It will scann ALL low spread pairs on every new bar .. so if u install it on M15 charts it will scan every 15 minutes. If you change TF it will scan immediately and then every new bar in the new TF ... like H1 ... then it will scan once per hour ..

I ignores the incompleted/last bar completely.

Please remember it scans for the BODY of the candle to be inside the previous bar.

I am also attaching a scanner for...
Thanks!
  • #75
  • Jul 21, 2010 5:31am Jul 21, 2010 5:31am
Quoting whatfx
could you tell me which pair it works best with ? does it also work on stocks and the dow ?

also, when do we close out the trade ? what if the trade reverses hits stop before moving in the right direction ?

i back tested it on one of the pairs yesterday, there are a lot of false signals. i found 4 false and 1 correct signal ! anyway, maybe i chose the incorrect pair ?


lastly, to go long, the previous candle to the signal candle must be bearish right ? but what if the signal candle is also bearish but opens higher and closes higher. is...
It generally works on all pairs. But as I said before, I am more cautious with the jpy pairs than other pairs for any strategy I choose to follow. Can you post a chart of those false signals you mentioned?. Remember you do not need to wait for the close of the trading day to know whether your trade was a winner or not. You decide what your target and stop losses are and based on that you make your move. Sometimes, the price hits your target before it moves away in the opposite direction. So it is very possible you win a trade despite you decided to go long while the candle closed bearish at the end of the day. A signal candle must be opposite to the previous one. So if the signal candle is bullish, the previous must be bearish and vise versa

I use this strategy for forex trades only. I have not tried it on stocks
Make It Simple !
  • #76
  • Jul 21, 2010 5:44am Jul 21, 2010 5:44am
I love simplicity yet profitable method like this.

Thank you for sharing...

How many of you are currently profiting using this technique.

May I have "a show of hand"??
  • #77
  • Jul 21, 2010 6:02am Jul 21, 2010 6:02am
Quoting graceheather
I love simplicity yet profitable method like this.

Thank you for sharing...

How many of you are currently profiting using this technique.

May I have "a show of hand"??
I got crushed trading eur/jpy a few days ago.
I think some news came out over night which caused the trade to lose.
  • #78
  • Jul 21, 2010 7:12am Jul 21, 2010 7:12am
Quoting finally
I got crushed trading eur/jpy a few days ago.
I think some news came out over night which caused the trade to lose.
Sorry to hear that..
Did you set your target and stop losses, or did you just wait till the close of the trading candle?
Make It Simple !
  • #79
  • Jul 21, 2010 7:13am Jul 21, 2010 7:13am
Quoting graceheather
I love simplicity yet profitable method like this.

Thank you for sharing...

How many of you are currently profiting using this technique.

May I have "a show of hand"??
You are welcome
Make It Simple !
  • #80
  • Jul 21, 2010 7:35am Jul 21, 2010 7:35am
I suggest to aim for the "next" psychological level if you want to play it safe. So if you went short @ 1.3289 , aim for 1.3250 instead of 1.3200
Make It Simple !
0 traders viewing now