also we need to name this startegy. some suggestions
3D Scanner
BigBody Strategy
3D Scanner
BigBody Strategy
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
SIMPLE EA for a simple method needed!! 1 reply
Most usefull and simple indicators 12 replies
Dislikedno wicks...just the body which is the distance between open and close. If it is a doji then there is no body because the open would be the close itself. As long as there is a "difference" between open and close, then there is a body..
Yes there are valid gbpusd, eurjpy & gbpjpy setupsIgnored
DislikedI agree on GBP/USD. I am short on it since 5 pm EST.
Also short EUR/JPY (already up 50 pips) and GBP/CHF (still around break even).Ignored
DislikedBeen trading live for about 2 months now and I'm a regular visitor on FF. This is my very first post. I really like this strategy but I think the SL/TP pts might need to be tweeked a little bit.
Instead of setting the SL/TP based on psych levels of 00/50, how about using the pivot pts since they are calculated based on the price action for the previous day and would serve better as resistance/support pts?
For EUR/JPY, you would've shorted the pair based on this strategy @ 111.03. The daily pivot was 111.44, which would've served as SL. The...Ignored
Dislikedhi
the signal candle must be higher than the previous two but at least by how many pips minimum ?
when you say the the close of signal candle should be higher / lower, do you mean the signal candle must close at a higher / lower price at the close of trading day ?
regardsIgnored
DislikedI 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...Ignored
Dislikedthe gbp/usd short set up would have been stopped out. so a false signal ?
according to my research the gbp/usd pair is not a good pair to trade with this system ? too many false signals ?
also, it appears the signals are very few. in the 3 pairs i looked at last night, i only found about 4 signals in the last 5 months ? so one has to wait a long time for the signals to arise. so is it a system worth using for regular traders ?
regardsIgnored
DislikedOne pip can make the difference. So if you were going long and the signal candle's body is more than the body of any of the 2 previous candles by only 1 pip, then it is a valid criteria. The close must be higher for a signal candle than the close of the previous candle when going long, and the close must be lower for a signal candle than the close of the previous candle when going short. It is really not that complicatedIgnored
Dislikedalso, what happens on a friday of the week ? say the signal candle appears on a friday, but the markets are closed over the weekend. and on the monday the markets open with a gap in price. how would you enter the trade then ? or is it best not to take fridays signals ?
regardsIgnored
DislikedBeen trading live for about 2 months now and I'm a regular visitor on FF. This is my very first post. I really like this strategy but I think the SL/TP pts might need to be tweeked a little bit.
Instead of setting the SL/TP based on psych levels of 00/50, how about using the pivot pts since they are calculated based on the price action for the previous day and would serve better as resistance/support pts?
For EUR/JPY, you would've shorted the pair based on this strategy @ 111.03. The daily pivot was 111.44, which would've served as SL. The TP...Ignored
DislikedI know people set their targets and stop losses differently than this one in general but for me the psychological levels for this particular strategy serve me well. And at the end, you set your stop losses according to your risk tolerance regardless whether they were around pivot points or psychological levels. I sometimes set the risk to reward ratio at more than 2:1. For some other people, this is a big no no. Thanks for your inputIgnored
DislikedTrade full candles. So avoid Monday trades if possible (for this strategy)Ignored