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A simple strategy with no indicators

  • #101
  • Jul 21, 2010 11:34pm Jul 21, 2010 11:34pm
also we need to name this startegy. some suggestions

3D Scanner
BigBody Strategy
  • #102
  • Jul 22, 2010 4:07am Jul 22, 2010 4:07am
the 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 ?



regards
  • #103
  • Jul 22, 2010 4:13am Jul 22, 2010 4:13am
Quoting ashraf999
no 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 setups

hi

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 ?


regards
  • #104
  • Jul 22, 2010 4:28am Jul 22, 2010 4:28am
Quoting cmac0351
I 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).

how did your trades go ? i know gbp/usd got stopped out. as for gbp/chf, i think that pair did well. eur/jpy and gbp/jpy might have been stopped out ?


regards
  • #105
  • Jul 22, 2010 5:28am Jul 22, 2010 5:28am
Been 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 would've been the MS1 level of 110.75 or you could've let it ride all the way down to the S1 level of 110.06.

I know the R:R for the MS1 level trade is not 1:1 but even with the psych level strategy, the R:R has to be dynamically adjusted. Perhaps for this trade, instead of using MS1, you could've moved it down another 20 pips for the TP.

If the pivot level is too close, say within 20 pips, to the entry price, then use the next level. For this example, if the entry would've been at 111.30 then you would've used the MR1 level of 111.81 as SL.

Just my 2 cents.
  • #106
  • Jul 22, 2010 7:32am Jul 22, 2010 7:32am
Quoting Junglee
Been 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...
I 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 input
Make It Simple !
  • #107
  • Jul 22, 2010 7:40am Jul 22, 2010 7:40am
Quoting whatfx
hi

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 ?


regards
One 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 complicated
Make It Simple !
  • #108
  • Jul 22, 2010 11:19am Jul 22, 2010 11:19am
Quoting whatfx
how did your trades go ? i know gbp/usd got stopped out. as for gbp/chf, i think that pair did well. eur/jpy and gbp/jpy might have been stopped out ?


regards
Yes they were stopped out. GBP/CHF was a winner.
  • #109
  • Jul 22, 2010 12:52pm Jul 22, 2010 12:52pm
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 the Full candle...
Thank you for this scanner. I installed it today. It said it was scanning but never came up with anything. Am I missing something? Thanks for your help.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #110
  • Jul 22, 2010 4:04pm Jul 22, 2010 4:04pm
Short USD/CAD today....
  • #111
  • Jul 22, 2010 8:43pm Jul 22, 2010 8:43pm
Quoting cmac0351
Short USD/CAD today....
that's not a valid entry
  • #112
  • Jul 23, 2010 1:48am Jul 23, 2010 1:48am
Quoting whatfx
the 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 ?



regards
hi buddy plz what are the pairs that u checked also i think this couldnt stop u if u are a regular trader.is just a one time thing then u go about ur trading style.just my own suggestion
  • #113
  • Jul 23, 2010 3:22am Jul 23, 2010 3:22am
Quoting ashraf999
One 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 complicated
also, 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 ?


regards
  • #114
  • Jul 23, 2010 7:56am Jul 23, 2010 7:56am
Quoting kareem
that's not a valid entry
It is a valid entry according to this strategy but until now it is generating a loss
Make It Simple !
  • #115
  • Jul 23, 2010 7:58am Jul 23, 2010 7:58am
Quoting whatfx
also, 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 ?


regards
Trade full candles. So avoid Monday trades if possible (for this strategy)
Make It Simple !
  • #116
  • Jul 24, 2010 3:57pm Jul 24, 2010 3:57pm
Quoting kareem
that's not a valid entry
On my chart it was. I was able to close it for +11 pips.
  • #117
  • Jul 26, 2010 4:25am Jul 26, 2010 4:25am
Hi. I revised my question about simple strategy.
I want a categorize strategy that I want to program it for a simple trading robot.
  • #118
  • Jul 26, 2010 4:57am Jul 26, 2010 4:57am
Quoting Junglee
Been 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...
hi

iam new to this, so i dont know what you mean by pivot points, ms1, s1, r:r, etc. can you explain what they are ?


regards
  • #119
  • Jul 26, 2010 5:05am Jul 26, 2010 5:05am
Quoting ashraf999
I 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 input
i think we need to come up with suggestions on when NOT to trade, even if there is a valid signal. in order to reduce the risk of false signals. you mentioned about when candles are too big, whipsaw etc. any other suggestions ?
all are welcome to make suggestions :-

also, we need to come up with a successful TP/SL combination that works best without getting stopped out. suggestions please:
  • #120
  • Jul 26, 2010 5:14am Jul 26, 2010 5:14am
Quoting ashraf999
Trade full candles. So avoid Monday trades if possible (for this strategy)
do you have a set of results since going live ?
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