Gbp/Jpy Simple Daily Candle System

This system is not hard to trade, but please read this whole post before trading it.

What you need:

GbpJpy chart 1hr

Candlesticks

Momentums 1,10,14

SMAs 10 to the low high and close.

What to do:Wait for the daily candle to close then when it hits the high or low of the day before sell or Buy. Look for Candle formatons

and the area in which the momentum is.

TF and SL are up to you

If it doesn't hit the day befores high or low, start again

This system candle be very profitable, but will need a big account(unless you use a micro account), and a lot of patience.

Feel free to flood this thread with comments or questions.

This system is not all about the breakout of a candle, although that's how the system origonally was created.

If you are not interested in trading the daily candle breakout part of the system, you can use a 4 hr chart.

It's also about the formation of candles, where the momentum is, and the analysis of the daily candle.

Although this thread is in the Trading Journals forum, it was not meant to be a Journal,(although I post all my trades and ideas here

instead of making another thread). It was meant to be a system.

I will make my trades here, and post examples and charts here.

Note:This system is still going to be run on the pound yen, but I will post my analysis of other pairs based on Momentum and the threre

MAs.

Note:Trade At Your Own Risk.

Candle Formations and Trade Setups.
Bull Bear Bull Formation
http://www.forexfactory.com/showthre...17#post4186917
http://www.forexfactory.com/showthre...=1#post4186920
http://www.forexfactory.com/showthre...=1#post4186922
http://www.forexfactory.com/showthre...=1#post4186924
http://www.forexfactory.com/showthre...=1#post4186927

Bear Bull Bear Formation
http://www.forexfactory.com/showthre...=1#post4186932
http://www.forexfactory.com/showthre...=1#post4186941
http://www.forexfactory.com/showthre...=1#post4186939
http://www.forexfactory.com/showthre...=1#post4186941
http://www.forexfactory.com/showthre...=1#post4186944

The Drive Formation
http://www.forexfactory.com/showthre...50#post4186950
http://www.forexfactory.com/showthre...=266232&page=3
http://www.forexfactory.com/showthre...=266232&page=3
http://www.forexfactory.com/showthre...=266232&page=3
http://www.forexfactory.com/showthre...=266232&page=3

2 Candle Formation
http://www.forexfactory.com/showthre...86#post4187086
http://www.forexfactory.com/showthre...=1#post4187087
http://www.forexfactory.com/showthre...=1#post4187089
http://www.forexfactory.com/showthre...=1#post4187090
http://www.forexfactory.com/showthre...=1#post4187091
http://www.forexfactory.com/showthre...=1#post4187093

MMAB Formation
http://www.forexfactory.com/showthre...=1#post4187096
http://www.forexfactory.com/showthre...=1#post4187099
http://www.forexfactory.com/showthre...=1#post4187100
http://www.forexfactory.com/showthre...=1#post4187102
http://www.forexfactory.com/showthre...=1#post4187106

PB after The Drive Formation
http://www.forexfactory.com/showthre...13#post4187813
http://www.forexfactory.com/showthre...=1#post4187814
http://www.forexfactory.com/showthre...=1#post4187817
http://www.forexfactory.com/showthre...=1#post4187820
http://www.forexfactory.com/showthre...=1#post4187825

Example

I don't think it will hit the low, but I'll watch it.

So basically you are trading previous day's Hi/Low or am I missing something?

Yes, You buy if it goes high, sell when it hits the low.

Sounds like the old SRDC method from long ago.

I'm not sure

Don't think it's gonna do any thing, gunna wait for tomorrow's candle.

I missed it, but you could've made a good 50 pips, don't think it's gonna go any more.

Here are some results from 15 candles

Note:these are just estamating that you stayed in the trade all day, and these are as much as you could have gotton.

+6
+250
+45
+25
+50
+40
+200
+10
-25
+20
-80
+63
+50

Last 15 days Results total : 654 pips(even if you didn't make the trade perfect, you still could have made ove 400 pips.

Too bad I missed it .

I'm going to add 3 10 sma's, close high and low.

I think it will have another Bullish candle tomorrow, i'm gunna trade tomorrows candle.

pipster2 easy and profitable !!!

thanks!!!

TY

I'm going to wait for this thing to open a new candle and set an order and then I'll wait for morning to check it out.

I'm gonna put my orders in now, Buy at 1.3418
Sell at 1.3107
I'll see what happens tomorrow.

This new candle looks pretty bearish, i'm just gonna wait for it to hit my order(s).

Looking like it's gonna have to break that trendline, thinking it's going break it though.