The Pimpster's Simple system, not the holy grail, but darn close

OK, I have posted the template and indicators, use same template for the H4 TF. Since MT4 has MACD I did not include it in the attachment. The RSI (which is the heart of this strategy) has email alert also. It sends me my alert so I don't have to search for it.

A few to keep an eye on for next week D1 TF, NZD/USD, AUD/USD and NZD/CAD. They should be getting ready to short. I don't normally trade on Sunday's, and Monday's is an iffy for me also unless there is really good market movement. The good thing with this strategy is that without any market movement you will not recieve any trading signals. I will be observing those currencies and hopefully make some descent pips off them. Happy trading.

PP

How are you doing with this method? Any update?

Hi!

This looks great, thanks for sharing, I am taking a peek now,m one thing I would like tot know is, how do I get it to send me email alerts when the RI crosses? It doesnt seem to have the option in the properties and i have opened the indicator in metaeditor but its all a bit greek to me, wondering if you could assist as to how to specify my email addres and so forth?

thanks for your time!

ST

hrmm analysis so far o good just the actual trades are VERY few and far between... be very lucky to get two in the same month by the looks of things.. that analysing 5 major pairs so far..

Hi everyone, i know this is a very old thread, but the strategy here intrigued me, as it shows a lot of potential. has anybody tried this out or worked on improving it?

I have been working on tweaking this for two outcomes, to reduce false signals in volatile conditions, and to improve the method on small timeframes to increase the trade opportunities per day.

(sorry no templates as i am using a mac, and dont have mt4, although i can run it on a mac, my graphics card isnt working correctly and using mt4 through play on mac makes it extrmely slow, so im trading on the Oanda web platform)

first off the changes i made to the indicator settings were:

STARC bands, 3-15-2 (this widens the bands a little more and helps reduced false signals during vlatile conditions or breakouts on small timeframes.)
RSI period 8, with upper and lower bands of 80-20 rather than 85-15. when testing this strategy, i found the limits 85-15 a little extreme and resulted in many missed opportunities.
Also i switched to using the OHLC bars instead of candlesticks, only because for this method they are my personal preference as they more clearly show the meeting point between the bar and the starc band. i also find they show the trend a little more clearly
Added use of SMA 50 and 150, for help of trend identification

Changes to Method:

been trading exclusively on the USD/JPY, mainly for the sole reason, for larger pip movements and relatively lower spreads.

i have 4 timeframes open simultaneously
-1m, set up with just the MACD, used for entry into a signal from the 5M chart
-5m, 15m charts set up with STARC, RSI, MACD, used for receiving signals and entry into signals of the higher timeframe above them
-1H chart, set up with STARC and RSi, just used for an initial signal.


Firstly i keep looking for the initial signal on the 5M chart, bar touching upper/lower starc band, and RSI <20/>80
once signal is confirmed, moved to lower timeframe, 1M, and wait for the bar and MACD signals to reverse and enter the trade. small TP 5-10 pips

then move to the 15M chart, and wait to see if there is a second signal, bar touching bands and rsi <20/>80, if so move back to 5M and mad for reversal of the curent bar and mACD to enter a trade. TP 10-15 pips

and repeat this this moving to the 1H chart, with a TP 15-20

Other things to note, is that although this strategy works in all conditions, the signals do work better when it is trending.

When in a trend, you will only get the signals in the RSI for the counter trend, however i found that results in a lot of missed trades in the direction of the trend which are very high probablility trades. So i decided to use signals also in the direction of the current trend. lets say for example we have a trend up, whilst we would be executing the counter trend signals of the bars bouncing off the upper bands and confirmation of the RSI, I would also take the long signals on the pullbacks, where the bar touches the lower bands, however the RSI in an uptrend will rarely fall into our confirmation zone <20, so we have to say around <40 RSI is good confirmation of the signal.

the RSI sometimes has to be treated a little subjectively, for example in a sideways market, it takes a lot of movement to try and get the RSI into the confirmation zones, so if you want to look for trade opportunities, you have to rather compare to current RSI level to previous high lows of the RSI where on the chart would have been a good trade entry.

In terms of money management and SL's, i havnt been using any SL, as these trades work out in profit nearly 90% of the time. As we are pretty much scaling into the trade, it is better to wait till the peak of the correction before closing all trades, and usually the trades you made on the higher time frames will profit more then any loss of the trade underwater on the smallest timeframe.

The real key to this strategy is patience and discipline, and if you only trade on the perfect, no brainer set-ups, this is even a very good high risk-high leveraged strategy, making upto 50% on your capital in a day which i have done very successfully on my small live trading account. this im mostly working on it as a low risk stratergy that makes 1% on your capital a day.

ofcourse still a work in progress, any and every strategy takes a lot of time in testing and tweaking, would appreciate any feedback for improvement. But the intial results have been very good

Thanks,

Slum

How do you open the template? It seems its in XML format?