One Candle Wonder

SIMPLE SET & FORGET SYSTEM.

Hi all.

This is my 1st trading system.

Warning this may be bad for your health !!!

I class myself as a Novice /intermediate trader wIth all the ussual stories of trading for last 10years on & off. ( But something always seems to pull me back to the forex factory. )

This has come about by me wanting to be able to place a trade and only have to view it on rare occasions.

Ok those of you who are still reading and not moved on already I will say this of my system :

1/ It is an off shoot of the Synthonie trader system by Evaluator & Tony’s two candle trading system by Tony_dtrader so pop over and have a look.

2/ Its for the non greedy who can live with pips of 0 – 70 a trade with the occasional loss.

3/ Trading the 4Hr time Frame during 8.00 GMT - 16.00 GMT.

4/ Can be used as a Set & Forget system .

5/ Only 1 indicator is used.

6/ Easy visualised back testing.

I don’t feel that there will be any questions as it should be self-explanatory when viewed .

This is a very very simply system and I hope it can help someone out there.
I originally started with MA's, Stochastics & DTI on my charts but found them not of much use.

Note I have not traded this live as yet ( as tooo busy to become a millionaire )

To stop any lawyers from chasing me I must state this is just my system that I am showing you, But if anyone else tries to use it it will make you bankrupt, so don’t try it only read and discuss (hope that’s enough )

Rules.

Square boxes on chart are the Uk trading times 8.00 GMT – 16.00 GMT.
The red / blue / yellow Indi at the bottom is the SYMPHONIE SENTIMENT EMOTION COMBI INDIKATOR (SSECI) FOUND ON THE SYMPHONIE TRADER SITE.

Picture to follow.

OK

Long Entry

When 1st candle closes at 12.00 gmt
IF
Candle is blue
IF
SSECI is also blue
Place your trade on the Close of this bar.

Take Profit

At the close of the next candle 16.00 GMT
That’s correct we only trade ONE candle.

Stop Loss

What ever takes your fancy I generally use 50pips. But maybe Low of the trigger bar ( but thats up for discussion).

Short Entry
The opposite conditions apply.

Set and Forget

When placing your order on your platform insert a time you want it to be automatically closed. (which would be 4HRs later)

Gamblers entry

Risky trade but possibly beneficial, is if the SSECI is Yellow and about to change to the opposite colour to match the above candle !! ( Gamblers only )

Please help each other improve this system . I will also be learning from you also.

Many Thanks

Note: My Alpari UK Chart candles actually starts at 7.00 GMT to 15.00 GMT ( not 8.00 GMT as stated but should not make any difference )

NightPipper

At 1st I thought it was a higher TF candle overlay on your chart, then I saw it was boxes! Lol Will check it out further.

Hi all,

The required Indicators.

why do you sometimes take the 8 o clock and sometimes the 12 o clock candle to base the direction of your trade?

Thanks for sharing your method Nightpipper,

Please kindly tell me, did you alter any settings for the indicator? And also i think it will be great if you can upload the indicator here since this is a system on its own.

I love simplicity.

Regards

Hi Killian

These are the only candles which you can take your signal from. The final candle moves you deep into the US session which for me goes into evening/family time & may start to move in opposite direction. But it may be worth someone testing the US session.

So yes trade the colse of the 1st candle or the 2nd candle.

NP

Hi FMFX.

No the SSECI indicator has not been adjusted .

The isessions indi i have just removed the other time frames from the settings.

NP

Keep in mind that the senti indicator repaints

Thanks Kilian

I will keep an eye on this. But i have not as yet noticed this on the 4hr Time frame.

NP

Template enclosed.
Hope it helps.

NP

Hi night

Just a quick couple of questions.

 

1. How can an order close automatically after a four hour candle.
2. Also, the SSECI indi is not showing any blue or red bars, just yellow, I am wondering if my settings are correct. Could you please confirm.....tf240 , 12 , 7 , 50.6 , 3000 , 63 , 18.

Many thanks in advance.

Hi night

Thanks for the template, still having issues with the colored bars.

I'm guessing we got those yellow bars because nothing is traded at moment. This should fix itself on monday.

This sytem seem great, except the repainting issue Kilian mentionned with the senti indicator. You didn't see it happen on your 4H charts NP?

Mal

the SSECI indi　requires "Symphonie Sentiment Indi" and "Symphonie Emotion Indi".

If you do not have these indi, the SSECI indi is showing only yellow.

You can get these indi　in Symphonie thread.http://www.forexfactory.com/showthread.php?t=315572

Hello nightpipper
Thanks for your system, i' like to know which Pairs do you trade, the chart you posted is Gbpusd, others?

Regards
Sabrina

Try using the strategy tester for backtesting, it works great for me.

Hi all

Sorry but i didnt realize one needed other indis placed into the files so load these :

Hi
When you place a Stop/limit order on MT4 it allows you to state the closing/expiry date and time.

NP

Results from backtesting:
Time:
2011-01-01 to 2012-02-25
Method:
Open trade at 12:00 bar if GoldSuperCycle & Bar of the last closed bar concur.
Close trade on close of bar.
SL 50 Pips

This year has been positive:
Time:
2012-01-01 to 2012-02-25
Method:
Open trade at 12:00 bar if Goldcycle & Bar of the last closed bar concur.
Close trade on close of bar.
SL 50 Pips