|
Commercial Member
|
Joined May 2011
|3,012 Posts
Wow, that was quite a gap between posts there, welcome back! Although I like the idea of the strategy itself I think you could flesh it out a little for newer traders. For instance what exactly would tell you to take a trade?
I'm always looking at 1 min scalping systems for eurusd but I'm yet to find anything reliable enough to convince me to trade it live.
I agree, nice and simple, I used a similar strategy where I used 5SMA with a 20SMA, but all the same, there are quite a lot of nice entries available.
Ferndog, see post 22 it mention a setting of 10.
At the expense of sounding sarcastic I want to make a comment: It always amazes me the type of questions ask everytime a system is posted: questions like: what is your SL, your TP, success rate, etc, etc.
Just plot the indicators and look at the charts, most things are very obvious, also test for yourself what you think is best, no other person can give you the recipe for success, you have to find it yourself otherwise the moment you have a few losers in a row, then of you go to the next system.
For those that are to lazy to figure things out for them selves:
The higher the TF up to 4Hr the better the profits, forget 1min & 5Min.
Use one of the following trailing stops: Trail your stop 2 or 3 bars back, or use a 12EMA as the trail.
For targets: Do not use TP and trail only till trade stop out, or check the average distance previous moves make and decide on a target, or place your stop and then place your TP at 2x the value of your stop.
These as as many methods as there are traders, PICK ONE.
Another obvoius rule would be to take a long trade if pice close above the 7EMA WHILE THE 7EMA is also sloping up.
I know the above might not sound to sensative, but I realy belief that one of the major reasons that there are thousands of systems posted every year is because people are not willing to do some work for themselves.
Realy if you can not make money with this system then I can guarantee that you will also not make money with a more complicated system
When using RSI as a confirmation for another indicator or system I use a setting of 10 with upper at 55 and lower at 45.
Other than Simple 7 I use RSI for entry and monitoring a trade. If the sell crossses the 55 I close it. If a buy crosses the 45 I close it. I use this on 15m - 1h charts.
When using RSI as a confirmation for another indicator or system I use a setting of 10 with upper at 55 and lower at 45.
Other than Simple 7 I use RSI for entry and monitoring the trade. If the sell crossses the 55 I close it. If a buy crosses the 45 I close it. I use this on 15m - 1h charts.
Ignored
What about closing a sell if the candle goes back up and closes above 45?...because on the 1hr i noticed that you would only have small losses by doing that. In other words just ride a short only when it's below 45 and anytime it goes back above 45 then wait until it comes back down below 45 to get back in. You might have to place a few more trades but it might help the losses. Because if you wait for price to go back above 55 on a sell then those losses would be bigger. What do think?
I prefer to stick to the Simple 7 system here, I should not have added that info about closing with the RSI in this thread. However I could not wait to reveal part of another system I use...
Tom's Simple 7 Strategy Preparation of charts: Install a 7 close price EMA. Install a 50 close price EMA Basic instructions: If the 7 EMA is lower than the 50 EMA trade only the short opportunities for maximum risk/reward. If the 7EMA is higher than the 50 EMA trade only the long opportunities for maximum risk/reward. Specific instructions: If the closed candles are above the 7 EMA trade long. If the closed candles are below the 7EMA trade short. Warning: These instructions expect that you have basic trading experience and is not meant to teach you or train you in trading derivatives or forex. www.forexfactory.com and www.babypips.com are excellent websites with basic trading education resources. With that said, you can use this method on any timframe, but since we are differentiating the positions above and below the 7 EMA that means you will have to monitor your trade constantly after you enter it. Note: This method was left simple to allow people to use it as I basically set it forth, but also to allow you to adjust it to meet your needs and allow room for your new ideas based on it.
(Intellectual property of Tom, akatom2u) At least give me credits.
Using 5 & 13 EMAs cross (Fibs #s) as in WTS is also very powerful strategy.
Very convenient also because you can manage exits with the 5EMA.
Close sell if candle closes above 5EMA and close buy if candle closes below 5EMA. One of the most secure exits in Forex.
Cheers Hermes
Thanks akatom2u to share simple trading strategy with us. As you said that these can be used in any timframe but I am interested to know the best timeframe for it.
Here is another week of trades using the Simple 7 Strategy. I am working a fulltime day job so some of these trades are set and forget trades. The last trade was TP 10 pips and SL 10 pips, had I set it for 20 pips SL I would not have lost it. Anyway Simple 7 seems to still be a profitable trading strategy. http://screencast.com/t/2T3UopyjZaLk
