Please Note:
I will keep post one update with all indicators and EAs, templates, etc that are to be used with this system and how this system works or how I will be using it, as I don't want to have you people referring to different ports.
Hello All,
Ok... I have looked at systems, robots, journals, forums, holy grail, stop loss system, no stop loss system, averaging, try something, try something else, etc, etc... you know the drill, we all do it - then bang... you find something that suits you! That is the key! Indicators, no indicators, 5 min, 1 hour, 1 day, 1 week timefame, etc... something that suits your trading style.
Here is my style and I thought that I would share it with my fellow FF Members, just to give back to the community.
Method:
Please note, this is a method and not a system, as you might find a different way to trade this method.
Draw a horizontal line across the chart and if price crosses above this line (when overall price is low) we will buy and if price crossed below (when overall price is high), we will sell and I use an EA to execute the trade, that does my position sizing, etc.
Very simple...
Once we are profit overall for the day, 1% (yes don't me amazed and do not think this is possible - you will be surprised!)... shutdown PC and enjoy day. Rinse and repeat next day.
The indicators are just used as a guide.
This is not a breakout system in some sense... I am looking to sell if price is high and looking to buy if price is low.
I am not bothered about where price is, where price might end, blah, blah, I just want to end my day in profit.
The market is like your partner... treat her/him nice... don't abuse her/him, give some, take some... but don't take the piss... (use stoploss and takeprofit), otherwise he/she will take all you have once you violate those rules!
Over trading and arrogance and he/she (generally she, lol) will wipe the floor with you!
Risk X %
Take Profit X
Stoploss - This will be high or low of previous bar as I do not expect price to come back above the line.
Your chart should look like this.
Indicators:
Bollinger Band:
Bands - 20
Shift - 0
Dev - 2
Wicks:
Leave All Settings As Default (but feel free to use as you wish)
This is as follows... if price breaks above higher band and has a wick of 2 pips or more and line will be placed, this is where we might be interested in prices (take a look yourself) and and same applies for lower band.
MarketProfile:
LastDayStart - True
ProfileCount - Use as many days that are within where price can move about, I use about 5/6 days
SpacedLines:
NumLines - 100
Spacing - 25
Why I use this... well Meta Trader is a little crap and does not actually reflect price movement as you would like to see it. If there is low volatility the lines will be far apart... if there is high volatility, then the lines will be closer together.
TimeFrame:
Any (I trade on 1 or 5 Minutes)
EA:
The EA is used to execute trades, puts in stoploss and takeprofit and that is it, want to keep it simple as possible, I have built the EA ONLY WORKS and I think ECN only on EUR/USD as I am not a great programmer, but lets hope we can develop a little further where someone can use this with other pairs (something else can be used to manage the trade)
I will attach this tomorrow as this is on another PC that I do not have access to.
Regards,
Guess121
I will keep post one update with all indicators and EAs, templates, etc that are to be used with this system and how this system works or how I will be using it, as I don't want to have you people referring to different ports.
Hello All,
Ok... I have looked at systems, robots, journals, forums, holy grail, stop loss system, no stop loss system, averaging, try something, try something else, etc, etc... you know the drill, we all do it - then bang... you find something that suits you! That is the key! Indicators, no indicators, 5 min, 1 hour, 1 day, 1 week timefame, etc... something that suits your trading style.
Here is my style and I thought that I would share it with my fellow FF Members, just to give back to the community.
Method:
Please note, this is a method and not a system, as you might find a different way to trade this method.
Draw a horizontal line across the chart and if price crosses above this line (when overall price is low) we will buy and if price crossed below (when overall price is high), we will sell and I use an EA to execute the trade, that does my position sizing, etc.
Very simple...
Once we are profit overall for the day, 1% (yes don't me amazed and do not think this is possible - you will be surprised!)... shutdown PC and enjoy day. Rinse and repeat next day.
The indicators are just used as a guide.
This is not a breakout system in some sense... I am looking to sell if price is high and looking to buy if price is low.
I am not bothered about where price is, where price might end, blah, blah, I just want to end my day in profit.
The market is like your partner... treat her/him nice... don't abuse her/him, give some, take some... but don't take the piss... (use stoploss and takeprofit), otherwise he/she will take all you have once you violate those rules!
Over trading and arrogance and he/she (generally she, lol) will wipe the floor with you!
Risk X %
Take Profit X
Stoploss - This will be high or low of previous bar as I do not expect price to come back above the line.
Your chart should look like this.
Indicators:
Bollinger Band:
Bands - 20
Shift - 0
Dev - 2
Wicks:
Leave All Settings As Default (but feel free to use as you wish)
This is as follows... if price breaks above higher band and has a wick of 2 pips or more and line will be placed, this is where we might be interested in prices (take a look yourself) and and same applies for lower band.
MarketProfile:
LastDayStart - True
ProfileCount - Use as many days that are within where price can move about, I use about 5/6 days
SpacedLines:
NumLines - 100
Spacing - 25
Why I use this... well Meta Trader is a little crap and does not actually reflect price movement as you would like to see it. If there is low volatility the lines will be far apart... if there is high volatility, then the lines will be closer together.
TimeFrame:
Any (I trade on 1 or 5 Minutes)
EA:
The EA is used to execute trades, puts in stoploss and takeprofit and that is it, want to keep it simple as possible, I have built the EA ONLY WORKS and I think ECN only on EUR/USD as I am not a great programmer, but lets hope we can develop a little further where someone can use this with other pairs (something else can be used to manage the trade)
I will attach this tomorrow as this is on another PC that I do not have access to.
Regards,
Guess121
