Trading Price Levels

Hi all,
In the past i have posted my charts on threads here at FF and people keep asking me what i do, therefore i decided to open a thread for it.
English is not my native language, so be carefull you get me right, i'm sorry for that.
This is a full mechanical method, i dont care big about fundamental and technical analysis. I have tried many systems and methods but i couldnt adapt them right. Same goes to indicators, so i began to study price swings/pullbacks and SR levels. In 2 years i have developed some constant price levels for the pairs i trade, they are EU,GU,EJ,GJ and UJ.
They are different for each pair and have certain distances. Price moves in steps. I have put the steps in 3 types, Mini,Medium and Major.
These are:
A. Mini Levels:
1. For EU 20 pips, begin from 1.3763
2. For GU 27 pips, begin from 1.5139
3. For EJ 40 pips, begin from 120.38
4. For GJ 40 pips, begin from 138.38
5. For UJ 35 pips, begin from 90.16
B. Medium Levels:
1. For EU 40 pips, begin from 1.3763
2. For GU 54 pips, begin from 1.5139
3. For EJ 80 pips, begin from 120.38
4. For GJ 80 pips, begin from 138.38
5. For UJ 70 pips, begin from 90.16
C. Major Levels:
1. For EU 120 pips, begin from 1.3763
2. For GU 162 pips, begin from 1.5139
3. For EJ 240 pips, begin from 120.38
4. For GJ 240 pips, begin from 138.38
5. For UJ 210 pips, begin from 90.16
I have limited time for trading so i trade Major levels on 4H timeframe. I look for candle close at a level by first touch. This means price moves up/down from a major level to next one and touches it firts time. If this candle closes above/below it I will buy/sell it at this level, sl is next lower/higher level and tp is next higher/lower level. There are 2 different entry form: Immediately after candle close or per pending order at this level. That depends on candle close, if it closes near level i put pending order. If i enter after candle close my sl would be next medium level.
Look better charts.
PS: Its not long enough backtested,i trade this way only last 2 years. My experience is something about 60%, this means i win in average 6 from 10. There will be 4-6 consecutive losses, 8-10 consecutive wins. I would like to see backtest results. It would be nice, if some of you do it.
Best regards.
Below current charts.

Hi

Let me be the first to thank you for opening this thread and ask the following questions:

1- When your stop is hit how do you enter the next trade?

2- Where do you start the first line of the levels which you set up on the charts, either from top or bottom?

Maybe I have tried this system before, and I trade GBPUSD and I use 25 - 30 pips swing. GBPUSD is the most discipline pair in price swing. Thanks for shared sam69, I'll keep read this thread

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bollinger bands signals

...example of winning and losing trades...

So you always wait the candle to close ... then the direction is defined by the side where the candle closed. Below the level = SELL, above = BUY.

Am I right ?

hi,
1. i will wait for candle close
2. i use this indicator ...
see charts

yes sir,its less stressfull

In fact you were answering my question while I was writing it !

Your previous post is perfect. Thanks.

i have 27 pips for cable,but i trade the bigger swings 162pips...

...one thing...
i use IBFX as broker,so your candles/closes may differ from mine,throw the lines on your chart and please backtest it

thank you,my english is not perfect,so i use pictures

Your english is as perfect as mine

Hi Sam, in your indicator why did you use 1.3763 as your start price.

Levels are in the post #1

oh ok, so these levels our used constantly as a begin level

hello jane, people do ask it often,what are the numbers,this is just my own research on IBFX chart,therefore it can/should vary broker to broker,but if you dont have you can open a demo acc. at IBFX and compare

yes,you can start it from 1.2923,or 1.3043,or 1.3163,or...,its the same for EU chart because the distance is constant

i have been backtesting the "line" on the cable..
its is quite easy just let the candle close and take a
trade in the a side that it closes.
The H4 chart looks quite crowded but the M30 looks quite
well on it.

Could you please show an example on chart with an entry at candle close and where you would set your TP/SL in this case.

Thank you.

Hello Sam ...I see that you're using 4H time frame for major level.

What is your recommended time frames for mini and medium levels ?