A simple but promising strategy | Forex Factory

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A simple but promising strategy

  • #1
  • First Post: Edited 12:09pm Jul 13, 2014 4:38am | Edited 12:09pm
Simple but promising . At the beginning of a new trading day open the daily candle chart clean without any indicators. Look at the candle previous to the just closed candle i.e the second last candle. If it was green go long and vice versa. No s/l or t/p. Close the trade same time next day ie at the begining of next day or end of same day and open a new trade accordingly. I've backtested for shorter periods and found promising. If someone could backtest it on majors for the last three years please.
  • #2
  • Jul 13, 2014 5:37am Jul 13, 2014 5:37am
Taking a trade based on the direction of the 2nd previous candle without looking at what happened in between is random trading in my opinion.
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Jul 13, 2014 5:43am Jul 13, 2014 5:43am
Backtest it yourself, it would only take an afternoon! There might be an edge there if you manage your SL and TP well enough.
  • #4
  • Jul 13, 2014 5:55am Jul 13, 2014 5:55am
Quoting FerruFx
Taking a trade based on the direction of the 2nd previous candle without looking at what happened in between is random trading in my opinion.
Forex is a random game. Do a backtest and you will be pleasantly surprised at the 'method in this madness'.
  • #5
  • Jul 13, 2014 6:07am Jul 13, 2014 6:07am
Quoting fffx
{quote} Forex is a random game.
Only for those who don't know how to play ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #6
  • Jul 13, 2014 6:09am Jul 13, 2014 6:09am
Dear fffx
Does it mean to short USD/CHF at 0.8918 ?
Just to understand your strategy.
  • #7
  • Jul 13, 2014 7:29am Jul 13, 2014 7:29am
Quoting kofix11
Dear fffx Does it mean to short USD/CHF at 0.8918 ? Just to understand your strategy.
"No" according to the strategy you have to buy it on Monday morning opening.
  • #8
  • Jul 13, 2014 8:18am Jul 13, 2014 8:18am
Quoting fffx
Simple but promising . At the beginning of a new trading day open the daily candle chart clean without any indicators. Look at the candle previous to the just closed candle. If it was green go long and vice versa. No s/l or t/p. Close the trade same time next day and open a new trade accordingly. If someone could backtest it on eur/usd for the last three years please.


Quoting fffx
{quote} Forex is a random game. Do a backtest and you will be pleasantly surprised at the 'method in this madness'.
Contradicting..

My doubts:
(1) Which pair you tested show promising results?
(2) Which session opening are you referring to? ASIA, London, NY, etc
(3) What closing time for your candle close? EST, GMT, etc..

Btw, trading is not totally random, if it is, why are you recommending this strategy to us, where this consistent occurrence feed into your system here? Contradicting yourself again. Hope you can share more and clarify, so maybe we can learn something from you. Thanks.
The only winner is the one who survive the longest...
  • #9
  • Jul 13, 2014 8:46am Jul 13, 2014 8:46am
Quoting kinspk
{quote} {quote} Contradicting.. My doubts: (1) Which pair you tested show promising results? (2) Which session opening are you referring to? ASIA, London, NY, etc (3) What closing time for your candle close? EST, GMT, etc.. Btw, trading is not totally random, if it is, why are you recommending this strategy to us, where this consistent occurrence feed into your system here? Contradicting yourself again. Hope you can share more and clarify, so maybe we can learn something from you. Thanks.
(1) Eur/Usd
(2) Asia
(3) GMT-3
This is just a backtest I conducted myself and paper traded for three months. I want to benefit traders who are not into techies. You can backtest too and let us know the results. Thanks
  • #10
  • Jul 13, 2014 8:47am Jul 13, 2014 8:47am
Quoting fffx
Simple but promising . At the beginning of a new trading day open the daily candle chart clean without any indicators. Look at the candle previous to the just closed candle. If it was green go long and vice versa. No s/l or t/p. Close the trade same time next day and open a new trade accordingly. If someone could backtest it on eur/usd for the last three years please.

Are you a gambler?
  • #11
  • Jul 13, 2014 8:56am Jul 13, 2014 8:56am
Quoting fffx
{quote} (1) Eur/Usd (2) Asia (3) GMT-3 This is just a backtest I conducted myself and paper traded for three months. I want to benefit traders who are not into techies. You can backtest too and let us know the results. Thanks
Thanks for your answer.

How long have you backtest? I am so confused and curious why you need others to backtest and show you results when you had already backtested.

As for GMT -3, you are refering to your timezone or your closing candle of your broker platform? I am asking 2nd time because you don't seems to know your own strategy and you start sharing something "promising" with no basic rules of what I stated above, and not even TP/SL. Do you mind show us some charts, so we get a clearer picture.

Thanks in advance.
The only winner is the one who survive the longest...
  • #12
  • Jul 13, 2014 9:59am Jul 13, 2014 9:59am
Good afternoon ... What fffx our friend is right, because I've tested this sistema.Gostaria to make a suggestion of how to do.

1) If D1 candle close Blue - Leave a pending order Buy Stop 03 pips above the high of the day. Tp 10 pips and 20 pips stop and trailing stop of 05 pips.

2) If D1 candle close Red - Let ums Sell Stop pending order 03 pips below the low of the day. Tp 10 pips and 20 pips stop and trailing stop of 05 pips.

Do the tests only with the majors. Success to all.
  • #13
  • Jul 13, 2014 11:02am Jul 13, 2014 11:02am
Quoting Robinho
Good afternoon ... What fffx our friend is right, because I've tested this sistema.Gostaria to make a suggestion of how to do. 1) If D1 candle close Blue - Leave a pending order Buy Stop 03 pips above the high of the day. Tp 10 pips and 20 pips stop and trailing stop of 05 pips. 2) If D1 candle close Red - Let ums Sell Stop pending order 03 pips below the low of the day. Tp 10 pips and 20 pips stop and trailing stop of 05 pips. Do the tests only with the majors. Success to all.
Doesn't make sense, so when price move back 5 pips (not even mentioning spread), its already stop out? And some opening session, there are widening of spread, that will be stop out easily as well.

Will you like to post some live calls to show us how we can do it? thanks.
The only winner is the one who survive the longest...
  • #14
  • Jul 13, 2014 12:05pm Jul 13, 2014 12:05pm
The difference from Robinho is that in my strategy you buy/sell at market order without putting any sl/tp. At the end of the day close the trade regardless it was in profit or loss and start another trade with market order as per the conditions mentioned in my first post.
  • #15
  • Jul 14, 2014 6:54pm Jul 14, 2014 6:54pm
Quoting kinspk
{quote} Doesn't make sense, so when price move back 5 pips (not even mentioning spread), its already stop out? And some opening session, there are widening of spread, that will be stop out easily as well. Will you like to post some live calls to show us how we can do it? thanks.
Good evening everyone ... see the pictures of the day 14/07do GBP / USD.A downtown friday 11/07 was 1.7090, thus deixarímaos a pending order SELL STOP at 1.7087. Stop and 1.7107 TP 1.7077. Win 10 + pips.

look at the EUR / JPY pair. The high of the day 11/07 was 138.04, then would stop a pending BUY STOP order at 138.07. Stop and 137.77 TP 138.17. Win 10 + pips

advise only work with EURUSD, GBPUSD, EURJPY and GBPJPY pairs
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  • #16
  • Jul 15, 2014 2:23am Jul 15, 2014 2:23am
fffx,
Is this something you have actually done or did you just make it up and got convinced that it might work?

plus the no S/L is a turn off
  • #17
  • Jul 15, 2014 3:51am Jul 15, 2014 3:51am
Quoting Danny Maina
fffx, Is this something you have actually done or did you just make it up and got convinced that it might work? plus the no S/L is a turn off
FFFX good day ... I worked with this strategy ... but would you test them on DEMO account, only with EURUSD, GBPUSD GBPJPY EURJPY and peers. Place stop is critical not to become a Russian roulette. Best wishes and success! Excuse my English because I am Brazilian.
  • #18
  • Jul 15, 2014 4:13am Jul 15, 2014 4:13am
Quoting Robinho
{quote} FFFX good day ... I worked with this strategy ... but would you test them on DEMO account, only with EURUSD, GBPUSD GBPJPY EURJPY and peers. Place stop is critical not to become a Russian roulette. Best wishes and success! Excuse my English because I am Brazilian.
Robinho, how long have you tested this strategy. thank you and have a good day, jack
  • #19
  • Jul 15, 2014 4:28am Jul 15, 2014 4:28am
This method is the same as flipping a coin, if the coin lands on heads... you then predict that 2 coin tosses later the result is heads.

There is no edge here.
  • #20
  • Jul 15, 2014 4:43am Jul 15, 2014 4:43am
Quoting TranceTrader
This method is the same as flipping a coin, if the coin lands on heads... you then predict that 2 coin tosses later the result is heads. There is no edge here.
Agree ... That was exactly my point in post #2.
MT4/MT5 EAs/Indicators/Alerts coder
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