Follow the monthly candle and be profitable | Page 78 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Follow the BIG Candle 322 replies

Follow Last Candle EA 10 replies

Follow the prior Heiken Ashi candle for profits 61 replies

How to make EA that send Open Price of Candle for every new candle 5 replies

Correlation between first 4 hour candle and daily candle 1 reply

Attachments: Follow the monthly candle and be profitable
Exit Attachments

Follow the monthly candle and be profitable

  • #1,541
  • Mar 19, 2015 5:16am Mar 19, 2015 5:16am
Quoting guiyee
Have anyone been following results of monthly method? A friend did a test with 12 currencies this month and got really good results
good day ... here's no good show results ... no one ... or almost no one does operations ... I'm hitting the same key since September ...

People want to learn Forex, just reading theories ... kkkkkkkkkkkk ... the most important part in the forex is the HEAD,,, methods, only here showed a 05.

Demo account is to practice, practice and practice.
  • #1,542
  • Mar 20, 2015 10:51am Mar 20, 2015 10:51am
Got slaughtered.....




Attached Image (click to enlarge)
Click to Enlarge Name: trades 032015.JPG Size: 98 KB
  • #1,543
  • Mar 21, 2015 10:49pm Mar 21, 2015 10:49pm
Quoting Robinho
{quote} good day ... here's no good show results ... no one ... or almost no one does operations ... I'm hitting the same key since September ... People want to learn Forex, just reading theories ... kkkkkkkkkkkk ... the most important part in the forex is the HEAD,,, methods, only here showed a 05. Demo account is to practice, practice and practice.

I do read and i do practice too. I am doing some entries too and posted pictures of results of daily method. I was just asking if anyone tested monthly yet since i wasnt able to do it because i discovered this thread recently
  • #1,544
  • Mar 22, 2015 5:50am Mar 22, 2015 5:50am
Robinho, what pairs do you find work best for just trading the monthly candle? Thanks
  • #1,545
  • Mar 22, 2015 8:27am Mar 22, 2015 8:27am
@ Sheppy : Good afternoon just a humble opinion you could choose 12 mayor pairs and see how they performed in the past under Robinhos criteria you could try the last 36 candles 48 candles and so on this would probably filter some data but the most important thing is to make the entrys and judge for yourself Robinhos is showing the path we have to make our own choices good trading.......
  • #1,546
  • Mar 22, 2015 9:38am Mar 22, 2015 9:38am
Robinho,

Ive been working very hard to understand this incredibly interesting Monthly Entry technique. In trying to reproduce your results from page 1, Ive run into a problem. If you (or any others) could please help me understand, Id be most grateful. Let me know if this question isnt clear. Thank you very much.

Question: Why is Robinhos entry date/time different than Rippin (Me)?
Rippin: Entered 9/1/2014 buy, loss.
Robinho: entered the next day, sell, winner.
As seen in MN, below, my previous month closed up though it was such a small candle, possibly ignored?
Price is clearly at resistance. Was this taken into account somehow?

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD entry on 2014.09.01.png Size: 78 KB
  • #1,547
  • Mar 22, 2015 10:05am Mar 22, 2015 10:05am
Quoting sheppy
Robinho, what pairs do you find work best for just trading the monthly candle? Thanks

From page 1: 27 Pairs: eurusd,gbpusd,audusd,nzdusd,eurjpy. gbpjpy.audjpy,nzdjpy,euraud,gbpaud, usdcad,eurcad,gbpchf,usdchf, usdjpy,eurnzd,gbpnzd,audcad,audchf, audnzd,cadchf,cadjpy,chfjpy,gbpcad, nzdcad, nzdchf e usdsgd.

At one point in the thread there was mention of dropping to 10 pairs but I don't remember if that was for the MN method or not.

Cheers,
Rippin
  • #1,548
  • Mar 22, 2015 10:10am Mar 22, 2015 10:10am
Quoting guiyee
{quote} I do read and i do practice too. I am doing some entries too and posted pictures of results of daily method. I was just asking if anyone tested monthly yet since i wasnt able to do it because i discovered this thread recently
I've been testing MN method and getting smoked with the exception of EURUSD during 2014. I think something is not quite clear, for instance, why are his entries on 2014.09.02, the second day of the month? see my post below.

Attached Image
  • #1,549
  • Mar 22, 2015 10:20am Mar 22, 2015 10:20am
@ Ripping : try and make monthly entry when you have convergence on the first day that candle closes with same color that previus M1. M1 red first D1red make entry hope this helps please post results G.G.G
  • #1,550
  • Mar 22, 2015 4:15pm Mar 22, 2015 4:15pm
Hi guys. I had a thought. It might make our lives easier. Why not use Heiken Ashi candles? It will be smoother than regular candles, and might help prevent false setups.

Attached Image (click to enlarge)
Click to Enlarge Name: heiken ashi monthly.JPG Size: 95 KB
I am NOT an expert. I post to learn from others.
  • #1,551
  • Mar 22, 2015 7:11pm Mar 22, 2015 7:11pm
I'm from Missouri, the show me state....
  • #1,552
  • Mar 23, 2015 5:38am Mar 23, 2015 5:38am
Hi guys,

I'm testing a few different systems out right now. One of them is my variation on the monthly candle: Follow the previous weekly candle. I'm using Heiken Ashi candles, though.

Anyways, I placed 5 trades on Sunday open that followed the previous Heiken Ashi weekly candle.

3 trades had a TP of 30 pips.
2 trades have a manual trailing stop.

The 3 trades that had a TP of 30 pips have all hit their TP levels (AUDCHF, USDJPY, and AUDJPY).
The 2 trades that have a manual trailing stop are currently in profit (GBPUSD, GBPJPY). I set the SL to BE + 20 pips.

Simply following the previous candle seems to be a pretty good system. I will keep testing it each week and perhaps even on different time frames.

EDIT: I will just add that, IF following the previous candle works 75-80% of the time on the larger time frames (yet to be determined), then we can make very consistent profits with a minimal amount of work (as Robinho suggested in his very first post). 20-25 pairs x 30-50 pips per trade = 600 - 1250 pips each week. Or, if we can set a trailing stop, we could get even more.

I think the biggest thing is to find a system that is stress-free and works in the long-term. For me, that's the #1 benefit! Therefore, the critical issue is to figure out the best SL so we don't get stopped out too early but also don't risk too much.

I am only posting this because it's related to the system being described here, but I understand it's not the exact same system. So forgive me for that. But I don't think it belongs in a separate thread or anything.
I am NOT an expert. I post to learn from others.
  • #1,553
  • Mar 23, 2015 8:40am Mar 23, 2015 8:40am
Rob,

I finish reading the first 20 pages of this thread last night, and applied your method on today's weekly opening. Matching color of candles for D1, W1 and M1.
Bought nzd/jpy, nzd/jpy, aud/usd, aud/jpy and sold gbp/nzd. Made 240pips! Thank you for selfless sharing!


Cheers

P.S. lost 40pips on gbp/usd but this is because me not being disciplinary enough.
  • #1,554
  • Mar 23, 2015 9:10am Mar 23, 2015 9:10am
Quoting Nosniw
Rob, I finish reading the first 20 pages of this thread last night, and applied your method on today's weekly opening. Matching color of candles for D1, W1 and M1. Bought nzd/jpy, nzd/jpy, aud/usd, aud/jpy and sold gbp/nzd. Made 240pips! Thank you for selfless sharing! Cheers P.S. lost 40pips on gbp/usd but this is because me not being disciplinary enough.
HI mosniw

bravo for your results

whats your TP/SL?
you follow the rules or let run the profits
thanks
  • #1,555
  • Mar 23, 2015 12:22pm Mar 23, 2015 12:22pm
Quoting Nosniw
Rob, I finish reading the first 20 pages of this thread last night, and applied your method on today's weekly opening. Matching color of candles for D1, W1 and M1. Bought nzd/jpy, nzd/jpy, aud/usd, aud/jpy and sold gbp/nzd. Made 240pips! Thank you for selfless sharing! Cheers P.S. lost 40pips on gbp/usd but this is because me not being disciplinary enough.
Do you mean "MN" instead of M1?
Are you speaking of the MN=W1=D1 method as described in post 857 or is the variant that you followed described in a different post?
There are a few variants of the Post 1 method in this thread which makes things confusing. If you don't mind, please summarize your entry/exit criteria with SL/TP.

I'll post my latest MNW1D1 trades later tonight.

I think this technique has a lot of promise to offer stress free, hands off trading. I really appreciate your sharing your experience.

R
  • #1,556
  • Mar 23, 2015 2:49pm Mar 23, 2015 2:49pm
Quoting dimdel
{quote} HI mosniw bravo for your results whats your TP/SL? you follow the rules or let run the profits thanks
HI dimel

I follow TP 60 and SL 100pips
  • #1,557
  • Mar 23, 2015 2:52pm Mar 23, 2015 2:52pm
Quoting Rippin
{quote} Do you mean "MN" instead of M1? Are you speaking of the MN=W1=D1 method as described in post 857 or is the variant that you followed described in a different post? There are a few variants of the Post 1 method in this thread which makes things confusing. If you don't mind, please summarize your entry/exit criteria with SL/TP. I'll post my latest MNW1D1 trades later tonight. I think this technique has a lot of promise to offer stress free, hands off trading. I really appreciate your sharing your experience. R
Oh, sorry for my confused expression. I do mean "MN".
I placed entry order 20pips above/below weekly open with SL 100pips and TP 60pips.
  • #1,558
  • Mar 23, 2015 2:55pm Mar 23, 2015 2:55pm
Quoting Cholvi05
@ Ripping : try and make monthly entry when you have convergence on the first day that candle closes with same color that previus M1. M1 red first D1red make entry hope this helps please post results G.G.G
Good idea. I had that idea at one point. I'll post when I have results.
  • #1,559
  • Mar 23, 2015 4:31pm Mar 23, 2015 4:31pm
Quoting Nosniw
{quote} Oh, sorry for my confused expression. I do mean "MN". I placed entry order 20pips above/below weekly open with SL 100pips and TP 60pips.
Did you observe gapped openings? Wondering how to cope with that. Sometimes gap can be quite large. Perhaps Waite for an h1 or h4 close in the same direction then enter at open of next candle w/o 20 pip buffer......thinking out load, er, through my ipad thumbs.

thanks for sharing. Please post future results.
  • #1,560
  • Mar 24, 2015 4:46am Mar 24, 2015 4:46am
Quoting Rippin
{quote} Did you observe gapped openings? Wondering how to cope with that. Sometimes gap can be quite large. Perhaps Waite for an h1 or h4 close in the same direction then enter at open of next candle w/o 20 pip buffer......thinking out load, er, through my ipad thumbs. thanks for sharing. Please post future results.
I buy/sell 20pips above/below the gap opening. Try to avoid buy/sell at the highest/lowest point?
0 traders viewing now