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Help Me Find New Strategies

  • #1
  • First Post: Aug 5, 2015 6:31am Aug 5, 2015 6:31am
Hey Guys,

I’m looking for a strategy that allows me to take at least 10 trades a week.

Something in the region of a 70% success rate. Obviously we all want 100% but it doesn’t exist. I guess the higher the better.

And something straight forward, I like naked trading. I don’t like my charts covered with indicators and oscillators. I don’t mind one or two, but like 5 indicators is a bit too much for me.

I’ve been using Sam Seiden’s S&D strategy and I love it, I continue to use it but it’d be nice to try maybe a scalping strategy or just something else to broaden my horizon.

There seem to be so many strategies on here, I just don’t know where to begin.

So if anyone has any recommendations of strategies on here that would be amazing.

Thanks!
  • #2
  • Aug 5, 2015 6:48am Aug 5, 2015 6:48am
Quoting Burntwaffle
Hey Guys, Im looking for a strategy that allows me to take at least 10 trades a week. Something in the region of a 70% success rate. Obviously we all want 100% but it doesnt exist. I guess the higher the better. And something straight forward, I like naked trading. I dont like my charts covered with indicators and oscillators. I dont mind one or two, but like 5 indicators is a bit too much for me. Ive been using Sam Seidens S&D strategy and I love it, I continue to use it but itd be nice to try maybe a scalping strategy or just something else to...
Try this!

http://www.forexfactory.com/showthread.php?t=291622

http://www.forexfactory.com/showthre...68#post8411468
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3
  • Aug 5, 2015 9:30am Aug 5, 2015 9:30am
Quoting Burntwaffle
Hey Guys, Im looking for a strategy that allows me to take at least 10 trades a week. Something in the region of a 70% success rate. Obviously we all want 100% but it doesnt exist. I guess the higher the better. And something straight forward, I like naked trading. I dont like my charts covered with indicators and oscillators. I dont mind one or two, but like 5 indicators is a bit too much for me. Ive been using Sam Seidens S&D strategy and I love it, I continue to use it but itd be nice to try maybe a scalping strategy or just something else to...
more of what you have been looking at.. run with it.

http://www.forexfactory.com/showthread.php?t=311095
  • #4
  • Aug 5, 2015 9:53am Aug 5, 2015 9:53am
Try using supply and demand zones in lower time frames.
Alshehri
  • #5
  • Aug 5, 2015 10:23am Aug 5, 2015 10:23am
Attached Image


I would never but you do get where I'm coming from though. We all need a crack in the head once in awhile.... including me... Enjoy the rest of your day.



Quoting Burntwaffle
Hey Guys, Im looking for a strategy that allows me to take at least 10 trades a week. Something in the region of a 70% success rate.
SPC * Swollen PocketZ Crew!
  • #6
  • Edited 12:53pm Aug 5, 2015 10:43am | Edited 12:53pm
Quoting Alshehri
Try using supply and demand zones in lower time frames.

Absolutely ... a very good suggestion, given the OP's question.


Quoting Burntwaffle
I guess the higher the better.

Usually not - really.

In general, experienced and successful traders tend, overall, to want to avoid very high win-rate systems. These are typically systems which regularly make small profits but incur occasional disproportionately huge, disastrous losses. Such systems, unfortunately, tend to be both easy to research/discover and easy to promote/publicise because they appeal to very inexperienced, unsuccessful traders who mistakenly imagine that "win-rates" are the most important aspect of system selection. If you read books such as Van K Tharp's Trade Your Way to Financial Freedom or Tushar S. Chande's Beyond Technical Analysis (both very strongly recommended), you'll find plenty of detailed explanations (with examples) of why it's so much easier and more plausible for people to make steady profits from systems/methods with much lower win-rates than higher ones, and why seeking out systems with very high win-rates usually ends up being such a big mistake. 70% is really very high.


Quoting Burntwaffle
Help Me Find A New Strategy

Two suggestions (for people like you and me who don't like indicators much) ...

1. This method trades EUR/USD and/or GBP/USD during the daytime (UK time): don't enter trades before 8.30am or after about 8.00pm; we're covering most of the UK and US sessions. Start the day with an M15 chart, draw obvious horizontal lines of support/resistance, and retain them on the M5 charts (draw any further obvious lines of S/R there, too) from which you enter and manage the trades. On the M5 charts, add a standard 14-period RSI indicator with "overbought" and "oversold" marked at 70 and 30. Enter long at the start of the next bar when the price reaches a line and prints a pin-bar (with the point of the pin at the bottom and either nearly reaching or just crossing the line) and the RSI is below the 30-line; enter short when the converse happens and the RSI is above the 70-line. The pin-bars don't quite have to be "perfectly formed" but their opens and closes must have a distance between them of no more than 20% of the bar's length. And now the important part: trade management. Each day, until you've banked 24 pips for the day, use a fixed target of 12 pips and a fixed stop-loss of 8 pips for each trade. After this, use the same method but without a fixed target, and when the trade's moved 12 pips into profit, move the stop-loss up from -8 pips to breakeven, and/or from there use a trailing stop of about 12 pips, to see if you can catch the occasional "runner". Don't do this until you've banked 24 pips for the day. You should find an average of 2-3 good trades per day, with this method. (That means there'll probably be some days without even one good trades). If you find many more than that, then something's seriously wrong and you're not using enough patience and discipline to await only the best trades.

2. I trade inside bar set-ups from spot forex charts every day, anyway: it's one of my regular set-ups for major forex pairs, and is profitable overall, for me. My method is terribly simple: in an uptrend, I enter long only by buy stop 2-3 pips above the high of the mother bar; in a downtrend I enter short only by sell stop 2-3 pips below the low of the mother bar. I put the initial stop-loss 2-3 pips above/below the most recent swing-high/low. (One could derive a take-profit target, for trading a single lot, from the ATR and/or recent S/R levels.) I trade three lots, closing the first two at half the SL-distance plus 0.5 pips, to cover dealing costs and effectively "pay for the third lot", and then I let the third one run, adjusting its stop-loss manually above/below the most recently-formed swings high/low on the M15 chart to which I switch, having opened a trade from an M30 chart. I have an overall Profit Factor of 1.7 or so, with this method. I don't open long trades just below recent resistance or "-00 numbers", or short trades just above recent support or "-00 numbers". I don't trade around significant news/fundamentals announcements. I've done a lot of backtesting, and found that this works steadily and reliably on H1 charts or anything longer. I can also make it work on M30 charts (and I do) with careful money-management and attentive trade management. I wouldn't want to trade it on any charts faster than that. That's about it - simple, and it works for me.

With careful trade selection, either/both of these two methods should give you 10+ trades per week, on M30/M15/M5 charts, with decent net profits and a win-rate above 60% (I can't claim 70% for either).

Good luck!
  • #7
  • Aug 5, 2015 10:56am Aug 5, 2015 10:56am
Quoting Burntwaffle
Hey Guys, Im looking for a strategy that allows me to take at least 10 trades a week.
Why at least 10? 1 trade a week is enough in my opinion. I make at least 1 trade a week (sometimes 2 or 3)

Quote
Something in the region of a 70% success rate. Obviously we all want 100% but it doesn’t exist. I guess the higher the better

Off course every non-profitable trader is looking for that, in my opinion you cant copy a strategy of FF and make money.
you have to spend a lot of time to recognize waves and how the market works with trends, sup/dem, etc. (if you want to trade naked)
my advice: Spend some time to know exactly how the market works. for example, how come the price of pairs come about? i mean when you trade eurjpy long. you buy euro that means that also the eurusd price will rise (off course, the price wil not move with a 0.1 lot size but i think you understand what is mean.)

after you know how price is working you can make a strategy with tools to figure it out.

i`m sorry if my english isnt perfect,

Greetings Trading-Kid
quality comes before quantity
  • #8
  • Aug 5, 2015 1:00pm Aug 5, 2015 1:00pm
Quoting trading-kid
1 trade a week is enough in my opinion.

Not for me. I'd need an impossibly high win-rate to be satisfied with that.

In theory/in abstract, what you're saying makes complete sense, of course, and is entirely logical ... but in reality, there's some "safety in numbers" in that your occasional losing run is over more quickly, you get paid more smoothly and regularly, financial planning, money-management and position-sizing are far more convenient, and in particular backtesting/research and forward-testing are far easier, so methods can be derived, refined and produced much more easily, at 10 trades per week than at 1 trade per week. You also don't have nearly such a catastrophe if you ever manage to "miss an entry" when everyday life gets in the way.

"Just my perspective", but a fairly realistic one for many traders, I suspect?
  • #9
  • Aug 5, 2015 1:24pm Aug 5, 2015 1:24pm
Quoting trading-kid
{quote} Why at least 10? 1 trade a week is enough in my opinion.
Yup... and don't forget about the ones that only make a trade or two a year but try to explain that to the crowd around here.....

Attached Image
SPC * Swollen PocketZ Crew!
  • #10
  • Aug 5, 2015 1:36pm Aug 5, 2015 1:36pm
Scratch your back alone cause no one can do it or feel it better than you

have a nice day all
focus while relaxed to see better
  • #11
  • Aug 5, 2015 1:44pm Aug 5, 2015 1:44pm
Quoting Burntwaffle
Hey Guys, Im looking for a strategy that allows me to take at least 10 trades a week. Something in the region of a 70% success rate. Obviously we all want 100% but it doesnt exist. I guess the higher the better. And something straight forward, I like naked trading. I dont like my charts covered with indicators and oscillators. I dont mind one or two, but like 5 indicators is a bit too much for me. Ive been using Sam Seidens S&D strategy and I love it, I continue to use it but itd be nice to try maybe a scalping strategy or just something else to...
someone else clothes maybe looks great and amazing, but you should wear your own clothes
we don't predict, we only ride
  • #12
  • Aug 5, 2015 6:48pm Aug 5, 2015 6:48pm
Quoting Xela
{quote} Not for me. I'd need an impossibly high win-rate to be satisfied with that. In theory/in abstract, what you're saying makes complete sense, of course, and is entirely logical ... but in reality, there's some "safety in numbers" in that your occasional losing run is over more quickly, you get paid more smoothly and regularly, financial planning, money-management and position-sizing are far more convenient, and in particular backtesting/research and forward-testing are far easier, so methods can be derived, refined and produced much more easily,...
You have some valid points and it sure is some food for thought. However, in my opinion there is no right or wrong on this matter. If you fully want to exploit market structure true rare opportunities will give you the most probability %. Now the market happens to be more predictable at rare occasions that one is able to clearly define. Personally i am fully ok with 1 or 2 trades a week, it keeps my mind clear / very efficient working, while gaining an higher probability of succeeding on my trades. However, if i happen to lose a few weeks in a row recovery comes very slow, true, but that's just the nature of retail forex only a few manage to accept (thanks to marketing emphasizing high leverage and whatnot). I do not believe in high frequency scalping unless you somehow managed to obtain high lvl orderbook/ladder information, to then front-run orders with advanced algo's.
  • #13
  • Aug 6, 2015 1:43am Aug 6, 2015 1:43am
Thanks for posting those ideas...inside bars are good times to trade.....i have only really used them on higher time frames......looking at the inside bars on a 30 min chart....its possible to spot a lot of reversals, change of short term trend.....near areas of recent support.... Resistance....trades look good for about 10, 15 pips .But the inside bar needs to be used for setting the orders...the mother bar is too wide.....and it works better if the mother bar is a big candle. Do you trade what looks to be "counter " the main trend at all?
Quoting Xela
{quote} Absolutely ... a very good suggestion, given the OP's question. {quote} Usually not - really. In general, experienced and successful traders tend, overall, to want to avoid very high win-rate systems. These are typically systems which regularly make small profits but incur occasional disproportionately huge, disastrous losses. Such systems, unfortunately, tend to be both easy to research/discover and easy...
  • #14
  • Aug 6, 2015 7:31am Aug 6, 2015 7:31am
Quoting Forexmeoff
Do you trade what looks to be "counter " the main trend at all?

Yes (but not nearly as often as I trade with the main trend, and not with the same position-sizing): I also trade some clear 1-2-3 formations, and those are perceived reversals.
  • #15
  • Aug 6, 2015 8:26am Aug 6, 2015 8:26am
when 1 min bar turns blue you buy when it turns red you sell, best system in the world
  • #16
  • Aug 6, 2015 8:27am Aug 6, 2015 8:27am
when 1 min bar turns blue you buy when it turns red you sell, best system in the world
  • #17
  • Aug 6, 2015 9:18am Aug 6, 2015 9:18am
The Friday jobs report could prove a critical tipping point for the yellow metal, which could send the commodity lurching into bear-market territory, according to some gold watchers. A bear market for gold would see the metal register a decline of 20% or more since its 2015 settlement high of $1,300.70 an ounce on Jan. 22.
Can i have some replies on this news ??
  • #18
  • Aug 6, 2015 1:11pm Aug 6, 2015 1:11pm
Quoting aharissi
Can i have some replies on this news ??

Yes: you should ask this question somewhere in the forum where "fundamentals" and/or "gold" is discussed, not in the middle of someone else's thread asking for forex-trading strategy suggestions.
  • #19
  • Aug 20, 2015 1:49am Aug 20, 2015 1:49am
Quoting Xela
{quote} Absolutely ... a very good suggestion, given the OP's question. {quote} Usually not - really. In general, experienced and successful traders tend, overall, to want to avoid very high win-rate systems. These are typically systems which regularly make small profits but incur occasional disproportionately huge, disastrous losses. Such systems, unfortunately, tend to be both easy to research/discover and easy to promote/publicise because they appeal to very inexperienced, unsuccessful traders who mistakenly imagine that "win-rates" are the...
Hey, I have been working on 5 min charts for a bit and just now traded a pin bar setup like you describe above. Drew support and Resistance on 15 min....pin bar formed at support.....scalped the trade for 4 pips.....gbpjpy.

I have been trying to trade these charts with a 6 pip stop and a 4 pip take profit. Doing ok for now. Need a high win rate....reckon it can be done if you are patient. This trade is taken at 9.15 and the broker time is gmt +2 so it would be 7.15 UK time.....not really within your rules of time....but at this time....the frankfurt open there is a lot of bouncing off support etc. Dont know if anyone is interested but I need to keep trying something.
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  • #20
  • Aug 20, 2015 5:43am Aug 20, 2015 5:43am
Quoting Forexmeoff
I have been working on 5 min charts for a bit and just now traded a pin bar setup like you describe above. Drew support and Resistance on 15 min....pin bar formed at support.....scalped the trade for 4 pips.....gbpjpy. I have been trying to trade these charts with a 6 pip stop and a 4 pip take profit. Doing ok for now. Need a high win rate....reckon it can be done if you are patient.

Pleased to hear it, and thanks for posting.

I do think a 6-pip stop-loss is terribly tight for the GBP/JPY.

I'll be honest and admit that I wouldn't try these on GBP/JPY myself at all. I do agree with you that it can be done (profitably) if you're patient, but I'm thinking that the combination of using GBP/JPY and a 6-pip stop is going to randomise the outcomes and make the overall results significantly less profitable than, say, if you do it on Cable or EUR/USD with wider stops and TP's?!

Quoting Forexmeoff
This trade is taken at 9.15 and the broker time is gmt +2 so it would be 7.15 UK time.....not really within your rules of time....but at this time....the frankfurt open there is a lot of bouncing off support etc.

Sure ... (my suggested times were for GBP/USD and EUR/USD anyway).

Good luck with these!
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