2 Candles SETUP

New idea , have a look .

R:R 3:1

kindly explain your theory please. thank you

I think he look for 2 consecutive candles of same direction and entry at 50% fib of second candle

For entry you use sell limit and buy limit ?

CORRECT !! the risk per reward ratio is 1:3 . Dont forget the EMA 14 filter as in pic

The problem is, you are entering so late that you do not know if the third candle will concur. I notice you didn't mark the 4 losses after the trade on Post 3. You have to count everything or you will not get accurate data.

Please can u explain this 2 candle setups.

how do you work out its too late ?,you should have mid point of 2nd candle set with pending limit order, if it doesnt get hit then it wasnt valid signal as I read it ..showing a long signal and a short signal altho not with 14 ema

Hi fskliris
Did you test also other's or only EURCHF?
Do you have a Sunnday candle or is your database like Monday - Friday?
Thanks anyway!

i will try this new system in all pairs this week in a demo account and we sall see if it's worth talking about it .
The main idea is the one above .
Any ideas to make it better are welcome .
The only not welcome here are the trolls. And there are many .In Greece we call them with a special word << malakes >> .
I relly can't undrstand it , i come here and deposite one of my ideas so everybody test it , try it and make it better . Some people just troll. They have nothing to tell but bullsit .

Looks Good FS , IMO the fail trade shown should not have been taken due to the fact it is above the ema gen trend DOWN, regards SP

Hi fskliris

I use a similar method to both yours and HP on his breakout thread, but for me I like to identify a support or resistance level from a higher t/f personally, and then look to find an entry point based on a 30% retracement of the close, which is where the similar aspect of your method comes in, and probably more closely resembles the way I currently do it than over on HPs thread.

An example is attached of a set of pending longs, which didn't quite trigger (yet). Sometimes they take a while, and patience is needed then, especially on the higher t/fs, but the same theory can be applied to any t/f imo.

LL

So, landline you check the 2 candle same colore in a bigger time frame and then you go to the timeframe you trade for the trigger as in the method i describe above? can you give an excample with pictures? Thanks

No, the candle colours are of little interest to me personally. I am more interested where the close is of an identified candle, which is the big candle in the example I showed earlier. I then use 30% retracement of that candles close to establish a potential entry level, coupled with how how pa is evolving, and whether that level is proving itself by not being broken, which is the case with the EN example. Of course there are dozens of ways it can be traded, and some of those have been discussed on HPs thread.

can you provide excample with more clear pic please .
As in pic above i can see a big candle . You go long ar short in the 30% retracment of that candle? and what retracment is this , from the up part or from the down, and what is your target?
thanks

Pic attached showing candle I'm interested in. Pa is proving itself sufficiently to me to take a long entry set on. Stops. and t/ps are arbitrary for each individual trader, with each having different appetites for rr, and positions played.