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Advanced system #8 (4 CANDLES STRATEGY)

Submitted by User on December 23, 2007 - 05:22.

The following strategy was submitted by James Ayetemimowa.
Thank you, James, for your great contribution!

CURRENCY PAIR - GBP/JPY

4 CANDLES STRATEGY
- Draw horizontal lines on the highiest high and the lowest low of the first Four candles of the day.
- Trade the Valid Breakout of the eigther lines.
- Check Stochastic Slow on 4hours Time frame.

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Submitted by User on March 22, 2009 - 12:27.

nduka, thanks james it really worked

Submitted by User on April 5, 2009 - 22:29.

Hi!

"If your stop loss is hit, set the pending order again."
Im not sure what this means. If your long trade is stopped, immediately go long again? or set the pending long at the top of the channel again?

Thanks!

Submitted by Edward Revy on April 8, 2009 - 10:28.

Let's take a Buy order:
After a channel is identified we set a first pending order.
Once it is hit on the breakout of the channel, we look for a profit of 50-100 pips, at the same time our stop loss is set on below the channel.

If price returns inside the channel soon after the breakout and then exits down, it is going to hit our stop. In this case, according to strategy rules, we reset our Buy order again on the breakout of a channel, e.g. above the channel.

Regards,
Edward

Submitted by Manus168 on April 21, 2009 - 04:31.

What is the parameter you suggested for GBP/JPY & GOLD (XAU/USD) ?

Regards;

Manus168

Submitted by Leo on April 21, 2009 - 06:39.

I believe it should be the same 50-100 pips target for both pairs.
50-100 pips is a reasonable amount, shooting for more can be pricy.

Submitted by Manus168 on April 22, 2009 - 08:45.

Here's the Indicators & Templates maybe it can be usefull for us especially who used Alpari-US Broker Metatrader.4 (because the Templates base the Alpari US TimeZona), here it is :