Forex trading strategy #15 (10 pips a Day)
Submitted by User on April 13, 2009 - 13:50.
Submitted by Steve
HELLO TRADERS,
AM NEW TO THIS WEBSITE AND DECIDE TO POST MY PERSONAL SYSTEM.
IT HAS BEEN MAKING ME STEADY PROFIT BUT SOMETIMES WHEN AM LATE IN THE MARKET I DON'T MAKE ANY THING AND THATS WHY AM HERE SO THAT I CAN GET HELP URGENTLY.
THE SYSTEM:
TIME FRAME:DAILY
NO INDICATORS
CURRENCY: ALL
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Hy Steve,
"IMMEDIATELY AFTER THE OPEN OF A NEW CANDLE STICK FOR A NEW DAY"
Do you mean that 0:00 (GMT, Local or Broker Server time)?
If yes, please look at EURGBP 2009.03.19 & 2009.03.20
Anyway I like your idea because I'm also looking for a general price momentum based system...
Regards,
AIMrus
How did u come up with this strategy?I'm backtesting it now,it's got a lot of winners,but setting the stop loss at 50 pips is a killer,at least in my opinion...
Would love to hear back...
Thanks for sharing
Hi Steve
I noticed you have a 10 pip target and a 50 pip stop, your strategy has to be 90% correct for you to succeed. If i was you id work on a better risk factor.
Cheers Lino
Hi,
Here are some similar ideas to yours
http://forexnirvana.com/showthread.php?t=549
also on this site is "simple trading with daily range"
Also I have attached a ea that you may be able to get to work with your system. I'm no expert here so please don't ask for advise just sharing stuff.
OCO.mq4
thanks
Grant
Hello Steve;
Actually this system is great, but i thing if your Stop Loss 50 pips & your Take Profit only 10 pips i thing you have a bad risk : reward; its not good for a long run.
Imho: rather you just take a small profit with a big risk, better you use another filter such MACD Histogram, RSI (21) w/ 50 line, or CCI(50) w/ Zero Line & let your profit run (at least 1 bar in Daily Charts = 1 Day)
Example : if you use CCI (50) with 0 Line; you just only put BUY Stop if CCI above 0 Line & Sell Stop if CCI bellow 0 Line, if you used RSI(21) BUY Stop you put only above 50 Level, SELL Stop Only bellow 50, MACD like that too use above or bellow zero level for put your BUY/SELL Stop.
Take Profit: Next Day Candle Open, you close your position (otherwise if Market run in your way you let your profit run & you just only adjust your Stop Loss by trailing them)
Stop Loss : Put in the Previous Low Candle (BUY Setup) or Previous Candle (SELL Setup)
For Trailing Stop Loss use the same formula like above or use a Parabolic SAR (0,001; 0,1)put your SL at the SAR with a spread
I suggested use pairs with small spread like EUR/USD (0.9pips at Oanda)
Regards;
Manus168
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