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.
- Trade the direction of the 4hours stoch with higher quantity
- Trade direction against 4hours Stoch with lesser Quantity
- Target the first 50-100pips
- Your stop loss should be the other side of the tunnel
- If your stop loss is hit, set the pending order again.
- Close all pending orders by 5 hours to close of the day.
GOLD
- Plot the Pivot first
- Check the relationship between the pivot and the opening price
- Place Stop Buy 200pips above previous day close and Stop Sell 200pips below Previous day close
- Plot the -+200 above and target the next 200pips or next pivot, whichever is lesser
- A day where the opening price is at the middle of a pivot and a middle pivot, please don’t trade the -+200 consider NO TRADE or wait for price to hit middle of pivot or pivot then apply -+200 from that point.
- Note and Note, any of such potential trade after you must have made your 200pips, you must always lock profit to 100pips b4 you can let it run.
James Ayetemimowa (femjam78 at yahoo.com)
Edward Revy,
http://forex-strategies-revealed.com/
Copyright © Forex Strategies Revealed
Hello James / Edward,
My apologies... I've realised that you'd answered this same query of mine in another email. So, please disregard my query.
Thank you.
Kind regards,
Christine
Hi James / Edward,
Thank you for the contribution. I'm a newbie and learning!
Would appreciate some clarification on the 'rules' in James' strategy:
- Check Stochastic Slow on 4hours Time frame - presumably a separate indicator from the standard Stochastic? What is the parameter to set?
- Trade the direction of the 4hours stoch with higher quantity - what does quantity here mean?
- Trade direction against 4hours Stoch with lesser Quantity - same as above.
'Trade direction' - does this mean to go long if 'Stochastic Slow' is bullish and go short if bearish?
Thanks for your help in this!
Kind regards,
Christine
is anyone here can convert this strategy become indicator or expert advisor ? i think this 90% winning rate, using on h1 only.
I am going to start Demo trading it. Thank you James:)
Is this trading strategy still in use by James? Is it still working profitably?
As far as I can see, the system was published here in 2007, so the Firepips are probably the followers, lol.
I think this is the strategy that Firepips guy is using in australia and charging 250 a month for!
I'm sure the term "quantity" there means the size of a position.
Best regards,
Edward
Hi Steve,
I believe that's exactly the time which we'll be looking to capture - first 4 hourly candles of the day. A bit early though (in terms of waking up) for traders with GMT time zone. Although, in the original strategy rules there were no time zone preferences mentioned, instead, in the comments later it was suggested to use whatever time zone your broker platform gives you. So, it gives you a freedom of choice and a room for experiments with different time zones.
Best regards,
Edward
When you say "quantity" in your origional post, do you mean Volume?
If not can you explain a bit better what you mean by "quantity"
QOUTE:
- Trade the direction of the 4hours stoch with higher quantity
- Trade direction against 4hours Stoch with lesser Quantity
Hi Gang,
Just a short question about time frames and the fact that the breakouts are often occuring at 4 or 5 o'clock in the morning (GMT). This makes it difficult to trade! Am I missing something?
Many Thanks (great site)
Steve
Hi,
check those guidelines, see if you're missing any of the steps.
http://forex-strategies-revealed.com/mt4/how-to-add-and-use-mt4-custom-i...
A video from Alpari can help too:
http://www.alpari.co.uk/en/alpari_academy/video_tutorials/indicators.htm...
Let me know if the problem remains.
Regards,
Edward
hi Edward, i m newb in town and wud like to know why when i downloaded the indicator or ea and paste them to the mt4 ea or indicator folder, they dosent work, cheers
ps: thks for the web learning opportunity you created, much appreciated
Roberto,
We cannot predict whipsaws, so "NO TRADE" is an aftermath, a summary of what had happened, nothing more.
Cheers,
Thomas
Quote: A day where u have whipsaw, may be NO TRADE
What does it mean? Please help
Thanks a lot
Roberto
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