Advanced system #8 (4 CANDLES STRATEGY)

I am a newbie.I did not trade any forex yet.But i got a few advise here.Back to the basic! Good luck guys!

Thank you, James
Hi Edward,

Could u help me, when i will delete the pending order?

Best Regards
CJA

Hi Asian Girl,

It is quite an expected outcome to be overwhelmed with the information, there is so much to learn. I'm also constantly learning and researching.
You would need to give it some time to comprehend all the information you've received.

You see, all strategies here are workable. Take the one you like from Simple Strategies collection. Write down all rules you need to follow. Be sure to follow those rules. If you decide to experiment, make sure you write it down and describe additional rules and results - the goal is to develop an ultimate trading system; and system requires rules, not spontaneous actions.

Try all advanced systems, they are all good. There are a lot of ideas to try out. I'm not even sure how much time one needs to thoroughly test each and every system we have on our website... It does take time.
Probably the most difficult part for all beginner traders is to find out:
- What currency pair to trade
- How many pairs to try out
- What time frame to choose
- How many time frames to use
- What indicators to use
- How many of them is needed...

You may ask many Forex traders, they all will suggest different things. The point is, everyone has found his/her own best combination of indicators, favorite currency pair and time frame. They all achieved this by spending hours and hours of trading and running tests. What I mean by that is, like every beginner you just need more time to find your own solution. Don't be afraid to spend additional month or two for researching, it is the right thing to do; since you've already done so much research, you're on the right track!

If you're just starting:
I'm sure you already have a Forex demo account.
The most common pair to start trading with is EUR/USD.
Set 1 hour time frame as your standard frame. Open 5 min chart to observe quickly changing market. In the beginning it is also fun to observe price changes and corresponding indicators' behavior with 5 min charts.
Have a daily chart to glance once a day at.
Later you may also add GBP/USD pair or try, for example, GBP/JPY.
You may find that although many systems claim to work well with any currency pair, there are still best performing pairs and not so well doing ones. It is everyones duty to test and find out the best profit yielding pair for each system.
There are also three conditions/stages of the market to keep in mind while testing any trading system:
up-trending market, down-trending market and sideways moving market. Not all systems can perform well in all three stages. Sometimes you would need to use several systems to achieve wanted results.

There are so many aspects to speak about when you make your first steps in Forex. I hope we covered your question and also shed some guiding light onto beginners' discovery of Forex world.

Happy learning and trading!

Regards,
Edward.

Hi Edward, thanks for the outstanding knowledge for all the the viewers here. i am quite new to this forex trading and basically i have done so much research and now i am in total confused.i would be really appreciate if you could assist me what is the most workable strategy.Very much appreciate your could help since you are the expert.

Asian Girl

Hi,
http://forex-strategies-revealed.com/advanced/rsi-fullstochastic/cpage-3
Please refer to the link above. Thank you.

Regards,
Edward

Hello Edward, can u advise me what strategy suitable for intraday trader use and can gain max profit in a day from that strategy? any strategy from simple, complex or advance?

Hi Ele,

The 4 candles strategy is very important bcos, it triggers your buy or sell when the trend for the day is fully manifested. So an earlier trigger, like you said is good but with lots of risk. A valid breakout of the 4 candles will -most time not trigger in a day that will be characterized by whipsaw. So it's more secured, i guess from my experience to wait for the breakout of the first four candles of the day.

A better way to enter earlier enough if using 15min swing breakout starting from previous day to the midnite swing. I will do a post later about this. It also come with price projections. You will be able to predict your TP and most time, the market turning point.

Again, let me emphasis again that the 4 candles strategy, u consider the first 4 candles on the hourly chart of your broker's trading platform.

Regards.

James.

Dearest James,
I found it is too late if trading after 4th candle forming.If I trade after GMT 8:00 A.M ( Fourth candle),usually the movement has gone a lot,so many pips missed.

How's your experience? Regards,

Ele

Let the 4th candle form b4 you set-up your trade.

James

hello Sir James
while finding the higher high and the lower low for 4 candle stick will i include the new candle that is still forming or I'll ignore it and start from behind it?
Yemilink06

Ele,

Any broker u may be using, move to hourly chart and the first four candles of the day is the trick. The first 4 candles when a new day candle forms is the trick.

Okay.

Thank you,James.
I am still wondering the first four hours of the day, do you mean GMT 0-4 or 0--4 A.M of Newyork time?
Can I ignore stochastics,sometimes i found it is useless.
Hope to get more instruction from you,buddy!
Ele

James, try uploading images to any free file hosting sites and post a comment with a link; we'll publish it here. Or simply reply to my email and attach all files needed.

Regards,
Edward.

Great strategy i must confess, it really worked for me.

Keep it up james!

kingx05

I will plot a chart for GJ and GOld and send here, still trying to figure out how to send those charts