Apr 2, 6: As for your system, to me it sounds similar to some Larry Williams trading systems, which were based solely on opening and closing prices.
… Finally a New Way to Trade
It's important that your charts close the daily candle at hrs New York time. If they don't then please find some charts that do. I know that my charts do but I don't think they're affiliated with tradimo so you might have to do some digging to find suitable charts.
The more confluence we have the better Stop loss is 1 pip beyond the tail of the pin bar and the entry is one pip beyond the nose. Target is always 2x your risk. With more experience entry, stops and targets can be based on other things but for now please stick to these rules. This is the closest setup to having aces that you'll see in forex trading. Np W wink Completely understandable. It's nice that you take effort to show us your idea.
I really appreciate this! Hi Wurble, First of all, welcome to our community! Why is it so important for the strategy that the charts close the daily candle at 17,00 NY time? Also no sunday candle so the weekly candles are precise as well. OK so here's an explanation of pin bars Hope it attaches properly!
I admit I'm not a great teacher so if anything needs clarifying please let me know. So, this is how I trade this setup So, if the stop loss is pips then the limit order is set pips from the entry.
Quite possibly the simplest and definitely one of the most reliable setups you can trade. Also, this will work well on the 4hr charts too but make sure you only pick the very best setups as described above. Taking just any pin because it's a pin is a one way road to a demolished account.
Thanks for sharing again! Looks not too difficult indeed I like easy. I only don't understand completely how you place your entry after a pin bar has formed. What if the next candle already passed the entry level? Thanks for your fast reply smile It sounds very interesting for me, so I think I'm going to take a look at some charts tomorrow. Did you do some testing with testing software? Jan 10, , Hi Everyone, I'm brand new to the FX market.
I've been learning as much as I can and demo trading for about a month now. Not alot of success so far but that doesn't worry me as it's early days yet! I don't have time for that as I live in Australia for starters so can't catch much of the "heavy" trading periods that day trading seems to work well in and have a job. I was wondering if anyone can point me in the right direction for a simple trading strategy that can be worked from a daily chart.
I'm not looking for the holy grail or anything, just something to get me started, that is easy to use and understand, gives me a slightly better than success rate and can be used for trading positions of 1 day up to about 1 week.
Is that asking too much? I really only have time to check things in the evening and make trades based on the daily chart.
I can't check charts through out the day at all. Anyway, any suggestions would be greatly appreciated. It's a good book, covers risk and money management well too.