- March 21, 2019
- Posted by: Forex Wiki Team
- Category: Forex Trading System
- It’s fairly straight-forward system as I prefer to hold it easy.
- Use correct danger:reward / cash administration when buying and selling and don’t over leverage your self.
- I all the time have a look at the larger image from 4hr/Every day/Weekly/Month-to-month Charts earlier than making any selections to commerce.
- I commerce 28 Pairs, on the 4hr to Every day Charts. That is simply my desire which fits my schedule.(However this method works on decrease timeframes as effectively. Simply regulate your takeprofit / stoploss accordingly)
- Buying and selling market hours (24hrs). I don’t restrict myself to sure market hours.
- I don’t use an EA or any indicators. You might be greater than welcomed to place this into an EA to check for your self.
– Please don’t ask me about commerce outcomes, win/loss ratios, and so on… As a result of not everybody goes to commerce the very same system with the identical outcomes. Do your due dilligence, and try it out for your self.
– Open Price
– Engulfing Bars
The final concept is to search for Engulfing Bars above or beneath the Open Price Pivot. Above the open worth search for buys, Beneath the open worth search for sells.
Open Price (Pivot)
– I exploit this just like a pivot level.
- The Open Price is dynamic and strikes based mostly on the end result of the present candles excessive/low/ and shut.
- If the present candle (let’s name it Bar2) makes a better excessive or decrease low than earlier candle (let’s name it Bar1), then as soon as the Bar2 closes, the Pivot will get moved to the “Open Price” of Bar2.
Instance as candles transfer up
So for this instance, let’s say our Open Price begins on Bar1.
Bar2 makes a better excessive, as soon as Bar2 closes, the Open Price Pivot strikes to Bar2’s Open.
Bar3 makes a better excessive, as soon as Bar3 closes, the Open Price Pivot strikes to Bar3’s Open.
Bar4 doesn’t make a better excessive, the Open Price Pivot stays at Bar3.
Bar5 makes a better excessive over Bar3, as soon as Bar5 closes, the Open Price Pivot strikes to Bar5.
This is identical strategy of transferring the Open Price Pivot when worth is transferring down as every candle is making decrease lows in comparison with the earlier candle.
– Searching for Purchase Setups (reverse when in search of promote setups):
- Price is above the Pivot & has an Engulfing candle
- Candle opens beneath Pivot, and closes above Pivot with an engulfing sample.
Instance of a promote setup, Bar1 opens above Open Price Pivot and closes beneath the pivot, and engulfs the earlier candle. Additionally it doesn’t matter what number of earlier candles it engulfs as effectively.
Promote on the open of Bar2
Cease loss is the scale of Bar1
Take Revenue is the scale of Bar1
Identical to any system, I all the time have a look at the larger timeframes to get an general path of the market earlier than making any selections. Ie. If development is up I keep away from seeking to promote, vice versa.
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