Three Bar Pullback System

 

has any one developed a system like this I read about it some where but I can't recall where any way I think it looks ok. Let me know what you think.

Three Bar Pullback System

Long Set Up

1. Look for 3 consecutive Low Highs). Look at the high only 3 highs each one lower that the other.

2. The current days high is above yesterdays high and the close of the current bar is above the close of 10 days ago.

Entry

1. Enter on the open of the next bar.

Exit

1. Exit on the close 7 bars later.

Short Set Up (the reverse of the long)

1. Look for 3 consecutive High Lows). Look at the Low only 3 Lows each one Higher than the other.

2. The current days Low is below yesterdays Low and the open of the current bar is Lower the open of 10 days ago.

Entry

1. On the open of the next bar.

Exit

1. Exit on the close 7 bars later.

Other Exits.

SL 30

TP 100

Cheers

Beno

 

An Example.

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I believe this is a system Thomas Stridsman described in a recent Active Trader magazine. Almost all of his stuff is for stocks or stock indices on an end-of-day basis. That doesn't mean it's not useful for FX, but you'd have to test and possibly tweak. I'd guess that it works better on higher time frames.

 

Its also a system called Commando 11 a very successful system which I can e-mail to you if you like.

 

Beno on the chart you show that is only two lower highs. I wouldnt think you would count the initial high as a lower high?

there is another set up that worked out on that same chart to the right a few candles though.

Also I dont think the stop and profit should be set numbers, look for pivots as targets and lower low for stop.

Im not sure we could dismiss this as a stock only idea keep a eye open and make a few paper trades and see how it works. stick to the rules, It might prove to be a good trade idea.

 
Rainbow:
Its also a system called Commando 11 a very successful system which I can e-mail to you if you like.

Just post it here so we can download and test it

 

Yes just post it or PM it to us.

 

I hate it when you miss set ups like this because of things like jobs and work and that stuff.

Anyway its looking good so far

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missed_pips.gif  42 kb
 

it looks good so far 103 lost pips

EUR/USD on a daily TF looks good depending on the close of course.

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I wonder if there is a indicator somewhere with an alert for this?

 

it would be nice, there might be a kind soul out there who might build one.

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