Power trades
This method works best when trading between the hours of 06:00-18:00 gmt.
It will work during other hours but is most profitable during high volume.
I made an EA in the past that worked great one day, then got hammered in light trading the next. As a result I abandoned the method. Good luck.
Dave
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Dave, you made an ea based on this exact method? What was the result of the ea, how long ago did you do this and how long did you test this? Because from the results I am getting, looks to be 75-80% winning.
Power Trades
The CCI8 didn't work for me either in the Indicators or the Experts file. It just won't come up. Where do you place it? Could you repost it? Also do you have a template to post? Thanks.
Go into experts file and then in the indicators file and simply place it there. It should work fine.
And to comment further on Dave's negative comment about the EA not producing good results, this is why I would just want an ea that gave me an alert. You shouldn't trade during news or if the day happens to be a very "choppy market day," no system will work well. You still need the human mind to make the final call on whether to execute a trade or not.
Few question
What is the best currency pair and timeframe to trade with this system?And what is the reccomended risk/reward ratio?
What is the best currency pair and timeframe to trade with this system?And what is the reccomended risk/reward ratio?
Vladv, I trade the EURUSD only at the moment. Because it is based on trading with the trend, it should work on almost any pair. But because it is a scalping method I like the 2 pip spread of the euro. As for R/R ratio, 1:1 is a good ratio and you should win about 75% if you use your head (no news and stay out of choppy PA).
Here is a couple of examples of high probability trades. The stochastic on both trades came above the 50 line and turned back down all while the CCI on both the 15 and the 30 was below the zero line. The second trade is still up in the air as to its profitability but this is a good signal.
I also added the indicator at the bottom called Forex Freedom Bars. It is just a MTF CCI that can be adjusted to what CCI you want and what time frame. I have mine set at 6 in all time frames and the time frames showing are 5, 15, 30, and 60. Though the 60 doesn't matter at all for this method.
Here is a couple of examples of high probability trades. The stochastic on both trades came above the 50 line and turned back down all while the CCI on both the 15 and the 30 was below the zero line. The second trade is still up in the air as to its profitability but this is a good signal. I also added the indicator at the bottom called Forex Freedom Bars. It is just a MTF CCI that can be adjusted to what CCI you want and what time frame. I have mine set at 6 in all time frames and the time frames showing are 5, 15, 30, and 60. Though the 60 doesn't matter at all for this method.
Bradev,
Can you please attach your template?
Thx.
Bradev,
Can you please attach your template?
Thx.Here you go. On the forex freedom bars, I have the 5 min color to blend so you don't see it.
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I have stumbled upon this very profitable system and thought I would share it with the intent of refining and further developing this into an even better system. It is a very simple scalping system based on the 5 min time frame using the 15 min time frame to confirm. We like to trade in the direction of the trend.
You will need 2 charts open. One on the 15 min TF with the CCI8 indicator using a CCIperiod setting of 6. This will help confirm trend direction. If CCI is red we take shorts only. If it is blue we take longs only. (Above or below zero line)
Now have a 5 min chart open with a Stochastic set at 5/3/3; low/high; exponential. If on the 15 min the CCI is blue (looking for longs) and the stochastic descended below the 20 line and is rising up above the 20, that is a safe entry. Oposite is true for shorts using the 80 line.
A high probable entry would be to take trades when the stoch went below 50 line and is turning back up assuming the CCI on the 15 min is still blue (above the zero line). Again, oposite is true for shorts.
As for Stops and TP, I use a stop of 15 pips and I take half my trade out at +10 and then let the other half ride using a manual trail of about 15 pips.
Now to explain the charts, the first 2 charts are a high probable power trade confirmed on the 15 min. The next 2 charts is a safe probable power trade confirmed on the 15 min.
If some one feels inclined to code an EA that gives you an alert w/email so you can still trade manually, feel free.
NOTE: I will take these trades based on the 30 min CCI if the the PA is good as the 15 CCI has a tendancy to jump across the zero line. But the strongest trades are when they both agree.