My Forex trading strategy is to use MT4 price line charts with 2 SMAs, and a currency strength meter to identify potential currency pairs. (Do not use candles or any other indicator)
Once I know what pairs are most likely to be profitable from the strength meter, I use a 14 SMA (red line) for trade exits and a 50 SMA (blue line) for trade entries that cross the price line (green line) on 1 hour charts.
The trade below resulted in a 351 pip profit.
Pava we are rich!
That's the Yeoman's strategy who sells the strength meter. Most of the time it works but I don't like the meter.
I agree I'm also not a fan of the majority of strength meters that have been available, whether free or paid. I'm unable to comment on what Yeomans trading strategies are just because I'm not really interested in changing something that works and is perfect for my trading style.
My simple 2 SMA strategy is one that I have used for many years from when I was a newbie, it doesn't need fancy indicators, or candles to hide what's happening with the price.
Best of luck,
indeed we are!!!
Aren't you the lucky one!
You're lucky as well !
Inst5ead of line chart you can use candles without wicks, looks better.
The reason why I use a price line instead of a candle or bar is not for looks, it is to get in on the trading action as early as possible and to get out quick.
Using any type of candle just over complicates the chart appearance and disguises whats happening with the price, I say this because I have found that you can get premature/false trade signals with candles.
Thank you for your simple strategy.
I'd like to recommend you to add an EMA 20 so you don't exit to fast. As long as this EMA still pointing at the direction, you don't need to close the trade even if your exit signal (red SMA) touch the price. It seems work most of the time.
Tell me what you think.