Sharing my Simple Trading Strategy that Works.!
The Simplest strategy in forex:
123 formation. Chose your time frame. For Buying, wait to see the first higher low. Then. break of higher high and retest of it, enter.stop loss. Bellow the first higher low. Take profit. Above the higher high.
Amos Ossai #:
The Simplest strategy in forex:
Is it the Dow theory? Your 123 formation is similar to Dow theory. Are you using zigzag or something else to determine HH,LH,HL and LL?The Simplest strategy in forex:
123 formation. Chose your time frame. For Buying, wait to see the first higher low. Then. break of higher high and retest of it, enter.stop loss. Bellow the first higher low. Take profit. Above the higher high.
Thanks for sharing this strategy! God Bless Maybe we can turn it into EA
good strategy 👍
It is not working...
I created the EA for your Buying Strategy, and one Position Opened during last year, and it was opened when the market was in bearish trend in 30M TimeFrame
I have even applied an MA150 for trends filter to it and it still has bad signals. Using M1 or M5 timeframe, but I guess with some position management it could work, maybe.
The problem with manual traded strategy is to put them in fixed rules. Most if not all traders humans is, do not follow strict rules despite the preaching of trade plans etc.
Take a look at rule no 4 and 5. 5 can be easily converted into rules or method however non is supplied. No 4 impossible.
Ive been watching this thread from the start and also Tried this strategy in XAUUSD 5m ,which is my all time favorite and It's perfectly working well for me .Booked good profits .Everyone should try using it manually and evaluate with your eyes because there lies the real success of this startegy .May God bless everyone !!!
Happy trading!!!
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A good strategy should answer 5 questions:
1. Does our entry occurs in decent volume zone ?
2. Is there enough space for Candlestick to grow? (Avoiding OverBought and OverSold Zones).
3. Are we Aligned with trend?
4. Can we evaluate easily with naked eyes?
5. Is there low Risk Involves.?
And Here's my Understanding and implementation of it.
Indicator Involves:
Moving Average:
Period 10,20
Price Close
SMA
PSAR:
Step:0.02
Max:0.2
STD Deviation:
Period 5
Stochastic Oscillator:
k Period -5
d Period -3
Slowing -3
Price Field-Low/high
SMA
Volume Indicator
Trading Strategy:
Buy Signal:
Bear Signal:
StopLoss/Exit:
On PSAR dot / PSAR Reversal.
Happy Trading!!!
Best Regards,
Philip Pankaj