Easy entry system: colored candles
It's a nice simple system.
It was passed to me without any trust in it (maybe a little). I don't know where it originated either. However I have changed and added a few things.
My normal trading style means I'm often looking at the screen waiting for a trade, which can take days to arrive. So I decided to try something while I was waiting and decided to do this. I've only had it demoed for a few weeks, but it works really well. Now I'm not a fan of many indicators, but this is a very simple trend following system.
Open the 15m chart and open the 4hr chart (add template)
Buy Entry: Look for the long term trend on the 4 hour chart, make sure there is a green candle and a green dot going to 15m look for a green arrow, look for a green candle, look for a green over signal point... enter on the breakout of that candle... and vice versa.
Taking profit is up to you, I would look at the "trend squeeze" percentage, if it is low it means the trend is weakening so it may be time to exit.
For SL, I often place it at the bottom of the signal candle
No need to repaint, nice and simple.
I've been trying this on EU 15m and 4hr. However, there is no reason why it cannot be used on other currency pairs and used for scalping or long-term trading. Just pick a long-term trend and enter with a smaller TF. I believe in the original they only used one TF and entered from all directions.
The picture below is from today
It was passed to me without any trust in it (maybe a little). I don't know where it originated either. However I have changed and added a few things.
My normal trading style means I'm often looking at the screen waiting for a trade, which can take days to arrive. So I decided to try something while I was waiting and decided to do this. I've only had it demoed for a few weeks, but it works really well. Now I'm not a fan of many indicators, but this is a very simple trend following system.
Open the 15m chart and open the 4hr chart (add template)
Buy Entry: Look for the long term trend on the 4 hour chart, make sure there is a green candle and a green dot going to 15m look for a green arrow, look for a green candle, look for a green over signal point... enter on the breakout of that candle... and vice versa.
Taking profit is up to you, I would look at the "trend squeeze" percentage, if it is low it means the trend is weakening so it may be time to exit.
For SL, I often place it at the bottom of the signal candle
No need to repaint, nice and simple.
I've been trying this on EU 15m and 4hr. However, there is no reason why it cannot be used on other currency pairs and used for scalping or long-term trading. Just pick a long-term trend and enter with a smaller TF. I believe in the original they only used one TF and entered from all directions.
The picture below is from today
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