Line study | Foreign exchange EA download-MT4/MT5 resources-MetaTrader 5 resources
I have a simple strategy that I thought I'd post the idea here.
Everyone can contribute and there is plenty of room for open criticism. After all, it was all very, very easy in hindsight. This is not my TE, but I hope if there is a good discussion here it can cool in and help filter out some bad trades and lead to some good trades.
However.
1) Images must follow the template.
2) The image must contain 4 hours of red, 1 hour of aqua and 15 minutes of gold - so everyone can see the same thing and it's easy to interpret. Color was chosen because you can easily change the color of the trendline and S/R lines by entering the color in the Properties section. This is a practical reason as well as a visual "all on the same wavelength" reason.
3) Don’t blame others.
4) I'm not an expert. I will accept criticism as long as it is constructive. The idea is that we learn together.
5) This may change, it’s about growing
6) Any images must show reasoning. There is no point in posting a chart without explaining it
7) The exception to point 6... is when you are looking for clarification... am I putting the S/R in the right place, am I getting my trend lines right, is this an OB, IB, Engulfing, Doji, Pin bar... Not that these are important (at the time of writing), but they most likely fall into this study - they are not important for offsets.
8) If you post a trade, it must be when you open the trade, not after. It doesn't matter - it's just a backtest
9) If you post a transaction, you must post the results. How do you manage TRDAE as well.
The last two rules are crucial
Research overview:
The basic premise is that price reacts around s/r and trend lines. Knowing where to place these and when to weigh them is the biggest problem.
I will show in a series of images how I draw these images and show where and how I would place my trades. These are for illustrative purposes only. It's easy when you look back and say: This is where I would take them and this is where I wouldn't take them. I'm not hiding this fact. The purpose of this study was the FORWARD test. I invite everyone who wishes to open a demo account with only $500 (the principle will be explained later) and help me test the study further, and improve and scale it down.
You can agree or disagree with this, and that's absolutely fine. If you are opposed to this idea, I ask that you still participate in this study and take the test. I'm not saying this is correct, but I'm saying there are some creepy things going on around these areas that could lead to some fantastic R:R deals (in hindsight, hopefully this study will test these further)
I'm not opposed to the idea of using indicators to filter trades, but that's not part of the research - yet. If you want to pitch an idea, feel free to back it up and give examples. We can always add it to the study.
All trades are taken off the 15 minute chart, although I think this could be modified to a 30 minute or 1 hour chart if needed, I haven't seen this but in theory this should work just as well.
Trade Management (for me)
I have to have stop loss and take profit. When the trading profit reaches 50%, I will switch to BE trading. This is just my opinion - trade management is an area where we need more testing. The stop loss is moveable - i.e. you can say the stop loss is static, say 5 pips, or you can place it below/above the S/R line, or at a structure. (In any case, the S/R line is above/below the structure point) or the most recent candle. It all depends on the risk.
Everyone can contribute and there is plenty of room for open criticism. After all, it was all very, very easy in hindsight. This is not my TE, but I hope if there is a good discussion here it can cool in and help filter out some bad trades and lead to some good trades.
However.
1) Images must follow the template.
2) The image must contain 4 hours of red, 1 hour of aqua and 15 minutes of gold - so everyone can see the same thing and it's easy to interpret. Color was chosen because you can easily change the color of the trendline and S/R lines by entering the color in the Properties section. This is a practical reason as well as a visual "all on the same wavelength" reason.
3) Don’t blame others.
4) I'm not an expert. I will accept criticism as long as it is constructive. The idea is that we learn together.
5) This may change, it’s about growing
6) Any images must show reasoning. There is no point in posting a chart without explaining it
7) The exception to point 6... is when you are looking for clarification... am I putting the S/R in the right place, am I getting my trend lines right, is this an OB, IB, Engulfing, Doji, Pin bar... Not that these are important (at the time of writing), but they most likely fall into this study - they are not important for offsets.
8) If you post a trade, it must be when you open the trade, not after. It doesn't matter - it's just a backtest
9) If you post a transaction, you must post the results. How do you manage TRDAE as well.
The last two rules are crucial
Research overview:
The basic premise is that price reacts around s/r and trend lines. Knowing where to place these and when to weigh them is the biggest problem.
I will show in a series of images how I draw these images and show where and how I would place my trades. These are for illustrative purposes only. It's easy when you look back and say: This is where I would take them and this is where I wouldn't take them. I'm not hiding this fact. The purpose of this study was the FORWARD test. I invite everyone who wishes to open a demo account with only $500 (the principle will be explained later) and help me test the study further, and improve and scale it down.
You can agree or disagree with this, and that's absolutely fine. If you are opposed to this idea, I ask that you still participate in this study and take the test. I'm not saying this is correct, but I'm saying there are some creepy things going on around these areas that could lead to some fantastic R:R deals (in hindsight, hopefully this study will test these further)
I'm not opposed to the idea of using indicators to filter trades, but that's not part of the research - yet. If you want to pitch an idea, feel free to back it up and give examples. We can always add it to the study.
All trades are taken off the 15 minute chart, although I think this could be modified to a 30 minute or 1 hour chart if needed, I haven't seen this but in theory this should work just as well.
Trade Management (for me)
I have to have stop loss and take profit. When the trading profit reaches 50%, I will switch to BE trading. This is just my opinion - trade management is an area where we need more testing. The stop loss is moveable - i.e. you can say the stop loss is static, say 5 pips, or you can place it below/above the S/R line, or at a structure. (In any case, the S/R line is above/below the structure point) or the most recent candle. It all depends on the risk.
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