Honey Bunches of Pips (Easy system for novice traders)
Hello traders,
I say this post to help a good friend of mine so that he can use this strategy more effectively and for the community to add to/benefit from what I call the "Honey Bunches of Pips" strategy. While this is not a 100% completely painless system (like the myalchemyworks website), it is intended to allow traders to not be tied to a computer and instead be able to make some very good manual trades. ie. Start looking only when the alarm sounds, and only trade when a good move is likely.
Those who want to try this strategy are welcome to post screenshots of the charts when they receive a signal so that the entire community can help explain what we are looking at, what to watch out for, etc... and we can all make some money.
I've attached the Honey Bunches of Pips indicator and template so you can follow/join the discussion. While I typically use more indicators on my charts to help me understand more clearly what the market is trying to tell me, I also include basic templates because traders must learn how to read charts and candlestick patterns.
The strategy is simple. Set the indicator on the chart, turn on notifications and wait. I run it on multiple instruments, usually on the M30 timeframe, but it works for M5 through H4. Obviously, the longer the time frame, the more points one can take from the signal once the market starts to break out.
Once you receive the notification, you can start viewing the charts.
The first step is to draw support/resistance lines based on past price action. Then we wait to see what the price wants to do. This is where learning to read charts comes in handy. Sometimes the direction is clearly visible and sometimes we have to wait for the market to decide which direction to move in.
Unless the chart is showing me a really good pattern, I usually wait until I no longer receive a signal before I consider entering a trade. This will give the market enough time to show me where they really want to go.
This strategy/system will come in handy for technical traders who like to look at candlestick patterns and are able to identify simple chart patterns (double tops/double bottoms, higher/lower highs/lows, etc.).
The indicator has an "AlertThreshold" parameter, which I default to 10. Once 10 consecutive indicator lines are drawn, an alarm is triggered.
Keep in mind that this system does not tell you how to trade, although I hope that the discussion in this article will help those who are new to trading. Some settings are obviously better than others, and the ones that are really good will really stand out.
As always, the market only offers opportunities to make money, not guarantees. Individual traders should look at the charts, manage their risk accordingly, and of course make some money!
Also... any changes I made to the code can be found in this post. Please check the last edit time and if you downloaded the indicator before this date, download the new version.
I say this post to help a good friend of mine so that he can use this strategy more effectively and for the community to add to/benefit from what I call the "Honey Bunches of Pips" strategy. While this is not a 100% completely painless system (like the myalchemyworks website), it is intended to allow traders to not be tied to a computer and instead be able to make some very good manual trades. ie. Start looking only when the alarm sounds, and only trade when a good move is likely.
Those who want to try this strategy are welcome to post screenshots of the charts when they receive a signal so that the entire community can help explain what we are looking at, what to watch out for, etc... and we can all make some money.
I've attached the Honey Bunches of Pips indicator and template so you can follow/join the discussion. While I typically use more indicators on my charts to help me understand more clearly what the market is trying to tell me, I also include basic templates because traders must learn how to read charts and candlestick patterns.
The strategy is simple. Set the indicator on the chart, turn on notifications and wait. I run it on multiple instruments, usually on the M30 timeframe, but it works for M5 through H4. Obviously, the longer the time frame, the more points one can take from the signal once the market starts to break out.
Once you receive the notification, you can start viewing the charts.
The first step is to draw support/resistance lines based on past price action. Then we wait to see what the price wants to do. This is where learning to read charts comes in handy. Sometimes the direction is clearly visible and sometimes we have to wait for the market to decide which direction to move in.
Unless the chart is showing me a really good pattern, I usually wait until I no longer receive a signal before I consider entering a trade. This will give the market enough time to show me where they really want to go.
This strategy/system will come in handy for technical traders who like to look at candlestick patterns and are able to identify simple chart patterns (double tops/double bottoms, higher/lower highs/lows, etc.).
The indicator has an "AlertThreshold" parameter, which I default to 10. Once 10 consecutive indicator lines are drawn, an alarm is triggered.
Keep in mind that this system does not tell you how to trade, although I hope that the discussion in this article will help those who are new to trading. Some settings are obviously better than others, and the ones that are really good will really stand out.
As always, the market only offers opportunities to make money, not guarantees. Individual traders should look at the charts, manage their risk accordingly, and of course make some money!
Also... any changes I made to the code can be found in this post. Please check the last edit time and if you downloaded the indicator before this date, download the new version.
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