Simple System for anyone - MT4/MT5 resources
I won't go into too much detail about my trading style, which is why I post among newbies. But it’s simple enough to earn some just by sharing. Just don't be greedy.
- Any system starts from the basics, add whatever ingredients you want to make it delicious.
- Price action is hidden in patterns within patterns.
- Different pairs move differently.
- Different time frames change differently. (e.g. different people like different vehicles and drive at different speeds)
When the hit rate is high, R/R is useless. When you achieve a high hit rate, you remove some of the emotional attachment. Maybe, you start dealing with consistency, which is more important to your long-term results.
What tools do you need?
1. Draw channels/trend lines
Additional tools:
1. D/S Zone (I played with horizontal and diagonal zones)
2. S/R Line (Swing H/L, Calendar Events, News, Daily H/L, Daily/Conversation O/C)
3. Fibonacci
4. Anything you like
index:
1. Anything you trust will filter your transactions
How to trade?
1. Simply locate 2 highs and 1 low to create a channel, or 2 lows and 1 high to draw a channel.
2. Just weigh the bounce of the channel and you can decide to stop loss, take profit or approach the channel.
3. I only trade the 4th and 5th points on the channel.
4. Whether I reach the other end of the channel or not, I only take a profit of 10-15 pips.
Below is a chart example showing how to plot 3 channels in 3 different timeframes (5 minutes, 15 minutes and 1 hour). They all spread through different channels.
Ignore my metrics. You don't really need them. Good luck!
Some recommended threads:
1. http://www.forexfactory.com/showthread.php?t=357104 Pass key points
2. http://www.forexfactory.com/showthread.php?t=215432 Pass key points
3. http://www.forexfactory.com/showthread.php?t=364383 via EmeraldEyes
4. http://www.forexfactory.com/showthread.php?t=216097 by Razor Jack
- Any system starts from the basics, add whatever ingredients you want to make it delicious.
- Price action is hidden in patterns within patterns.
- Different pairs move differently.
- Different time frames change differently. (e.g. different people like different vehicles and drive at different speeds)
When the hit rate is high, R/R is useless. When you achieve a high hit rate, you remove some of the emotional attachment. Maybe, you start dealing with consistency, which is more important to your long-term results.
What tools do you need?
1. Draw channels/trend lines
Additional tools:
1. D/S Zone (I played with horizontal and diagonal zones)
2. S/R Line (Swing H/L, Calendar Events, News, Daily H/L, Daily/Conversation O/C)
3. Fibonacci
4. Anything you like
index:
1. Anything you trust will filter your transactions
How to trade?
1. Simply locate 2 highs and 1 low to create a channel, or 2 lows and 1 high to draw a channel.
2. Just weigh the bounce of the channel and you can decide to stop loss, take profit or approach the channel.
3. I only trade the 4th and 5th points on the channel.
4. Whether I reach the other end of the channel or not, I only take a profit of 10-15 pips.
Below is a chart example showing how to plot 3 channels in 3 different timeframes (5 minutes, 15 minutes and 1 hour). They all spread through different channels.
Ignore my metrics. You don't really need them. Good luck!
Some recommended threads:
1. http://www.forexfactory.com/showthread.php?t=357104 Pass key points
2. http://www.forexfactory.com/showthread.php?t=215432 Pass key points
3. http://www.forexfactory.com/showthread.php?t=364383 via EmeraldEyes
4. http://www.forexfactory.com/showthread.php?t=216097 by Razor Jack
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