Base candle entry system - MT4/MT5 resources
Basic candle entry
Thanks to Forex Factory. I learned a lot from this forum. I would like to thank all the seniors and juniors who shared their knowledge and provided support to newcomers. Special thanks to the FX Factory Administrators and their colleagues. This is the best forum for me.
The ideas I'm going to explore are very simple and probably many seniors won't be impressed because I don't use a lot of technical indicators and other tools in my system, but I would really appreciate it if you guys could add to and improve this system.
Practice makes perfect.
This system is a 30-minute trading system. Ideally, either way, we only trade 30m (one candle) after entry.
Here we will call them base candles and entry candles.
When xpma is trending up (color changes to bullish), 8ema crosses up to xmpa.
The first (base) candle closes bullish and we go long on the open of the next candle.
We close the position at the end of the entry candle, otherwise our profit cap will be hit.
In short, everything will be the opposite of the above. .
rule.
euro dollar
30M
index
XPMA
8EMA
Trading hours 7.30 to 15.30 ODL MT time
long
XPMA trending up
8 EMA crosses XPMA upwards
When the first candle turns bullish, at the opening of the second candle. We go long and at the end of the candle we close the position, otherwise we will reach the profit limit.
short
XPMA trending down
8EMA has crossed XPMA downwards
When the first candle turns bearish at the opening of the next candle, we open a short position and close it at the end of that candle, otherwise our profit cap will be hit.
stop loss
We can place the stop loss at the low of a long bottom candle or the high of a short bottom candle
profit limit
20 o'clock
If it's above 15 pips, I usually close half of the position
Money management can significantly increase your success rate .
Some important points can improve the chances of a positive outcome.
The trade is better if the underlying candle is close to 8ema or xpma.
Smaller base candles are the best way to trade.
Because I've been using this system since a few months, I sometimes buy more than one candle after entering, based on higher timeframe confirmation and support and resistance levels.
It is better to look at the 1 hour time frame and if there are base candles or entry candles on the higher time frames as well then you will definitely do that.
Be patient when trading and do not place any trades if you are not confident.
The market is more trendy and performance is more positive.
The best trading days can be when there is little news coming.
There may be 2 to 4 transactions in a day.
Don't trade on the first Friday of every month.
Trade every day for a month and you will have at least 800 to 1000 pips in your pocket.
If you are an advanced trader then I have no problem making more money.
I didn't backtest for too long and the market was quite volatile this time, so it worked out pretty well this time around.
The system will work for 4 hours, but in this case the base candle should be very small to get good results.
I'm not always available, so I can't answer all questions right away, but I will explain whenever possible.
Please only try demo accounts until you feel confident.
Thanks to Forex Factory. I learned a lot from this forum. I would like to thank all the seniors and juniors who shared their knowledge and provided support to newcomers. Special thanks to the FX Factory Administrators and their colleagues. This is the best forum for me.
The ideas I'm going to explore are very simple and probably many seniors won't be impressed because I don't use a lot of technical indicators and other tools in my system, but I would really appreciate it if you guys could add to and improve this system.
Practice makes perfect.
This system is a 30-minute trading system. Ideally, either way, we only trade 30m (one candle) after entry.
Here we will call them base candles and entry candles.
When xpma is trending up (color changes to bullish), 8ema crosses up to xmpa.
The first (base) candle closes bullish and we go long on the open of the next candle.
We close the position at the end of the entry candle, otherwise our profit cap will be hit.
In short, everything will be the opposite of the above. .
rule.
euro dollar
30M
index
XPMA
8EMA
Trading hours 7.30 to 15.30 ODL MT time
long
XPMA trending up
8 EMA crosses XPMA upwards
When the first candle turns bullish, at the opening of the second candle. We go long and at the end of the candle we close the position, otherwise we will reach the profit limit.
short
XPMA trending down
8EMA has crossed XPMA downwards
When the first candle turns bearish at the opening of the next candle, we open a short position and close it at the end of that candle, otherwise our profit cap will be hit.
stop loss
We can place the stop loss at the low of a long bottom candle or the high of a short bottom candle
profit limit
20 o'clock
If it's above 15 pips, I usually close half of the position
Money management can significantly increase your success rate .
Some important points can improve the chances of a positive outcome.
The trade is better if the underlying candle is close to 8ema or xpma.
Smaller base candles are the best way to trade.
Because I've been using this system since a few months, I sometimes buy more than one candle after entering, based on higher timeframe confirmation and support and resistance levels.
It is better to look at the 1 hour time frame and if there are base candles or entry candles on the higher time frames as well then you will definitely do that.
Be patient when trading and do not place any trades if you are not confident.
The market is more trendy and performance is more positive.
The best trading days can be when there is little news coming.
There may be 2 to 4 transactions in a day.
Don't trade on the first Friday of every month.
Trade every day for a month and you will have at least 800 to 1000 pips in your pocket.
If you are an advanced trader then I have no problem making more money.
I didn't backtest for too long and the market was quite volatile this time, so it worked out pretty well this time around.
The system will work for 4 hours, but in this case the base candle should be very small to get good results.
I'm not always available, so I can't answer all questions right away, but I will explain whenever possible.
Please only try demo accounts until you feel confident.
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