Nelson7 Simple Trading - MT4/MT5 Resources
I started trading a few years ago and it's something I've always been interested in. So I started doing my research like many of us do. I searched online, bought books, and started reading, trying to absorb as much information as possible. I tried many strategies and searched for the Holy Grail but had no success in trading. I then turned my efforts towards trying to make a random entry strategy profitable (not really a strategy), which helped me a lot because it made me realize that, yes, entry is important, but equally important is how you manage trades and exits. I currently trade GBP/JPY, GBP/USD, USD/JPY, USD/CAD, AUD/USD and EUR/USD. I use the 4 hour and daily charts as my entry charts for this particular strategy.
Continue with this simple strategy for consistent profitability. I first determine if the currency pair is trending and I do this by looking at the larger time frame, if I trade 4 hourly I will focus on the weekly trend, if trading daily I will focus on the monthly trend. I then go into the entry chart and look for a two or three candle pattern after the pullback to bounce back with the trend. A two-candle pattern consists of one candle and a second candle that closes higher than the previous candle's high if you are long, or lower than the low of the first candle if you go short. The three-candle pattern is based on the same premise, but involves three candles, and the third candle closes higher or lower than the second candle in the pattern. In a long trade, the stop loss is set 3 pips below the low of the candle pattern; in a short trade, the stop loss is set 3 pips above the high of the candle pattern.
Now all that's left to do is monitor the transactions. I watch for support/resistance and/or weakness in price action and adjust stops accordingly to reduce risk or simply exit the trade. I'll post some examples soon. I will also post live trades some time after they are entered because I don't have time to post them right away and I am trying to teach traders not to make live calls.
Thank you for your interest in this topic.
.
Continue with this simple strategy for consistent profitability. I first determine if the currency pair is trending and I do this by looking at the larger time frame, if I trade 4 hourly I will focus on the weekly trend, if trading daily I will focus on the monthly trend. I then go into the entry chart and look for a two or three candle pattern after the pullback to bounce back with the trend. A two-candle pattern consists of one candle and a second candle that closes higher than the previous candle's high if you are long, or lower than the low of the first candle if you go short. The three-candle pattern is based on the same premise, but involves three candles, and the third candle closes higher or lower than the second candle in the pattern. In a long trade, the stop loss is set 3 pips below the low of the candle pattern; in a short trade, the stop loss is set 3 pips above the high of the candle pattern.
Now all that's left to do is monitor the transactions. I watch for support/resistance and/or weakness in price action and adjust stops accordingly to reduce risk or simply exit the trade. I'll post some examples soon. I will also post live trades some time after they are entered because I don't have time to post them right away and I am trying to teach traders not to make live calls.
Thank you for your interest in this topic.
.
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