One Candle Wonder | Forex Indicator Download - MT4/MT5 Resources
Simple set and forget system.
Hello everyone.
This is my first trading system.
Warning this may be harmful to your health!
I classify myself as a novice/intermediate trader and know all the common trading stories on and off over the past 10 years. (But something always seems to pull me back to the Forex Factory.)
This is because I want to be able to place a trade and only need to view it on rare occasions.
Well, for those of you who are still reading and haven't read on yet, here's how I describe my system:
1/ This is a fork of Evaluator's Synthonie trading system and Tony_dtrader's Tony two candle trading system, so check it out.
2/ Suitable for non-greedy people who can accept trading from 0 to 70 pips with occasional losses.
3/ Trade on the 4-hour time frame from 8.00 GMT - 16.00 GMT.
4/ Can be used as a “set it and forget it” system.
5/ Only use 1 indicator.
6/ Simple visual backtesting.
I don't think there will be any issues as it should be self-explanatory upon viewing.
It's a very, very simple system and I hope it helps someone out there.
I initially used moving averages, stochastics and DTI on my charts but found them to be of little use.
Please note that I have not done live trading yet (too busy to become a millionaire)
To stop any lawyers from coming after me, I have to state that this is just the system I'm showing you, but if anyone else tries to use it, it will bankrupt you, so don't try it, just read and discuss (hope this is enough)
rule.
The boxes on the chart represent UK trading hours 8.00 GMT – 16.00 GMT.
The red/blue/yellow Indi at the bottom is the SYMPHONIE SENTIMENT EMOTION COMBI INDIKATOR (SSECI) found on the SYMPHONIE TRADER website.
Picture below.
OK
long entry
When the first candle closes at 12:00 GMT
IF
candles are blue
IF
SSECI is also blue. Place your trade on the closing price of that bar.
Take profit
The next candle ends at 16:00 GMT
That's right, we only trade one candle.
stop loss
Whatever you prefer, I usually use 50 points. But maybe the trigger bar is lower (but that's up for debate).
Short term entry <br> The opposite condition applies.
set and forget
When placing an order on the platform, please insert the time you want the order to automatically close. (4 hours later)
Gamblers enter
If SSECI is yellow and about to change to the opposite color to match the candle above, the trade is risky, but potentially beneficial! (Gamblers only)
Please help each other improve this system. I will also learn from you.
Thank you so much
NOTE: My Alpari UK chart candle actually goes from 7.00 GMT to 15.00 GMT (not 8.00 GMT as stated, but it shouldn't make any difference)
night piper
Hello everyone.
This is my first trading system.
Warning this may be harmful to your health!
I classify myself as a novice/intermediate trader and know all the common trading stories on and off over the past 10 years. (But something always seems to pull me back to the Forex Factory.)
This is because I want to be able to place a trade and only need to view it on rare occasions.
Well, for those of you who are still reading and haven't read on yet, here's how I describe my system:
1/ This is a fork of Evaluator's Synthonie trading system and Tony_dtrader's Tony two candle trading system, so check it out.
2/ Suitable for non-greedy people who can accept trading from 0 to 70 pips with occasional losses.
3/ Trade on the 4-hour time frame from 8.00 GMT - 16.00 GMT.
4/ Can be used as a “set it and forget it” system.
5/ Only use 1 indicator.
6/ Simple visual backtesting.
I don't think there will be any issues as it should be self-explanatory upon viewing.
It's a very, very simple system and I hope it helps someone out there.
I initially used moving averages, stochastics and DTI on my charts but found them to be of little use.
Please note that I have not done live trading yet (too busy to become a millionaire)
To stop any lawyers from coming after me, I have to state that this is just the system I'm showing you, but if anyone else tries to use it, it will bankrupt you, so don't try it, just read and discuss (hope this is enough)
rule.
The boxes on the chart represent UK trading hours 8.00 GMT – 16.00 GMT.
The red/blue/yellow Indi at the bottom is the SYMPHONIE SENTIMENT EMOTION COMBI INDIKATOR (SSECI) found on the SYMPHONIE TRADER website.
Picture below.
OK
long entry
When the first candle closes at 12:00 GMT
IF
candles are blue
IF
SSECI is also blue. Place your trade on the closing price of that bar.
Take profit
The next candle ends at 16:00 GMT
That's right, we only trade one candle.
stop loss
Whatever you prefer, I usually use 50 points. But maybe the trigger bar is lower (but that's up for debate).
Short term entry <br> The opposite condition applies.
set and forget
When placing an order on the platform, please insert the time you want the order to automatically close. (4 hours later)
Gamblers enter
If SSECI is yellow and about to change to the opposite color to match the candle above, the trade is risky, but potentially beneficial! (Gamblers only)
Please help each other improve this system. I will also learn from you.
Thank you so much
NOTE: My Alpari UK chart candle actually goes from 7.00 GMT to 15.00 GMT (not 8.00 GMT as stated, but it shouldn't make any difference)
night piper
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