Trade the Price for ++Pips

[B]Taking a very simple approach to trading the FX Market:

Entries for Long
[ol]
[li]I will buy daily and h4 bullish bars (close price higher than open) if the current price is holding above the close price.
[/li][li]I will buy daily and h4 bearish bars (close price lower than open) if the current price is holding above the close price.
[/li][/ol]

Entries for Short
[LIST=2]
[li]I will sell daily and h4 bullish bars (close price higher than open) if the current price is holding below the close price.
[/li][li]I will sell daily and h4 bearish bars (close price lower than open) if the current price is below the close price.
[/li][/LIST]

Holding Price

  • means at least one bar has closed above / below AND at least one bar has tested the price.

Where to enter?
If holding checks positively, we set an order or open an order at or as close as possible to the holding price.

Exit
I will take profit at the next swing high or low or where a reverse trade setup appears. If there is no swing high/low in sight, I will take profit at the next round number. For example, if my entry is at 140.00, I will take profit at 141.25. If my entry is at 141.00, I will take profit at 142.50 and so on.

Stop
35 to max 65pips
[/B]

nzdjpy daily chart, showing bullish close day and price holding below, hence we sell.


nzdjpy daily chart, showing close below bearish close day in already DOWNWARD trending market, hence we short without waiting for tests.


Just took this trade…


hi, fxharmoix:
really interested in this strategy, thx for sharing.
But can you explain something to me:
What do you mean ‘current price holding above/below the close price’? How many candles are you taking into consideration?
You only explained tp and sl. What about entries? I mean where and how do you enter a trade? Do you use pending orders?
Would really appreciate if you can explain with charts. THX.
Shuo

Hi zhangshuo, I will modify my first post to improve clarity based on your questions.

Thanks zhangshuo!

Will post some more charts tomorrow zhangshuo

Trade is currently +90pips, 81.4pips away from limit.

Recapping this eurjpy long trade setup from market open we identify two support areas at market open after the gap up, the close price of the bullish bar (green horizontal line) and the close price of the bearish bar (yellow horizontal line). These bars have been starred in the chart attached.

The levels were tested by the next three bars, then gave an entry on the fourth bar.


Now watching the close/open prices of the starred bar on this gbpjpy chart, which price previously closed below, but has not yet been tested.


Stop moved to +60pips

Do you have myfxbook acc (live preferrable) to show your performance and prove vital capacity of your strategy?

Nope. I will post my trades here with the results. Not a thing to prove. Just trading and sharing.

Stopped for ++60pips


Long on eurjpy h4 setup


hi, fxharmonix:
so this is my understanding of your system. correct me if needed:

system is for daily and h4;
for long, at least one bar closes above the close of previous bar (first bar) and at least one bar tests the close price of the first bar and close back above; vice versa for short?
entry, sl & tp as explained in your 1st post?

THX for your time!
Shuo

Correct Shuo.

Stop at entry price, limit moved to new H4 high where last bullish bar closed.

Man I had to go move my stop +25 :(. So I got stopped ++25pips.

Anyhow, scouting time.


nzdjpy h4 long setup taken. limit at next round number 91.25.