Simple & almost naked. The dream date or the dream system?
Hi, I have been trading for quite a few years and have been trading a very simple trading system that has yielded very consistent profits for me and have decided to share and hopefully help some traders out there.
I trade the system only on the 1 minute EUR/USD and GBP/USD. The system is a pure scalper that should bank you 25-50 pips daily, sounds like a dream right? Well here she be:
The system uses only one indicator along with fibs and 100 levels to show higher support or resistance places to maybe avoid. You connect the the last 2 confirmed dots, and wait for a candle to break below or above and enter the trade. Place your stop loss and the last dot of the opposite color. Its that simple. In order for the dot to be confirmed and not repaint, please wait for the opposite color dot to appear before drawing the trend-line.
*When there is a down trend (the trend-line slopes downwards), you are looking for the breakout up only. And when there is an uptrend (the trend-line slopes upwards), you are looking for the break down only.
I change the setting in the swing_zz indicator to minBars=3 to help clearly show proper support and resistance levels.
Im happy taking 5-8 pips per trade but sometimes with a strong move, I just keep moving my stop loss up to the next dot and let it ride 20-30 pips.
* NOTE (MAY 26th 2012) I have also added a zip file to this first post as the system has developed over the past few months and it would be nice to have some files in the very first post that you may require as your read on. I advise the reader to read all of the posts as we have some exciting changes that will increase your profitability! A special thanks to "SandyBeach" for putting "Strategy - Blizard.zip" together for us and "STOCKNEON" for putting the EA together for us.
Here are the setups for today, 20 pips or so. There are no repaint issues as long as the next dot has appeared before drawing the trendline.
firstly, thank you for your brilliant system. But i have a query , may i know what is your actual value for your minbars? 2 or 3 as I am having different dots plotted on my chart, regardless of 2 or 3 i input.
also can you pls explain more on how u plot the fib levels onto this chart?