Day Trading Secret - Simple

[thestriver]

Hi Experts / Seniors,

I'm fairly new to Forex. Have been using this strategy for stocks, f&o for over 10 yrs now. I found this strategy, interestingly, has applications in forex trading as well. Observed very closely the price actions in forex and it almost always follows S&R's.
Returns have been small as I have started with a small base, however, percentage-wise it has been so far 9/10 for last 6 months.

On weekdays I will be late in replying as I don't get too much time between office work, sleeping, household chorus and sometimes, trading (2-3 times a week max) Wish I could devote more time for trading, and at some point in future, trying be a full time trader, and for that I would need all the help from seniors here.
I would try and answer all queries, however, would surely respond to forward-looking queries/suggestions that does not require to go back in time. If you have any questions on the indicators/system, please refer this post. For information about custom indies, please refer the web as they are not mine.
I would expect you try my system with a demo account, both manual back-test and forward-test, and see how it plays for you and whether this system is suitable for you.

Note: Please keep visiting this First post for all latest updates as and when it warrants.

Strategy Name: BTFTS

For Buy:
--Did last candle's body close above nearest s/r? If yes, then its favorable, lets move to next point
--Did CCI pop-up above 0? If yes, then its favorable, lets move to next point
--With macd above 0, did the last histo increase in length compared to previous histo, OR, With macd below 0, did the last histo decrease in length compared to previous histo? If any is yes, then its favorable, lets move to next point
--Did Stoch look up and not in over-bought region (>=80) yet? If yes, then its favorable, lets move to next point
--Did RSI look up and above 50? If yes, then its favorable, lets move to next point
--Did CCFp show increase in value for main currency, with secondary currency either decreased or remaining unchanged? If yes, then we are in business - BUY

Stop Loss: Place SL 6 micro pips below nearest S/R

Book Profit: Is price within 6 micro pips off of nearest S/R, OR, did CCI fall below 150? If any is yes, then Close all open positions.

For Sell:
--Did last candle's body close below nearest s/r? If yes, then its favorable, lets move to next point
--Did CCI fall below 0? If yes, then its favorable, lets move to next point
--With macd above 0, did the last histo decrease in length compared to previous histo, OR, With macd below 0, did the last histo increase in length compared to previous histo? If any is yes, then its favorable, lets move to next point
--Did Stoch look down and not in over-sold region (<=20) yet? If yes, then its favorable, lets move to next point
--Did RSI look down and below 50? If yes, then its favorable, lets move to next point
--Did CCFp show decrease in value for main currency, with secondary currency either increased or remaining unchanged? If yes, then we are in business - SELL

Stop Loss: Place SL 6 micro pips above nearest S/R

Book Profit: Is price within 6 micro pips off of nearest S/R, OR, did CCI rise above -150? If yes, then Close all open positions.

Notes:
- 1 micro pip can be explained by this example: Bought USD/JPY @ 78.000 and Sold @ 78.500. Here, you got 500 micro pips.
- No carry over trades over weekends.
- No trades 1 hr before and after major news.
- I always only risk 0.01 per lot.
- I don't look for higher TF S&R as I don't take too much risk. The nearest S&R is okay for me.
- I always refer the data window for ccFp signals and do not use the ccfp indicator window on the chart much. It's just my way of looking at it. So, I squeeze the ccFp window to the smallest, to make way for the chart and other indicators.
- I don't look for higher TF S&R as I don't take too much risk. The nearest S&R is okay for me. If you are increasing your TP to higher R's, then make sure your S is also adjusted accordingly to the lower S levels.
- I get into trade when all conditions are true, ie, even the part where it says just above S (For buy) or just below R. This leaves me with a small SL to be placed a few pips below the nearest S or above the nearest R. So, if price decides to play truant, it hits SL which is not very far away. So set it and don't spent too much time looking where the price is going, as my TP is always either near the nearest R (For Buy) or near the nearest S (For Sell) or when CCI has breached the 150 or -150 lines.

Can this be coded in MT4, as it has proved successful for me after trying zillions of methods. Since this is a simple idea, I would wish to keep it that way.

Happy Pippin...

~TIA

[thestriver]

For stoch: k=8, d=3, slow=4
For macd, its the default setting in mt4
For rsi, its 14
For cci, its 28 and levels would be 150, 0, -150
For ccFp, its the default settings

[thestriver]

For Buy signal, SL would be 2 micro pips below nearest support
For Sell signal, SL would be 2 micros pips above nearest resistance

[Pipstages]

For Buy signal, SL would be 2 micro pips below nearest support
For Sell signal, SL would be 2 micros pips above nearest resistance

Are you already trading it manually ??

[thestriver]

Yes, I'm manually trading this strategy to a 90%+ +ve outcome since close to 6 months now. On real money

[sailormoon]

could you please share your indicators and templates? i'm new to this and a bit confused about your strategy.
Thanks for sharing this!

[thestriver]

Here is the template with a sample buy signal...



Pardon me for the quality of the pic.

Note: ccFp indicator is not shown here, however, it had given a favorable buy signal.

[thestriver]

TP can be set for 2 micro pips below any nearest Resistance or may be based on your risk profile, upto next nearest R.
Note: If you are increasing your TP to higher R's, then make sure your S is also adjusted accordingly to the lower S levels.
I personally don't look for higher TF S&R as I don't take too much risk. The nearest S&R is okay for me.
I always only risk 0.01 per lot.
I almost always refer the data window for ccFp signals and do not use the ccfp indicator window on the chart much. It's just my way of looking at it. So, I squeeze the ccFp window to the smallest, to make way for the chart and other indicators.
TF: Any
Pair: Any
Indicators: sr_KG_Support_and_Resistance v101.ex4, CCFp.ex4, CandleTime.ex4, MACD, RSI, Stoch, CCI (For the 1st 3, do a google search you should find them. Could not attach 'em may be coz they are .ex4 files)

[sailormoon]

thanks for your info. you can use winzip or winrar to compress all indicators and templates into one .zip or .rar file and then upload it here.
Thanks!

[thestriver]

Here you go...