Hi all, it’s been a while since I posted anything here.
I’ve been busy ironing out details on my new system, ForEx Easy Mode. Part 1 is finished, and is in presentable shape.
This is a price action trading system. It’s very easy to follow once you understand the basics.
I do use a 3Period Simple Moving Average, but only to show me highs and lows of the price.
I also use a PSAR but that’s only to follow my trades as a stop loss tool.
Attached is the outline of the system, along with some easy fundamentals that will be used for part 2.
Read the PDF first, and practice the material.
If you would rather me post everything here, just ask and it’ll take me a while to do, but definitely manageable.
I’ve also recorded a couple Youtube videos as well to help identify structure etc. I appologize in advance, I recorded the vids at work without a mic. I plan on recording a live trading example to show how well this strategy works and how easy it is. It’s very straightforward. I’ll post recent examples soon and some setups on the Daily and 4H charts.
Read the PDF, watch the videos, and practice the material. If you have any questions, just ask. The videos won’t make much sense unless you read the PDF first!
Windsorftw, Could you look at AUDJPY over the last hour and map out the impulse leg that triggered the large up tick of that pair? Not sure if I’m seeing the valley correctly. I’ll admit, its going to take me a while to get the hang of using the Fib graph. But with such a large up tick in that paid price, there should be a good price retracement once the Asian market kicks in good and Australia goes off line. What do you think?
RRTMAN, sorry I didn’t see this post until this morning. Can you pinpoint the exact time in EST time zone that you want me to look at? I’m stuck at work and only have my history updated to July here (unless someone can direct me to where I can d/l the history at!) I’ll take a look at it when I get home, and perhaps create a video showing the start and finish and how to do it in real time.
In the meantime, check out this trade on GBPUSD in June 2014 on the Daily Time Frame.
Note: I use FXOpen as my Broker, the close of their candles happens at 4:59pm EST. New candles open at 5:00pm EST.
Yes, I cherry picked this trade so to speak to show how it performed. Again, I appologize for the quality and lack of audio, things will improve I promise!
hi, windsorftw:
thanks for sharing this strategy! While I am still getting my head around part 1, can you attach part 2 here as well? Also, can you make a few videos(with voice) to explain entry, exit, take-profit and stop loss for us? Right now I am finding it a little difficult to understand!
And by the way, how am I supposed to look for setups across all timeframes using this method?
Thank you for your time and help!
Ok, I see the candle you’re referring to. Depending on your broker, (4 or 5 decimal), the move was only actually 25 pips whole pips, not 200. On the 1H chart.
I know in the screen shot (AUDJPY) the date says 08/28, but during my trading time it’s actually 08/27 at 8:00pm at night. My broker is GMT +2, so at 4:00am their time on the 28th, is 8:00pm my time on the 27th.
I’ll walk you through it though.
The second screen shot shows the exact candle you are talking about, closing above the recent structure high. Great job picking it out! However, the setup fails in the end.
The last screen shot shows the price moved up and respected the recent structure high instead of closing above it, and ends up closing below the recent structure low…price then goes into a small range, filtered out by the higher close/lower close principles.
Hope this clears it up for you! If you have any questions just ask.
Remember, you want a higher close above recent structure, a retracement to at least 38.2 fib mark, then another push to validate the move. THEN we look for our entry once the move is confirmed. Price retraced to the 50.0 fib mark, but never made a new close. Hope this helps!
Thanks for the feedback. I haven’t even started putting part 2 together yet, I wanted to get part 1 out and finished before moving on to completing the whole strategy. And yes, I am working on some better quality videos with voice audio to explain things further in detail. I know it’s hard to follow, but I tried making it as easy as possible. Once you get the hang of it, you’ll be like “OMG this really is easy lol!” I know I did! My suggestion is to read it over a dozen times, get your head wrapped around the higher close higher low, lower close lower high principles and the rest will be easy.
Just change the time frames to find different entries, this setup doesn’t really involve multiple time frame analysis. What I find though, if there’s a setup occurring on 2 time frames, use the higher one. IE: Setups on the 1H and 4H, use the 4H and disregard the 1H. The higher the time frame, the more accurate it will be.
hi, windsorftw:
I think there’s a problem with this strategy: if the pair is heavily ranging, is it gonna be very difficult to find a setup (because the range doesn’t break) according to your pdf? Or do I miss anything?
I want to appologize, this past weekend was a super long weekend for us Canadians, I had Friday and Monday off so took the family on a mini vacation Back at it now though!
Unfortunately, I have been using this system, along with a few others and so I can’t really tell you the exact win%, but it is decent. If you traded it consistently, you’d come out in profit. I’ve been developing, testing and tweaking this for about 2 years now.
As for trades per month, that depends on the time frame used. I like the Daily Time frames, trading 12 pairs will usually get me into 4 or 5 trades a month. Sometimes you get more trades, sometimes not.
Zhangshuo,
That’s the beauty of this system. With the higher/lower close principle, the ranging market gets filtered out, and no setups occur. If you follow the rules exactly as written out, you won’t be trading while in a rangebound market.
This system is designed to get you into a trend early and stay in it. That’s where the pips are at.
Well, I ploughed through it and finished Part 2. It’s not as flashy and I don’t think I explained it as well as I would have liked to, but it’s presentable. For novices, you may get a little confused. I attached it to the original post. If you have any questions just ask, I’ll be glad to clear them up as best as I can.
I find trading the 2nd part much easier than the first. It really is straight forward and once you catch on it’ll become second nature. It reallyl doesn’t take long to find a setup. It’s a matter of patience and waiting for price to get setup for you.
A video or two will make things sooo much clearer so keep your eyes peeled for that. I’ll let you know when one is available.
As soon as I get a few more videos done, I’ll start posting up setups for both Part 1 and Part 2 of ForEx Easy Mode so you can see how well it performs!
(unless someone can direct me to where I can d/l the history at!) I’ll take a look at it when I get home, and perhaps create a video showing the start and finish and how to do it in real time.
Back at it now though!