I found this method on Youtube. The web page for the most part seems to be inactive. I give full credit to aguywhotrades.com/forum. I have started using his methods with some variations with some success.
I have traded Forex, futures and equaties with some success over the years. I have posted a couple of methods on this thread in the past. I’m posting this strategy here with the purpose of discussion and the goal of improved trading.
One minute chart. Often use 2 minute, and 233 tick
7 EMA
Para Sar
MACD 12,26, 9 EMA
MACD 3, 21, 8 EMA
Entry short is when the MACD has crossed. The Para Sar is above the candles, when you see a candle stick close above the 7 EMA, and then a candle close below the 7 EMA. I usually go for about 6-9 pips in this time frame. The target is relative to the recent range of price action.
Two minute chart (Note how the Para Sar stays short on this two minute chart.
This strategy is too simple to be of interest to readers. It does produce consistently. One or two trades a day. One in the evening and one in the early morning. Note that for some reason it works on the EUR/JPY.
A trade today. Two minute chart. 7 pips. I’m 6 for 6 and 8 out of 10 using this strategy.
I only trade twice in 24 hours. Usually in the evening and somewhere between 5 and 9 am PST, West Coast USA.
I check the charts on my Iphone App and computer. I do not trade when the candlesticks are wild.
I sit on my hands and don’t trade unless I like the set up.
“It is better to wish your were in a trade and wish you were out.” I read this somewhere years ago.
My current trading stats are 8 out of 10 wins for this strategy. I have been away from FX for a while trading stocks. I spent two months practice trading /NQ and /YM.
I will step up the number of contracts I trade if my success continues.
One last thought… Successful trading is not so much a good strategy, but rather trader discipline and management.
Good Luck!
My last two trades have been on a range bar chart. The upward arrow is only the direction, the trade was triggered in the vertical white highlighted area. It is difficult to see but the is a cross below the 7 ema just before the white highlighted area. Note that the para sar has been removed and replaced with the HACOLT indicator. The trade earned 8 pips but then turned. Targets are conservative, usually just 6 to 9 pips.
Practice trading
Sometimes it helps to go back and observe setups. The last trade in the series of practices was live. The point here is to work on a time frame, here it was range bars set at ATR and go for a live trade.
Tonight and tomorrow I will shift back to real trades.
5:30 AM PST
long
EUR/JPY
9 pip gain
15 minute
5 minute
333 tick
Trading in the am is sometimes a wild ride. This trade lasted a minute. Early evening PST is much calmer.
A win is a win. Done trading for the day. So far the addition of the Ichimoku Chart has worked well with the 7 ema cross.
hey, a win is a win! from my perspective, leaving some on the table is a good problem to have.
i like the ichimoku addition, i too like it and try to keep my trades above the cloud.
5m chart sounds nice too, I may have to try it. it would make it more realistic for me to trade because then the move should be a nice 6-10pip scalp and i could actually beat the spread i pay at my broker.
A great set up missed. I stepped away from the monitor and this trade set up. I posted it because it is an excellent example of this strategy and how it has morphed into a hybrid. The strategy combines the cross of the 7 ema with the Ichimoku Kumo Cloud and the Kijun line. The use of part of the Ichimoku charts was copied from The Ichimoku KISS Concept! - InformedTrades
The Kumo has eliminated the MACD.
For a long trade I want to see a cross above the 7 EMA, candlesticks above the Kijun line and the price action above the Kumo Cloud.
Ten minute chart.
Candle sticks crossed above 7 ema.
Above Kumo Cloud
Above Kijun
