Simple 7 Forex Trading Strategy

[akatom2u]

Trade on 15m chart. The 5m chart was suggested just so you could trade alot and get used to entering the trades. The 5m chart will most likely not net you any pips. Try the 1h timeframe if you do not like the 15m chart. Your first trade had only about a 16 pip stop loss also, I recommend 25-30 pips stop loss on 15m charts.

[akatom2u]

just tried to add bollinger bands to filter out the small cross over’s, and look’s not to bad. What do you think??

My RSI method works most of the time to get you into profit. Higher timeframes than 1m will eliminate all those small crossovers.

[akatom2u]

this is my update for 7 trading strategy i have met loss more than profit maybe i do anything wrong i have trade 5 m and 15 time frame but still i have loss if friends you have any ideas please share to me thanks in advance

If you really want my opinion, I need to see the chart with the trades on it, like my last chart posted.

[christinaa]

I read the thread. if we are buying. does the whole candle need to be above the 7 EMA, the whole candle open and close? or just the close?
and as soon as this 1 candle close above the 7 EMA we buy straight away?
also you mention 30 pips SL, what about TP?
thank you in advance.

[chiunfah]

hi akatom2
i have been testing your methods for 2 days. Thursday and Friday and it’s amazing how simple the system is. So far i have net in 40pips alone on Friday minus 2 losing trades of 20 pips. The losing trade is actually a trial and error to test the system. I should have follow the rules words by words. thanks for the sharing and god bless.

Thomas Chai:57:

[akatom2u]

I usually count the first whole candle as a filter.TP is up to your individual skill. There are so many different market situations and methods to open and close that I just leave that to another thread.

I read the thread. if we are buying. does the whole candle need to be above the 7 EMA, the whole candle open and close? or just the close?
and as soon as this 1 candle close above the 7 EMA we buy straight away?
also you mention 30 pips SL, what about TP?
thank you in advance.

[akatom2u]

Today was an awsome day for Simple 7, let me know how you did!

hi akatom2
i have been testing your methods for 2 days. Thursday and Friday and it’s amazing how simple the system is. So far i have net in 40pips alone on Friday minus 2 losing trades of 20 pips. The losing trade is actually a trial and error to test the system. I should have follow the rules words by words. thanks for the sharing and god bless.

Thomas Chai:57:

[akatom2u]

Look at this: :o

[christinaa]

ok well do you only enter a trade if your going to have atleast 1:1 rr?

[akatom2u]

ok well do you only enter a trade if your going to have atleast 1:1 rr?

I only enter a trade if I think there is a very high probability the price will go to my take profit price. I use stop loss as a regulator of my loss, as a money managemnet tool for my account. I do not use stop loss as a trading tool or rule I have to follow absolutely.

[KingKaivar]

Seems simple enough. I’ll spend a bit of time tomorrow backtesting this myself.

Just a few questions:

1. How thorough is your backtest? Do you have a figure on win% and expectancy or profit factor? How many samples did you backtest?

2. Since you advocate the 15M timeframe, I’m going to assume that you only trade the majors to minimise spread?

[akatom2u]

Backtesting is for the EA crowd. I use my win ratio as part of my money management strategy. I always suggest majors to minimise trade expenses and probability of quicker profit.

Seems simple enough. I’ll spend a bit of time tomorrow backtesting this myself.

Just a few questions:

1. How thorough is your backtest? Do you have a figure on win% and expectancy or profit factor? How many samples did you backtest?

2. Since you advocate the 15M timeframe, I’m going to assume that you only trade the majors to minimise spread?

[akatom2u]

Any information on FOREX FS - Forex FS Home Page from down under?

@KingKaivar

Seems simple enough. I’ll spend a bit of time tomorrow backtesting this myself.

Just a few questions:

1. How thorough is your backtest? Do you have a figure on win% and expectancy or profit factor? How many samples did you backtest?

2. Since you advocate the 15M timeframe, I’m going to assume that you only trade the majors to minimise spread?

[chiunfah]

Hi akatom2u
Looking forward to my trading on Monday. This week is really a good trade using simple 7 as illustrated from your graph. I’m on the right trading path. I use 15-20 sl, and my tp is 10-30. The sl is high because of the rebound. After looking at the trade for so long, I kinda understand how it reacts. Most of the time I’m correct with the sl and my tp that i put.
I like to scalp, this simple 7 is really my way to trade. I will take profit when I feel it and how the market reacts. So I dont have any exit. As long as there’s 5 pip and above then I will take it.
Many many thanks akatom2u.

[akatom2u]

Awsome to hear somebody gets what i’m doing here! You took my entries and managed the trades yourself and came out winning pips, awsome is all I can say. You might consider exiting when you see consolidation happening, if you are able to monitor the market during your open trades. Consolidation on a 15m chart is something to take notice of…

Hi akatom2u
Looking forward to my trading on Monday. This week is really a good trade using simple 7 as illustrated from your graph. I’m on the right trading path. I use 15-20 sl, and my tp is 10-30. The sl is high because of the rebound. After looking at the trade for so long, I kinda understand how it reacts. Most of the time I’m correct with the sl and my tp that i put.
I like to scalp, this simple 7 is really my way to trade. I will take profit when I feel it and how the market reacts. So I dont have any exit. As long as there’s 5 pip and above then I will take it.
Many many thanks akatom2u.

[knp1971]

I trade the Simple 7 strategy on one hour chart. My sl is the first pivot line “three day’s back, including current day” minus 5 pip’s. I then move my sl along with the trend. So my sl is also my tp. Why do I do it that way. Sometimes you have really big moves in my favour, and I don’t want to miss these moves.

That’s how my daily pivot line’s look’s like. If you take a look at last friday moving sl -5 pips gave us a nice profit. My entry is once the next candle crosses the tail of the first candle that closed under/over the 7 ema. I know I still need to adjust entry/exit, but really like the Simple 7 strategy, and will work on it.

Txs for sharing the Simple 7 Strategy

[akatom2u]

I like the way you use stop loss orders to lock in profits.

[pipsmart78]

Tom, quick question. I like the simplicity of the strategy but, I don’t have the luxury to trade M5 or M15. I prefer 4 hours even if that would fetch me only one trade a week. Does the same EMAs apply for the H4 as well? Thanks for your support.

[akatom2u]

Tom, quick question. I like the simplicity of the strategy but, I don’t have the luxury to trade M5 or M15. I prefer 4 hours even if that would fetch me only one trade a week. Does the same EMAs apply for the H4 as well? Thanks for your support.

You could use this system on any timeframe, understanding that the risk of losing the trade or not going into profit as quickly is greater the higher the timeframe. I use the 4h charts for trend direction, then I look to the 15m charts for entry.

[Shakespipere]

Hi Tom

Thanks for posting this strategy, I really hope it can help me with my trading.

May I ask how you join or re-join an existing move? Suppose I have exited early or I have missed the first move crossing the 7 EMA, are there any indications you would use for subsequent valid entries?

Regards
Shakespipere