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Thread: 4candle strategy - gbpjpy

  1. #1
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    4candle strategy - gbpjpy

    Pair : gbpjpy
    time frame to trade: 1-HOUR

    Rules :
    open the 1- hour chart.

    from the 6th hourly candle from the start of the day, till the 9th candle , mark out the high and the low .

    pending order buy should be +1 pips above the high
    pending order sell should be -1 pips below the low.

    stop loss will be :
    1) if buy order triggers then the stop loss will be the low -5 pips.
    2) if sell order triggers then the stop loss will be the high +5pips.

    take profits will be of 1:1 risk reward. for e.g. if the stop loss is 20 pips then take profit will also be 20 pips.

    remember to add spreads in your buy sell pending orders and in your take profits and stop loss.

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    Last edited by pak forex; 12-06-2013 at 09:56 AM. Reason: MAKING THE STRATEGY MORE EFFECTIVE

  2. #21
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    Just now i've checked your strategy. It seems like gambling to me and it often doesn't work and triggers stop loss. For trading in gbpjpy i prefer to watch usdjpy and gbpusd. If usdjpy is upward and gbpusd is not too much bearish then it's good to buy in gbpjpy. For opposite condition, it's best to sell. It largely depends on usdjpy movement,but it's better for long term trading.

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  3. #22
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    My dear sir this is just like the other ways that i have seen traders using a breakout gambling strategy on the cross pairs that are very volatile, this will not work. I have done it many times, but it will only kick the stop loss and will continue to work back in the line of choosing, but it will be too late by then, just try to find a sustainable system for working in forex.

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  4. #23
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    Quote Originally Posted by fxaddictor View Post
    This strategy is useful when there is trend and specially when you have opening reversal

    By opening reversal i mean reversal in first hour in 15m chart e.g when we have trend which is up and in between we had a choppy day or day with accumulation where supply is absorbed and at the final hour we had a downtrend line break and in first hour of opening we had a break above lower high and then yesterday's close is tested and then we get final bullish bar confirmation is known as opening reversal and most of the day price will make high

    so low risk reward opportunity with stop below the signal candle

    regards
    Candle strategy is the most important element in forex market. You saw candle strategy then you must check howis the market is going to the high or low,it is going enter force then you can enter the market direction even. I think it will be too delayed by then m just try to discover a maintainable program for operation in currency trading.

    - - - Updated - - -

    Quote Originally Posted by pak forex View Post
    Pair : gbpjpy
    time frame to trade: 1-HOUR

    Rules :
    open the 1- hour chart.

    from the 6th hourly candle from the start of the day, till the 9th candle , mark out the high and the low .

    pending order buy should be +1 pips above the high
    pending order sell should be -1 pips below the low.

    stop loss will be :
    1) if buy order triggers then the stop loss will be the low -5 pips.
    2) if sell order triggers then the stop loss will be the high +5pips.

    take profits will be of 1:1 risk reward. for e.g. if the stop loss is 20 pips then take profit will also be 20 pips.

    remember to add spreads in your buy sell pending orders and in your take profits and stop loss.
    Normally candle patterns such as the Bullish Three Outside Up can be used to confirm a change of trend, or even validate a market entry. Understanding candlestick charts and their patterns allow traders to work price action into an existing Forex trading strategy. With this idea in mind we will focus on recognizing and trading one of the markets most clear candle patterns.

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  5. #24
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    it is always a risk because we risk return trade 1:01 because it is likely to win with the simulation of two orders and the loss of two orders, we can not make a profit, but this is just the time but if the risk reward ratio 3: 2 or 1:02, we can still make a profit. I think we should have a good risk-reward first

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  6. #25
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    Quote Originally Posted by gopal View Post
    Candle strategy is the most important element in forex market. You saw candle strategy then you must check howis the market is going to the high or low,it is going enter force then you can enter the market direction even. I think it will be too delayed by then m just try to discover a maintainable program for operation in currency trading.
    Candle strategy should be leading element in trading strategy,you should see the pattern could changes and indicates the changing situation when we look at different patterns,the signal could change in just few minutes if we read it wrong.

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    Finally successful traders

  7. #26
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    yes the pattern of the candle not stable and change from frame to another so we must open many chart to compare the all the know the good point of the enter .the candle some time start bullish but after time it turn to bearish so if we deiced to work with candle we must see the next one because it support the first but in the reversing time the all working in narrow space and the all same each other

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  8. #27
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    Friend please post some screenshots I am not getting you without any proof of earning and proper diagrams I can't know about this strategy and the other thing is its a H1 time frame strategy so its only for short term traders so next time when you will post any thread then post some diagram about this strategy

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  9. #28
    Registered user Quid's Avatar
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    Quote Originally Posted by sagda88 View Post
    yes the pattern of the candle not stable and change from frame to another so we must open many chart to compare the all the know the good point of the enter .the candle some time start bullish but after time it turn to bearish so if we deiced to work with candle we must see the next one because it support the first but in the reversing time the all working in narrow space and the all same each other
    I also see that the patterns are not stable in gbpjpy strategy which is taught in this thread,the confirmation is too soon,at least we need to wait for the support level to open buy ,to trade directly when the 4h candle is formed really looks bad strategy for earning.

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  10. #29
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    Sir I am not convinced with your strategy as it requires to follow 9 candles before execution of our orders and moreover it requires to match with our country working hours but still please provide screenshots of your earnings so that we can have confidence for its execution.

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  11. #30
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    I am not agree with this strategy its not looking a very good strategy to me also and you not posted any proof of you earning that's not good friend first of all show use your proof then we will able to use this strategy and will able to make money like you in forex otherwise we can't take risk with it

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