3 day support and resistance strategy

[oilfxpro]

Hi

This strategy is suitable for gbp/usd,euro/usd and euro/yen.stop loss 40 and take profit 90 for euro/usd and 130 for euro/yen and gbp/usd

Buy at 25 pips below the close price of the 3 rd preceeding daily candle

sell at 25 pips above the close price of the 3 rd preceeding daily candle

Filters

1 min charts do not trade against the trend of last 2 hours
Last 120 minute range of 45 pips must not be exceeded for entries against the direction of the trend. For long entries the price from high to low from 119 minutes ago, must not exceed 45 pips, For short entries the price from low to high from 119 minutes ago must not exceed 45 pips.


1 hour charts do not trade against the trend of last 48 hours
Lwmas on hourly charts
Long positions: Lwma 3 must be greater than lwma 10 , and both lwma 3 and lwma 10 must be greater than lwma 30

Short position: Lwma 3 must be lower than lwma 10 , and both lwma 3 and lwma 10 must be lower than lwma 30



It is a profitable strategy

OILFXPRO

 

[Biniam]

Entry time

Hi

This strategy is suitable for gbp/usd,euro/usd and euro/yen.stop loss 40 and take profit 90 for euro/usd and 130 for euro/yen and gbp/usd

Buy at 25 pips below the close price of the 3 rd preceeding daily candle

sell at 25 pips above the close price of the 3 rd preceeding daily candle

Filters

1 min charts do not trade against the trend of last 2 hours
Last 120 minute range of 45 pips must not be exceeded for entries against the direction of the trend. For long entries the price from high to low from 119 minutes ago, must not exceed 45 pips, For short entries the price from low to high from 119 minutes ago must not exceed 45 pips.


1 hour charts do not trade against the trend of last 48 hours
Lwmas on hourly charts
Long positions: Lwma 3 must be greater than lwma 10 , and both lwma 3 and lwma 10 must be greater than lwma 30

Short position: Lwma 3 must be lower than lwma 10 , and both lwma 3 and lwma 10 must be lower than lwma 30



It is a profitable strategy

OILFXPRO

Thanks for your post. What time do you look to enter the trade?

 

[oilfxpro]

Thanks for your post. What time do you look to enter the trade?

Anytime from 5 a m to 10 am C E T

oilfxpro

 

[drmagdy]

can anybody post some charts please to illustrate the explanation

 

[oilfxpro]

can anybody post some charts please to illustrate the explanation

Drmagdy

This is not a stategy traded everday.U will probably get 1 or 2 tradesa month per pair.

In the chart below the price on the 17 january closed at 1.4642 ,and your entry price 3 days later is 25 pips below is at 1.4617 for a long position on the 22nd (3 rd working day excluding saturday .Entry is shown by red arrow

The hour chart shows 3 /10 /36 m/a is in place on 1 hour chart.3 lwma is greater than 6 lwma and both 3 and 6 lwma are greater than 36

If I was using this system manually I would use wmas 3/6/12 on 1 hour charts

As an experienced trader I would use trailing stop loss and move the price to breakeven after 50 pips, and if the price stalled I would look at the whole scenario again

OILFXPRO

 

[drmagdy]

thanks for your reply.
does this strategy have an expert???

 

[oilfxpro]

thanks for your reply.
does this strategy have an expert???

Drmagdy

It does have an expert without the moving averages filters.I won't post .it can be used to ask for manual confirmation

I won't post it on message boards but if u send P M , I wil give it to you for free.

OILFXPRO

 

[honey]

Is it really as simple as it seems oilfxpro?

I am very interested in trading fx and what you say seems to make sense to me.

 

[oilfxpro]

Is it really as simple as it seems oilfxpro?

I am very interested in trading fx and what you say seems to make sense to me.

No

One needs to spend a lot of time finding profitable strategies and testing them.The trading process involves monitoring trades 12 to 15 hours a day , but I have ovecome that problem with automation .Nowadays I do not have to monitor the markets and be glued to the screen, trading becomes easier with less monitoring

Fnd about 10 mediocre strategies each producing 300 pips a year and u are done.Only need to make 250 pips a month

There are many free videos on the internet which show how many strategies are traded.

OILFXPRO

 

[honey]

Thanks for your reply oilfxpro. That sounds very attractive.

I have metatrader and have already tried one mediocre strategy. I need to do better with my next attempt.

 

[oilfxpro]

Hi

Another filter one can apply is the daily range filter.If daily range is exceeded abandon trade for the day.

I will posts testing results of the strategy with the additional filters tested in may this year

http://www.trade2win.com/boards/for...ers-what-your-trading-hours-3.html#post409103

OILFXPRO