Today I present you a simple yet very profitable strategy which Fasih and I have been working on for few days now.We have discussed it in the chat room and have tested it.It provided great results and we are now confident that its worth sharing.
As this strategy involves ichimoku so for those who dosnt know what ichimoku is please watch this
1. Alert candle (marked with yellow lines in the charts) Should have no future cloud at all means from the start to the end of the candle including wicks it should not hit a future cloud of ichimoku in horizontol postion.You can draw a horiziontol line to see that.Future cloud is 26 period in the future.See in the pic the rectangle is drawn upto 26 periods in future and the alert candle is not facing any cloud there horizontoly.
2. Alert candle should not touch tenkan or kijun at all and should have enough distance from tenkan and kijun.
3. Tenkan and kijun should not be in an extreme angle.Its better if tenkan and kijun are far from eachother and one or both are flat.
4. When Mbfx COG channel is in extreme angles avoid trading to the directions of opposite side of the angle.
5. Support and Ressitance areas should be kept in minds as a call can be risky if there is a resistance zone and a put can be risky if there is a support zone price hitting.
6. If mbfx timing indicator is in oversold/overbought areas above/below 30/70 is better for you.
7. Best traded in low volume time periods of the day.Trade on high volume hours can be risky.
8. TImeframe to watch 1minute and 5minute.Trades to be taken on 1m chart.Trades to be taken on the close of the alert candle.
These are the rules to follow for now and if I think we need an update I will provide one.
Note: If you are going to proopse some indicator to add please first test it with other rules,explain why this indicator can help avoiding bad trades or can generate more trades and attach a picture with it and show us what you mean.
Do not write comments such as " looks great will try it" Instead push the like button and try it and then when you think you got it and its working for you then post some trades with pictures.
If you want to test it on other timeframes then please do so but create a new thread and post the results there with pictures.
Last but not least Any comment which aims to improve the strategy by adding indicators on anything please POST A SCREEN SHOT telling what you mean and try it yourself before you propose anything
Lets try to keep this thread free of unneccessary comments and short in the manner of posts.
Here are some trade examples with pictures.(some pics are with mbfx channel some are without)