Hello everyone , as I promised earlier today to a member of this forum I will share the strategy I am currently using. Since I ran out of names it's called 5min since it's on 1min TF and 5min expiry. I am warning you that this is a time consuming no magic arrow strategy. It can't be coded as an arrow indicator , well it could but it's too subjective and it needs our cerebral capacity in order to make it profitable.
Just to be clear this strategy is not a Holy Grail , it's not easy and if want to master it you need at least 100 hours of screen time , and if you want to have it on multiple charts at a time well you need a lot of experience in order to make it profitable.
If you don't have patience , the will to learn and improve , the time to watch the charts or basic knkowledge about trends and some PA then this is not for you.
I use 3 indicators , Half-Trend , Coral and 3c-JRSX which is basically a RSI or something similar , I forgot which one.
Now the strategy :
You wait for Coral to change colors , let's say it becomes red , then you wait at least 10 candles and if in this time no candle has gone up and touched HT ( which should also be red ) you wait for the first candle that touches HT ,you ideally it should finish as bull candle , then look at JRSX and if it's OB but it's still gray , if it has changed colors you don't take the trade , but if it's gray you take a 5min put.
Very important Coral must be above HT and both of them must be Red.
Here is an example :
For a call it's the opposite , you wait for Coral to become blue , you wait at least 10 candles and if in this time no candle has touched HT which should also be blue you are good to go if not you wait for the next Coral color change. In this case you want Coral to be under HT and both blue , here is an example :
I will add a template called "Examples" in which I have marked trades for today and friday on EU with explanation of the entries , you just need to make an account to FXCM demo GBP and you will have the same datafeed like me and all the entries will be the same. If you don't do this everything will be misaligned. For this just click File -> Open an account -> and if you dn't have FXCM GBP DEMO in the list scroll down and there will be a option " add new broker " , you write FXCM , look for GBP and after that you know the drill. After you finish and you want to change back to your datafeed just click File -> Log in to account and select the broker you want and the datafeed will reset.
I will write here the rules and you must follow them :
1. You wait 10 candles after Coral has changed colors.
2. If HT and Coral are blue you take trades only when Coral is under HT , if they are Red you take trades only when Coral is above HT.
3. You wait for the first candle that touched HT and preferable closes near it , and that's the only trade until Coral changes colors again. If a candle touches HT and it's in the first 10 candles after Coral has changed the color you don't take the trade.
4. If JRSX is OB/OS and gray yout take the trade but if it has changed colors blue/red you don't take the trade.
5. If JRSX has been OB/OS for more than 10 candles you wait at least 5-6 candles until you take a trade, if a setup shows in this time period you wait until Coral changes colors.
6. You don't take trades on candles that have no wick in the direction they were draw , example : if it's a bull candle with no High wick you don't trade it , if it's a bear candle with no low wick you don't trade it.
7. You don't take trades if you have a clear S/R level and the price has already tried to break and it didn't , example : if price tried to go up and bounced back at least 2 times in the past 10-15 candles and you have a call setup , if it's close to the point where price came back down you don't take that trade.
I know many will not understand but this strategy is different because it's not mechanic as in you wait for everything to go OB/OS and enter the trade, well I made the rules so that it's easier to get started. The thing is that every strategy based purely on indicators that go OB/OS or change colors at the same time you will get 50% , every indicator will get 50% because as I said it's hard to code every little detail. As the saying goes " the devil's in the details" the same applies here , this strategy uses the indicators as reference points and that's all , the only one that's used for the entry is HT.
The itm comes from the rules I mentioned and not from the indicators so if you can't learn the rules don't even bother with this strategy because you will come back and ask for arrows and EA's and all that. I can't prohibit no one but I am kindly asking the coders to not attempt to code anything and I reccomend everyone to try to trade the strategy instead of watching for arrows and pop-ups.
In the end I don't want to be rude or anything but the issue with the majority of people on this forum is that they want something that does everything for them , and for me it's like everyone wants a car that drives itself or to drive like a pro without learning how to drive. Basically this is what I see , people that want to trade without wanting to learn to trade.
Please add FXCM GBP DEMO as broker and take a look at the trades because it would be a pain to make all them screenshots to post here.
Green trades to everyone.
P.S. I formulated this strat for newbies , and this is why the number of trades is low but experienced traders can take more trade since they can spot more setups , I did not mention them because I want to help newbies to learn not scramble their brains.