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Mysticforex

Let's Create a Simple System for Beginners.

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...............................................................................................................................

 

ADP will probably pop this baby.

 

Hi Mysticforex,

Your chart shows a nice flag BUT with lots of higher highs and higher lows,so a breakout

short could fail.

So we add another RULE.Wait for lower lows to go short.Even though the trend is down.

regards

bobc

5aa710e6d1f7d_28326d1333541111-lets-create-simple-system-beginners-nyb1.thumb.gif.39154e7de71e733336ba640938e347d6.gif

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add.....dont listen to your f..n partner carry on about holidays, airport bookings and trying to save 20 pounds while trying to trade as it costs you $1000s when you are trying to answer her inane questions. :angry:

 

add...deep breath in, put kitchen knife away, present her with a bill later

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For beginners? I like the idea. Not sure if there is a "system" that a beginner would really follow, due to lack of discipline, greed/fear factor, and maybe even laziness? Easy come, easy go.

 

But generally, a simple system or rather a strategy, could be created.

 

Since here we started with breakout method, my input is:

 

1. Breakout of significant range (or let's say opening range, or the 1st hour range, etc),

2. Wait for the retest of 20EMA (it doesn't much matter 20, or 21 if one likes fib. numbers, or even 20SMA).

3. Entry below (+1 + spread) the bar that retests 20EMA, SL above (+1 +spread) - for shorts. Reverse for longs. After 1:1 is obtained, bring SL to B/E.

4. For M5 TF maybe 1:1.5 is enough. Or target could be the nearest SR (i.e.: Round Number or pivot, or previous day's H/L).

5. 2-3 trades maximum to prevent revenge trading.

6. Options: Close all, scale out of half, half trail with 8EMA, etc, but that's trade management.

 

Quite simple, not every day there will be a trade (unless one "forces it"), not every trade will be a winner.

 

It is better to confirm the entry in the direction with daily TF. Not just "with trend on D1", but also for example: if daily comes near significant resistance, better not take longs, but watch for shorts.

But that's maybe too complex for "simple" strategy?

Edited by SpecTrade

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Stopped out. Came within 2 pips of TP ( Figure at least 2 pip spread, I currently have 1.2 ).

4 trades: 3 winners, 1 loser, net: 50 pips.

 

No trade tomorrow. Good Friday and NFP.

 

Someone up up with a simple system for next week.

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Ok, since no one else is stepping up, here's another.

 

3 indi's 200 sma, 62 ema and full stochastic 30,10,10.

 

On this chart price is clearly trending down. Wait for a bounce and the stoch to go into overbought. When it comes out of overbought, trade with the trend ( short ). Hopefully stoch will continue down into oversold. When it comes out of oversold, exit.

Stop would be just above most recent high. In this case 12966. Trade opened @ 12934 and exit would have been 12884 +50 pips.

 

This trade was a few hours ago. I missed it, still sleeping. I will look for a live example.

 

EDIT: The only reason we have the 2 MAs is for a visual representation of trend.

scot.thumb.gif.99161c410840cfd1b5b66a9c381ddae7.gif

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One system that I use that is extremely useful for beginners as it is very simple to use is the valuecharts indicators. They can alert you when a market is over or under valued. You also look for an MACD that is showing lower highs (for a sell) or higher highs (for a buy). If you have a higher high pattern then you buy at a undervalued price point and sell at an over valued price point. If you have a lower high pattern then you sell at overvalued and buy at undervalued.

 

This works really well for trading forex, I normally look for a trend in the daily/weekly chart then go into an intraday chart to find the value level for entering. Valuecharts are really great at helping you lower your risk exposure and the company MicroQuant also hosts free training webinars.

 

I think they are available on NinjaTrader, TradeStation, MultiCharts and Bloomberg. I know they offer a free trial for the indicators as well as training webinars

 

Hope this helps!

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