EDIT, - I do not use this STR by myself
Hi all.
This is a simple method for trading I want to introduse using fractals, whitch is nothing else then price action itself.Due to accuracy and for not to be glued to the screen I will trade it on 4H time frame.For purpose of simplicity I want that the method would be as much mechanical as posible.On the other side of the coin the rules is not writen on the stone so I will use some discretion and common sence as well to be flexible and adaptive to the changing market conditions. For better focus I will mainly trade the Eur/Usd pair.
Fractals that I will use for my method will be for two purposes, they self will determine the trend in some grade and they will help visually show the swing for a lazy trader. Any positive sugestions and remarks much apreciated.
rules/guidelines
1.I will use fractals that are confirmed. A confirmed fractal is a five candles combination where two candles from both side of the mid candle are higher(bullish fractal) or lower(bearish fractal) and the third candle after the mid candle is closed.
2. If a bullish fractal`s low is higher then the previous bullish fractal`s low it means that market is making a higher low and it is where I might be interested to buy.
3. If a bearish fractal`s high is lower then the previous bearish fractal`s high it means that market is making a lower high and it is where I might be interested to sell.
4. I will open a position after the confirmed fractal at next candle open if it is not two late to enter meaning that market has already moved a good distance from the fractal`s low/high. I will not trade if that move is more then 100persent of ADR10 value so I will wait for a retrace and preferably will enter on bullish candle(if the fractal bulish) not on self retrace. The oposite for bearish fractal.
5. If the fractal is bullish the third candle after the mid candle also shoud be bullish and not bearish. Just the oposite for bearish fractal.
6. As I say the fractals self show the trend in some grade just making higher then previous swings in an uptrend(or oposite for downtrend) but it is always better to be more picky and trade in the direction of a higher time frame such as daily in this case.
7. The stop loss will be either the low of the fractal, if it is not too far away from the opening price or a 50 persent of ADR10 value.
The take profit will be either fast amount about 80 persent of ADR10 value or the positions can be closed at support/resistance areas, also when simply the market get exhousted in your opinion. Also I prefer the safety so I will move sl to BE after 30-60 pips or another amount in profit depending on volatility and discretion.
S.
ADR indi atached if needed(from somewhere in FF)
Hi all.
This is a simple method for trading I want to introduse using fractals, whitch is nothing else then price action itself.Due to accuracy and for not to be glued to the screen I will trade it on 4H time frame.For purpose of simplicity I want that the method would be as much mechanical as posible.On the other side of the coin the rules is not writen on the stone so I will use some discretion and common sence as well to be flexible and adaptive to the changing market conditions. For better focus I will mainly trade the Eur/Usd pair.
Fractals that I will use for my method will be for two purposes, they self will determine the trend in some grade and they will help visually show the swing for a lazy trader. Any positive sugestions and remarks much apreciated.
rules/guidelines
1.I will use fractals that are confirmed. A confirmed fractal is a five candles combination where two candles from both side of the mid candle are higher(bullish fractal) or lower(bearish fractal) and the third candle after the mid candle is closed.
2. If a bullish fractal`s low is higher then the previous bullish fractal`s low it means that market is making a higher low and it is where I might be interested to buy.
3. If a bearish fractal`s high is lower then the previous bearish fractal`s high it means that market is making a lower high and it is where I might be interested to sell.
4. I will open a position after the confirmed fractal at next candle open if it is not two late to enter meaning that market has already moved a good distance from the fractal`s low/high. I will not trade if that move is more then 100persent of ADR10 value so I will wait for a retrace and preferably will enter on bullish candle(if the fractal bulish) not on self retrace. The oposite for bearish fractal.
5. If the fractal is bullish the third candle after the mid candle also shoud be bullish and not bearish. Just the oposite for bearish fractal.
6. As I say the fractals self show the trend in some grade just making higher then previous swings in an uptrend(or oposite for downtrend) but it is always better to be more picky and trade in the direction of a higher time frame such as daily in this case.
7. The stop loss will be either the low of the fractal, if it is not too far away from the opening price or a 50 persent of ADR10 value.
The take profit will be either fast amount about 80 persent of ADR10 value or the positions can be closed at support/resistance areas, also when simply the market get exhousted in your opinion. Also I prefer the safety so I will move sl to BE after 30-60 pips or another amount in profit depending on volatility and discretion.
S.
ADR indi atached if needed(from somewhere in FF)
Attached File(s)
Daily Range PeterE.mq4
51 KB
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