Forex trading with candlestick and pattern

Forex trading with candlestick and pattern

Candlesticks

Japanese Candlesticks are so popular and used by so many traders that most every charting program includes the option to use Candlesticks.

Yet most traders don’t know how to use them tools effectively (meaning “profitably”).

There are multitudes of Candlestick Patterns with esoteric names and it can be very challenging to memorize them all. But the good news is you don’t have to!

Behind the flowery names and their Asian mysteries, Candlestick Patterns are actually very logical.

In this course I simplify Candlesticks for you by teaching you the LOGIC behind the patterns. When you understand that, you don’t have to learn all the various configurations by rote memory. You will be able to look at any Candlestick, see the logic behind it, and immediately know what it means!

Most importantly, you will learn exactly HOW to use them to reap big rewards.

Go beyond the theory (and the hype) to the practical reality of what actually works in the real world of professional trading with Candlestick charts.

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Basic Guide To Understanding Elliot Wave

Basic Guide To Understanding Elliot Wave

elliot wave

Developed by Ralph Nelson Elliott in the 1930s, Elliott Wave Theory was originally designed to forecast stock price movement. Over
time however, the theory has been applied to a variety of markets, particularly foreign exchange. It’s higher popularity in the foreign
exchange market stems from the fact that 80% of the volume in the FX market is speculative. This is important since waves are based
upon mass psychology. Elliott Wave Theory is now a very popular analytical strategy frequently used by the technicians of leading
investment banks and intermarket players.
The Elliott Wave Theory is founded on the notion that markets are not perfectly efficient. As a result, prices from one moment to the
next are not random but rather subject to changes in overall investor behavior—changes that can be predictable with an understanding
of mass psychology.

Source from Daily FX Research Team

Free Download Basic Guide To Understanding Elliot Wave Ebook:

Basic Guide To Understanding Elliot Wave (90.9 KiB, 111 downloads)

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Trade what you see

Trade what you see

Trade what you see and NOT what you expect is my first thought before entering a trade. This mentality has helped me trade the market for what it is. We don’t know where it’s going, only where it’s been. I use key setups and take trades without any emotion attached.

trade what see

I trade only the GBP/USD and primarily during the US Session, she (I refer to the GBP/USD as she) provides enough opportunties that I don’t need to worry about the other currency pairs. I don’t worry about the fundamental side of trading, trading itself is emotional enough. I don’t hold the holy grail, and noone does. I agree with trading with the trend but I will go against it if the setup is right. Entry is key and that’s what I look for. One doesn’t have to be in a trade all the time to make money, you only need to be in a trade at the right time. Many traders see it moving and jump in the direction it’s moving and next thing they know, their down. I’m not afraid to walk away and wait for another setup if I’ve missed the boat. There is always another opportunity. Patience is key in this industry. If you don’t have any, GET IT.

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Candlestick Secrets

Candlestick Secrets:

The Art of Japanese Candlestick Charting By Brett Fogle

Stock, Futures, and Option Traders… 

Introducing an Amazing New Course
That Teaches You How to Master the Art of Candlestick Charting (
in The Shortest Possible Time) and Allows You To Make Bigger Trading Profits,With a Greater Degree of Accuracy and Less Risk!

CandleStickSecrets_2

“Amazing Discovery By a 17th Century
Japanese Rice Farmer From Sakata
That Will Revolutionize How World Markets
Are Traded Forever, and Will Make Financial
Fortunes For Those Lucky Enough
To Be Privy To His Secrets…” 

Make some donation to get free download of this E book:

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Breakout Systems – Stretch Breakout Channel

The Stretch is calculated by taking the 10 period SMA of the absolute difference between the open and either the high or low, whichever difference is smaller. It represents the minimum average price movement/deviation from the open price during a period of time, and that value is used to calculate breakout thresholds for the current trading session. This can be used to plot a multitimeframe breakout channel.

The Opening Range Breakout (ORB) Trading Strategy

Using this strategy, the trader places a buy stop just above the open price plus the Stretch and a sell stop just below the open price minus the Stretch. The first stop triggered enters the trader into the trade and the other stop becomes the protective stop.

Crabel’s research shows that the earlier in the trading session the entry stop is hit the more likely the trade will be profitable at the close. A market movement that kicks off a trend quickly in the current trading session could add significant profit to a trader’s position by the close and should be considered for a multi-day trade.

Extending Crabel’s research results it is obvious that as time passes and we are not filled early on then the risk increases and it becomes prudent to reduce the size of the position during the day. Trades filled towards the end of the day carry the most risk and the later in the day the trade is filled the less likely the trader will want to carry that trade overnight.

Opening Range Breakout Preference (ORBP) Trading Strategy

An ORBP trade is a one sided Opening Range Breakout (ORB) trade. If other technical indicators show a strong trend in one direction then the trader will exercise a preference for the direction in which to trade the ORB trade. A stop to open a position would be placed on the side of the trend only and if filled a protective stop would then be placed. The calculation of where to place the “stop to open” would be the same as that for the ORB trade: For longs, the Open price plus the Stretch and for shorts the Open price minus the Stretch.

stretch

Download Stretch Breakout Channel template:

StretchBreakoutChannel (1.7 KiB, 76 downloads)

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Breakout Systems – Scalping with Breakout Daily open

Set-up:

Time frame:

M5, M15 or M30

Currency Pair:

GBPUSD (Could be used on any)

Indicators:
Daily-Open set to: 15 and 15 (Change Lime to RED) [SL]
Daily-Open set to: 30 and 30 (Change Lime and Red to ORANGE) [Entrys]
Daily-Open set to: 60 and 60(Change Red to Lime) [TP]
and for all leave the Aqua alone

Rules:
For a SELL wait till price hits LOWER orange line
SL is RED Line 15 pips ABOVE entry
TP is Green line 30 pips Below

For a BUY wait till price hits UPPER orange line
SL is RED Line 15 pips BELOW entry
TP is Green line 30 pips Above

This gives a 2:1 Return

If BUY is triggered cancel SELL order
If SELL is triggered cancel BUY order

This systems is to Optimize the TP, Entry and SL for best RR and winning %

Examples:

scalping with beakout1

 

scalping with beakout2

 

scalping with beakout3

 

Download Scalping with Breakout indicator:

Daily-Open (2.6 KiB, 166 downloads)

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Breakout Systems – FlexBox indicator

The Advantages of Breakout systems – FlexBox Indicator is price-driven with little or no lag involved and reflect the reality of the market – there are trends and periods of relative inactivity between trends during which price does not gain or lose much. Many popular strategies have been developed using boxes and breakouts (Big Ben comes to mind), in fact the trading strategy is based on daily highs and lows which is, for all practical purposes, a box.

the FlexBox indicator to take advantage of breakouts in a more flexible way without making the assumption that “boxes” form according to a predictable schedule.

The FlexBox indicator is posted below and can be used on any timeframe. First, a few thoughts on how to use it:

Entries:

- Enter a trade at the close of a bar outside the box. Wait for the current bar to close completely.

Stoploss:

- Place a stoploss at the opposite side of the box from the breakout (or add a few pips if the box has a small price range).

Exits:

- Exit when the entry rule is met for a trade in the opposite direction.

The indicator is already compiled so simply copy it to your experts/indicators folder and place on the chart from there.

The user-accessible parameters are:

ROCPeriod - Boxes are formed based on an imbedded ROC indicator. The default here is 2 but I have tried values up to 5 without changing the results much - boxes just start a bit later.

BoxThreshold – This is important. After experimentation I’ve settled on a default of 12.0 but this may need to be smaller for timeframes shorter than 1 hour (which is the timeframe I recommend).

BoxMinBars – The number of bars in a box before it actually appears on the chart. Default is 3 because it works for me.

BoxColor – self-explanatory.

I have not traded live yet with this indicator but have done a lot of “eyeball” testing and feel that the indicator is interesting enough to share. I hope to learn more by reading the comments of others than I can learn by myself.

No, there is no EA yet. I’ll get to that in due course if I determine that the indicator is effective enough to be worth the effort. That’s where all of you come in…

Entry at the red arrow, exit at the red x equals 165 pips…

Flexbox

 

These trades immediately preceded the chart shown above

Flexbox2

 

Download FlexBox Indicator:

FlexBox Indicator (4.7 KiB, 199 downloads)

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Trending System – BBands Stop

Currency pair:any

Time frame: any

Indicators:

Slow Stochastic (5 ,3, 3)
BBands_Stop (also known as TopTrend indicator) default settings (20, 2)

BBands_Stop indicator can be your helping hand in confirming a trend, identifying trend change and setting stops.
Its appearance is pretty much self explanatory.

What should be added is that BBands_Stop if used alone won’t be able to save traders from losing in the Forex market. While it performs outstandingly well during good trends, it faces a fiasco during sideways channeling market.

The settings for BBands_Stop indicator could be changed to fit any particular favourite currency pair and a time frame.

When to use Stochastic? It becomes extremely easy to see which Stochastic lines cross can help with entries or re-entries after retracements: if BBands_Stop suggests an Uptrend – we need a Stochastic cross at the bottom. Opposite for downtrend.

bbands_stop

Download BBands_Stop indicator:

BBands Stop V1 (1.4 KiB, 37 downloads)
TOPTREND (5.7 KiB, 37 downloads)

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Trending System – 3 points match system

Time frame:

Any

Currency:

Any.

Indicators:

5 EMA, 10 EMA, Stochastic (14, 3, 3), RSI (14, 70, 30)

Entry rules:

Buy when 5 EMA crosses above 10 EMA and Stochastic lines are heading north (up) and Stochastic is not in overbought position (above 80.00 level) and RSI is above 50.

Sell when 5 EMA crosses below 10 EMA and Stochastic lines are heading south (down) and Stochastic is not in oversold position (below 20.00 level), and RSI is below 50.

Exit rules:

when 5 EMA and 10 EMA cross in the opposite direction or if RSI crosses the 50 mark again.

Advantages: allows filtering entries and thus is more accurate.
Disadvantages: 5 and 10 EMAs can give very early exit signals.

 

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Follow Trend – Buy / sell indicator with alerts

System logic:

It calculates number of bars on charts and then based on histogram it draws a arrow which is again confirmed when next opening bar price its high in case of buy arrow or low in case of sell signal, when both these conditions are satisfied it draws an arrow.

it is price behavior change It means if arrow has appeared price will change it direction a five bars sequence, where the central bar has higher maximum or lower minimum arrow shows central bar position.

build in sound pop-up alert as well email alert.

Recommended time frame = 1 hr.

BuySell3.0 Indicator

Download indicator template:

Trendsignal (3.2 KiB, 264 downloads)

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