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Thread: Simple Daily System

  1. #1
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    Smile Simple Daily System

    Hello guys!

    I would like to share this simple but effective system with you. I'm not an author of it but use it quite successfully. Hope for some of you it will give a nice profit specially for those who is not a full-time trader and has only limited time to trade.

    OK here it is:

    Buy Rules
    1) Daily Charts with NO Indicators
    2) If price has 3 consecutive days where the Close is higher than the Open, on the OPEN of the 4th candle, Initiate a Buy Order.
    3) Stop is 2 pips below the previous candle, or 90 pips (whichever is lower)
    4) Take Profit is in 2 steps...
    a) Take half profit at 30 pips and move stop to break even
    b) Take remaining profit at 100 pips

    Sell Rules
    1) Daily Charts with NO Indicators
    2) If price has 3 consecutive days where the Close is lower than the Open, on the OPEN of the 4th candle, Initiate a Sell Order.
    3) Stop is 2 pips above the previous candle, or 90 pips (whichever is lower)
    4) Take Profit is in 2 steps...
    a) Take half profit at 30 pips and move stop to break even
    b) Take remaining profit at 100 pips

    This is an easy system because it eliminates many factors that make the novice trader unsuccessful (overtrading, ignorance about how to effectively use indicators, etc.).

    I would recomend to move your SL to breakeven as soon as possible, 20-30 pips are quite enough.
    TP levels may differ depending on pair being traded. Say for GBP/USD optimal TP is 39 pips and 80 pips. You have to optimize your TP for each pair you trade.

    Have a look at backtest results for several pairs:

    Gbp\Usd Testing

    From beginning of 2007 to today:

    2 lots:First lot close at +30,
    second lot close at +100 pips


    January:+190 pips
    February:+190 pips
    March:-20 pips
    April:+550 pips
    May:-280 pips
    June:+550 pips
    July so far:+150 pips

    Total for the year:+1,329 pips

    Gbp\Jpy Testing

    From beginning of 2007 to today

    2 lots:First lot close at +30,
    second lot close at +100 pips


    January:+650 pips
    February:+450 pips
    March:+190 pips
    April:+530 pips
    May:-100 pips
    June:+710 pips
    July so far:-130 pips


    Total for the year:+2,300 pips

    Cad\Jpy Testing

    From beginning of 2007 to today

    2 lots:First lot close at +30,
    second lot close at +100 pips


    January:+302 pips
    February:-94 pips
    March:-194 pips
    April:+536 pips
    May:+1,130 pips
    June:+190 pips
    July so far:+60 pips


    Total for the year:+1,930 pips

    You may paper trate any pair you like and post your results!
    You trade only once a day and it takes about 15 minutes to look over the charts and make your decision.
    I wish you success and have fun!

    Take care!
    Last edited by FXOjafar; 09-16-2007 at 04:42 AM. Reason: Multiple posts used unnecessarily

  2. #2
    Bullish 24121's Avatar
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    Not bad results. Why do you use it only daily TF,. It can be used in HOURLY as wee. Especially volatile pairs like GBP/JPY od XAU/USD (aurum)

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    wow .. great pips you get more than 1000 in may.. but in a month you get minus .., nice system..

    based on daily chart it means I have to prepare more margin and order with small amount.. a year trial

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    hello
    this not 3bp?
    i think this method is same 3lb

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    Quote Originally Posted by 24121 View Post
    Not bad results. Why do you use it only daily TF,. It can be used in HOURLY as wee. Especially volatile pairs like GBP/JPY od XAU/USD (aurum)
    The candles of hourly chart or shorter time framed chart are full of many wrong signals.Those are not strong enough. In this system only candles are the indicators. So candles should be solid. The longer time framed chart gives more accurate data.

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    when do candle change to another candle based on fxopen mt4 server time?

  7. #7
    Director of FXOpen Aus FXOjafar's Avatar
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    Quote Originally Posted by sad.trader View Post
    when do candle change to another candle based on fxopen mt4 server time?
    21:00 GMT on daily chart.
    Jafar Calley - Director
    FXOpen AU Pty Ltd
    Level 26 • 1 Bligh Street
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    Australia
    AFSL:412871 ABN:61 143 678 719
    http://www.fxopenaus.com

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    this one is tested and quite useful method
    it means to take asingle trade a day . and stay profitable

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    intresting method, for intra day traders its better to follow 1 hour chart

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    It seems a nice system, I will try it, I hope it works.

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    it looks good to me but i hope i can make some profit

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    Quote Originally Posted by karimchams View Post
    it looks good to me but i hope i can make some profit
    I'll try to review to. I think need much margin to do this... sm_cool ._

  13. #13
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    Seems interesting.

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    Have you tried this system on 4h chart?

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    can we use this methode on 5 min charty
    ?

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