My Trading Strategy

[masterpips]

Hello all,

I'll post my trading strategy, basically I trade based on 3 thing, that is:

1. Trend line
2. fibonaci retracement
3. Candlestick pattern

OK, let's see this chart:



1. Trend Line

the easiest way to spot the trend is comparing between the candle in left and in the right of your chart. if candle in your left is below than your right its mean you have up trend. Then make a trend line.

2. Fibonaci Retracement

After you can spot the trend, next step you have to do is draw fibonaci retracement. I use only 0.0, 38.2, 61.8 and 100 line. based on your trendline you can make fibonaci line. put 100 line at your left corner of your trendline and 0.0 line at your right corner of your trend ine.

and this is how its look



3. Candle stick pattern

The last thing you should do is waiting to get a good signal to entry. And I do this based on candle stick pattern. I'll tell you about this pattern in my next posting.

and this is how its look



to determine Target points, Stop loss and trailing stop, I'll tell you on my next posting.

Thank you all

 

[trader_dante]

Seems familiar...

 

[masterpips]

Seems familiar...

Familiar? with what?

 

[trader_dante]

Familiar? with what?

That's very similar to what I do. Sorry, I've detracted from your thread. I will remove my posts if you like.

 

[masterpips]

That's very similar to what I do. Sorry, I've detracted from your thread. I will remove my posts if you like.

it's ok. it really excited to know that there is other people do the same with me. furthermore by some expert like you.

ps: would you like to give review on my blog Forex Signal and Analysis

thanks

 

[littlemog]

I use Fib levels and candlesticks a lot too... much more relying on the latter. Long candle sticks like Marubozu are really telling for example, or as a support to trend analysis.

 

[masterpips]

ya, I think it the best way to spot the market condition. I don't believe in others indicator and I never use them either.

Trend, Fibonanaci retracement and candlestick. that all I need

 

[littlemog]

Morning Masterpips,

any reading materials on candlestick that you can recommend? thanks

 

[masterpips]

I have one, the best I think. but in Bahasa. it's call "when to buy and sell candlestick can tell". It's very simple one. but in hardcopy. if you like I can send it to you.

 

[BREND]

I have a proven method as well.

I do back-testing on currency pairs based on 1 year and 2 years period.
Based on the test, I will find out which is the best indicator for the particular currency pairs. Usually there is an indicator for 1 year period and another indicator for 2 years period.

Then I will enter a trade only when both indicators are giving the same signal.