Hello all,
I have made several strategies, and have used them. I am trying to make this new strategy to adjust to my lifestyle. Every 8 am, 12 pm, 4 pm for an hour, I will analyze the major currency pairs. I use Ichimoku on a 4-hour chart to determine the trend direction. Once a candlestick has crossed the Kijun-Sen, I place a trendline above or below (depending on other factors) the candlestick once it finishes. Afterwhich, I use the 5-minute chart with Pivot Point to determine a stop loss. The limit is set by using a 1-hour chart with Pivot Point. Stop losses are placed on the last high, low, or adjacent to a pivot point. The trade is placed once the Chikou Span has crossed the Price Point (not Kijun-Sen) on the 4-hour chart and the candlestick has opened above/below the trendline showing up on the 5-minute chart. I use a daily chart with MACD and RSI to help back the momentum of the 4-hour trade. I also use candlestick patterns to help with decision making as well as some fundamentals.
Now, here is the problem. When all conditions are met, I will place a trade. When it works, it works!!! However, there are times that the trade plays against me before it goes the way it is predicted. I think I am missing something and I am open to any suggestions. I am also open to meeting online, over zoom, to further explain the strategy.
No personal info can be posted, sorry.
If anybody is likely to help you, I suggest you lay out your strategy as single numbered sentences?
I presume this is a manual strategy?
If you do above (single sentences) then you may be lucky and some kind coding wizard may even code it up for you? 🙂
@ robertogozzi, no personal info will be shared. I can post a zoom link that will work only once.
@GraHal, I might sound like an idiot for asking, but what do you mean by single sentence? There is a lot to explain.
Your title is pretty meaningless and/or confusing. You mention an indicator and then talk about a strategy.
As GraHal says I think you need to clarify exactly what you are asking for and then we can move your topic to the correct forum and give it a meaningful title.
Thanks for the advice. I will do just that.
single numbered sentences?
When loads of text (explaining complex ideas) is in one paragraph, readers brains feel like they are in a tumble drier … bashed this way and that way! 🙂 The result is readers switch off, don’t read and therefore you won’t get help?
And so I was suggesting you write your strategy like below … in separate sentences or mini paragraphs, they are called bullet points, bulleted list or a numbered list…
The numbers make the points easy to refer to, for example, “so in point 4 you say … etc etc”
1.
2.
3.
4.
Thank you GraHal. I have only posted on prorealcode once before, so I am still learning to navigate. I will try and edit the post or make a new one.
No links to Zoom or whatever else.
That’s part of personal info.
Thank you 🙂
Ok, no problem. I saw that no personal info is allowed to be shared (understandably), so I thought of zoom as it wouldn’t provide the info.
How do I delete or edit a post?
You can edit your post within five minutes of submitting it. Only moderators can delete/edit posts after this time has expired and only Nicolas can delete topics.
It is probably best if you explain a little better here what you are trying to do and then a moderator can edit the title and move the topic to the correct forum rather than add to the confusion with a new topic.
Thank you Vonasi. I will do a new reply better describing the strategy.
If a moderator could kindly edit my post with the following below, then I would greatly appreciate it. Along with the new title, Fixing a new Strategy.
I am trying to plug a gap in a new strategy in trading CFDs. Using 4 charts. The first chart is a 4-hour chart with Ichimoku and MACD. The second is a 1-hour chart with Pivot Point that is modified to show the MACD as a 4-hour. The third is a 5-minute chart with Pivot Point. Last is daily with a regular MACD and RSI. I also use candlestick patterns and some fundamentals to assist. I am open to any suggestions to help improve the strategy.
The strategy works as follows,
- Using the 4-hour chart, I wait for the candlestick to cross the Kijun-Sen. Once it does, I come back once it has finished.
- After the candlestick is complete, I check to see where the past price point is in comparison to the Chikou Span.
- If Chikou Span has crossed past candlesticks, then I place a trendline on the top/bottom (depending is the trend is long or short) of the current candlestick.
- I will then use the 5-minute chart to set an auto trade when the 5-minute chart has closed after/below the trendline. I also use the MACD on the 4 and 1-hour chart to confirm the trend.
- I use the Pivot Point on the 5-minute to set Stop Loss. The Stop Loss is placed on the last high/low adjacent to the second Pivot Point line.
- The Limit is set on the 1-hour chart using the Pivot Point or past data using trendlines.
- The amount per contract is calculated as so, 1 percent of total capital. For example, 1 percent of 20,000 is 200. Then measure the distance of the potential entry point to the potential Stop Loss. For example, Stop Loss is 50 pips away. Now divide, 200/50=4. The contract is purchased at £4 per pip. The ratio is always close to, or more than, a 1 to 1 between Stop Loss and Limit. So the Limit would be set close to, or more, than 50 points from entry.
- The daily is used to help the overall understand of the trend direction.
The strategy works well, but there is a time when the Ichimoku fails me, and the price with go against me before going my way and hitting the Stop Loss. What I am looking for is any suggestions that will help prevent me from making a trade when the Ichimoku is wrong. Any suggesting indicators, or if someone thinks they can create one, then even better. Any help would be greatly appreciated. I was thinking of something else on the 1-hour chart to show that the trend is still going in one direction when the Ichimoku is showing another. Thus preventing the trade until the time is right.
Thank you in advance.
Thanks to all those guiding me in creating a better post and helping me understand how Prorealcode forums work.
