Advanced Forex Strategies that Actually Work Even for Beginners - with detailed Daily Price Action Analysis you will have the necessary knowledge to trade better and more consistently. Basic strategies - where the education for all beginner traders starts.. Basic strategies use simple chart pattern recognition rules and one or two basic indicators. By learning to recognize and trade simple patterns, novice Forex traders will be able to make a much smoother transition to more advanced trading systems and methods.
When the first position hits the TP, you move the SL of the second position to breakeven. If the first position is 1: The way i interpret the above quoted text is that if the price is at 1. So at that point you have two different stoplosses, is that correct? You move the second position SL when the first position hits the TP.
In that example, my target would be pips. What i wanted to know was when to move the second position to breakeven. Again, sorry to take up your valuable time, i realize you must be very busy between writing all these wonderful articles and answering questions from other people.
Sorry for my confusion. The above article is written by Kamel and that is his strategy. Just read it multiple times and watch examples from authors. I have simplified this strategy to maximal extent and even increased the profitability and proved it in backtest. So if the original strategy is too complicated to you, you can use the rules i have posted above. I think that can tell us more about its success rate. It is impossible to answer this question, because markets behave differently every month.
Please read the below comments. Some trader have back-tested this system and published the results on this page. Thanks for your article i have read all the article and it is very good for daily time frame trading… can you tell me how to download Double bolinger Band…. You should add two Bollinger Bands to the same chart. I am desperate that you did not answer my question on Mar 5, on this same thread..!!
Example for a downtrend: Please upload an example to tinypic. The typically DBB setup: Thank you for sharing this. It has to be back-tested to see how it has worked in the past. Hello Chris I am appreciate to find this site as I am novice in trading and thank you and your friends for such huge support, almost read all 5 steps and trying follow your points.
I am at stage of analyzing and practicing, so I have question: May I know what did I miss? Thank you for your attantion. Sometimes even the best and strongest setups hit the stop loss. You have to be prepared for it. Have you ever check what is the winning rate for this strategy? It looks so simple to follow and yet effective.
Thank you for sharing a system so effective and simple with all of us and for free. I just stumbled across your free system online, since I just completed a very similar daily system myself and looked for ideas to finally make it work.
I created one with a quite similar idea to catch trends in the beginning. Since I did not know a better way, I based mine on moving averages and candlesticks but I find your approach with two sets of Bollinger bands a whole lot more comfortable and precise than MAs alone could be.
So your way to keep things simple is just incredible to me. I plan to apply that system as soon as possible. First I need to refund my account, because I let mine be torn down by a lot of mistakes Chris identified in his article about greed.
So I hope to do better in the future. You and Chris are incredible, unselfishly educating people with true wisdom and encouragement. My ultimate goal is to be able one day to give wisdom for other people to prosper just the way you guys do. I am truly greatful and will keep reading your stuff and learn and master everything you share. This trading system is simple and effective. Just started back-testing it and collecting the information on other articles and your comments.
I am somewhat new to technical analysis in general, so I was thinking of trying this system alone because it is simpler and seeing if I can handle it alone, without using the main system.
Chris what happened to Kamel??? Many days have passed since I last saw Kamel articles last in this site. I hope to get something new from Kamel. Hmm I agree perfectly with u on this point of view.
Kamel, show Chris that you are not lazy so that we can see something new articles from u. Only the 3 candlestick have to be bullish in case of long trade setup. Are you saying that trading with the stochastic system that you taught us and use it on weekly timeframe, we can be consistently profitable? It is explained above. You add 2 Bollinger Bands to each chart. One with default settings. The other one with Dev 1. Charith, You can add 2 bollinger bands with deviations 1 and 2.
If you save this as a template then you can use it again and again easily. This will be easy for you. Indicators links are at the end of the post. I hope those who LuckScout users who developed the indicators make them compatible with the new MT4 build. Make sure to read this article: Yes, I see a short trade setup based on DBB around that area. Of course there is no Please mark the trade setup somehow so I can see what setup mean exactly. Do you have a special explanation for not trading this set-up or was it okay to take the positions?
I see only half of the circle. By the way, the It is explain in the article that you should add two sets of Bollinger Bands indicator. One with the default settings and the second one with Deviations: Open your mt4 account or platform and go to the insert button click it select bollinger bands a box should pop up click the parameters it should be 20, 2, Repeat this process and add change the deviation to 1 you should have two sets. If yes, please share that as well.
Surely it is always defeating my understanding! Thank you kamel, been using your strategy for a while now and love it, so simple yet very effective!! I think I have to start using this strategy combine with master Chris strategy and see what result it will give. I love your article so comprehensive. Hi Chris and Kamel and everyone one who works in this site.
I am new to your site and just registered few days ago. I have been reading your articles about DBB strategy and I found it so amazing. I looked at so many patterns specially in EURUSD and I kind of feel the pattern of the candle stick or maybe the length of them or the distance they have from the BB1 upper or lower band can make a difference. Thanks a lot for your help and support and your amazing information. I just want to say thankyou for posting this article because It will help me start making profitable trades.
Up until now In have only made small profits and mostly losses trying to trade the shorter time frames. Thanks again and keep posting. Could this be due to algorithmic trading killing market inefficiencies?
As I explained once, you can use BB1 and locate the strong candlestick signals. There are so many traders who do it.
Algorithmic trading cannot affect market. Please kindly share a screenshot as an example, so that I can see what you are talking about exactly. My broker is CM UK. Could you give me advice on this? Pardon for the many questions, I just registered an account and bursting with questions Thanks a lot again! Yes, the daily candlestick close time can make the candlesticks shapes different. In most of my screenshots I use the FxPro charts.
You can do the same for your analysis, and then use your broker platform only to take the positions. Thank you sir for this new strategy of trading. I would like to know how to add second set of BB to my screen. I tried but could not succed. Thank you so much sir Kamel, you have solved me alot of headache especially in determining the target and stop loss. How to use this strategy in Amibroker software? Can the DBB strategy be profitable using 4 hour charts? Or is it better to stick to Daily and longer time frames with this strategy?
The longer the time frame, the stronger the signals. Shorter time frames will have more losing positions. I would like to know when you mentioned you check only 15 minutes a day to check for a setup, does that mean you are only looking for 1st candlestick and 2nd candlestick close below Upper BB1 and 3rd candlestick close above Upper BB1 setup only?
I hope you understand my question. We should check the last 3 closed candlesticks. Please also read this article: The 3rd candle was 2 days ago, but i think the price still ok to take position. I just want u guys too take a look the chart and confirm for thia signal, cause im new for this DBB system. Hello Anton Praja I have opened position on this currency pair on I am still still holding the position. I have 2 doubts to clarify 1. Does the color of the candle candle no.
Is this strategy valid if candle 2 and 3 touches BB1 bottom line and BB2 bottom line. That method seems interesting, I will give it a try. Sorry if there has been already an answer, but is the strategy suitable with CFD and metals charts?
And if no, why? Dear Chris,So thankful for your hard work you have done so far to improve our trading skills.
Special thanks to Kamel for this simple and effective DBB strategy. Thank you for back test Report of this strategy by JojoW. HI Kamel Another confusion. After 14th March, there was a selling signals but after Candle stick 3, which was closed down BB1 lower band, prices startd going up all of a sudden.
Hi Kamel and Chris. Found the LuckScout website only yesterday and am in the process of reading through your articles.
How do I set up the alerts indicator? Do you always set a market order when an eligible candle closes, or is a pending order an equally plausible entry? If so, would a pending order have to be cancelled if not triggered within one bar? So you will have to give more time to the market to hit the order. Did you test this, or is it more a style-of-trading thing? Thanks, and happy trading. Thank you Kemal for the article. Although I have read before, still this is invaluable article to remind me.
I like that you guys are simple and realistic. I look forward to many more great articles. This eBook shows you the shortest way to acheive Financial Freedom: Just before you go, did you check This System? Make sure to do it now, otherwise you will regret. Article by LuckScout Team. October 25, at October 26, at 3: October 25, at 1: October 25, at 2: October 25, at 3: October 26, at 1: December 9, at 4: October 25, at 4: October 25, at 5: October 26, at 5: October 26, at 9: October 26, at October 27, at October 25, at 6: October 25, at 7: October 25, at 8: October 26, at 4: October 26, at 6: October 26, at 8: October 27, at 2: October 26, at 2: October 27, at 1: October 27, at 3: October 27, at 5: October 27, at 4: October 27, at 6: October 27, at 7: October 27, at 8: March 2, at 7: October 29, at 9: October 30, at 2: October 31, at November 5, at November 8, at November 9, at 1: November 9, at 8: November 9, at November 17, at 5: November 17, at November 28, at November 29, at 9: December 9, at 7: December 18, at 6: December 20, at 1: December 18, at 7: Michael stJohn van Eeden says: December 21, at 6: March 2, at 6: January 3, at 3: January 3, at 2: January 4, at 2: January 5, at 4: January 9, at January 10, at Nov 19, 1.
Please find the "No Sleep EA" without any restrictions. It is coded by me It can work on any demo or live account for unlimited period of time. It also can be back-tested, even I'm not back test believer. Forward test is the best of course.
Can work on any pair. Lately, I use it on Gold because of the high lot rebate I got from broker and it's profit as well.
You can use it on any time frame If you want to use multiple pairs, then use safer settings Lower time frame means higher profit, higher DD Higher time frame means lower profit, lower DD So, use your own settings that you feel comfortable with as I can't take settings responsibility.
Use it on demo first for at least a week Some trades from live account Nov 20, 2. Why does it need us to allow DLL imports to work? Please be careful with allowing expert advisors and indicators to import DLLs.
It can be very dangerous. Do so only with the EAs you really trust. Enivid , Nov 20, If it doesnt, please try to fill out this form with your choice: Please try to contact me here: Is this a way to contact you, if so I would like to get the Fibomachinepro.
I brought the PIPS WIZARD PRO, installed on my window camputer, then I try to install it on my mac and i would not be installed, I though it was going to synch with all devices within that specific broker, any help or clarification regarding that issue will be helpfull,,,. MT4 will run on Mac only with special programs. If you can install Windows on your Mac then it will be much easier.
Er gefällt mir sehr. Es ist aber, soweit ich es beurteilen kann, eine etwas ausgearbeitetere Version, die 4 Parameter enthält. Können Sie mir weiterhelfen? Besten Dank und freundliche Grüsse, Carlo Graziani. Haben Sie eine Empfehlung? Für mich scheint H4 am besten zu sein, aber Paar Mal klappte M30 auch perfekt wie z.
Doch für ein H4 signal muss mann mehrere Wochen lang warten. Haben Sie vielleicht eine ausführliche Beschreibung fürs Indicator, weil ich sowas nicht schaffen konnte. Leave a Reply Cancel reply Your email address will not be published. Comment Name Email Website. Iconic One Theme Powered by Wordpress.
This unique multi-currency strategy simultaneously determines the end of the trend, entry points and the expected take profit levels for each trade.
You could try , check if your MT4 has features and try it.