Hi im Henrik and I come from FXAW
This is a 3 bar strategy many of you probably know of, and which i manually trade sometimes when I am home and not at work.
I trade this simple strategy on the Russel e-mini, Crude oil, maybe the S&Pmini and AAPL. Whatever that has been in the news to cause some small trends which favors this system.
I got into this price action reading after getting Al Brooks Price action books. He speaks about the 5 min chart mainly.
I've managed to get some success out of it adding a few personal rules.
Allthough seeing Al himself on the webinar makes me feel like the biggest newbie.
Anyhow..
What im thinking of in the first round is a 3 bar system.
after 3 consecutive BullBars(close on bar 3), a pending Buy Stop is placed .5-1 pip above the high of bar 3. The SL is set to the Low of bar 1. TP = SL value.
I have a personal rule, I dont take trades lower then about 7 pips. (If i get 3 small bears near resistance with a SL value of 5 pips, i take it some times and double the TP or increase by 50%.)
I also dont try to pick targets bigger then 20 pips.
Reason I dont do the forex on the 5 min is because its more volatile and stressfull. Sometimes the market just randomly shoots to the SL or TP. and im like WTF. Its like listening to death metal compared to something from Electric light orchestra. Well what do I know >.>
This isnt the complete "Strategy". As I tend to buy double bottoms, and do lots of other things. And some times I even follow my common sense.
But I always wondered if this can be a long term EA for Empty4 for on the EU, AU, EJ and GU. Mainly low spread pairs.
So if I were able to make the EA, I could backtest->demotest->centaccount test->live account.
It would also be fun to check it on M15, and other Timeframes.
Other thoughts can be applied which isnt included in picture:
-Only buy when above a 20MA. Vise versa sell.
-Only active on London And/Or NY open.
-Dont open sell near suppport and dont open buy near resistance.
-Split order into 2 orders. Order nr 1 takes profit when reached. Order nr 2 activates Trailing stop with 2/3 of the TP value. (If TP= 10 pips, trailing is about 6 pips).
Hope that covered it.
PS: I need help because im as good in programming as a turtle is at doing gymnastics.
Reply if anything was unclear.
edit: when I trade I use moneymanagement. So a 10 pip TP gives the same amount as a 20 pip TP. I also add the spread to the TP. So I dont have to worry about that stuff.