Short and sweet..

[conglo]

I've received very much from this forum; I think it's the best, and I belong to a few "exclusive" ones.

Anyway, as a token of thanks, here is a very simple and profitable method (for me, at least, so far).

 

EURUSD (maybe other pairs work, too), weekly bars.

 

At weeks end, put a buy stop at the weekly bar high, a sell stop at the weekly bar low. A few pips either way won't matter.

 

If one stop gets triggered, cancel the other one.

 

Exit near the end of the last trading hour of the week, normally Friday.

There are some free utilities you can find to do this.

 

Simple, easy, broker-proof, profitable.

 

That's all there is to it.

Edited November 4, 2010 by conglo

[learnnew05]

I've received very much from this forum; I think it's the best, and I belong to a few "exclusive" ones.

Anyway, as a token of thanks, here is a very simple and profitable method (for me, at least, so far).

 

EURUSD (maybe other pairs work, too), weekly bars.

 

At weeks end, put a buy stop at the weekly bar high, a sell stop at the weekly bar low. A few pips either way won't matter.

 

If one stop gets triggered, cancel the other one.

 

Exit near the end of the last trading hour of the week, normally Friday.

There are some free utilities you can find to do this.

 

Simple, easy, broker-proof, profitable.

 

That's all there is to it.

 

Nice...When a weekly support (sell stop) or a weekly resistance (buy stop) is breached, that is a major move. At-least in the lower time-frames. But I think once one of these stops are triggered, we must manually manage the trade with trailing stops etc, to ensure full profit.

Edited November 4, 2010 by learnnew05
spellcheck

[⭐ deadsoul]

old good method specially when gaps happens but which broker proof this..coz most of them don't.....

[Draffi]

Nice strategie. Thank you !

 

But can you explain this a little bit more (screenshot ?)

 

In my opinion it is better to trade somethin differnt (but i never trade this before, so be carefull!)

Look at the ATR (5) from the weekly chart (e.g. 197 Pis)

now, divide this in 3 parts (197 / 3 = 66 Pips)

Put a buy order in the Long direction, 66 Pips away from the close.

Put a sell order in the short dircetion, 66 Pips away from the close.

 

No SL/TP - Close all the trades at friday afternoon.

 

What you think ?

[conglo]

I don't know how much easier it could get or how I could be any clearer..

 

I think you should try your idea and if it works well post your results.

[Roels Major]

This is The Joel Rensink Way...am i right?

[conglo]

This is The Joel Rensink Way...am i right?

 

I came up with it on my own, but I'm certainly not claiming it as original.

I'm not familiar with Rensink.

[hermanhess]

is their a sl or is it a stop and reverse system?

[jamestan1978]

without a sl , you cant plan MM, very dangrous system.. thanks for sharing but i am afraid this system wont work if you look pass history candles

[kraven]

i tried this once on a demo......sell breakout of weekly H/L plus 7pips........SL 20...........blew account.........maybe the SL and the entry could be improved but anyway be careful