I tested and reviewed the extremely popular method: “Trading is as Simple as 1-2-3” from Forex Factory. This system does not use any indicators, you just need to know where the daily open is. While this is not an entire trading system we are going to make it into one.
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Link to the system on Forex Factory: https://www.forexfactory.com/thread/549745-trading-is-as-simple-as-1-2-3
Timestamps:
00:00 – Trading is as Simple as 1-2-3 From Forex Factory Tested 100 Times
01:33 – Indicators, Rules & Examples
06:49 – Test
07:20 – Testing Results
System Specifics
Time Frame
H1
Indicators
Trade Session Indicator
Long Entry
Entries are only in the direction toward the daily open.
Wait for a candle to make a new dialy low.
Enter when price retraces above bar that made the daily low, as long as that candle did not make a new daily low.
Short Entry
Entries are only in the direction toward the daily open.
Wait for a candle to make a new dialy high.
Enter when price retraces below bar that made the daily high, as long as that candle did not make a new daily high.
R:R
3:1
Where to place stop-loss
Shorts – Above candle making new daily high (minimum 5 pips)
Longs – Below candle making new daily low (5 pip minimum)
Metatags
#ForexFactory #NoIndicators #TradingTutorial
??Disclaimer: This content references opinion and is for information purposes only. Not intended to be investment advice.