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Wildfire trading system - according to the precepts of grandfather Elder

Hello, friends! Today we will talk about a simple forex strategy called Wildfire. Its goal is to catch the trend within the day, build up the position and take as much profit as possible. Based on a logical and simple analysis. No fortune-telling on coffee grounds.

Wildfire Forex Features

Platform: Metatrader 4
Currency pairs: Any
Timeframe: M5 to H1 (Preference H1)
Trading time: round the clock
Recommended DC: Alpari, Roboforex

Reference Section

Wildfire Strategy Basis

Wildfire's strategy is based on the classic Three Elder screens. First, we determine the trend on the daily charts, then on the four-hour charts, then, if the trend coincides, we look for the entry point on H1, after waiting for the correction against the global trend. The indicators of the system help us in the analysis.

Login Rules

For purchases:

  • The trend on both H4 and D1 should be bullish (both bars of the indicator in the basement of the chart are green)
  • We are waiting for a downward movement against the trend at H1, we are building a trend line for this movement. We are waiting for her breakdown and enter. Or wait for the signal in the form of a green painted candle (the indicator does not always work correctly)
  • If there is a support / resistance level close to the price path, we skip the signal.

For sales:

  • The trend on both H4 and D1 should be bearish (both bars of the indicator in the basement of the chart are red)
  • We are waiting for the upward movement against the trend at H1, we are building a trend line for this movement. We are waiting for her breakdown and enter. Or we wait for the signal in the form of a red painted candle (the indicator does not always work correctly)
  • If there is a support / resistance level close to the price path, we skip the signal.

Stop Loss and Take Profit

We set the stop loss for the second account from the entry point as a local maximum (for sales) / minimum (for purchases) at a distance of about 15 points from this depression / peak.

We do not use take profit, as a profit fixation, we transfer the stop loss for each new peak (for sales) / trough (for purchases) as the price moves in our direction. Manual counterpart to the trailing stop. You can also go out on strong levels.

Important!

The signal indicator that colors candles does not always work correctly, so trend lines should be built manually. Or at least check the indicator signals.

Recommended Risk Level

It is not advisable to risk more than 2-3% of the deposit in 1 transaction. It is convenient to calculate the lot using a special table.

P.S. Undoubtedly, Wildfire's strategy offers a large field for optimization. Do you have any ideas for improving this system? Join the discussion on the forum.

Watch the video: Wildfire strategy changing on Federal lands (December 2019).

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