This is one of the fairly simple strategies, without using any indicators, just not being color blind is a good strategy.

The setup is as follows:

Indicator: Not required

Time frame: D1 or H4

Currency Pair: Any (the author uses GBPJPY)

How to enter an order:
  • For frame D1: Trade with candles one by one
  • For H4 frame: Trades when candles change color or one candle at a time
  • Place a buy order: When a candle has just ended, place a buy stop order at the top of that candle
  • Place a sell order: At the end of a candle, place a sell stop order at the bottom of that candle
Note:
  • If placing a buy stop order but the price has broken the bottom of the previous candle, delete the buy stop order
  • If placing a sell stop order but the price broke the previous high of the candle, delete the sell stop order
  • If at the end of a candle the price has not triggered a buy stop or a sell stop, delete it and start looking at a new candle
  • If the new candle open is higher than the high of the previous candle, place a buy order immediately
  • If the new candle opened with a lower price than the bottom of the previous candle, immediately place a sell order at the market price
Stop loss, take profit:
  • Draw Fibonacci, adding the levels 100, 200, and 300.
  • If it is a buy order, drag a line from the top to the bottom of the nearest candle. Sell orders do the opposite.
  • The entry point is at 100, SL at 0, TP1 at 200, and TP2 at 300. Thus, the Risk: Reward ratio is 1: 1 or 1: 2.
  • If you have reached TP1, you can use Trailing Stop to preserve profits



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