I'd like to share with you a strategy that I developed, and still developing and testing. I'm not any kind of pro trader or anything, been around the forex world for about a year now, studying a lot and doing my research.

We will start with a few conclusions of the past year that will help us move on and understand this method, and if it helps anybody even without the strategy it would be great. If your strategy has a 1: Of course we have to take into consideration that price doesn't really "listen" to our 2: You will see that in this strategy we bend the rules a bit but it's stuff that are good to know anyway. BOMB stands for Bite Off Momentum Break.

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Anyone knows that when a car drives fast, it can't stop in one moment! It always keeps on going a bit after hitting the breaks until it comes to a full stop. This is exactly what we are looking for in this strategy.

Following the big momentum candles and biting of a little bit so that even if it hits the breaks, it sill take it some distance to come to a full stop and reversal. How do we do that? First of all - this is a Once a Day - Set and forget method - this is the way I like it, great for busy people and keeps the psychology out of the picture.

We will use 14 period Stochastics for the "time". We will NEVER trade short when the Stochastics are oversold and never go long when Stoch are overbought - this will prevent us from taking trades when the price has already hit the breaks!

We will use 21 EMA for the "place". The candle has to close above the EMA for long, and below it for short.

This will filter out retracements against the momentum. The TP is going to be very maybe a bit scary small sometimes as aposed to the SL - which means - W-L Ratio is small - Why?

What do we need for that to work? Very high precentage of winners! If you answered before me - you've read the top of the page! The SL will be placed at the top of the candle for shorts, and at the bottom for longs. After researching a bit I decided to use a different FIXED TP for each Pair we will trade.

That makes it usually 1: We place the trade right on the close of the candle, a market order, and we will use only NY close candles! I used Hot forex for the testing and now for trading. Don't forget to consider spread in the trades too.

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Which pairs will we traid? Thats still in process, and that's where you can come in and join the research! The big winner of the strategy: EURJPY - Don't get close to that one - this is an example of a pair that doesn't work!

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I am planning on testing out all pairs, finding out which are the best and which are the worst, you are all welcome to join me in the journey and hopefully make some money! You are also welcome to critisize and suggest things of course I'm open to anything.

This is a project in developement and it could turn out really great.

I'm adding a chart of GBPAUD of some of the last months for better understanding, feel free to ask questions, I've probably missed some things. Orange - Win, Red - Lost Picture. Can you clarify the close you use? You say you use the NY close, so that candle closes at??? So, what time are you using for the close?

Could you post a live setup I. Looks like an interesting strategy. It requires a fair bit of monitoring to find the right set up, and on the daily charts you might get one setup a week or less.

Strategy also appears to work well on 4hr, which would be more my style. Sorry to say but this strategy is not profitable long term. I was pretty interested after looking at your achieved percentages.

I used Forex Tester 3 to test on the EURUSD over five years and my results were nowhere near the same as you achieved. I did have a lot of winning trades, but two losers would come along and eradicate my whole gains. Probably explains why the OP disappeared after just 1 post and hasn't been seen since Perhaps his account bombed. This simple strategy I think will be successful, but you need to practice long enough so as to be able to distinguish between weak and strong signals.

When you think of W-L or Risk-Reward ratio you have to look at the big picture. You could be profitable in both of the ways and you could also loose all your money. The factor that will make the difference is the winning trades precentage. For example - If your strategy has a 2: You could use this method either in pure Price Action or add some indicators, but don't you ever overload the screen with too much!

Shape - Usually makes us stick with PA in any way - anything that has to do with the shape of a candlestick.

If any of the terms are new to you - go to the School of Pipsology and come back after you graduate: The BOMB Strategy - Once a day Set and forget!

Free Forex Trading Systems. Hi all, I'd like to share with you a strategy that I developed, and still developing and testing. STP - as I see it - the best strategies contain three elements - Shape, Time and Place. Now after we've got the basic ingredients, TP and SL: These are the pairs I've tested until now - years back and these are the results: I would also worry about this strategy in changing market conditions over time.

Do you have any further test results? Hi there, Sorry to say but this strategy is not profitable long term. I replicated your methods exactly. Which is not enough when considering how far away the stop losses are.

Looks like a pretty good strategy. I will start testing it myself.