One of my favourite trading strategies is using MIDAS with Japanese Candlesticks and here is the checklist on how to do it.
1) Identify a trend. (Higher highs and higher lows or lower lows and lower highs).
2) Launch a MIDAS curve from the beginning of the trend.
3) As price pulls back to the MIDAS curve, draw a line to identify price structure.
4) If price fails to break the MIDAS curve and then penetrates the price structure = Enter Position.
5) The Stop Loss is set to be just above/below the MIDAS curve.
6) As the trend develops, add further MIDAS curves (R1, R2 etc) and more positions with this strategy until,
7) you see price break the most recent MIDAS curve and fails to close above/below market structure (see chart) as this would strongly suggest that the trend is dying and/or a different market sentiment is coming in to play.
8) This is where you close out all your positions.
Let me know if you have any questions,
I will be posting real trade setups with this strategy so make sure to follow ! :)
PM me if you want to get a free copy of the MIDAS Technical Analysis System.
MIDAS Trading Tools for MT4 is available to download @ MQL5.com
1) Identify a trend. (Higher highs and higher lows or lower lows and lower highs).
2) Launch a MIDAS curve from the beginning of the trend.
3) As price pulls back to the MIDAS curve, draw a line to identify price structure.
4) If price fails to break the MIDAS curve and then penetrates the price structure = Enter Position.
5) The Stop Loss is set to be just above/below the MIDAS curve.
6) As the trend develops, add further MIDAS curves (R1, R2 etc) and more positions with this strategy until,
7) you see price break the most recent MIDAS curve and fails to close above/below market structure (see chart) as this would strongly suggest that the trend is dying and/or a different market sentiment is coming in to play.
8) This is where you close out all your positions.
Let me know if you have any questions,
I will be posting real trade setups with this strategy so make sure to follow ! :)
PM me if you want to get a free copy of the MIDAS Technical Analysis System.
MIDAS Trading Tools for MT4 is available to download @ MQL5.com
