Somehow my deep desire to share with traders around the world overcame all possible public negative comments and also prompted me to come here, one of the best forex forums in the world. I believe there are many profitable systems out there, however, it still boils down to our determination and discipline to follow a mechanical system. Here is one of the strategies that I am using now, which is called The Daily Open Support and Resistance Technique, or DOSR in short. This discretionary trading method is very simple and does not rely on any indicators but only the formation of candlestick, which is also the price action.

Attached is a brief description on how this DOSR works.

Feel free to share your comments. Hopefully someone can make an EA out of this. Thank you.

Special thanks to the indicator created by mqldev.

Attached Files

	Daily Open-SR Technique.pdf (41.4 KB, 1147 views)
	DOSR.mq4 (2.0 KB, 646 views)

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Reminiscences of a FX Operator | Fibonacci Calculator
There is no chance, no destiny, no fate, that can circumvent or hinder or control the firm resolve of a determined soul. - Ella Wheeler Wilcox

Very interesting, tks. for sharing !!
It seems it worked well today. Whats your average percentage of win-loose trades ? How long you are trading this strategy ?

Thanks for sharing, something straight forward using price action rather than having know anything about Elliott, Gann,....

question: on a bullish candle, for example, do you only look to buy when the 5-min bar closes above yesterday's daily high? or do you also look to sell if the 5-min bar closes below yesterday's daily open? only take one order per day.

thanks.

I've been trading on real account for since last year December. So far, as you can see from my site, I can make from small pips to few hundreds pips a week. That would require discipline and not deviate away from the strategy. My pips record there is a combination of many strategies I've used. So it's not an indication of the result of DOSR.

The strategy is not final, so anyone can explore more. We will see how it perform again next week.

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Reminiscences of a FX Operator | Fibonacci Calculator
There is no chance, no destiny, no fate, that can circumvent or hinder or control the firm resolve of a determined soul. - Ella Wheeler Wilcox

Very good question.

If on the previous candle is a bullish candlestick, a buy order would be a high probability trade although I don't discount the sell order can be placed as well. You may opt to leave out the opposite order if not comfortable. So far, using my entry and exit strategy, it can still applies to buy or sell order regardless of the previous candle.

However, I've not yet found a consistent way to counter Doji candlestick because the currency pairs I've chosen rarely have Dojis. At times when there is Doji, instead of looking at the open as Support or Resistance, I revert back to relying on the High and Low of previous day.

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Reminiscences of a FX Operator | Fibonacci Calculator
There is no chance, no destiny, no fate, that can circumvent or hinder or control the firm resolve of a determined soul. - Ella Wheeler Wilcox

Hi Fxoperator I like your method. nice and easy stuff. I have question though cause you say doji are rare with pair you trade but when you see GBPUSD chart there are ton of doji last month or so. like on 1/19, 1/28, 1/29, 1/30, 2/4, 2/7 plus bunches of spin tops also. how do you trade when these are around?

Hi shibeng, thanks for taking note. As I mentioned in the previous reply, when there is Doji, instead of looking at the previous open as Support or Resistance, I revert back to relying on the High and Low of previous day. If the close is the high / low of the day, i enter at market price.

Most of the dojis came from Sunday candlestick, I don't trade on the formation of Sunday candle, I trade on a fully completed 24-hr based candlestick, which is Monday to Friday.

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Reminiscences of a FX Operator | Fibonacci Calculator
There is no chance, no destiny, no fate, that can circumvent or hinder or control the firm resolve of a determined soul. - Ella Wheeler Wilcox

Hi, FXOperator! Thanks for your system! In what timezone do you rade?

Hi Trader83, I enter my orders at GMT 0000H. Today if follow my technique strictly, would have incurred a -25 pips loss although some instinct decisions saved me some pips and made 40.

My method is discretionary which is why I like about manual trading. Although by following a system will only yield consistent profit in the long run, however, it is possible to deviate a little from the gameplay if your sixth sense is telling you another story.

Happy trading!

__________________
Reminiscences of a FX Operator | Fibonacci Calculator
There is no chance, no destiny, no fate, that can circumvent or hinder or control the firm resolve of a determined soul. - Ella Wheeler Wilcox