I am currently testing a simple strategy.
My strategy is to spot momentum @daily and weekly charts.
Once the momentum verified, I will use the first 4 hr candles of the next day to make entries.
**I believe in my ability to spot momentum easily. If i hesitate i will drop the idea of trading for that particular instrument that day. ( important)
Entry:
Sell and buy stop @ top and bottom of the 4 hr candle.
I will RISK only 1% of my account for each instrument.
MAX risk per day 5%, WHICH means 5 instruments only.
My risk: reward is 1:3 for both sell and buy.
My exit strategy;
I will either get closed after the profit limit or manual close if i see NO MOMENTUM on daily/weekyly charts.
Notes:
I will test this strategy for at least 3 months.
I will update every entry and exit details each day.
The most important is not pips but the percentage i win or loss determines i make money or not.
Account:
I am starting with a $200 balance.
For FF members:
Thanks for being supportive.
My strategy is to spot momentum @daily and weekly charts.
Once the momentum verified, I will use the first 4 hr candles of the next day to make entries.
**I believe in my ability to spot momentum easily. If i hesitate i will drop the idea of trading for that particular instrument that day. ( important)
Entry:
Sell and buy stop @ top and bottom of the 4 hr candle.
I will RISK only 1% of my account for each instrument.
MAX risk per day 5%, WHICH means 5 instruments only.
My risk: reward is 1:3 for both sell and buy.
My exit strategy;
I will either get closed after the profit limit or manual close if i see NO MOMENTUM on daily/weekyly charts.
Notes:
I will test this strategy for at least 3 months.
I will update every entry and exit details each day.
The most important is not pips but the percentage i win or loss determines i make money or not.
Account:
I am starting with a $200 balance.
For FF members:
Thanks for being supportive.
No Money, No Honey.....