100% intraday mechanical system based on Currency Strength and strict money management.
I trade USD, EUR, GBP, JPY, CAD, AUD, NZD and all their crosses.
System:
-Each day my system gives me one currency pair to trade that shows potential strength and weakness.
-Then using the Daily ATR (14) for the chosen pair I divide the ATR number in half. I use this number to set my TP and SL from the new Daily (EST 17:00) open price.
-I place my entry 10% of the Daily ATR above (selling) or 10% below (buying) which gives me a risk to reward ratio of 1:1.5
So to sum up, at the beginning of each new trading day (EST 17:00) I place one trade with my SL and TP exactly half of the Daily ATR away from the Daily opening price. I then place a limit order 10% of the Daily ATR above or below (depending if I am buying or selling) the NEW Daily open price. This gives me a risk to reward of 1:1.5
Just before the beginning of the new day I check to see if my TP or SL has been hit. If not I will manually close the position- either with a profit or a loss.
I will place 1 trade each day (total 5 trades per week)
For this system to be profitable, all I have to do is win 3 out 5 days (win rate 60%)
System Results:
Week 1 (test week only traded 4 days)
Number of trades: 4
Win Rate: 50%
Week 2
Number of trades: 3
Win rate: 45% (one win, one loss, one manual close with 7 pip loss)
Week 3 Demo trade explorer started with $1000 capital
Number of trades: 5
Win rate: 40%
Weekly trade explorer % profit: -0.7% (I made a couple of mistakes this week which cost me)
Week 4
Number of trades: 5
Win rate: 60%
Weekly trade explorer % profit: 2.5%
Week 5
Number of trades: 4
Win rate: 25%
Weekly trade explorer % profit: -2.4%
Week 6
Number of trades: 5
Win rate: 40%
Weekly trade explorer % profit: 3.6%
Week 7
Number of trades: 5
Win rate: 60%
Weekly trade explorer % profit: 10.6%
I trade USD, EUR, GBP, JPY, CAD, AUD, NZD and all their crosses.
System:
-Each day my system gives me one currency pair to trade that shows potential strength and weakness.
-Then using the Daily ATR (14) for the chosen pair I divide the ATR number in half. I use this number to set my TP and SL from the new Daily (EST 17:00) open price.
-I place my entry 10% of the Daily ATR above (selling) or 10% below (buying) which gives me a risk to reward ratio of 1:1.5
So to sum up, at the beginning of each new trading day (EST 17:00) I place one trade with my SL and TP exactly half of the Daily ATR away from the Daily opening price. I then place a limit order 10% of the Daily ATR above or below (depending if I am buying or selling) the NEW Daily open price. This gives me a risk to reward of 1:1.5
Just before the beginning of the new day I check to see if my TP or SL has been hit. If not I will manually close the position- either with a profit or a loss.
I will place 1 trade each day (total 5 trades per week)
For this system to be profitable, all I have to do is win 3 out 5 days (win rate 60%)
System Results:
Week 1 (test week only traded 4 days)
Number of trades: 4
Win Rate: 50%
Week 2
Number of trades: 3
Win rate: 45% (one win, one loss, one manual close with 7 pip loss)
Week 3 Demo trade explorer started with $1000 capital
Number of trades: 5
Win rate: 40%
Weekly trade explorer % profit: -0.7% (I made a couple of mistakes this week which cost me)
Week 4
Number of trades: 5
Win rate: 60%
Weekly trade explorer % profit: 2.5%
Week 5
Number of trades: 4
Win rate: 25%
Weekly trade explorer % profit: -2.4%
Week 6
Number of trades: 5
Win rate: 40%
Weekly trade explorer % profit: 3.6%
Week 7
Number of trades: 5
Win rate: 60%
Weekly trade explorer % profit: 10.6%