Hi guys I am live testing a new idea(to me at least). My live account is a nano account with 100 dollars. So don go trying this in a big live account or better yet use a demo account.
The pair is Gbp/jpy because of its massive moves, but you can try it on other pairs as well.
I am too lazy right now to post any pics but you don't really need any pics to understand it as it is very simple to follow.
I have ideas about when to best use this system as in best day and best time of day to start but I wont go into that now.
Right now i'm just simply trading it as is.
I have backtested this visually and it looked good so its just fresh.
time frame: 1hr
pending buy order high of the 1 hr with sl at the low
pending sell order low of the 1hr with sl at te high
that's it.
now the trailing stop is like so:
When your pending order is triggered (assume its a long trade) you have to check every hour to see what is going on with the trade.
Lets say after 3 hours you have 2 bullish candles and the 3rd candle is bearish. And lets say that the 4th candle is bullish and it breaks the high of the bearish candle than you move your sl to the low of the bearish candle. Otherwise leave the sl where it is at. You keep doing this until your sl gets hit and immediately reverse the trade and repeat.
tnx
The pair is Gbp/jpy because of its massive moves, but you can try it on other pairs as well.
I am too lazy right now to post any pics but you don't really need any pics to understand it as it is very simple to follow.
I have ideas about when to best use this system as in best day and best time of day to start but I wont go into that now.
Right now i'm just simply trading it as is.
I have backtested this visually and it looked good so its just fresh.
time frame: 1hr
pending buy order high of the 1 hr with sl at the low
pending sell order low of the 1hr with sl at te high
that's it.
now the trailing stop is like so:
When your pending order is triggered (assume its a long trade) you have to check every hour to see what is going on with the trade.
Lets say after 3 hours you have 2 bullish candles and the 3rd candle is bearish. And lets say that the 4th candle is bullish and it breaks the high of the bearish candle than you move your sl to the low of the bearish candle. Otherwise leave the sl where it is at. You keep doing this until your sl gets hit and immediately reverse the trade and repeat.
tnx