Hi all and welcome!
First I like to state that this is more like an idea than a trading system so far.
we can say that it is under developement and anyone is welcome to help.
I also like to say that nothing is copy righted, everything is free for everyone.
it's time to let the retail traders get an edge, what we need is consistency and profitability.
I do not advise anyone to trade this system live yet, as stated, this system is under development,
and might still not be safe to trade live, if you chose to do so, you will do that on your own risk.
I started this thread to share this idea and trading method I discovered so that we together hopefully can improve it.
more minds is better than one and I am probably not the smartest guy, so here it goes.
at it's current state, this method have a 90% win rate. which means it wins 9 times out of 10 trials or 900 trades out of 1000, I have back tested it 1000 trials, and that is how I got this percentage. the system is profitable, but needs improvement, especially on the risk to reward point of view, as it is traded now with more risk than reward is something that possibly should be changed,
to tell you the truth I don't know how and I can't come up with anything that works, so far everything I can think of will affect the win ratio negatively. ideas are of course welcome,
I don't have an EA, I have been trading and testing this system manually in Forex tester. I have not yet been trading this live because I think it must be improved upon first.
IMPORTANT! I do not recommend anyone trading this system live just yet,
even though they could, just be prepared that you suddenly can get a big loss,
and remember I warned you, it should still be profitable in the long run so it's up to you to decide how much drawdown you can accept.
it is a very simple method, we will use the standard retracement tool found in Metatrader, however, we will modify it first.
so let's go ahead to open up our retracement tool, then delete every single level except zero and 100 and 1.168,
then add only the level 80, (0.8)
on the 80 line inside the retracement tool, mark that as Target,
on the 1.168 level, mark that as stop loss.
now we have our tool, and that is all we need to trade this thing.
it should be looking something like this
First I like to state that this is more like an idea than a trading system so far.
we can say that it is under developement and anyone is welcome to help.
I also like to say that nothing is copy righted, everything is free for everyone.
it's time to let the retail traders get an edge, what we need is consistency and profitability.
I do not advise anyone to trade this system live yet, as stated, this system is under development,
and might still not be safe to trade live, if you chose to do so, you will do that on your own risk.
I started this thread to share this idea and trading method I discovered so that we together hopefully can improve it.
more minds is better than one and I am probably not the smartest guy, so here it goes.
at it's current state, this method have a 90% win rate. which means it wins 9 times out of 10 trials or 900 trades out of 1000, I have back tested it 1000 trials, and that is how I got this percentage. the system is profitable, but needs improvement, especially on the risk to reward point of view, as it is traded now with more risk than reward is something that possibly should be changed,
to tell you the truth I don't know how and I can't come up with anything that works, so far everything I can think of will affect the win ratio negatively. ideas are of course welcome,
I don't have an EA, I have been trading and testing this system manually in Forex tester. I have not yet been trading this live because I think it must be improved upon first.
IMPORTANT! I do not recommend anyone trading this system live just yet,
even though they could, just be prepared that you suddenly can get a big loss,
and remember I warned you, it should still be profitable in the long run so it's up to you to decide how much drawdown you can accept.
it is a very simple method, we will use the standard retracement tool found in Metatrader, however, we will modify it first.
so let's go ahead to open up our retracement tool, then delete every single level except zero and 100 and 1.168,
then add only the level 80, (0.8)
on the 80 line inside the retracement tool, mark that as Target,
on the 1.168 level, mark that as stop loss.
now we have our tool, and that is all we need to trade this thing.
it should be looking something like this
Attached Images
Bulls are stupid Animals!especially when Im short!