Hello, World!
This is a slightly modified version of Neilsdigest's original WCU strategy: https://www.forexfactory.com/thread/748112-binned-per-thread-starters-request-world-currency-unit
Yes, this is trying to pick top/bottom and you may say this is silly. However, I still find some value in this simple strategy. I don't actively trade forex anymore. This is a very simple hobby trading which requires near zero time spending.
Make it simple. I tried nearly everything under the sun including harmonic patterns, murrey math, elliott waves, grid systems, currency strength meters, weekly/monthly pivot, supply/demand, retailers sentiment index, bond yields ... etc to improve it and minimize the risk but it didn't work. So, you may not want to repeat my mistakes by attempting to add other things to this.
Because I use higher time frame, I don't find many trading opportunities. As a result, you may feel this is quite boring. Yes, this is obviously NOT a 'becoming a rich quick' strategy. To make living using this strategy, you should be already rich.
I expect some DD (and sometimes it can be a significant DD), and I don't add up extra positions to either winners or losers. This is a single entry/exit, easy going strategy. That being said, you need to use very low leverage, actually lower the better.
Regarding the stop loss, it's up to you. You need to cut losses when you start feeling uncomfortable. For me, probably 10%? First, cut the loss to save your ammunition, then watch carefully for reentry opportunity at better price. The better reentry opportunity will come for sure because eventually, the market is also controlled by law of gravity. You will see more over-stretched in WCU chart, more powerful and violent counter move happens.
This is my Tradingview template. You need to use free version of Tradingview. WCU is not available for MT4/5.
https://www.tradingview.com/chart/U60YKnho/
This thread will be undated slowly when I find time for update. Stay tuned.
This is a slightly modified version of Neilsdigest's original WCU strategy: https://www.forexfactory.com/thread/748112-binned-per-thread-starters-request-world-currency-unit
Yes, this is trying to pick top/bottom and you may say this is silly. However, I still find some value in this simple strategy. I don't actively trade forex anymore. This is a very simple hobby trading which requires near zero time spending.
Make it simple. I tried nearly everything under the sun including harmonic patterns, murrey math, elliott waves, grid systems, currency strength meters, weekly/monthly pivot, supply/demand, retailers sentiment index, bond yields ... etc to improve it and minimize the risk but it didn't work. So, you may not want to repeat my mistakes by attempting to add other things to this.
Because I use higher time frame, I don't find many trading opportunities. As a result, you may feel this is quite boring. Yes, this is obviously NOT a 'becoming a rich quick' strategy. To make living using this strategy, you should be already rich.
I expect some DD (and sometimes it can be a significant DD), and I don't add up extra positions to either winners or losers. This is a single entry/exit, easy going strategy. That being said, you need to use very low leverage, actually lower the better.
Regarding the stop loss, it's up to you. You need to cut losses when you start feeling uncomfortable. For me, probably 10%? First, cut the loss to save your ammunition, then watch carefully for reentry opportunity at better price. The better reentry opportunity will come for sure because eventually, the market is also controlled by law of gravity. You will see more over-stretched in WCU chart, more powerful and violent counter move happens.
This is my Tradingview template. You need to use free version of Tradingview. WCU is not available for MT4/5.
https://www.tradingview.com/chart/U60YKnho/
This thread will be undated slowly when I find time for update. Stay tuned.
Simplicity is the ultimate sophistication - Leonardo da Vinci