A very simple Strategy using Inside Bars in a Trending Market.
Setup
1 - Determine Dollar trend direction on "DXY" using Daily & 4hr time frames.
2- Wait for an "InsideBar" on 15 min chart... I place an "InsideBar" highlighter on my TradingView charts (by carozonator).
3- ONLY trade in the direction of the "4 hour" trend.
4 - Determine midpoint of the IB and the high/low (your stop) and add/remove 2 pips (depending on direction) to or from either the mid point or the high/low and you have your "EntryPrice" and "StopLoss".
5 - Setup your entry criteria on TradingView 15 min chart allowing 2 to 2.5 pips for the spread (depending on the pair).
6 - Write down "Entry" and "StopLoss" levels.
7 - Go to your trading brokers account and set up 2 "Pending Orders".
Take Profit
On the First Entry... set a Take Profit on the 1st entry at a level you're comfortable with... this depends on many inputs including leverage, account size etc.
In the screenshots of some trades under this opening post I used +8% as 1st TakeProfit for instance.
On the Second Entry... this is up to you...
a) Let 2nd trade run until trend ends... DEBATABLE?
b) Trail the Stop behind price.
c) Set TakeProfit at a support/resistance.
d) Set TakeProfit at an old OrderBlock or into a Fair Value Gap..
Defining the Trend is key, otherwise you will get whipsawed on most trades.
I have back tested this in TradingView and find I get about 50% strike rate in a definite trend on pairs that tend to trend.
My testing shows about 20% success rate over several pairs... BUT, the returns are very good.
So far about 20% of my entries are profitable (40% if allowing that I make 2 entries on most valid setups).
DON'T TAKE MY WORD FOR IT...
BACKTEST, BACKTEST, BACKTEST on your favourite pairs to determine if this can be profitable for you.
Use at your Own Peril... Trading is extremely DANGEROUS financially!
Setup
1 - Determine Dollar trend direction on "DXY" using Daily & 4hr time frames.
2- Wait for an "InsideBar" on 15 min chart... I place an "InsideBar" highlighter on my TradingView charts (by carozonator).
3- ONLY trade in the direction of the "4 hour" trend.
4 - Determine midpoint of the IB and the high/low (your stop) and add/remove 2 pips (depending on direction) to or from either the mid point or the high/low and you have your "EntryPrice" and "StopLoss".
5 - Setup your entry criteria on TradingView 15 min chart allowing 2 to 2.5 pips for the spread (depending on the pair).
6 - Write down "Entry" and "StopLoss" levels.
7 - Go to your trading brokers account and set up 2 "Pending Orders".
Take Profit
On the First Entry... set a Take Profit on the 1st entry at a level you're comfortable with... this depends on many inputs including leverage, account size etc.
In the screenshots of some trades under this opening post I used +8% as 1st TakeProfit for instance.
On the Second Entry... this is up to you...
a) Let 2nd trade run until trend ends... DEBATABLE?
b) Trail the Stop behind price.
c) Set TakeProfit at a support/resistance.
d) Set TakeProfit at an old OrderBlock or into a Fair Value Gap..
Defining the Trend is key, otherwise you will get whipsawed on most trades.
I have back tested this in TradingView and find I get about 50% strike rate in a definite trend on pairs that tend to trend.
My testing shows about 20% success rate over several pairs... BUT, the returns are very good.
So far about 20% of my entries are profitable (40% if allowing that I make 2 entries on most valid setups).
DON'T TAKE MY WORD FOR IT...
BACKTEST, BACKTEST, BACKTEST on your favourite pairs to determine if this can be profitable for you.
Use at your Own Peril... Trading is extremely DANGEROUS financially!
In the days of old when sailors were bold, and seldom if ever contented.