Afternoon all,
I've been trading for about 6 months now, trying to improve my scalping and ive realised that (as this isnt my main source of income as im a student) that i am more interested in a more reliable and LESS risky return even if it is lower than what would be obtainable if i scalped and day traded.
I've been looking into incorporating bollinger bands (20, 3) and RSI 14 together.
Obviously this is nothing new, im sure a number of people on here use this method:
1) Use a 1 hr chart
2) when RSI > 70 & 1hr is above the upper BB, enter short
3) when RSI < 30 & lhr is below the lower BB, enter long
Not brain science at all. I've had a little look at backtesting and it looks quite solid but i'm looking for ways to make it even more solid. This is where i was looking for your feedback...
I was looking into
1) Ichimoku clouds
2) Normal support resitance and fibonacci numbers to increase the chance of a change of direciton
3) moving averages - not sure how helpful these will be though
4) any other suggestions?
Obviously I am not expecting this to make me a a millionaire, but 20 pips a day would be very appreciated and +pips is better than -pips.
I was thinking about buying in with 2 lots and stop loss of 25 pips.
Once I've made 25 pips i will sell one lot and move the other stop to break even thus letting the other run.
A manual stop will be used or alternatively a trailing one of 20 pips just in case i hit a real move.
I was looking into EURUSD, EURGBP
Please let me know your thoughts, looking to have a little play with a demo account at the end of the month for a while to see what its like
I've been trading for about 6 months now, trying to improve my scalping and ive realised that (as this isnt my main source of income as im a student) that i am more interested in a more reliable and LESS risky return even if it is lower than what would be obtainable if i scalped and day traded.
I've been looking into incorporating bollinger bands (20, 3) and RSI 14 together.
Obviously this is nothing new, im sure a number of people on here use this method:
1) Use a 1 hr chart
2) when RSI > 70 & 1hr is above the upper BB, enter short
3) when RSI < 30 & lhr is below the lower BB, enter long
Not brain science at all. I've had a little look at backtesting and it looks quite solid but i'm looking for ways to make it even more solid. This is where i was looking for your feedback...
I was looking into
1) Ichimoku clouds
2) Normal support resitance and fibonacci numbers to increase the chance of a change of direciton
3) moving averages - not sure how helpful these will be though
4) any other suggestions?
Obviously I am not expecting this to make me a a millionaire, but 20 pips a day would be very appreciated and +pips is better than -pips.
I was thinking about buying in with 2 lots and stop loss of 25 pips.
Once I've made 25 pips i will sell one lot and move the other stop to break even thus letting the other run.
A manual stop will be used or alternatively a trailing one of 20 pips just in case i hit a real move.
I was looking into EURUSD, EURGBP
Please let me know your thoughts, looking to have a little play with a demo account at the end of the month for a while to see what its like