The goal: Find 50 pips per day on just EURUSD.
The Why: Patience. Once in a trade I find myself looking for any excuse of a reason to get out. This leads to missing out on many good moves and instead being satisfied with a few pips. Then I end up spending the rest of the day looking for more trades that end up being just a few pips. Why not 20 or 25 pips target? Mostly because I believe the potential is there to reach 50 almost every day.
The method: Primarily looking for swing high's and low's on the 5 minute chart and placing pending buy stops and sell stops near the peak of the swing. Initial stops are 35 pips but that is just to get it in place it will quickly move to much closer. TP will be set at 50 pips from the opening price. I do have moving averages on my chart but they are primarily for looks. I will occasionally take a trade based on a candlestick pattern when it agrees with the trend indicated by the moving averages.
I would set up a trade explorer but I recently switched to NinjaTrader and there is no way to connect a TE to a NinjaTrader account at my broker. Instead I will just have to do screenshots and update here often. It is on a live account no demo permitted here.
I will post a screenshot of any pending orders, when they trigger and when/if it hits the target. You will see the size of the pending order but I will not share my account balance.
The Why: Patience. Once in a trade I find myself looking for any excuse of a reason to get out. This leads to missing out on many good moves and instead being satisfied with a few pips. Then I end up spending the rest of the day looking for more trades that end up being just a few pips. Why not 20 or 25 pips target? Mostly because I believe the potential is there to reach 50 almost every day.
The method: Primarily looking for swing high's and low's on the 5 minute chart and placing pending buy stops and sell stops near the peak of the swing. Initial stops are 35 pips but that is just to get it in place it will quickly move to much closer. TP will be set at 50 pips from the opening price. I do have moving averages on my chart but they are primarily for looks. I will occasionally take a trade based on a candlestick pattern when it agrees with the trend indicated by the moving averages.
I would set up a trade explorer but I recently switched to NinjaTrader and there is no way to connect a TE to a NinjaTrader account at my broker. Instead I will just have to do screenshots and update here often. It is on a live account no demo permitted here.
I will post a screenshot of any pending orders, when they trigger and when/if it hits the target. You will see the size of the pending order but I will not share my account balance.