The Monday Basket

Welcome to the discussion or interactive trading of several pairs at the start of the week.

On Mondays I'll post a few pairs along with their respective targets using 1:1 reward to risk. The simplest way you could try, is to place one market order on Monday for each pair in the basket with no take profit or stop loss. Then close the basket on Tuesday or thereafter when in profit, hopefully!

A better way is to do the same as above but use the provided target with a 1:1 reward to risk.

If you want to be even more precise, pick your entry using your current system on Monday or Tuesday, but no later than Tuesday. If your system already has its own smaller TP and SL, I would recommend using the provided larger target with 1:1 reward to risk.

I'm currently playing with other systems too but I'm going to start this one also starting this coming Monday so it would be good to discuss or interactive trade with others.

I trade live but you could try it on demo to get an idea about drawdown and how the price typically moves during the week. I'll put some charts below from the current week in order give an idea now about how the week typically goes. The trades usually reach target in 1 to 3 days so I wouldn't place any trades past Tuesday.

Good luck.

NZDJPY was one of the remaining two pairs from The Monday Basket that reached target earlier. The last remaining pair from the basket is NZDCAD.

The last pair in the basket reached target.

Here's the basket for Monday December 25th but, the 25th is a broker holiday so hopefully the price won't gap to the target on Tuesday and we'll have something left for the basket.

It's Tuesday and trading resumes in an hour so if you're following the Monday basket, it's time to get your demo accounts ready. I'll be trading it live and I'll post the results as I hit TP or SL.

The 1st pair in the basket hit target. There are 3 remaining pairs in the basket.

Here's the current closed and floating TE on a new account for The Monday Basket.

I must say this is a brilliant thread. Could you please explain what the 'Basket' strategy is about. How do you determine the entry level. I'm really trying to understand the concept. Following the thread already. Thank you.

It's a counter trend strategy which is probably considered not as good as trend following strategies since no one likes going against the trend. I like counter trend strategies only because the target is more clear.

What I do is look at the weekly chart and identify candles that are likely to reverse, and then I use the previous week open price as the target which is shown with the red line.

The simplest way to demo it is to make one market entry on Monday for each of those pairs and let it go for at least 1 day. You could also use the provided target or, something more conservative. You could also used the target with 1:1 stop loss. You could also use some sort of equity close EA or net pip close EA.

As far as identifying the candles that are likely to reverse, I'm still working on figuring out how to explain that.

Usually it takes 1 to 3 days to reach target or stop loss. For NZDJPY this week, it reached target very quickly.