Day trade setup

Just piece an advise if you can reduce the number pairs to 3-4 max..

btw you're an amazing trader. Keep it up.

@hasib great thread, I know your system since I visited forex winner long long ago and I keep going through with your posts here in there

Thank you very much! My limit is 5 trades/day, I don't want to reduce it more than that because then I'll get sick.
Hasib is truly a great person and trader. I am profitable thanks to him.

You're doing good setting self made rules are more important. Green pips to you !!!

Thank you, I wish you many green pips too!

Thank you, I wish you many green pips too!

GBPJPY M5, i closed before the GBP news.

GBPJPY M5

I use mt5 the indicators is that also available?
Thanks

I think not. Use the indicators on page 1 (RSI, MACD, EMA 8, EMA 21)

More simplified with DST

Price is below daily weekly and monthly open lines.
Trend Down
Momentum is Down
Hope will get 2 RR

EURJPY H1 break out 1:2 RR
NZDJPY H1

CHFJPY H4, breakout from the inside bar

CADJPY H4, breakout from inside bar

gold Range breakout buy trade. at m5 chart

The price is in a clear range hope it will move up but today is Friday.
expecting little pips from this trade

GBPNZD H4
I opened this trade yesterday, it broke out from the inside bar. I didn't think it would hit the target today, so I manually closed it.

Hello Hasib
Thank you for all your great contribution . I would like to ask how can I get these arrows and band around smooth average on my chart like you?
Regards
Salman

Trading major pairs has its advantages like the spread is low. Trend or Breakout trading those pair is not the best way. To Trade EurUsd, GbpUsd here are some ideas I generated from ChatGPT-

Certainly, here's a more detailed step-by-step outline of a Bollinger Bands mean reversion strategy:
Strategy Setup:

1. Timeframe: 30-minute chart
2. Currency Pairs: GBP/USD and EUR/USD
3. Bollinger Bands Parameters: 100-period SMA, 2 standard deviations

Entry Rules:

1. Overbought Condition:
   1. Wait for the price to cross above the upper Bollinger Band.
   2. Confirm the overbought condition with other indicators or price patterns if possible.
   3. Consider waiting for a candlestick pattern that indicates potential reversal, such as a shooting star or bearish engulfing.

2. Oversold Condition:
   1. Wait for the price to cross below the lower Bollinger Band.
   2. Confirm the oversold condition with other indicators or price patterns if possible.
   3. Consider waiting for a candlestick pattern that indicates potential reversal, such as a hammer or bullish engulfing.

Exit Rules:

1. Take Profit:
   1. Set the take profit level at the middle Bollinger Band (the 100-period SMA line).
   2. Alternatively, you can set a profit target based on previous support/resistance levels or other technical analysis tools.

2. Stop Loss:
   1. Set a stop loss to limit potential losses.
   2. You can place the stop loss below/above the entry candle or the swing low/high preceding the entry.

Risk Management:

1. Position Sizing:
   1. Determine your position size based on your account balance and risk tolerance.
   2. A common rule is to risk a certain percentage (e.g., 1-2%) of your account balance on each trade.

2. Risk-Reward Ratio:
   1. Aim for a risk-reward ratio that ensures potential profits are larger than potential losses (e.g., 1:2 or higher).

Additional Considerations:

1. Confirmation:
   1. Use additional technical indicators (e.g., RSI, MACD) or fundamental analysis to confirm the signals generated by the Bollinger Bands.
   2. Avoid solely relying on one indicator for trading decisions.

2. News and Events:
   1. Be aware of upcoming news releases and economic events that could impact the currency pairs' movements.
   2. Consider avoiding trading during high-impact news releases.

3. Backtesting and Optimization:
   1. Backtest the strategy using historical data to assess its performance over different market conditions.
   2. Consider optimizing the strategy parameters based on the results of the backtesting.

4. Paper Trading:
   1. Before using real money, practice the strategy in a simulated or demo trading environment to gain experience and confidence.

Remember that no trading strategy is foolproof, and there's always a risk of losses. Proper risk management, continuous learning, and adapting to changing market conditions are crucial aspects of successful trading.