Here is my experiment with psychological numbers. I will try to keep the system simple and specific. It is based upon psychological levels (i.e. numbers ending in 00, 25, 50 and 75.) It will also be combined with trendlines, cross-overs, a quick assessment of price action on daily, 4 hour and 3 hour times frames, with a focus on weekly projections, taking advantage of trending markets and letting profits run. Entry rules will always be somewhat variable depending on where the market is at. But basically we will be looking for breaches of 00-25-50-75 levels on 3 and 4 hour time frames. Crossovers on the same time scales, trend line breaks, pin bars, double bar high close lower, double bar low close higher, triple bar highs, triple bar lows, inside bars and generally anything that looks like it will give a trend reversal or continuation signal. Stops will be used and placed at the next relevant psychological point, with an emphasis on letting profits run. Take profit points will not be used and trades may be closed at my discretion. (i.e. non-farm payroll, interest rate statement, volatile news event)
Money managment will be put in place when we get a signal 3 trades will be opened: 2% of margin, 4% of margin and 6% of margin. One will be closed quickly to lock in profit the others we will let run and may be added back on the next day if the trend continues.
My demo account size will be:
$3000 USD with 50:1 margin
Money managment will be put in place when we get a signal 3 trades will be opened: 2% of margin, 4% of margin and 6% of margin. One will be closed quickly to lock in profit the others we will let run and may be added back on the next day if the trend continues.
My demo account size will be:
$3000 USD with 50:1 margin
