Have been snooping around these and other forums for some time now. Have only been demo trading for bout 5 months or so. Just trying to gain knowledge and experience so that when I go live I dont end up blowing my account as I have been hearing is so easy to do.
So dont take this strategy as a proven profitable system. I just posted it here to see what ppls opinions of it are and how it could be improoved or even if its any good.
Pull up a 15m Time frame any pair.
On the previous day put a horizontal line on the highest Open of the day, and another line on the lowest close of the day. Ignore the shadows on the candles.
So now you have 2 horizontal lines.
On the next day you place a buy and a sell at these lines and wait for one to be triggered. Set your take profit and recomend setting a stop loss a good distance.
From what I can see if you have a small take profit say 10- 15 pips inc. spread you will nearly always win. on this 10 -15 take profit id probly put a 20 pip stop loss.
Using pivot points also can help to determine stop loss and take profit points.
Also I have noticed that if price has already made a large move say greater than its average daily range and is yet to trigger an order it is best to cancel pending orders. Also probly best done with a high volatility.
Any suggestions/comments welcome.
So dont take this strategy as a proven profitable system. I just posted it here to see what ppls opinions of it are and how it could be improoved or even if its any good.
Pull up a 15m Time frame any pair.
On the previous day put a horizontal line on the highest Open of the day, and another line on the lowest close of the day. Ignore the shadows on the candles.
So now you have 2 horizontal lines.
On the next day you place a buy and a sell at these lines and wait for one to be triggered. Set your take profit and recomend setting a stop loss a good distance.
From what I can see if you have a small take profit say 10- 15 pips inc. spread you will nearly always win. on this 10 -15 take profit id probly put a 20 pip stop loss.
Using pivot points also can help to determine stop loss and take profit points.
Also I have noticed that if price has already made a large move say greater than its average daily range and is yet to trigger an order it is best to cancel pending orders. Also probly best done with a high volatility.
Any suggestions/comments welcome.