This is my strategy that I have been trialling for the past couple of weeks on a demo account. I am creating this journal as a record for the trades that I take. I will outline the strategy below and I welcome input so long as it is helpful. Please be aware that this is in its infancy and whilst I have had some good success with it, it still needs ironing out. I also work for a living at the moment, so when my work hours change, my input will change.
Once again this is primarily a journal for me to plot my trades whether successful or not. If this is similar to another trading strategy in Forex Factory please understand that I have not seen it. My previous inputs in this realm have been in the following threads. Jacko’s house of pleasure and pain, Breezes thread and most recent BRVs No brainer trades.
SET UP: Firstly, I trade this strategy on a 30 min chart; however I plot areas of strong support and resistance from a 4 hourly and daily point of view. Normally these are strong areas that appear to naked eye and stand out. I will take 2 support and 2 resistance close to where the market is at.
I use the following EMAs on my 30 min chart. 21 RED for speed, 55 BLUE for momentum and 200 GREEN which is long term and can help define short term direction.
I use Pin bars as to me they are easier to read and identifying support and resistance etc is easier for me , however I see no reason why other chart symbol (candle, pin etc) won’t work for you
STRATEGY:
WE trade either long or short based on where the RED 21 EMA is in compared to the BLUE 55. For example if the red has crossed the blue to the downside then we are looking short and vice versa for long.
We enter a trade on a touch of the either of the EMA’s. I usually prefer the Blue or Green, however will take a smaller position on the red if the setup isn’t looking to go that deep.
There is also one other trade I will take, however with caution. That trade is when the red and blue EMA’s cross. The only time I take this trade is when there is a pin touch as the bars cross. If the bars cross, and there pins/candle has shot right through, then I leave this and wait for the market to come back and touch, then I enter the market.
MONEY MANAGEMENT: At no time, all trades included do I exceed 5% of my account balance. For example if I have 3 trades on, the combined total of these doesn’t exceed 5%. Even if there is a super fantastic setup I will not break this. I will however look to close a trade if deemed necessary.
STOP LOSS/LIMITS: My Maximum SL is 30 pips, however ideally I prefer lower but no less than 20. So between 20 and 30. I also trade multi-lots. By that I mean I will trade X amount of lots but in 2 stages. My first X amount will have a take profit of 30 pips. The Second I let run up to hopefully 100+ pips.
IMPORTANT NOTE: ONCE THE FIRST LEVEL HAS BEEN TAKEN, OUR STOP LOSS NEEDS TO BE MOVED TO BREAKEVEN. This ensures a stress free trade and from there I will move my stop loss in 15 to 30 pip increments. So once our second trade is 60 pips from our original entry we want to have our SL at 30 pips or more locked in (its discretionary for different people).
I will post some charts with examples to help make sense of the rabble above. I will mention that so far with this method I have made the following trades.
EUR/JPY (S) 160.90: 1st L @ 160.60, 2nd L @ 160.43 (Manual Exit) total +30 x2, +57 x 1 Ave= 39
EUR/USD (L) 1.4710: 1st L @ 1.4740, 2nd L @ 1.4770, 3rd L @ 1.4800. Total + 30,60 & 90 Ave= 60
EUR/CAD (L) 1.544: Stopped 1.544 Ave= 0
GBP/USD (S) 1.8372 Stopped 1.8372 Ave = 0
USD/CHF (S) 1.0939 1st L @ 1.0909 Total + 30 x 2 Ave= 30
I had 1 loosing trade on my live account before deciding to trial this on demo for as long as it takes to be comfortable. That trade was on the EUR/USD and it lost 30 pips on 1 lot.
I hope to make this a strategy I will stick with and for anyone who follows please feel free to provide constructive feedback. Also please trial this on a demo before going live. The risk is yours if you choose to follow but I hope the rewards to be greater. As mentioned, I will get as many charts up as I can showing you what I have described.
Sincerely Cruze2005
Once again this is primarily a journal for me to plot my trades whether successful or not. If this is similar to another trading strategy in Forex Factory please understand that I have not seen it. My previous inputs in this realm have been in the following threads. Jacko’s house of pleasure and pain, Breezes thread and most recent BRVs No brainer trades.
SET UP: Firstly, I trade this strategy on a 30 min chart; however I plot areas of strong support and resistance from a 4 hourly and daily point of view. Normally these are strong areas that appear to naked eye and stand out. I will take 2 support and 2 resistance close to where the market is at.
I use the following EMAs on my 30 min chart. 21 RED for speed, 55 BLUE for momentum and 200 GREEN which is long term and can help define short term direction.
I use Pin bars as to me they are easier to read and identifying support and resistance etc is easier for me , however I see no reason why other chart symbol (candle, pin etc) won’t work for you
STRATEGY:
WE trade either long or short based on where the RED 21 EMA is in compared to the BLUE 55. For example if the red has crossed the blue to the downside then we are looking short and vice versa for long.
We enter a trade on a touch of the either of the EMA’s. I usually prefer the Blue or Green, however will take a smaller position on the red if the setup isn’t looking to go that deep.
There is also one other trade I will take, however with caution. That trade is when the red and blue EMA’s cross. The only time I take this trade is when there is a pin touch as the bars cross. If the bars cross, and there pins/candle has shot right through, then I leave this and wait for the market to come back and touch, then I enter the market.
MONEY MANAGEMENT: At no time, all trades included do I exceed 5% of my account balance. For example if I have 3 trades on, the combined total of these doesn’t exceed 5%. Even if there is a super fantastic setup I will not break this. I will however look to close a trade if deemed necessary.
STOP LOSS/LIMITS: My Maximum SL is 30 pips, however ideally I prefer lower but no less than 20. So between 20 and 30. I also trade multi-lots. By that I mean I will trade X amount of lots but in 2 stages. My first X amount will have a take profit of 30 pips. The Second I let run up to hopefully 100+ pips.
IMPORTANT NOTE: ONCE THE FIRST LEVEL HAS BEEN TAKEN, OUR STOP LOSS NEEDS TO BE MOVED TO BREAKEVEN. This ensures a stress free trade and from there I will move my stop loss in 15 to 30 pip increments. So once our second trade is 60 pips from our original entry we want to have our SL at 30 pips or more locked in (its discretionary for different people).
I will post some charts with examples to help make sense of the rabble above. I will mention that so far with this method I have made the following trades.
EUR/JPY (S) 160.90: 1st L @ 160.60, 2nd L @ 160.43 (Manual Exit) total +30 x2, +57 x 1 Ave= 39
EUR/USD (L) 1.4710: 1st L @ 1.4740, 2nd L @ 1.4770, 3rd L @ 1.4800. Total + 30,60 & 90 Ave= 60
EUR/CAD (L) 1.544: Stopped 1.544 Ave= 0
GBP/USD (S) 1.8372 Stopped 1.8372 Ave = 0
USD/CHF (S) 1.0939 1st L @ 1.0909 Total + 30 x 2 Ave= 30
I had 1 loosing trade on my live account before deciding to trial this on demo for as long as it takes to be comfortable. That trade was on the EUR/USD and it lost 30 pips on 1 lot.
I hope to make this a strategy I will stick with and for anyone who follows please feel free to provide constructive feedback. Also please trial this on a demo before going live. The risk is yours if you choose to follow but I hope the rewards to be greater. As mentioned, I will get as many charts up as I can showing you what I have described.
Sincerely Cruze2005