Hello everyone
I have been looking at this way of trading for a while and it looks promissing on any timeframe. I started of on 5min then worked it up to 4H and it realy looks if this can be profitable. I would like to know if anyone is trading this way and if anyone has some ebooks on this.
This is how it works:
5min Trade:
This example we had a range channel on the pund. at 7gmt we draw ower channel or trend lines and wait for break.
@ 9:40 gmt we had a break "Close below" the support after wich the market had a bull candle. Now, the Trigger line is the low of close of the candle the closed under the support "the 9:40 candle in this case"
a Sell order was placed at 1.9511 and the 10:00 gmt candle triggered the short entry with a SL at 1.9531. I was looking at taking 34 - 40 pips target but if a new Trendline is taken out with a pullback and trigger, i would just close for the day.
4 Hour trade:
This is a recent trade, we had a triangle and then a break. Now we wait for a pullback of 1 or more bull candles. We found 1 and placed a sell on 1.9427 with a 50 pip SL "note that it is 4Hour chart". A target of 200 points is nicly met.
I will be posting a 5min setup in the mornings as i get some time. I like the 5min setup better as there is a 40 pip trade every day.
Keep well
Jk
I have been looking at this way of trading for a while and it looks promissing on any timeframe. I started of on 5min then worked it up to 4H and it realy looks if this can be profitable. I would like to know if anyone is trading this way and if anyone has some ebooks on this.
This is how it works:
5min Trade:
This example we had a range channel on the pund. at 7gmt we draw ower channel or trend lines and wait for break.
@ 9:40 gmt we had a break "Close below" the support after wich the market had a bull candle. Now, the Trigger line is the low of close of the candle the closed under the support "the 9:40 candle in this case"
a Sell order was placed at 1.9511 and the 10:00 gmt candle triggered the short entry with a SL at 1.9531. I was looking at taking 34 - 40 pips target but if a new Trendline is taken out with a pullback and trigger, i would just close for the day.
4 Hour trade:
This is a recent trade, we had a triangle and then a break. Now we wait for a pullback of 1 or more bull candles. We found 1 and placed a sell on 1.9427 with a 50 pip SL "note that it is 4Hour chart". A target of 200 points is nicly met.
I will be posting a 5min setup in the mornings as i get some time. I like the 5min setup better as there is a 40 pip trade every day.
Keep well
Jk
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