Hello
Here is the simple and reliable system for newbies (and others). The principle behind this system is milking the current flow, getting small amount of pips without analyzing possible reversal points. Advantages of the system are that you don't have to analyze the market and don't have to be in the market for prolonged periods of time. I believe that it's impossible to predict medium and large moves CONSISTENTLY. Hence this system tries only to get small amount of pips but doing it consistently. The disadvantages are that you sometimes will be whipsawed (especially during morning New York session - 8am-11am EST) and that you have to be extremely disciplined.
Pair: EUR/USD
Chart: 5 min
Trading hours: 2am-12pm EST (frankfurt open and whole london session)
7pm EST (Singapore open, don't play Tokyo open at 6 pm EST as it boasts very low volume nowadays)
Setup: at the beginning of each hour wait for first 5 min candle to close. Take a position upon a break of that candle: upper border broken - long and opposite in case of short. Pay close attention to support/resistance areas from previous 4-5 candles.
Trade Parameters: automatic TP - 10 pips; stop loss and reverse - other end of the first 5 min candle (pay attention to s/r). Max 2 trades per hour.
As I said, you will not win 100% of trades as sometimes you will be whipsawed. Nevertheless, just keep following system and it almost never gives negative days. Examples will follow in next post.
Here is the simple and reliable system for newbies (and others). The principle behind this system is milking the current flow, getting small amount of pips without analyzing possible reversal points. Advantages of the system are that you don't have to analyze the market and don't have to be in the market for prolonged periods of time. I believe that it's impossible to predict medium and large moves CONSISTENTLY. Hence this system tries only to get small amount of pips but doing it consistently. The disadvantages are that you sometimes will be whipsawed (especially during morning New York session - 8am-11am EST) and that you have to be extremely disciplined.
Pair: EUR/USD
Chart: 5 min
Trading hours: 2am-12pm EST (frankfurt open and whole london session)
7pm EST (Singapore open, don't play Tokyo open at 6 pm EST as it boasts very low volume nowadays)
Setup: at the beginning of each hour wait for first 5 min candle to close. Take a position upon a break of that candle: upper border broken - long and opposite in case of short. Pay close attention to support/resistance areas from previous 4-5 candles.
Trade Parameters: automatic TP - 10 pips; stop loss and reverse - other end of the first 5 min candle (pay attention to s/r). Max 2 trades per hour.
As I said, you will not win 100% of trades as sometimes you will be whipsawed. Nevertheless, just keep following system and it almost never gives negative days. Examples will follow in next post.