DislikedHello Steve, nice to see you here.
Listen guys, first of all sorry for my English i am trying to explain it as simple as i can.
So:
The strategy doesn't need any indicator, just the price movement from where will start.
So, if the price start from 1.3000 and touch the 1.3100 WE BUY and set TP 100 Pips and SL 160 Pips. If we hit TP at 1.3200 (close the position) we BUY again (open new position) with sames targets. And the same for the downtrend.
Never open against position before the first close with profit or losses. (We can add...Ignored
Second this will only work in trending markets. any whipsaw sideways action will destroy your profits since your stop is larger than your profits. A brake even option will either
A) keep you out of a possible positive trade as it needs room to move. So how do you over come that? maybe move to BE after say 50pips profit? Or keep hitting the buy button until price moves past resistance and hits target. OR
B) work great in a whipsaw environment and keep your money safe.
Its always a hard call. Again if its trending its a great idea. Simple naked price action is best.