Just discovered something last week that I thought to try to put into theory on a demo account and I have no real results but wanted to see if anyone has thoughts about it working/ not working before I attempt to put mass amounts of time to test it.
So I was trading this on the EUR/USD 1 min chart however I think any time frame or pair could work but for this purpose I use these settings. You will only need one indicator which is not even really an indicator but the USD Index in indicator form[see attached]. The rest is all price action using trendlines and waiting for breaches of the lines in a break fashion, ie. the bar MUST close above/below the line. I think the pictures here offer more than trying to describe this in words.
One important rule for this style of trading is that I wanted to have a good R:R for shorter term trading so for now Im starting with 1:1 Risk to Reward but I think this could maybe be pushed up to 1:2 or even 1:3 with a higher time-frame. Sorry I dont have much time to complete this post so I will leave it at this for now, would love to here anyone's thoughts or suggestions to this approach.
Note: I also just had a visual of the Gold chart beside to see if it would cause any correlation.
So I was trading this on the EUR/USD 1 min chart however I think any time frame or pair could work but for this purpose I use these settings. You will only need one indicator which is not even really an indicator but the USD Index in indicator form[see attached]. The rest is all price action using trendlines and waiting for breaches of the lines in a break fashion, ie. the bar MUST close above/below the line. I think the pictures here offer more than trying to describe this in words.
One important rule for this style of trading is that I wanted to have a good R:R for shorter term trading so for now Im starting with 1:1 Risk to Reward but I think this could maybe be pushed up to 1:2 or even 1:3 with a higher time-frame. Sorry I dont have much time to complete this post so I will leave it at this for now, would love to here anyone's thoughts or suggestions to this approach.
Note: I also just had a visual of the Gold chart beside to see if it would cause any correlation.
Attached File(s)
USD Index[1].mq4
2 KB
|
333 downloads
USD Index[1].ex4
3 KB
|
276 downloads
All posts are my personal opinion