I would like to share a system I will be trading live from today and also use this thread as a journal. I have to give credit to many people here for the simple strategies that will be used especially the “James16 thread”, “Building an equity millipede”, “4H power” and a few others.
I will be trading the following 10 pairs:
EUR/USD
GBP/USD
AUD/USD
USD/CHF
USD/CAD
USD/JPY
EUR/JPY
EUR/GBP
GBP/JPY
NZD/USD
I will enter two trades per pair at the weekly open. One trade with R:R 1:1, the other with no fixed TP. Initial SL for both will be the other side of the weekly bar + 15 pips. SL of 2nd position to be moved to BE + 2 pips when first lot TP is reached. 2nd lot TP will be manual but looking for very large moves (millipede style).
If there are too many trades open on a pair and it is ranging I may not open a new weekly trade.
Basics of the strategy:
I am looking for open/close engulfing patterns (1 or more candles) and pinbars.
1.Open your weekly charts
2.From the right look for the newest engulfing pattern or pinbar.
3.We simply enter at the open in the direction of the newest price action we recognise.
I will be trading this strategy on a small live account at Etoro (please leave broker discussions from this thread). I’ll be opening positions using the minimum size per trade at $0.10 per pip. Ideally I would’ve preferred to equalize the risk of the different crosses but I will just measure the pips profit/loss in this thread.
I will be trading the following 10 pairs:
EUR/USD
GBP/USD
AUD/USD
USD/CHF
USD/CAD
USD/JPY
EUR/JPY
EUR/GBP
GBP/JPY
NZD/USD
I will enter two trades per pair at the weekly open. One trade with R:R 1:1, the other with no fixed TP. Initial SL for both will be the other side of the weekly bar + 15 pips. SL of 2nd position to be moved to BE + 2 pips when first lot TP is reached. 2nd lot TP will be manual but looking for very large moves (millipede style).
If there are too many trades open on a pair and it is ranging I may not open a new weekly trade.
Basics of the strategy:
I am looking for open/close engulfing patterns (1 or more candles) and pinbars.
1.Open your weekly charts
2.From the right look for the newest engulfing pattern or pinbar.
3.We simply enter at the open in the direction of the newest price action we recognise.
I will be trading this strategy on a small live account at Etoro (please leave broker discussions from this thread). I’ll be opening positions using the minimum size per trade at $0.10 per pip. Ideally I would’ve preferred to equalize the risk of the different crosses but I will just measure the pips profit/loss in this thread.