Let me start by writing that this trading method is far from being perfect. That's why I share it here - to improve it together. So don't use it on real accounts, only on demo (for now).
It brings nothing new and probably many of the experienced traders are already using it, more or less. I've just discovered it and, since it is almost working for me, I decided to share it here. Like I said, hoping we'll improve it together.
OK, let's go to the point.
The main idea
...is that most of the times the price will move 100pips or points (they still confuse me) away from the current price in any direction, and that 1 out of 3 times you flip the coin, you should win. Start with a demo account of 200$ and trade 0.01.
What you MUST do 
Now we have 2 possibilities: either we win, the price hits the TP and the trade is closed, or not. If not, and the price goes the opposite direction, wait until it will be some 100pips away from the (already) losing trade. Then open another trade (double to 0.02), same TP 100 pips away and drag the TP of the first trade (0.01) on the second TP, so they'll close together. Again, 2 possibilities: price goes in the desired direction and hits TP; at this point you make 0$, but at least you don't lose anything. If the price goes in the other way, wait until it is again 100 pips away from the second trade and open the 3rd trade, this one 0.04 (double the previous). Move all 3 TP 100 pips away from the third trade. This will be the last trade, unless you want to risk betting martingale and you have enough money to bet. Otherwise, stop and be ready to close all trades in loss. However, statistically speaking, there are chances that this trade win. But keep an eye on the Close All button, just in case.
I'll upload some screenshots later, hopefully you'll understand them - I have only Paint to edit them, no professional image editing software.
One more important thing: please don't stick with my 100pips trade distance - also check the Signals-Channel indicator. Actually, I think this we must tweak: the exits (TP) and the trading lots.
Signals-Channel indicator -
Exit Trades expert advisor -
UPDATE: no more 2 EMAs, only one EMA now (89). Check example here.
UPDATE: in a nutshell here
UPDATE: I'm opening a maximum of 5 trades now (if trend goes the other way), starting with 0.01 and ending with 0.16 (so the last trade should be approximately 400 pips away from the first). Also managed to attach my trade explorer, but Pepperstone deletes demo accounts after 1 month so... that will be its age.
It brings nothing new and probably many of the experienced traders are already using it, more or less. I've just discovered it and, since it is almost working for me, I decided to share it here. Like I said, hoping we'll improve it together.
OK, let's go to the point.
The main idea
...is that most of the times the price will move 100pips or points (they still confuse me) away from the current price in any direction, and that 1 out of 3 times you flip the coin, you should win. Start with a demo account of 200$ and trade 0.01.
What you MUST do
- Identify the trend on the higher frames (D1, H4, H1) - very important, we only trade the trend. Don't trade if you're not 99% sure about the trend, just change the chart.
- Be ready to close all trades, no matter if they're winning or losing - also very important.
- Do not trade during/close to news time.
- In the beginning, trade only on one chart and don't start multiple trades - it is scalping and it is difficult to monitor multiple charts. Plus, it's all about timing.
What you need
- For the trend to be identified, I am checking all the timeframes, starting with daily and going down. However, daily and H4 are most important and they should point to the same direction. On my 4th screenshot you can see the JJN-Infobar indicator in the upper left - I don't remember where I got it from, search it and use it if not sure about the trend, it's a good indicator.
- For the trades to be closed (all at once, ATTENTION) I am using an EA called ExitTrades. It displays a Close All button on the upper-right corner of the chart - one click will close all trades.
- Stochastic indicator (5,3,3) - useful to spot the right entry.
- Signal-Channel indicator, don't remember where I got it from, but I use it with the Stochastic to entry or alone to exit trades. I don't pay attention to the arrows.
- I'm also using 89 EMA, to confirm the trades' entries/exits on M1 and the main trend on the higher timeframes. Price higher from EMA89 to enter a buy and opposite for sell.
How to trade
You must identify the trend and enter - DEPENDING ON THE TREND - when the price hits the upper/lower level of the Signal-Channel indicator; use the 89 EMA to confirm and/or the Stochastic.
Example: trend is down. Open a sell when the price hits the higher channel limit, the Stochastic is going/crossing down from the 80 level and the price bounces down from the 89 MA or it is already below this. Opposite for opening a buy. Check the screenshot.
Now we have 2 possibilities: either we win, the price hits the TP and the trade is closed, or not. If not, and the price goes the opposite direction, wait until it will be some 100pips away from the (already) losing trade. Then open another trade (double to 0.02), same TP 100 pips away and drag the TP of the first trade (0.01) on the second TP, so they'll close together. Again, 2 possibilities: price goes in the desired direction and hits TP; at this point you make 0$, but at least you don't lose anything. If the price goes in the other way, wait until it is again 100 pips away from the second trade and open the 3rd trade, this one 0.04 (double the previous). Move all 3 TP 100 pips away from the third trade. This will be the last trade, unless you want to risk betting martingale and you have enough money to bet. Otherwise, stop and be ready to close all trades in loss. However, statistically speaking, there are chances that this trade win. But keep an eye on the Close All button, just in case.
I'll upload some screenshots later, hopefully you'll understand them - I have only Paint to edit them, no professional image editing software.
One more important thing: please don't stick with my 100pips trade distance - also check the Signals-Channel indicator. Actually, I think this we must tweak: the exits (TP) and the trading lots.
Signals-Channel indicator -
Exit Trades expert advisor -
UPDATE: no more 2 EMAs, only one EMA now (89). Check example here.
UPDATE: in a nutshell here
UPDATE: I'm opening a maximum of 5 trades now (if trend goes the other way), starting with 0.01 and ending with 0.16 (so the last trade should be approximately 400 pips away from the first). Also managed to attach my trade explorer, but Pepperstone deletes demo accounts after 1 month so... that will be its age.
Using the RobotFX EAs for a while https://www.robotfx.org/
). Screenshots are only for the 3rd complex trade.
