It's a trend following system. I've recently started testing this strategy. The system is mostly based on Fibonacci and few combination of moving averages to determine a trend. Entry and Exit is based on Fibonacci. I will share some charts to illustrate the whole system if possible. I've also assigned a small live account in order to measure it's performance. I am concerned that I could use demo account instead for testing the strategy but demo really doesn't give me enough psychological pressure. That's the reason I've opened up a live trading account with few dollars which I can afford to lose. I'm using oanda as I am going to do pure PRM based trading. So, let's began the journey. #FingerCrossed
UPDATE:
Holy Grail simply doesn't exist. So, you can't find anything so called holy grail in this thread. I'm trying to develop a trading system which may work in trend market.
Trend Identification: I'll simply follow the bias. Because it is the quickest possible thing to identify market trend. And I will only take entry on the favor of trend.
Entry: As I will follow the trend, I will get into the trend on it's correction. For confluence I will use 50% or 61.8% correction of the previous DISCRETIONARY swing.
Exit: Either at 80% correction or 90% correction depending on the entry. And for profit I will use minimum 1:2 RR. Take profit level isn't fixed because I want to hold the position as long as possible but it won't be less than twice of the risk.
Maybe it looks so confusing for now, but I will keep posting of my entry and exit so it will be clear for you after few days if you want to follow this thread
UPDATE:
Holy Grail simply doesn't exist. So, you can't find anything so called holy grail in this thread. I'm trying to develop a trading system which may work in trend market.
Trend Identification: I'll simply follow the bias. Because it is the quickest possible thing to identify market trend. And I will only take entry on the favor of trend.
Entry: As I will follow the trend, I will get into the trend on it's correction. For confluence I will use 50% or 61.8% correction of the previous DISCRETIONARY swing.
Exit: Either at 80% correction or 90% correction depending on the entry. And for profit I will use minimum 1:2 RR. Take profit level isn't fixed because I want to hold the position as long as possible but it won't be less than twice of the risk.
Maybe it looks so confusing for now, but I will keep posting of my entry and exit so it will be clear for you after few days if you want to follow this thread
