I haven't used this system yet it is just an idea of mine I want to share.
Let's have some rules we can build on.
After some more thinking and many backtests, I decided to change some rules of this system like that:
My strategy will be based on weekly and multitimeframe analysis and if I have negative draw down I will accept it in the end of the week and not in the end of the day like rule 6 below is mentioning. Also I have to target for at least 10 clean pips, but of-course I will try to target more, not less, or zero.
I will choose a pair to trade every Monday and use the market direction to trade retraces, if needed.
1. Choose any market you like and the best hour/hours you think this system will work.
2. After the open of a new candle immediately open one position long/sort (you decide) targeting 10 pips total profit with spread.
4. You should trade only one direction and follow that until the end.
3. If the price doesn't reach 10 pips + spread and you have a retrace open a second position targeting at least for 10 pips + spread total (you can close a negative position, but you should have at least 10 clean pips profit).
4. You can open as many positions you think it is right to reach the target without stop loss.
5. You can use any indicators, but better use 1 only for entry.
6. If in the end of the day you are losing close all positions and post here the results.
Some ideas:
After a retrace choose a high, or low in the direction of the trend for re-entry/ies.
Create a grid of your choice (10, 20 pips etc).
Choose ranging markets to trade for less loss (you can do the opposite).
Target for more!
Post here your screen-shot/s using 5 minutes time-frame for better view.
I will post here my trades at Monday.
Let's have some rules we can build on.
After some more thinking and many backtests, I decided to change some rules of this system like that:
My strategy will be based on weekly and multitimeframe analysis and if I have negative draw down I will accept it in the end of the week and not in the end of the day like rule 6 below is mentioning. Also I have to target for at least 10 clean pips, but of-course I will try to target more, not less, or zero.
I will choose a pair to trade every Monday and use the market direction to trade retraces, if needed.
1. Choose any market you like and the best hour/hours you think this system will work.
2. After the open of a new candle immediately open one position long/sort (you decide) targeting 10 pips total profit with spread.
4. You should trade only one direction and follow that until the end.
3. If the price doesn't reach 10 pips + spread and you have a retrace open a second position targeting at least for 10 pips + spread total (you can close a negative position, but you should have at least 10 clean pips profit).
4. You can open as many positions you think it is right to reach the target without stop loss.
5. You can use any indicators, but better use 1 only for entry.
6. If in the end of the day you are losing close all positions and post here the results.
Some ideas:
After a retrace choose a high, or low in the direction of the trend for re-entry/ies.
Create a grid of your choice (10, 20 pips etc).
Choose ranging markets to trade for less loss (you can do the opposite).
Target for more!
Post here your screen-shot/s using 5 minutes time-frame for better view.
I will post here my trades at Monday.
Looking for profitable short term trades ...|
I wait for the tutorial