Intraday Setups With Weekly TF Forex System

Hello fellow traders,

I wanted to share with you one strategy but before I could do so let me introduce myself little bit as I haven't made any friends here since 2008. I've been trading for 5yrs as you can see the date which I joined FF. Trading for me is indeed hard maybe it is easy for others. But my journey has been hard ever since I've decided trading, done the every thing which I should have avoided. Literally every book or experienced traders shouted the same thing " Discipline keeping the emotion at bay, having a sound money management etc. But only recently that I started to follow these rules. I think the discipline was the hardest thing to learn after all these years jumping to system to another system with itchy fingers to place another trade. By having the discipline is very rewarding experience even after losing trades you don't feel bad and you just move on to your next trade (so that's how it is).

I'm not the one who was fortunate enough to have enough money to trade, seeing people trading 1 or more standard lots always got me jealous, so that's why I was always seeking how to parlay my trades. As you guys might know that 50:50 winning strategy gets 16 losing streaks over of 50,000 trades. And it is mathematical fact. Do you know how many losing streaks can handle your system?

Win % Probably Streak

30% --- 30

35% --- 25

40% --- 21

45% --- 18

50% --- 16

60% --- 12

70% --- 9

80% --- 7

90% --- 5

So to me you have to have the balance or trading equity to be able to wistand 30 losing streaks in a row. So I guess or assume that 2-3% risk is enough to start or at least you will have the time to evaluate your system's win %. In February-March I grew my 1.8k account into 10k with this strategy but was risking 5-10%.

The idea behind the strategy certainly not mine at all, I just made some modification and I have to give credit to unclepip in TSD.

Rules:

1. Only trade in the direction of WEEKLY TF. Long if previous WEEKLY candle has closed above and Short if previous WEEKLY candle has closed below. (attaching indicator for your visual reference, you can see higher TFs in one chart window)

2. Zoom into 1H TF.

3. Trades will be taken on TEMA and NonLagMa according to WEEKLY (XARD SSA is only for your reference)

Trade only after confirmed cross which means after candle has closed so the signal stays there.

According to the screenshot Number 1 and 2 was losers, but the 3rd trade was a sure winner.

4. If the 1st trade went 20 pips in to profit then 2nd trade will be opened and add 3rd trade after 20 pips as well.

5. SL 20 pips TP 60

This week we had 3 trades, 2 losers and 1 winner.

2 losers -40 pips

1 winner 120 pips which leaves us with 80 pips

The idea behind pyramiding was that I've seen at least one engulfing or break outs making new highs or new lows with 50-60 pips within 1 or 2 week span.