- October 3, 2018
- Posted by: Forex Wiki Team
- Category: Forex Trading System
Stay trades taken with results of +60% account progress in 1 commerce run begins at Publish quantity 176 on web page 9.
1. Weekly candle chart - Attract areas/traces of SR:
1) Weekly chart, draw main SR ranges
2) Every day chart - anticipate value to come back to these areas. Search for PA candles - Pin Bars and many others
3) 4hr for entries on 50% retraces, confirmed larger breaks, or retraces again to interrupt factors
4) Set SL at logical positions - usually final swing H or L
5) Transfer SL up (or down) to the brand new commerce SL level - this locks in income
6) Goal is identical for all trades - Measure the final transfer between S and R and take 90% as a goal
7) Enter a number of occasions - Every time I get my SL as much as the most recent commerce, I am locking in income. Most significantly my danger is remaining fixed.
8) For the very first commerce of a transfer, I solely danger half of my regular danger - it is because value can do something, and it could go in opposition to me
9) as soon as value strikes in my favour I enter at my regular danger stage
10) If I've a number of trades open and they're in danger, the overall danger solely provides as much as my general danger stage
11) I cease buying and selling the run when reward to danger will get decrease than about 2 to 1
12) Typically I'll enter on continuation candles in the course of the run - inside bars, pins, however I strive and hold it so simple as potential
My danger I soak up $ and not a lot %. I can reside off $ however not % !
It is nothing new, nothing complicated. I am not reinventing the wheel. I am simply making use of primary value motion to enter a number of occasions on a run - that is the place you may get thousand of pips from a 500 to 800 pip run.
Usually the reward to danger for the early trades is round 8 or 10 to 1.
I began the thread as a result of I have been posting within the Rookies part to assist a couple of there - it is about time I introduced it collectively in 1 place! Much less complicated for this historic mind!
At all times used market makers - now I've dumped them and gone to ECN.
At all times used to commerce 1m, 5m, 15m charts with MACD, stochs, RSI and many others. Dumped them and went with value motion, no indicators, simply SR.
My method is predicated on assist and resistance being THE most vital factor on the charts. Equally as vital is danger mgt.
It really works for me and could also be helpful to some others. I do know PA merchants are most likely doing all these items already. For me it is a no brainer now - after dropping and dropping some extra, I took about 6 months out of the sport to rethink, analyse and study. Then about 2 years in the past I got here again to it with this method and it is working very properly.
UK Nationwide, Aussie Citizen, now residing in Thailand - the liberty is sweet!
Don't love waffle or BS. Less complicated appears to be higher.
Oh comfortable to reply any questions!
Cheers all.
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