THIS IS A NEW STRATEGY IM WORKING ON TO WORK ALONG SIDE MY "BUY SELL LINE TRADING STRATEGY"
We are looking for a nice trending pair and ideally price action to form at a retrace point.. the longer a move continues without a retrace the weaker the signals get... A++ set ups are a nice zig zag trend
RULES
TREND
BELOW 50 SMA CAN ONLY SHORT
ABOVE 50 SMA CAN ONLY LONG
AVOID FLAT MA...
TIMEFRAME
H4 ONLY
PRICE ACTION SIGNAL
INSIDE BAR... CANDLES RANGE MUST BE COMPLETELY INSIDE THE HI-LOW RANGE OF THE PREVIOUS BAR (called the mother candle)
ENTRY
ENTER 1 PIP BELOW THE LOW OF THE MOTHER CANDLE (for shorts)
ENTER 1 PIP ABOVE THE HIGH OF THE MOTHER CANDLE (for longs)
STOP LOSS
1 PIP BELOW THE LOW OF THE MOTHER CANDLE (for longs)
1 PIP ABOVE THE HIGH OF THE MOTHER CANDLE (for shorts)
POSITION SIZING
A STOP LOSS HIT SHOULD EQUAL 2% OF ACCOUNT BALANCE FOR EVERY TRADE, ADJUST LOT SIZE ACCORDINGLY
TRADE MANAGEMENT
MOVE STOPS TO BREAK EVEN AT HALF RISK i.e if your stop is 80 pips at +40 you move to break even
TAKE PROFIT AT 1/1
if price is still moving strongly in your favour trail stops behind the high of the last closed H1 candle until stopped out.
INSTRUMENTS
ALL THE MAJORS, AVOID ANY OBVIOUSLY RANGING PAIRS, USE YOUR EYES AND THE 50 SMA.
We are looking for a nice trending pair and ideally price action to form at a retrace point.. the longer a move continues without a retrace the weaker the signals get... A++ set ups are a nice zig zag trend
RULES
TREND
BELOW 50 SMA CAN ONLY SHORT
ABOVE 50 SMA CAN ONLY LONG
AVOID FLAT MA...
TIMEFRAME
H4 ONLY
PRICE ACTION SIGNAL
INSIDE BAR... CANDLES RANGE MUST BE COMPLETELY INSIDE THE HI-LOW RANGE OF THE PREVIOUS BAR (called the mother candle)
ENTRY
ENTER 1 PIP BELOW THE LOW OF THE MOTHER CANDLE (for shorts)
ENTER 1 PIP ABOVE THE HIGH OF THE MOTHER CANDLE (for longs)
STOP LOSS
1 PIP BELOW THE LOW OF THE MOTHER CANDLE (for longs)
1 PIP ABOVE THE HIGH OF THE MOTHER CANDLE (for shorts)
POSITION SIZING
A STOP LOSS HIT SHOULD EQUAL 2% OF ACCOUNT BALANCE FOR EVERY TRADE, ADJUST LOT SIZE ACCORDINGLY
TRADE MANAGEMENT
MOVE STOPS TO BREAK EVEN AT HALF RISK i.e if your stop is 80 pips at +40 you move to break even
TAKE PROFIT AT 1/1
if price is still moving strongly in your favour trail stops behind the high of the last closed H1 candle until stopped out.
INSTRUMENTS
ALL THE MAJORS, AVOID ANY OBVIOUSLY RANGING PAIRS, USE YOUR EYES AND THE 50 SMA.
tradewith60