Hi everyone
Firstly I'm not going to touch on MM because we all know the rules on that and they apply here as much as they do with any strategy. You will see how true that is looking at my TE - low leverage losses hardly affects my account balance - but when I'm winning I might over leverage a bit to maximise my gains!!
But to have definite RULES and rigidly sticking to them is absolutely vital for successful trading - also when it comes to my new strategy! I'll show you actual examples of what I mean
The basic idea is to ONLY trade fast moving trends. That means we have maximum chance of success and minimum chance of failure
So taking our Daily/15 min charts I look for these important parameters (trade only EUROPEAN and US SESSIONS):
1/ Daily chart to show good candle reversal/continuation
2/ Look for price action to clearly breakout of Asian session high/lows (closed candle) on 15 min chart
3/ Price action WELL ABOVE/BELOW daily pivot point level
4/ 15 min chart price action inside the 28 EMA and preferably riding the 12 ema.
5/ When price action breaks through the 28 ema but remains within the 55 ema NO TRADE but remain on the watch for price to regain the trend inside the 28 ema again
6/ Only go down to 5 min chart to look for a good entry point (if necessary)
7/ Do NOT trade the session before an important news release and at least half an hour afterwards (as a rule)
8/ ALL the EMA's need to be nicely in line above the vegas tunnel (buy trade) or below the vegas tunnel (sell trade)
Example charts to follow:
Firstly I'm not going to touch on MM because we all know the rules on that and they apply here as much as they do with any strategy. You will see how true that is looking at my TE - low leverage losses hardly affects my account balance - but when I'm winning I might over leverage a bit to maximise my gains!!
But to have definite RULES and rigidly sticking to them is absolutely vital for successful trading - also when it comes to my new strategy! I'll show you actual examples of what I mean
The basic idea is to ONLY trade fast moving trends. That means we have maximum chance of success and minimum chance of failure
So taking our Daily/15 min charts I look for these important parameters (trade only EUROPEAN and US SESSIONS):
1/ Daily chart to show good candle reversal/continuation
2/ Look for price action to clearly breakout of Asian session high/lows (closed candle) on 15 min chart
3/ Price action WELL ABOVE/BELOW daily pivot point level
4/ 15 min chart price action inside the 28 EMA and preferably riding the 12 ema.
5/ When price action breaks through the 28 ema but remains within the 55 ema NO TRADE but remain on the watch for price to regain the trend inside the 28 ema again
6/ Only go down to 5 min chart to look for a good entry point (if necessary)
7/ Do NOT trade the session before an important news release and at least half an hour afterwards (as a rule)
8/ ALL the EMA's need to be nicely in line above the vegas tunnel (buy trade) or below the vegas tunnel (sell trade)
Example charts to follow: