Based on Price movements above or below Kijunsen/Tenkansen on Ichimoku charts.
Time frame used is H1 or H4.
Confluences used are
- Trend on 4H chart (lower low, lower high / higher high, higher low)
- Key market Support Resistance
- Whether price is above or below Kijunsen
- Whether price is above or below Tenkansen
- RSI (less than 60 for Buy so there is space before it becomes over bought and above 40 for Sell.... same reason)
Trades are manually monitored and closed if recovery is too risky... in some cases, i'd try to recover if chances of turn around are very high. I'd close trades if the reason I took them are gone... if it's going the wrong way but my reasons are still valid, I'd look to either recover or hedge.
Money Management: Use equity / 20000 to get the lot size (if following more traders on the same account, use discretion). E.g. €1000 equity = 1000/20000 = 0.05 lots...
MAX Lotsize = equity / 10000 e.g. equity 1000 = 1000 / 10000 = 0.1 lot
I try not to open more than 3 position at one time... normally I'd have just one or two.
- Cut losses and make profit another day
- Protect Capital and profit will come
- A decent growth with low risk wins over high growth with high risk (we have all seen 8000% growth account drop down to 0% on MQL this month :))
- Try not to leave open positions over night / weekend and lose sleep over them.
IMPORTANT FOR FOLLOWERS TO UNDERSTAND
- I cannot make profit every day... though i try my best... there will be days we have some loss
- There might be days I do not open any position if the criteria above are not met
- My aim is to have 20% + growth every month... some months I will fall short some months I will overshoot (when markets are trending vs. when they are sideways)
- I try to answer questions at earliest possible but please do allow some time
- I'd try to post a recap of trading and my reasons for taking trades every evening.... this ensures I stick to my trading plan :)
Though I am very closing monitoring trades, I have received some concerns around not having protective Stop Losses in place.
Normally in volatile periods (say around new year which i stop trading between 20th dec and 7th jan or be very very selective) or like GBP during this period of Brexit votings and uncertainty, I try avoiding the volatile markets but in case i take a trade, I'd normally hedge or put a protective stoploss.
I close trades if my reasons for taking them are gone...
Will try from now on to either have a hedge position or protective stop loss on most of my trades.