I would like to stress the following trading condition.
Do not trade unless one of the Bollinger Bands has been crossed and the candle returns past halfway of the previous candle. Do not rely on the RSI and Stoch only! I have made that mistake and it cost me +- 300 pip loss.
I have learned my lesson and is busy building up ma account balance again. Still on target for $90,000 by the end of the year!
Account Balance: $243.98
@sitestuff: Can you post a screenshot of this situation? So we can avoid this trading this strategy I hope you find the right way back on the road
@shsh: Can you tell us your strategy?
What happpened is I've placed an order when not all three indicators where aligned.
As you will see in my chart attached, the RSI and Stoch had a perfect cross, but the Bollinger Band's outer band where not crossed or touched. This is one of the rules trading my system. The candle should touch or penetrate the band and then return. When this happens and the RSI and Stoch cross you have a trade.
So it's my own fault. I saw an opportunity and whent with my gud feel.
My lesson is to follow hte indicators 110%. Set yourselve a daily target and once reached switch off your pc. You see possible trades when there is non if you stick around for too long.
Allthough I lost quite a lot of money I'm still 1 week ahead of my business plan's shedule. I will stick with my strategy and indicators and I wil make $90,000 by the end of this year!
I'm back on track with 122 pips profit trading the EURUSD, USDCHF and USDCAD. Lot sizes differed from 0.01 - 0.05.
My strategy works very well if you stick 100% to it.
I've attached one or two charts where I made some pips today.
well, firstly i want to thank you for sharing your strategy!
here you didn't follow your strategy - why?
"The candle should touch or penetrate the band and then return." was your own rule
Yes, I know, and you have a valid point. The candle did not touch the Band, but was very close. What made me take the trade is the fact that a new hight has been reached by the candles, but the RSI did not. See my chart attached showing the white lines. This is a rule I did not attached to my strategy as I don't use it often.
With that in mind, the cross of the RSI and Stoch as well as an almost Band touch I figured a sell would be in order.
I hope this answers your query.
107 pips for the day trading 0.01 - 0.05 lots. I've added some of the carts I've traded today.
ok, thank's for your answer
i really like your strategy so far. i wish you all the best on the way to your 90000!
you wrote that your TPs are about 5-10 pips. wouldn't it be better to trail after 5 or 10 pips?
I really love your strategy I will follow you If I can
Do you wrote on your blog, that you use William's Percentage Range Indicator... I can't see this on your charts?
Can you explain it detailed, how to use it and when?
Do you use fix TP or you monitor the chart, and stop it manually?
Do you use fix SL? Shoud I set it to the yellow band?
Thanks a lot!
Yes, you can trail your TP's. My setup towards my goal is for me to make 20 pips per day at the given lot size as per my business plan.
If the opportunity presents itself to make more pips by all means, let the profits run, as they say. However, when I decide to do that, and not take the 5 - 10 pips, I would put a SL in place of about 10 pips. This is for incase your TS does not kick in. I know with FXDD the TS does not kick in before a 15 pip win.