I use to use the WPR at the beginning, but I replaced it with the Stoch indicator, because it is more accurate for my style of trading.
TP is usually set to between 5 and 10 pips. If I see an opportunity I would let it run and stop it manually.
I do not use a fix SL. About 90% of my trades close very quickly, in profit that is. It does happen that a trade would go against me, but I would analize the situation before manually stopping the order going against me.
I also use the H1 and D1 chart to determain the possibility of a return should a trade go against me.
Oh I have just make 10pip+ on EURUSD
2009.03.04 03:04 buy 0.20 eurusd 1.24902 0.00000 1.25002 2009.03.04 03:42 1.25002 0.00 0.00 0.00 20.00
What do you think? Shoud I double the lot size when the price crosses the red and the yellow bands in a sort time?
Will the market retrace usually fast, or It is a bad sing?
Do you have multiple open trades on one pair?
Do you trade everyday? (Or not on friday)
Do you you trade on several sessions or 0-24? (London, Tokyo, U.S.)
Sorry I'm new here and I have a to know everything
Well done on your 10+ pips!
I would not double my lot size. If I see a nice retrace coming I would place another order, but at less lot size just incase. Just wait for the RSI to cross, because if it does'nt you will find that the price will start faling again and you could be losing. Don't double up yet, first get to know the strategy, you'll get a feel for it once you trade it for a couple of weeks.
Yes, I do sometimes have multiple open trades on one pair.
I trade everyday, but Fridays is still a grey area for me. Sometimes I trade, sometimes I don't. Again, look at the chart and if an opportunity presents itself take the trade. Don't get greedy! It has cost me dearly in the past! If you can make 30+ pips per day Monday to Thursday, then you would not have to trade Fridays.
I do not trade different sessions. I trade when my indicators tell me to trade. As I said in the first post, I'm no guru, I just know that my strategy is working so I'm trading it.
Keep us up to date with your performance!
I must say I was just a bit warried today, but it all ended well. My first trade was short USDJPY at 99.19. My indicators clearly showed that the trend is going to turn so I've added 5 more trades at smaller lot sizes as the trend moved in a ever so slightly upwards movement. It eventualy turned at 99.47 and I took profit on 6 trades at 99.12. One trade was lot size 0.05, the others were all 0.01.
Yes I know, maybe a bit risky, but the H1 chart clearly showed a break is about to happen so I sticked to my strategy.
When in doubt the H1 chart can also help you deciding whether or not to stop a trade going against you.
Open Time Type Size Item Price S / L T / P Close Time Price Commission Taxes Swap Profit
2009.03.05 15:45 buy 0.20 eurusd 1.25278 0.00000 1.25338 2009.03.05 16:02 1.25338 0.00 0.00 0.00 12.00
2009.03.05 15:20 sell 0.20 usdchf 1.17843 0.00000 1.17743 2009.03.05 15:43 1.17743 0.00 0.00 0.00 16.99
2009.03.05 14:58 sell 0.20 usdcad 1.28760 0.00000 1.28660 2009.03.05 15:18 1.28660 0.00 0.00 0.00 15.54
2009.03.04 23:52 buy 0.20 eurchf 1.47760 0.00000 1.47810 2009.03.04 23:55 1.47810 0.00 0.00 0.00 8.56
2009.03.04 23:33 buy 0.20 usdchf 1.16771 0.00000 1.16821 2009.03.04 23:50 1.16821 0.00 0.00 0.00 8.56
2009.03.04 23:34 buy 0.20 eurchf 1.47750 0.00000 1.47800 2009.03.04 23:50 1.47800 0.00 0.00 0.00 8.55
2009.03.04 03:00 sell 0.20 usdchf 1.17982 0.00000 1.17932 2009.03.04 08:05 1.17932 0.00 0.00 0.00 8.48
2009.03.04 05:27 sell 0.20 usdchf 1.18089 0.00000 1.18039 2009.03.04 07:43 1.18039 0.00 0.00 0.00 8.47
I'm tested it on my demo account... I like your strategy, I think, I will use it on my Live account.
It's okey that I use 0.2 lot size on a 2000 USD acc. ?
then 0.25 for 2500 USD, 0.3 for 3000 USD and so on
I have realised, that the price moves offen more then 10pip so your TP is FIX 10pip or do you close the trade manually?
It Offen goes to the mid bollinger band... That's possible 20-50pip more, but not 100% to reach that
What do you think?
Can you predict when will or not reach the price the middle bollinger band?
I go hunt down some pip :P
Hi, I'm glad you like the strategy. I like it myself very much!
I trade lot size 0.01 to every $100 on Micro Account with 200:1 leverage. your lot size sounds about right.
I have not yet found a strategy for exit. I just take my 5 - 10 pips per trade. I only need 20pips per day to reach my goal. Must agree though that sometimes one could pick up a lot more pips, and I have done it once or twice, but most of the time I have a TP in place.
The best of luck to you with your real account.
Keep us up to date.
And what a great day it has been! I've managed to build my account balance from $242.78 to $332.57 in just 4 days. That is about 37% profit in 4 days by trading this very profitable strategy.
I've only been trading this strategy for 5 weeks now, but I think this might just be what i was looking for to reach my target of $90,000 by the end of this year.
1) maybe you could attach some screenshots of your trades?
2) what pairs are you on?
3) good luck
1. I have attached screenshots of some of my trades. Just look back in the form. I will ad new one's shortly.
2. EURUSD, USDCHF, GBPUSD, USDJPY, USDCAD, EURJPY
you can make profit 300% within 4 weeks only