I would like to ad the following "Safety Condition" to my strategy.
Whenever you find a chart running between bollinger lines on the M15 chart ( see image bolrun.gif ), don't enter a trade only based on a RSI and Stoch cross. Even if a candle breaks through the bollinger band. Refer to the H1 chart ( see image h1.gif ) and wait for the RSI and Stoch cross before you enter a trade. A cross on the H1 chart is much more powerful and will indicate a turn around in price when you had a run between lines on the M15 chart.
You might have lost some pips if you have taken this trade, but you would have made it back double when the currancy retraced.
I have been very successfull with my strategy trading the M15 chart for about 4 weeks. Week 5 and week 6 was not that good and I found myself trading one or two false signals. Now when I look back at it I can see that had I been trading the H1 charts I would not have had any bad trades.
I would advise anybody that is using my strategy to investigate the H1 charts. There are less possible trades, but it looks like the one's that are triggered are good!
Allthough I had a big blow to my account I have restructured my business plan and is still on track for my $90,000 account balance by the end of the year!
I have had great success today trading the H1 charts for EURUSD and USDJPY.
I've decided to put a SL in place. My nerves could not handle it anymore and I now feel more comfortable trading with a SL at 100 pips.
My TP is from 25 to 50 pips. Trading the H1 charts makes it easier to let your profits run!
Wil keep you up to date as to how it's going.
Hi all ,and hi Sitestuf for putting this template here
I will try it on my mini account ehheeh, for you how much dollars are a pip ?
you use your system mostly in H1 chart ? thank you.
take care .
Am new to the forum. Will like to contribute my humble experience in forex and as well learn from experienced people
I found the H1 charts to be more successfull and true than the M15 charts I use to trade.
My lot size change as my account balance change, but currently trading the EURUSD 0.03 lot sizes: 1 lot = $0.30.
hope you get to that 90,000$ milestone. i am practicing with similer stratergy.
Thanks nasir.khan for sharing your chart setup with us. This is what I like about this forum, sharing ideas. I can see allready that I can learn from your chart. Also H1? I had one or two bad trades on M15 and switched to H1 just last week. I'm now much more successfull.
Good luck to you and keep us up to date
actually what i am doing is opposite to you. i trade 1H candle BUT i seek the movments(confirmations) from M30 and M15. on the opposite you were trading the M15 and confirmed the signals from H1 candals. Here is an Example.
Now this is the M30 candle chart. the green signal was there before it apeared in 1H candle.