I started to open this thread, because I like to introduce you with a ( I think very good trading method ). I still have to practice on the Demo Account and want to show you the first trade I opened according to the rules from Said.
Apparently I need to wait for the right amount of points to upload pictures. Hang on with me and soon all pictures will appear.
Well, since I have to less posts, I am not able to deliver images. So for right now, I opened a LONG position on EU on the 15M chart and am still waiting .....
SL was 30 pippis and TP depends on the price action. I know at that time is not much movement but have nothing to do anyway, once the trade is good enough, am putting a 20 pips trailing stop and go to bed.
I know, you are wondering why EU, instead of GY, just opportunities, LOL
I am really looking forward to upload the pictures. The open trade is going right direction. Think I have to wait for the close then. What I can say as of right now is: I am using the 4H chart for the general direction and the 15M chart for the entry and exit strategy. More coming soon !!! Bare with me :-)
Thanks for the interest, no I don't trade the dragon, which is still a nice approach. I am simply using a system practiced on the Surefire challenge. It's basically a Trend following System and for finding Entry and Exit points they use the smaller time frames to catch a higher RR. I will upload strategy and pictures as soon as possible.
As you see there where 3 possibilities to enter a trade on the EU today. I tried to stay out of the market almost the whole morning because of significant news which kind of affected the USD. Specially the Home Sales statistics. On top of it, I had to help a friend of mine with house renovations. I felt pretty bad today without trading. But at noon, at lunch, I couldn't resist the trigger finger. I know, I am not patient enough, but this time it worked out well. There are even more mistakes I did, which are trading on the weekend ( few hours to market close - don't leave a trade open over the weekend unless you are carry trading ). Anyway, I took the third entry signal to go long on EU by the opening of the next candle. Somehow it worked out and was able to lock 40 pippis including the spread. I was lucky, because there was not much momentum anymore until the last half hour before market close. I hope, I don't do that again.
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I am not sure if it's to early yet or not. I did with this system just 2 trades and think it could be very profitable if you follow the rules. I have to say it is not my system, I just borrowed it As I mentioned in earlier post always the name
SAID 2300. Well it's simply because the guys name I borrowed it from is Said and 2300 means he made in one month over 2300% gain. And that only with a max of 3 to 5% equity risk per trade. Hmmmmm. Anyway, I want to share it with you and tell me if it's working for you. Oh, need to say, he just traded on a Demo Account at the Surefire Challenge.
Here it goes:
You can trade that system on any pair and on 4H chart for a hint of direction on entry and exit chart is the 15M.
Step 1: Determine the trend direction using the I-regr Indicator on the 4H chart. The trend direction is up if the price is below the lower band of the I-regr Indicator. When this occurs we look only for opportunities to buy.
Step 2: Check the News Alerts for any news reports to confirm the trend.
Step 3: Check that RSI, CCI and Momentum on the 4H chart confirm the trend direction. This is not absolutely essential but just a guide.
Step 4: Once the overall trend direction has been established switch to the 15M chart to look for an entry.
Step 5: Check RSI is above 40
Step 6: Check CCI is above 0.00
Step 7: Check Momentum is above 100
Step 8: Open an order at the 15M chart after the candle crosses the middle I-regr band from below OR if RSI, CCI and Momentum is up.
Step 9: Place your Stop Loss 30 pips below your entry level.
Step 10: Do not place your Limit/Target to early until a consolidation signal occurs or before the release of a trade report, then set a trailing stop at 20 pips.
Step 11: If all conditions including News/Reports indicate that positive trend and profit has been gained then additional lots can be added.
For short trades the other way around.
Bare with me for the indicators, I am going to upload them into the file sharing section. Will take a bit of them, but what the heck, it's anyway weekend and no trading.
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