All right, here we go
My system as follows:
Risk: max 5% of capital at any one time, no more than two trades going on at the same time. Lot size is adjusted to meet the risk condition.
Timeframe: Daily + weekly and monthly for trend overview
When work allows it, I will be looking for trades on the 4H as well
Trading Hours: Checking news, current positions and planning new positions roughly between 18-19 GMT, position opening and closing 22 GMT
Indicators: Bollingerband 16 periods and candlestick reading
Enter: When moderately to highly reliable candlestick pattern can be discerned on daily and the trade to be is in the direction of the larger timeframe trend
S/L: Place PCI (Power/Computer/Internet) stoploss 3 pips beyond Highest High or Lowest Low of Candlestick formation
T/P: Close 1/2 position at +30pip and move S/L to Break Even, Trailing Stop is placed together with T/P. T/P is placed at opposing Bollingerband.
Position is closed if Trailing Stop triggers or if T/P is reached
Currency pair: Any, if spread <10,
Focus will be on AUD/USD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/USD, USD/CHF and USD/JPY
Profit Target: 20 pips/day
Leverage: 1:500, though only 1:100 on demo account due to limitation in demo
Broker: Alpari UK
All trading will be carried out on a Alpari UK demo account, until it becomes clear that my system either works or does not work.
Starting capital will be 1000 USD
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