Sharing a Great Strategy

Here’s a great strategy that I would like to share with everybody here:32:

Entry Signal: Based on the good old Stochastic and / or Relative Strength Index indicators. Take as cue to open new position when the indicator line exits from overbought/oversold regions. E.g. if value of Stochastic is 19 two bars prior, and 21 the last bar, consider that as an entry signal at the start of the current bar.

Trend Filters: Based on Heiken Ashi indicator and Elliott Wave Principle. When both indicate the same direction, and you get an entry signal from above, you can seriously consider entering a trade.

Profit/Loss Management: Based on Elliott Wave Principle, together with Fibonacci Retracements/Expansions. Note that this is crucial, because the key regions that correspond to reversal and target price points indicated by the Elliott Waves also correspond, often nicely, to one of the common price regions indicated by Fibonacci.

Typically, I prefer to base the entry signal on H1 charts and Trend Filters on D1 charts. And I only enter a trade when both entry signal and trend filters indicate the same direction, and there is at least 100 pips of profit to take.

Have fun trading!!

Thanks to share this trading strategy with us. I will follow your strategy to check how much it is profitable for me.

Never enter a trade because the price is suddenly rising or falling. Always plan your trades in advance. Know your desired entry point, Take Profit and Stop Loss rates before you trade and wait for the right opportunity to arise.