Hi all,
I’ve been reading BP from the sidelines for the last few years and even contributed a few times. I’m not at the point where I’m trading for a living but I wanted to run my trading plan passed you to see what you think. My main job’s work hours vary every day so I have a number of strategies that I tend to use depending on the time of day that I’m free. I’m been trading this since Christmas and so far I’m making steady gains.
I only risk 2-5% of my account based on how strong a signal I’ve got.
Method 1
End of Day Pin bars, on majors
Has to be a clear pin bar, if its on a BB or pivot point then I take it when it closes, if not I use a pending order for when it retrace to 50%. Stop loss is always a few pips beyond the tail. Take profit depends on the situation, it can be 25pips, or I may just let it run and manually move the stop loss up every day.
Method 2
London Breakout gbp/usd
http://forums.babypips.com/free-forex-trading-systems/29863-london-breakout-1-a.html
With a few tweaks, basically I look at the long term trend and only go that way.
Method 3
30min pin bars on eur/usd and gbp/usd
I use pivot points and a MA to determine if it’s a buy or sell, normally only looking for a 10pip profit, stop lost is normally the other side of the pivot point.
Method 4 (if I get up in time) eur/usd
I rarely trade this but when I have its been successful.
http://forums.babypips.com/free-forex-trading-systems/37192-mrspreadbetting-price-action.html
Again a pivot point system.
So what do you think? Positive and negative feedback welcome.
ale