Monday IN Friday OUT
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  1. #1
    Join Date
    Apr 2012

    Cool Monday IN Friday OUT

    I have been trading FX for a couple of years with mixed success.
    I am coming to the belief that trade FX in TFs less than the Daily is a fool's game.
    Therefore in the spirit of KISS my plan is to select a simple trend following system comprising of ADX and SMAs (possibly in the form of a SMA channel).

    My plan is:
    -- Determine trend based on Daily chart
    -- Verify trend is in line with Weekly trend
    -- Entry by setting limit orders on Monday mornings based on H1 charts
    -- Set wide SL based on 2XATR or 50SMA which is further away
    -- Position size for SL not more than 2% of capital
    -- Once in profit by 2X ATR set to trailing stop
    -- Let profits run without profit target
    -- Only 2 entry orders at one time
    -- Add new entry orders only when preceding trades are in profit with trailing stops
    -- Close trades on Fridays (before NY 12pm) [unless there is major event prior like NFP or FOMC]
    -- Repeat on Mondays

    Would greatly welcome thoughts and or comments

  2. #2
    MJTuttle is offline Newbie
    Join Date
    Nov 2014
    Any specific pairs in mind?

    I also prefer minimal attention trading methods

  3. #3
    markpounder is offline Newbie
    Join Date
    Oct 2010
    Lincolnshire, UK
    Surely if you enter based on the 1 hour chart you are trading the 1 hour chart. To trade the daily would mean taking set ups on the daily. I take trades on the 4 hour and the daily using 60 sma and fractals and using atr for targets.
    Cheers mark

  4. #4
    sanage is offline Newbie
    Join Date
    Dec 2014
    I will really appreciate if someone can help me locate this indicator

    I only have the picture l

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