I’ve been involved in financial markets since 2007, started in equities, then moved to futures and now full time trading currencies.
I use my own trading strategy which I’ve developed, and the logic is fairly basic. It uses moving averages and a combination of stochastics to determine the trend.
Once I determine the trend, I will then use stochastics to determine if there’s a valid retracement, and once I identify if a valid retracement has started, I will then use another stochastic of a short period to assist in determining if the retracement is likely to end.
This is the simple logic behind the system. I use price levels and previous intraday support/resistance levels to find where to put the stop loss and where to put the exit.
I do not use time based charts, I only use price based charts, the reason is time based charts have not been good for me, however price based charts have been fantastic.
The logic behind the strategy is not a new strategy, however trading it on price based bars is exceptionally good.
As you can see this is how I trade, moving averages to determine the trend, and the combination of stochastics to assist with entries and price levels to assist in exit areas.
Account history 58 days
Profit Factor 2.37
Average Gain in Pips +24.5
Average Loss in Pips -12.93
Per active day +5.31% increase to equity
Average trades per day 2.1
Very good, I do something similar but wait for ranging in short tf and decide the tp from the next obvious level. Could you please show charts for one trade you achieved so we can see in more detail how you are using the indicators ie stoch etc. to show points 3&4 in your strategy so sucesfully. Thanks
They are price based bars, they only close after price has moved say 10 pips. You can choose whatever size pip bars you prefer. As for which moving averages, it’s not really relevant which ones you choose, there’s not alot of difference between say the 50, 100, 150 or 60, 110, 160… do you see what I mean.
I think I’ve clearly stated a couple of times already, they’re price range bars, each bar is a set number of pips in size. Time doesn’t come into the equation. Each bar is of equal size. Say 10 pips each.
EURUSD long trade signalled… moving averages pointing up, price above the moving averages, stochastic pulled back below the 20 levels, stochastic crossed above 65 levels… indicating trend continuation is a possibility… stop below xx50 levels and target area for TP is xx00 levels…
