So I do day trading for Stocks mainly, as well I mainly paper trade until I’m confident enough to go live. So how about this for s technical system for day trading,
Use 5m chart and draw a trendline for the CURRENT trend. If/when price pulls back to that trendline, you take a long/short IF PRICE moves in the direction of the trendline. (I.E. If it’s a long trendline price goes long after pulling back to trendline)
Use a 200 EMA. BUT the ema is there as a no fly zone, so if price is near or on the 200 ema you don’t trade, period.
Stocks is different than forex but for SL I do 3 cents, so say 3 pips, and TP i do 9 cents, so say 9 pips. For a 1:3 risk reward ratio.
The only news I care about at all is, bank rates, unemployment, FOMC. If none of those are happening, i trade freely.
On paper it seems to look great, work great. 60%+ win ratio with a 1:3 risk reward is very good.
Any thoughts to the system , or why some may think may would fail?
Also do note that all paper trading is done on live accounts. NO demo or simulation accounts are used.