Hi. So this is my trading strategy, I have been using it for the past month or so. The only problem is that it needs to be active 24/5.
I am extremely busy with University at the moment (exams) so I don’t have much time during the day.
I tried doing this myself but this is too complicated. I know there is a lot to take in with this method, so I will understand if no one can help me.
I only trade it on 1 Pair (XAU/USD)
Using 5 min tf (I sometimes use Higher tf if a signal appears, but because it is higher tf signals appear rarely)
It uses 3 Indicators
-RSI
-50 EMA
-20 EMA
-10 EMA
Important trading rules for BUYS and SELLS
-Stop loss will be below (buys) or above (sells) candles.
-No stacking trades. Only 1 trade can be open at any single given time.
-Put SL to BE when price has moved 1.3 times the risk
-Once in a trade no closing the trade no matter what, either hit TP, BE or SL
-Minimum candle size doesn’t matter but the stop loss can not be lower than 50 points (5 pips) so if the candle is smaller
than 50 points the stop loss will automatically be 50 points.
-But size does matter for Maximum candle size. No candles bigger than 120points (12 pips).
-Take profit for most trades will be 1.5 times risk.
-No take profit over 150 points (15 pips) so if the SL is 120 points the tp will automatically be 150 points.
There are 3 types of entries for each buy and sell. (only 1 change with each set of rules.)
ENTRY CANDLES ARE AT THE CLOSE OF THE CANDLE AFTER CONFIRMATION
Rules for a buy. #1
*10 and 20 EMA needs to be above 50 EMA
*RSI value needs to be 50 or above
Body of Entry candle needs to be inside 10 and 20 EMA (wicks can go past it)
*Entry candle should be Bullish
*The candle before the entry candle should be a bearish candle
*The RSI value of the Entry candle (bullish) and previous candle (bearish) should not have went below 50.
Tradingview chart- /x/taCv4t76/
Rules for a buy. #2
*10 and 20 EMA needs to be above 50 EMA
*RSI value needs to be 50 or above
50% or more of the Entry candle body needs to be inside 10 and 20 EMA (wicks can go past it)
*Entry candle should be Bullish
*The candle before the entry candle should be a bearish candle
*The RSI value of the Entry candle (bullish) and previous candle (bearish) should not have went below 50.
Tradingview chart- /x/Q6vHEexv/
Rules for a buy. #3
*10 and 20 EMA needs to be above 50 EMA
*RSI value needs to be 50 or higher
The open of the Entry candle is below the 10 and 20 EMA (wicks can go past it)
*Entry candle should be Bullish
*The candle before the entry candle should be a bearish candle
*The RSI value of the Entry candle (bullish) and previous candle (bearish) should not have went below 50.
Tradingview chart- /x/yzzzJaZe/
Rules for a sells. #1
*10 and 20 EMA needs to be bellow 50 EMA
*RSI value needs to be 50 or lower
Entry candle needs to be inside 10 and 20 EMA (wicks can go past it)
*Entry candle should be Bearish
*The candle before the entry candle should be a bullish candle
*The RSI value of the Entry candle (bearish) and previous candle (bullish) should not have went above 50.
Tradingview chart- /x/3pMorIpN/
Rules for a sells. #2
*10 and 20 EMA needs to be bellow 50 EMA
*RSI value needs to be 50 or lower
50% or more of the Entry candle needs to be inside 10 and 20 EMA (wicks can go past it)
*Entry candle should be Bearish
*The candle before the entry candle should be a bullish candle
*The RSI value of the Entry candle (bearish) and previous candle (bullish) should not have went above 50.
Tradingview chart- /x/IpfZ7B7d/
Rules for a sells. #3
*10 and 20 EMA needs to be bellow 50 EMA
*RSI value needs to be 50 or lower
The open of the Entry candle is above the 10 and 20 EMA (wicks can go past it)
*Entry candle should be Bearish
*The candle before the entry candle should be a bullish candle
*The RSI value of the Entry candle (bearish) and previous candle (bullish) should not have went above 50.
Tradingview chart- /x/lFeZ8zcj/
Sorry for the long post.
Any extra questions feel free to ask.