I have been on babypips for a while now (it must have been a different username though). In fact, my trading started to make sense when I found this site. I honestly believe that I currently have the tools necessary to make it in this industry, however I struggle a lot with discipline and fail to be consistent. I prefer simplicity and do believe that I can achieve my targets using simple strategies.
I change my strategies every week and this has resulted in me blowing a mini account at some point. I’ve never commented on the forum but decided to take the plunge and post my own trading journal so that I can be accountable.
The strategy I’ll be trading is a crossover strategy using 7 and 60 SMAs and RSI (for overbought/oversold) conditions. I also consider fundamentals when trading.
[B][U]Here are my rules for the system[/U][/B]
Indicators: 7 and 60 SMA + Relative Strength Index (RSI)
Time Frame: H4
Buy entry: 7 SMA crosses above the 60 SMA AND the RSI must be below 70
Sell entry: 7 SMA crosses below the 60 SMA AND the RSI must be above 20
My stop loss will be set at -30 pips or the recent swing low. I plan to ride a trend until a new setup in an opposite direction occurs or a TP of +60 pips has been achieved.