Project Piggy-Back (EUR/USD)

The theory behind this winning strategy is based off setting a standardized trade size, a marginal stop loss and picking a reasonable target. Each month the goal is to double my account balance by trading the same trade size each trade until the account balance has doubled. Under no circumstances raise or lower trade size until the account balance has doubled or until the trade size cannot be fulfilled. At that point, if not in profit, fund account back to original account balance and start over.

In order to piggyback off EUR/USD I follow a basic set of rules.

  1. Only sell resistance on 1hr/4hr levels [SHORT ENTRY]
  2. Only buy support on 1hr/4hr support levels [LONG ENTRY]
  3. Always set a reasonable stop loss, try to keep risk 1:3 or better (a stop 15-30 pips away from a resistance or support level is generally safe from my observations)
  4. Do not always hold until Take Profit
    what I mean by this is if you get spooked (scared) get out, close your position.
    Take Profit early at times. If you feel a red flag or a reversal imminent do not be afraid to Take Profit at any time!
  5. If Spooked wait a safe amount of time (a few hours to a few days) until the market has moved enough to set up for the next trade. This depends on your trading psychology and mental fortitude. If you are calm and in control feel free to place a trade at the next available opportunity.
  6. Do not hold until SL, be reasonable, but ready to close prior to stop loss. Do not get spooked.
    IF your stop loss is hit that is okay, that is what a stop loss is set up for. The goal is to determine you are wrong prior to hitting your stop loss, get out and suffer minimal losses… then wait until next set up is ready.
  7. If Spooked wait a reasonable amount of time until you are calm and in control again prior to placing next trade.
  8. Stop Losses are never changed. Place a good stop loss at order entry and do not change it.
    Even if in profit do not move stop loss to break even. Do not touch it.
  9. Exit at Take Profit if possible, or a little early. If Spooked (scared) take your profit!
  10. You can move your Take profit but never move the stop. As soon as a stop is moved the market is notified and the broker can spike volume and stop you out.
  11. If you are stopped out or take a loss and mentally are emotionally effected by it, STOP trading. Take a break. A few hours to a few days, each person is different.
  12. If you take a loss period, take a minimum 2-4 hr break before re-entry.
  13. Do not read news, add indicators to charts, watch the economic calendar, or listen to Powell. None of that matters and effects this strategy. Simply sell at resistance and buy support on primarily the 1hr and 4hr intervals. Set a stop 15-30 pips outside of entry, set a target at next support or resistance level and get out.
  14. If you take a big profit/hit a home run, take a short break before re-entry. Let the gains solidify, do not be afraid to take a day or two break until you get comfortable winning excessively.
  15. IF Spooked, do not be afraid to re-enter, just make sure trade is still 1:1 Risk reward minimum.
    You do not always have to get out at a support or resistance level. You can always take profit early or if spooked, Just try to wait to get in at support or resistance levels on 1hr/4hr.
  16. Do not change trade size until account balance has doubled. At that point, double original trade size.

I started with a FTMO 50k demo account on MT4 on 5/11/2021 following these rules and have since turned that into 105k+ in 15 days. I’ll post info on that tomorrow.

Last night I started an Oanda demo account with 5k. The goal with this 5k account is to replicate the 50k account just scaled down. If I am able to continue to replicate success and at least have doubled my 5k demo to 10k by 8/11/2021, I will fund an Oanda Live account with 5k and follow this exact strategy.

This is my third trade on my 5k account and is my current position at the time of this post. (at the time my account is at $5562 after two profitable trades on day one)
I shorted EU at 1.2188 and my TP is 1.2165. I set a stop loss at 1.222.

My next trade…
I think 1.216 is a great support buy so I have a limit order at 1.216 for 130000 units on oanda to buy EUR/USD off my 5k account (same trade size I will use until i hit 10k). I have my stop loss set not too far away at 1.2142, and my target is the next support level at 1.226.This puts my risk around 1:5.

Stay tuned, tomorrow I’ll post today’s results and where we expect to enter next.


Tonight’s position and next order on Oanda fox 5k demo account.

I got stopped out while sleeping, however the market has come back down to my entry. I lost $306 this morning. The 1.216 buy limit is still in and still looks great. I’m at work but I hope that hits while working, otherwise I’m out of the market until later. Stay tuned

I have been watching EU throughout the day, and it’s unlikely to hit my limit. I think a new support has formed around 1.219 so I just jumped in.
Risk to reward is only roughly 1:2 on this trade

Was stopped out this morning. 5k account took a $416 loss. On break at work I noticed eur was right around the support I had a limit at yesterday. I didn’t post instantly after entry because I didn’t have time. So here is what I’m looking. Same target as before 1.226 with a stop at 1.2115.

Just holding. I’m not spooked, will be weary around 1.224 if not spooked around then I’ll continue to hold.

I’m out. I got spooked and forgot today was Friday.
Took $686 on this trade

I’m done for the weekend. Stay tuned

Not only Friday but a long weekend, too. Also the month-end! Tough remembering all these things as well! :slight_smile:

Your approach is interesting in that it includes a lot of discretionary input from the trader. Nowadays, it seems the trend is more and more away from that. But I think that is a shame. Most of the difficulties that people face are actually within themselves and their character/psychology but they look to remedy faults in their systems instead… which usually ends up with the same problems.

I am interested to see how you develop with this approach! :smiley:

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Thank you for your input! Ones trading psychology is the most important element of this strategy, everything else doesn’t matter if you can’t have the right state or mind each time you place a trade.

Speaking of which I spoke too soon. It’s a long weekend but eur is at a great level. I shorted eu at what I now be to believe a resistance level at 1.22. I have a modest target at 1.21397. Likewise I gave EUR some extra room and placed a stop at 1.223. I’ll hold through the weekend. Stay tuned

I hadn’t posted any information on my FTMO 50k practice account as I mentioned I would in the first post.

This first picture is how much I made in ftmo in less than a month. At first I was trading 30 lots per trade with 50k (I had them broken up into 5 lot trades until I just started with one 30 lot trade per play after a few days of trading). That wounded up being 36k in the market at one time per play but I typically only allowed myself to lose 9k per trade at worst case (using stops). I kept trading 30 lots over and over even if I lost, however I just didn’t lose much, I was riding the wave. Once I hit 100k which was a few days ago, I doubled my size and started trading 60 lots. I took a 21k loss right off the bat, but the long yesterday panned out nicely and I made my first 30k profit trade In five hours just buying at the right level. I didn’t let the 30k win spook me into not being able to place a good trade and because I maintained my mental fortitude I placed one a few hours later and am already up 5k going into the weekend

The point of this story is now I am managing three accounts a $25 live account (to assure my stops are good and demo can crossover easily), a 5k Oanda fx demo (the trades I’m posting in this journal) and a 50k FTMO demo (now it’s a 100k demo). I’m scaling the trade sizes proportionally and I’m tracking what my balance will do as I grow, how doubling my trade size each time I double my account effects my trading, and most importantly I’m learning to get used to trading large amounts of money without having it psychologically effect me or my trading. Having the same trade size really helps with this. Seeing bigger losses is becoming much more dull and less painful, and seeing big wins is becoming less gleeful and less exciting, yet I’m literally doubling my account rather quickly, following a simple set of rules. At this point I am 80% accurate this month with a total of 36 wins of 45 trades. That’s what I hope to continue.
Stay tuned

This is a piggyback Eur/Usd journal but I’m throwing just one EUR/JPY trade into the mix, just a small position to test my theory on selling resistance on 1hr and 4hr.
I have a stop at 134.3
A take profit at 133.4
I entered at 133.945

EUR/USD is looking good at this time, so I will sleep on it and see what level we are at in the am. Next trade is a potential long but that depends on market conditions and if we hit support at that time.

Stay tuned.

Felt a red flag about an hour ago at the end of my lunch break. Resistance turned to support and I knew it was time to get out. I exited with profit in EUR/JPY but took a $143 loss in EUR/USD.

After exiting I entered a long position in EUR/USD with a 35 pip stop and a 100 pip take profit (I’ll definitely take profit sooner). Once again I didn’t have time to post immediately after placing the trade, this is roughly one hour later.

Sometimes wins are short lived. The trend is over, I feel a red flag. I believe EUR/USD is at a new resistance level. I took my profit.

now I’m short EU.
Target is 1.21654.
Stop is 1.2255
Entry is 1.22248

Stay tuned

I was wrong yet again, I lost around 8 pips in EUR/USD. Looks like resistance turned to support again. I caught it early and bought the new support.

Target is 1.2325
Stop is 1.218
I entered at 1.2233

Took about 2 pips in EUR/USD. Should have gotten out sooner. I’m taking a break tonight, I’ll check out eur/usd tomorrow but for now time to enjoy the weather and relax tonight.

Stay tuned

I placed a long on eur/usd just a little bit ago. Price has stabilized I believe now we are at support so I bought eur/usd. I put a very tight stop and a good take profit for a nice risk to reward.

Entry: 1.22157
Stop loss: 1.2205
Take profit: 1.226

Stay tuned

I added one more position. Consider it another eur/jpy like trade from a day or two ago.

Even though I am using a lot of my Margin, I have stops and take profits in place on both of these trades that limit my loss to a combined total of $175 on my 5k account. That winds up being 3.5% risk for a total possible return of 13.94%. That is sick in my book and I am personally very happy to have these trades in at such good prices and levels.

Stay tuned!

Took a $165 Loss this morning, definitely was great risk to reward however, I just didn’t get the direction right. I’m going to do my best to take the night off to do myself a good service mentally.

Stay tuned!

I now infer that EUR/USD is at a resistance level. I placed a short position with a very nice risk to reward where I am confident I will either get stopped out or hit my target in the next 24 hours.

Entry: 1.22104
Stop Loss: 1.2222
Take Profit: 1.217
Risk to reward is roughly 1:4. I can only lose $150.80 and have the potential to make $525.20 at take profit. I like the odds, the risk is worth it for that potential gain!

Stay tuned!

Quick update before I sleep, i adjusted my take profit to 1.213