A closer look shows how the Channel can be used for additional entry signals along the wave. It also allows you to close out an entry during the trend so you can take some profit if needed.
One mini lot from A to B is over $4,000.
B to C is another $1,600.
C to D is another $1,000.
Add entries at Channel signal of another 0.1 lot (ex: at the green checkmarks).
Add (approx) $5,500.
Its not a get rich quick trading style, although it could be if you are willing to add more entries along the way. I think of it as a way to exceed any annual profit from the stock markets without having to do much other than to check every once in a while to look for signals.
Nice, will test this strategy. Originaly was only in 5m, but are you guys having better results in which other timeframes? and how you guys use psar in the strategy?
I find the strategy works in all timeframes, but the smaller the account, the shorter the timeframe is my suggestion.
If your account balance is under $5,000, I think the M1 to H1 is the way to go. For H1, most pairs work.
I may be the only one using the PSAR. I love it for M1 and M5
Here is what it looks like on Eur/Usd M1, set to 0.002/.2.
You can see that once the London session starts, it gives great signals. Same with NY session.
Getting the love today! My EURUSD long is in profit! Moved the SL to lock in some profits.
Any tips on your exit strategy? I had a 30 pip SL. I’m 50+ pips from my entry. Moved the SL 50% of my SL above my entry. No rhyme or reason on the amount other than to lock in some profits but not get too tight to price. Maybe switch to a trailing stop? I right at a potential resistance level of 1.0925.
Having a look back at my post about this for some ideas
Interesting! I’m in the same position again! 50+ pips from my entry.
My exit strategy is a convoluted mess. I look at the cumulative win or loss from all of my trades together and then go back and look at the charts to see which ones I think still have a strong chance of making more profit. If I have a few that look like they have that good chance, then I can let my eur/usd run for a while until it comes close to that big resistance level. Otherwise, I will just look at a closer resistance level and cash out.
