This is simple and easy-to-execute, but (like all steadily profitable trading methods) it requires [U]plenty[/U] of patience and discipline.
It’s particularly good for rewarding patience and discipline, and for demonstrating that “simple” can also be “steadily profitable”.
This method trades EUR/USD and/or GBP/USD during the daytime (UK time): don’t enter trades before 8.30am or after about 8.00pm; we’re covering most of the UK and US sessions.
Start the day with an M15 chart, draw obvious horizontal lines of support/resistance, and retain them on the M5 charts (draw any further obvious lines of S/R there, too) from which you enter and manage the trades. On the M5 charts, add a standard 14-period RSI indicator with “overbought” and “oversold” marked at 70 and 30.
Enter long at the start of the next bar when the price reaches a line and prints a pin-bar (with the point of the pin at the bottom and either [I]nearly reaching[/I] or [I]just crossing[/I] the line) [U]and[/U] the RSI is below the 30-line; enter short when the converse happens and the RSI is above the 70-line. The pin-bars don’t quite have to be “perfectly formed” but their opens and closes must have a distance between them of no more than 20% of the bar’s length.
And now the important part: [U]trade management[/U]. Each day, until you’ve banked 24 pips for the day, use a fixed target of 12 pips and a fixed stop-loss of 8 pips for each trade. [B]After[/B] this, use the same method but without a fixed target, and when the trade’s moved 12 pips into profit, move the stop-loss up from -8 pips to breakeven, and/or from there use a trailing stop of about 12 pips, to see if you can catch the occasional “runner”. Don’t do this until you’ve banked 24 pips for the day.
You should find an [I]average[/I] of 3 - 4 good trades per day, with this method. (That means there’ll be some days without even 2 good trades). If you find [I]many more[/I] than that, then something’s seriously wrong and you’re not using enough patience and discipline to await only the best trades.
Risk no more than 2% of your account on each trade.