Hi guys, for last few days I was back testing a system which is pretty simple and it’s very easy to follow. You just need to know few grammar of TA like support & resistance, divergence (I prefer MACD for divergence), trendline. When the price will follow a trend that time I’ll draw a trendline and then will follow the trend untill the trendline breaks. And I’ll only take position on the favor of the trend and not against it. I’ll draw some potential support or resistance level to entry into the position and my exit will be also some potential support or resistance level.
It seems it has created a uptrend and it’s on the potential support zone right now where there is a tendline. So, I’m taking long from here and targeting another resistance level which is marked as blue color and my stop loss is marked with red color which is another potential support level.
I’ll update about this trading system further with more details. Thanks
I’m uploading another image of M30 here for clearly view if that’s a potential S/R level or not. By the way, on my trading system I don’t look entry based on Trendline because that’s my confirmation of trend, what I focus on bias.
Thanks for pointing out the fact to me.
I’ve placed a pending long order on EURAUD. According to my system it is forming a new trendline by breaking it’s previous trendline (Created Higher High). There is a potential support where I’m going to take entry and placing a stops below the previous swing targeting around 1:2 Risk to Reward ratio.
I’m placing a pending long on EURAUD. As you may see that my previous trade was not triggered due to spread and if that got triggered then it would hit my take profit level by now.
Anyway, waiting for a retracement to get into the trend.
