Hi there guys and girls!
i came across this system on a facebook group i am a part of and decided to give it a try.
dont get me wrong! I’m more like a price action trader then anything, but i still like to test trading systems every now and then.
Its a "stop-loss"less system but it has a interesting concept. Lets go:
PAIR: USDJPY
TF: 15m
RSI: default (14, applied to close, 70 and 30 levels)
LONG ENTRY:
When a bearish candle closes and the rsi of that candle is bellow 30, you open a long position on the next open.
SHORT ENTRY:
When a bullish candle closes and rsi is above 70 you enter short on the next open.
TP: 3-5 pips
SL: None.
OBS:
- the guy who shared the strategy said that in over an year of market analisys, there was only 4 times that price went close to 100 pips before retracing and hitting his tp, thats why he doesnt recommend using a sl.
- you need a broker with very tight spreads, like 0,5 pips spread (i found ic markets to have such low spreads for this pair).
- ill be checking the market and trading this system as i can and posting the results. But if anyone wants to share an idea or even program an ea on it so we can test it, it would be awesome.
AGAIN: The strategy is not my creation. A guy shared on a fb group and im just sharing here to see if something comes out of it.