This method is looking for a retracement entry with a Martingale twist. I've traded it live and backtested with predictable success.
I only trade Eur/USD.
I'm looking for a 20 pip move to enter, expecting a 20 pip retrace. If price moves 10 points against me, I enter again at 2 units. If price moves 10 more pips, I enter again at 3 units. 4 and 5 units then stop out after 10 more points move. Any time price moves 20 pips in my favor I'll close all entries.
I started this using NY time midnight entry point. It seems to be profitable any time, but more on that later.
Lets start with the first midnight, I'll edit with better plan layout as needed.
*More Specifics...
I look at a 5M Chart. Setup starts at Midnight, New York Time Zone (EDT)
I set 1 unit Entry Points 15-20 pips away from the close of the 00:05 Candle. I set a Long and a Short Entry expecting a retrace if the Entry hits. I have an initial Stop at minus 30 pips to avoid getting clobbered by a huge move.
When I get an entry I take down the other one. I set a second entry order of 2 units 10 further than the current entry. I won't take 2 orders during the same 5M candle. When a reversal appears, I'll set a limit target 20 pips from the apparent Low (Hi).
I take up to 5 positions, incrementing the purchase each time. Maximum possible loss is 350 pips. Average Profit from a winner is about 50 pips. Win/Loss percentage must stay above 90% to be profitable.
I only trade Eur/USD.
I'm looking for a 20 pip move to enter, expecting a 20 pip retrace. If price moves 10 points against me, I enter again at 2 units. If price moves 10 more pips, I enter again at 3 units. 4 and 5 units then stop out after 10 more points move. Any time price moves 20 pips in my favor I'll close all entries.
I started this using NY time midnight entry point. It seems to be profitable any time, but more on that later.
Lets start with the first midnight, I'll edit with better plan layout as needed.
*More Specifics...
I look at a 5M Chart. Setup starts at Midnight, New York Time Zone (EDT)
I set 1 unit Entry Points 15-20 pips away from the close of the 00:05 Candle. I set a Long and a Short Entry expecting a retrace if the Entry hits. I have an initial Stop at minus 30 pips to avoid getting clobbered by a huge move.
When I get an entry I take down the other one. I set a second entry order of 2 units 10 further than the current entry. I won't take 2 orders during the same 5M candle. When a reversal appears, I'll set a limit target 20 pips from the apparent Low (Hi).
I take up to 5 positions, incrementing the purchase each time. Maximum possible loss is 350 pips. Average Profit from a winner is about 50 pips. Win/Loss percentage must stay above 90% to be profitable.
Mine?