Hello,
i would like to share my current trading system. It's simple, effective and surely nothing new to most of you.
I simply identify a recent swings or s/r level and wait for the price to pull back to that level where my entry is. The idea behind is that the price will 90% of the time react at this level, sometime only 7 pips, that's when you set your SL to BE.
Some rules
- price has to be at least 12 pips past the former s/r level and for at least 3 periods
- if price pulls back and bounces back before reaching the level, cancel your order
Attached is a pic of a long trade i took yesterday (USDJPY).
What do you think, is this profitable in the long run?
i would like to share my current trading system. It's simple, effective and surely nothing new to most of you.
I simply identify a recent swings or s/r level and wait for the price to pull back to that level where my entry is. The idea behind is that the price will 90% of the time react at this level, sometime only 7 pips, that's when you set your SL to BE.
Some rules
- price has to be at least 12 pips past the former s/r level and for at least 3 periods
- if price pulls back and bounces back before reaching the level, cancel your order
Attached is a pic of a long trade i took yesterday (USDJPY).
What do you think, is this profitable in the long run?