As in all strategies, please back test for yourself. This strategy will give you around one setup on daily charts per week around. You should look at several pairs for ones which daily candles are showing a two or three day Harami, Engulfing or Pin bar set up (which are high reversal patterns).
Noted on this daily chart of GbpUsd chart are four trades, which three are sells and one is a buy trade. These trades would be entered on close of session (after the 1st hour of new session: why? because 1st hour of new session has very high spreads- so wait for this one hour candle to close to enter your daily bias).
Risk Reward on daily would always be 50 pips stop and 100 pip target or 1:2 RR
1) These trades might last for one to three days around- so extra charges could incurred.
2) Wait for either a two or three day harami, engulfing or pin bar candlestick pattern( yes harami and engulfing candle can be more then two with blended candlesticks< please you tube if needed) to happen, then enter after 1st hour of new session with a 50 pip stop and 100 target. Trade your plan and use right risk management,especially related to using a 50 pip stop loss. Maybe, use lower lot sizes then normal standard lot size unless that is part of your plan.
Purple vertical lines are alert candles, before entry candle happens
Red arrow means sell trade and Green arrow means buy trade
These trades can last from one to three days, so mostly not for scalping or day trading- but swing trading.
Good Luck and Good Trading.
Noted on this daily chart of GbpUsd chart are four trades, which three are sells and one is a buy trade. These trades would be entered on close of session (after the 1st hour of new session: why? because 1st hour of new session has very high spreads- so wait for this one hour candle to close to enter your daily bias).
Risk Reward on daily would always be 50 pips stop and 100 pip target or 1:2 RR
1) These trades might last for one to three days around- so extra charges could incurred.
2) Wait for either a two or three day harami, engulfing or pin bar candlestick pattern( yes harami and engulfing candle can be more then two with blended candlesticks< please you tube if needed) to happen, then enter after 1st hour of new session with a 50 pip stop and 100 target. Trade your plan and use right risk management,especially related to using a 50 pip stop loss. Maybe, use lower lot sizes then normal standard lot size unless that is part of your plan.
Purple vertical lines are alert candles, before entry candle happens
Red arrow means sell trade and Green arrow means buy trade
These trades can last from one to three days, so mostly not for scalping or day trading- but swing trading.
Good Luck and Good Trading.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.