My daily entry strategyI just wanted to hear what you think about this strategy and what you can give me as tips or tweaks to perfect it.
A system I have used to get pips every day.
This chart is just an example, but this is all trades I would have taken if I saw them. I will now tell you about the strategy:
After candle close on the 1D chart I am looking to see what the last candle did, for me to enter the trade, the candle would have crossed the MA.
If it is a bullish candle crossing the MA, I go long. And if it's bearish I go short.
But obviously I would also consider where on the chart it is.
Was it near a key level? Near a bollinger band? Is price in consolidation? Everything to consider, but the most important part is the MA price cross.
Things that strengthen the entry:
1. MA and EMA price cross and close (in this order)
2. Key level and MA price cross and close
3. If price have recently been near or outside the billinger band.
4. If price have recently been near a key level.
5. When price is trending
After entry I usually hold for one day before I manually close the trade, unless it's clearly trending, then I can use these "signals" to add positions or move stop losses.
So this strategy is a big "NO NO" when you look at the risk to reward ratio, due to my stop loss is at the wick or opening price of the candle, and you never know how many pips you can get out of the next candle.
But as you see on the chart, this is all entries that I would have considered taken, just 6 out of 22 entries would have ended in loss.
It has worked well for me this far, but how can I perfect it?
The settings I use is as follows:
MA - 5,1
EMA - 20
Bollinger band - 30,2,2
