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123 Trading Strategy

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123 Trading Strategy

Hi Everyone,

Here's a new strategy that I have been experimenting with for the last few weeks. As usual it works best in strongly trending markets. Try it out for yourself and let me know if you have any ideas on how to improve on it.

I like to use it as a trend continuation entry technique.

1) In an uptrend I wait for the pullback to the 50ema. This short term swing low forms point 1

2) Then I wait for price action to pop up and then stall out - This short term swing high forms point 2

3) Then I wait for a weak retest of point 1. This short term swing low forms point 3. 

4) Then I set my Buy Stop a few pips above point 2 and my stop loss below point 1.

5) I setup my 1st profit target equal to the distance from point 1 to point 2. If this hit I move my stop loss to break even and then switch to a 2 bar trailing stop.

I'm still working on this method, but I have had some reasonably good ROI so far.

Mon, 01/29/2018 - 10:51am

How is this strategy working out, and what the Risk to reward, I also trade pullbacks on the 5 Min aligned with the trend of 15 Mins - 30 Mins