Hope Sunday and the much needed rest is treating you all well.
I spend parts of my Sunday looking back at the prior trading week. In doing so I've decided to share some ideas on completed trades and the methods I trade our script.
Going forward during the week I'll look to post more live ideas as our script present them on the charts. At weekends I'll use time to review trades I've enter in order to shed more light on my methods.
Here we are working the 30M time on CADCHF .
I have the strategy in use set to a risk reward ratio of just over 1:2. Last week we had three trades of which two hit the take profit target set.
As you will see from the chart I simply enter the trades that present on the chart and get on with rest of my day! I have a TradingView alert set to inform me of a new trade.
These trades took me minutes to place, the two trades played out over a 32 hour period banking 57 pips! I simply wait for the next alert now which might be some time next week.
Our strategy is a trend following strategy, can be used on any instrument and time frame.
When all confluences are met the strategy presents the trade on the chart. I am alerted to this by a TradingView alert.
I simply enter the trade and all of the trade data is printed next to the alert. Take profit and stop loss are set and I simply follow the trades outcome.
The script runs on your TradingView charts and can be used on forex pairs,indices, stocks and crypto. The script can also be adapted to run on the charts to suit how you trade.
The script removes all need for manual trading analysis freeing up so much more time.
One of the most valuable tools the script possesses is the built in strategy tester.
Once I have selected an instrument and time frame to work. I adjust the strategy settings and back test those settings until I find the best settings to then go and place trades on the market.
For the pair in question here the back test data can be found at the foot of this idea. I started trading CADCHF in this manner back in July. The back tester data shown is from January 2020.
This level of data allows our traders to build robust trading plans and strategies. No one can predict the future but this data does help with confidence and removes negative emotions we have all suffered while trading.
Working to rigid planned trading strategies removes all uncertainty around entering trades. For this pair I know the pair has a ROI of 63% and a win rate of 44% based on 109 trades of data, risking 1% a trade on £1000 starting capital.
When I enter trades I simply let them run knowing the back test data backs up this method of trading works. The old me would of regretted the last trade seeing an initial 15 pip gain disappear on the retrace into a negative.
But having a roust proven strategy to stick too I know let trades run and in this case to a take profit hit. The old me would of dipped out and lost out on that profit.
This mechanical way of trading doesn't even see me looking at the charts much other that to place trades and write ideas! Make 2021 the year you spend less time at the charts!
To learn more on the methods discussed please drop me a message.