I Wanted to share an ongoing trade I entered earlier on today. We are working the 45M chart here on CADJPY pair.
The script in use is set to a take profit target and the trades are set to just shy of a 1:3 risk reward ratio. I risk 2% per trade on this strategy.
Unfortunately yesterday's short trade ended in a loss. But I can trade this pair in confidence due to the built in strategy tester allowing me to rigorously back test this pair for the settings I have entered into the script.
I have traded this pair since last summer and have had great ROI figures.
Back test data for this pair is included at the bottom of this idea. The figures are from back test data dating back to May 2019.
Being armed with such solid back test data helped me implement this pair in to my trading plan.
This level of data and testing helps me and our traders have confidence along with belief in our execution.
After yesterdays failed trade I simply waited for the next signal to present on the chart and I entered the current long position earlier on today.
No lines, no S&R - no analysis, all I have to do is follow it.
Our strategy is a trend following strategy, can be used on any instrument and time frame.
The strategy simply sits in your trading view, so you will see exactly what we see - the trade, entry price, SL, Take profit targets, lot size etc.
It means, we are very clear on our entry and our exit and use strict risk management (this is built in - put in your account size, set your risk in % or fixed amount and it will tell you what lot size to trade!) so we have no ego with our position and we are comfortable with all outcomes - its simply just another trade. This free's our mindset from worry and anxiety as we take confidence from knowing our edge is there and also that we have used sensible risk management.
For any more information on the strategy script in question please drop me a message.