I understand it's always so easy to review a trade when it's played out and ran its course.
But this no lie when I say I forgot this one was even running until our script alerted me to take profit target being hit!
It's taken 10 days for the 170 pip move to land and how come I forgot about this trade?
Because our script is a simple trend follow strategy that presents trades on chart when all confluences are met.
At that point we simply enter the trade set the take profit value and stop loss value and let the trade play out.
This method of trading has removed all the negative emotions and anxiety that can occur with trading.
No temptations to cash profit out too early. No temptations to close too early if retraces happen.
We simply enter trades and follow, while sticking to our rigid trading plan.
The trading plan in question here is for EURJPY working the H1 chart.
I have the script set to a 1:4.5 risk to reward ratio working to a take profit with a tight stop loss.
Upon entering trades I have complete confidence the method is profitable due to the script having a built in strategy tester.
This strategy tester enables me to back test the desired method before hitting the markets.
Back tested data is the best indication we have as traders to how potential strategies could work.
The back test data for this pair can be found at the foot of this idea.
As you will see from the results which span back to January 2018 this has proven to be a very profitable pair.
This gives me great confidence to go forward and execute trades in this manner on the markets.
The data is based on a £500 starting capital with 1% risked per. You will see also win rates and draw down is also covered in the stats.
For any more information on the script I am using please feel free to drop me a message.