Before I logged off for the day I just had to get this idea out for GBPNZD short trade which has made the right move so far.
This pair got me an editors pick on a previous idea and as a results holds good vibes for me. That idea can be found in the link at the bottom of this.
We are working the 45M chart here using our strategy is set to a 1:1.7 risk reward ratio.
The strategy in use simply sits in your TradingView and can be set to how you want to trade.
The strategy is a trend follow strategy and we simply enter trades when they are alerted to us.
In this case I am working to a take profit target of 113 pips and have a stop loss set at 60 pips.
How do I know this method of trading employed works on the pair in question?
The strategy we use comes complete with a built in back tester.
The way I have the strategy set up to trade this pair I know from the back test data the pairs past performance trading in this manner.
That data can be found at the foot of this idea. Data is based on £2000 starting capital with 2% risked. The data tested is a full years worth of data but can go back further.
Having the data of 83% profit and 48% win rate based on 86 previous trades gives me great confidence to go and execute trades in the market place using the strategy I have applied.
I don't recommend jumping on random trades found on TradingView as that is no clear trading plan and consistent results wont be achieved.
Instead take the time to press the sub menus on the data show below and noticed how every trade is also logged and accounted for by the tester.
It's this level of clarity and having a robust trading plan that gives consistent results.
For any more information on the strategy in use please feel free to drop me a message.