USDCHF, Testing a strategy, Looking for feedback, I'm new :)
PLEASE DON'T FOLLOW BLINDLY.
I'm in the middle of developing my own strategy and this is merely a test, looking for input. Been trading almost 7 months.
BUY STOP - USDCHF
Entry: 0.98700
S/L: 0.98400 (30 pip risk)
T/P: 1.0000 (130 pip gain)
Risk/Reward ratio: just over 1:4.
Stop Loss, placed 4-5 pips below the previous low on the 15 min chart.
T/P placed at the upper trend line (shown in purple) directly above current candle.
Rules of entry for a buy/quadruple confirmation:
15 MIN CHART
- A 10 and 25 EMA - The 10 needs to cross over the 25 (for a buy)
- Needs to be a clear uptrend, i.e more than 12 of the last 20 candles need to be green.
60 MIN CHART
- Bollinger bands with a length of 20 and a deviation of 2 (standard, usually), needs to be a clear rejection from the lower band, and a reversal in the trend.
- Stochastic needs to show an over sell (below 20) and a crossover of the signal line.
- 10 EMA, entry needs to be above this.
240 MIN CHART
- Bollinger bands again, same settings, candles need to be below the lower band, or bounce of it.
- The lower trend line (thick white line) needs to be a clear level of support (made contact and rejected at least 3 times)
- Stochastic again showing over sold conditions, this could be a false signal however, so we back up with the bollinger bands, the support line and the...
1D CHART
- Shows a CLEAR uptrend.
- Price bounced off the lower trend line (white) 3 times or more.
Please remember I am in the process of backtesting, and I am using a lot size of 0.01 for this strategy while I test it for the next coming months. Things will more than likely change as I refine it, but this is just the starting block.
If it doesn't work, it doesn't work, but documenting it will always help.
Any ideas, please comment :)
I'm in the middle of developing my own strategy and this is merely a test, looking for input. Been trading almost 7 months.
BUY STOP - USDCHF
Entry: 0.98700
S/L: 0.98400 (30 pip risk)
T/P: 1.0000 (130 pip gain)
Risk/Reward ratio: just over 1:4.
Stop Loss, placed 4-5 pips below the previous low on the 15 min chart.
T/P placed at the upper trend line (shown in purple) directly above current candle.
Rules of entry for a buy/quadruple confirmation:
15 MIN CHART
- A 10 and 25 EMA - The 10 needs to cross over the 25 (for a buy)
- Needs to be a clear uptrend, i.e more than 12 of the last 20 candles need to be green.
60 MIN CHART
- Bollinger bands with a length of 20 and a deviation of 2 (standard, usually), needs to be a clear rejection from the lower band, and a reversal in the trend.
- Stochastic needs to show an over sell (below 20) and a crossover of the signal line.
- 10 EMA, entry needs to be above this.
240 MIN CHART
- Bollinger bands again, same settings, candles need to be below the lower band, or bounce of it.
- The lower trend line (thick white line) needs to be a clear level of support (made contact and rejected at least 3 times)
- Stochastic again showing over sold conditions, this could be a false signal however, so we back up with the bollinger bands, the support line and the...
1D CHART
- Shows a CLEAR uptrend.
- Price bounced off the lower trend line (white) 3 times or more.
Please remember I am in the process of backtesting, and I am using a lot size of 0.01 for this strategy while I test it for the next coming months. Things will more than likely change as I refine it, but this is just the starting block.
If it doesn't work, it doesn't work, but documenting it will always help.
Any ideas, please comment :)