The "Opposite Day" Trading System - Amateur FX
Hey Traders,
I'd like to start this by saying that I didn't code any of these indicators and will never try to sell this system. Besides the fact that I have a high degree of respect for the developers, this is not a well-proven strategy. I have back-tested it with success on multiple USD pairs and am currently testing it out on a demo account but it has no inherent value.
I have been trading off and on for two years, first beginning in Crypto with the big Bitcoin boom in 2017. I left Crypto, but I loved trading and always chased the idea of trading for a living and having more freedom. Long story short, Binance stopped supporting US residents so I eventually stumbled into Forex.
There's more to my life story (lol) but I wanted to give you an idea of my trading experience. I've lost money, I've won money, but I've learned a lot from my mistakes. Right now, I would say that I am not a profitable trader but in the coming months, but I'm not blowing accounts and I know that I will be building a successful career.
I hope that this system becomes a tool that people can use and that my work will save new traders from going through all the struggle I went through due to poor risk management and lack of discipline.
Next week (5/25 - 5/29), I will be daytrading and posting USD pairs following this strategy I've put together. I will detail this further but there are four parts that factor into decision-making:
TIME OF DAY/TIMEFRAME
SHORT-TERM MARKET BIAS
CONFIRMATION
ENTRY/EXIT
I'm excited to share my results! This and all my past and future posts are for educational purposes only. DO NOT trade with me blindly. After all, I'm just an Amateur.
@AmateurForex
I'd like to start this by saying that I didn't code any of these indicators and will never try to sell this system. Besides the fact that I have a high degree of respect for the developers, this is not a well-proven strategy. I have back-tested it with success on multiple USD pairs and am currently testing it out on a demo account but it has no inherent value.
I have been trading off and on for two years, first beginning in Crypto with the big Bitcoin boom in 2017. I left Crypto, but I loved trading and always chased the idea of trading for a living and having more freedom. Long story short, Binance stopped supporting US residents so I eventually stumbled into Forex.
There's more to my life story (lol) but I wanted to give you an idea of my trading experience. I've lost money, I've won money, but I've learned a lot from my mistakes. Right now, I would say that I am not a profitable trader but in the coming months, but I'm not blowing accounts and I know that I will be building a successful career.
I hope that this system becomes a tool that people can use and that my work will save new traders from going through all the struggle I went through due to poor risk management and lack of discipline.
Next week (5/25 - 5/29), I will be daytrading and posting USD pairs following this strategy I've put together. I will detail this further but there are four parts that factor into decision-making:
TIME OF DAY/TIMEFRAME
SHORT-TERM MARKET BIAS
CONFIRMATION
ENTRY/EXIT
I'm excited to share my results! This and all my past and future posts are for educational purposes only. DO NOT trade with me blindly. After all, I'm just an Amateur.
@AmateurForex
Note
Hey Traders,Through testing this past week, I have found that the HACOLT indicator is quite slow in depicting market bias. Going forward, I have chosen instead to use price action to determine my market bias and exits.
HOW THE INDICATORS ARE USED:
1) HASBS
This indicator is a message to "prepare to buy/sell". Taking this as an entry signal at face value with no bias or confirmation leads to considerable drawdown, not to mention constant entries and exits during choppy conditions. On higher timeframes, it is quite late and would result in little to no profit unless it is a long-lasting trend.
2) TF-DM
This indicator is used for entries. Given that we already know that we are buying or selling, wait for an opposite color square to form before entering the trade. In the above example, I had used the HACOLT to tell me that I was only interested in buys. I received a buy signal from the HASBS but the TF-DM was green, and a bright green at that. I waited for the TF-DM to change to red before entering. This may seem counter-intuitive but that's why this system is called Opposite Day.
TRADE AND RISK MANAGEMENT:
When entering a trade, I typically place two positions. I have a 15 pip stop-loss (SL) and my first take-profit (TP1) is set @ 20 pips. TP2 is set at 30 pips. If you decided to enter the trade with three positions, TP3 is open, and you can use the HACOLT as an exit indicator. Once TP1 is hit, SL is moved to breakeven.
OVERALL ASSESSMENT:
I have no doubt that the indicator-based version of this strategy would grow an account. Using proper risk management would contribute to that assertion. However, using price action instead of the HACOLT to determine bias and exit is more accurate, therefore increasing the win-rate and decreasing the number of entries.
In the following month, I will be implementing the strategy as discussed but will replace the HACOLT with institutional order flow analysis.
DO NOT trade with me blindly. After all, I'm just an Amateur.
-@AmateurForex
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.