Hey Trayders,
Just a quick update on the trade taken last Friday. We printed a new Support line from yesterday's price action and are being patient for a new, lower resistance line further down in price. I am personally following the strategy loosely in this test because I believe we will move down to trendstart (seen on the original leg down from last January) but I will show you where I would-have taken profit which is also outlined in the video.
Some possible TPs, if you were to be more conservative, are:
TP1: range between 1.288 to 1.278
TP2: range between 1.263 to 1.253
TP3: range between 1.236 to 1.225
TP4: range between 1.224 to 1.206
setup:
1. add martin trend bars, add martin S/R, add martin L/S zones to chart
2. set martin S/R to 1 or 2 sensitivity (recommend 1)
rules for opening a trade:
-open if zone color is in the same direction as your trade, green for long short for red
-open on the next 3 color trio you have after a trio of the opposing color (aggressive)
-open on the next 3 color trio after a large block of the opposing color (ultra conservative)
rules for stop loss:
-if longing, put SL slightly under the current support (1-5 pips)
-if shorting, put SL slightly under the current resistance (1-5 pips)
rules for taking profit/losses:
-you get stopped out on your trades
-if longing and resistance line becomes lower than the previous resistance line then close the trade
-if shorting and support line becomes higher than the previous support line then close the trade
-if zone color changes to the opposing color then close the trade
-be smart and close the trade yourself under your own discretion
Just a quick update on the trade taken last Friday. We printed a new Support line from yesterday's price action and are being patient for a new, lower resistance line further down in price. I am personally following the strategy loosely in this test because I believe we will move down to trendstart (seen on the original leg down from last January) but I will show you where I would-have taken profit which is also outlined in the video.
Some possible TPs, if you were to be more conservative, are:
TP1: range between 1.288 to 1.278
TP2: range between 1.263 to 1.253
TP3: range between 1.236 to 1.225
TP4: range between 1.224 to 1.206
setup:
1. add martin trend bars, add martin S/R, add martin L/S zones to chart
2. set martin S/R to 1 or 2 sensitivity (recommend 1)
rules for opening a trade:
-open if zone color is in the same direction as your trade, green for long short for red
-open on the next 3 color trio you have after a trio of the opposing color (aggressive)
-open on the next 3 color trio after a large block of the opposing color (ultra conservative)
rules for stop loss:
-if longing, put SL slightly under the current support (1-5 pips)
-if shorting, put SL slightly under the current resistance (1-5 pips)
rules for taking profit/losses:
-you get stopped out on your trades
-if longing and resistance line becomes lower than the previous resistance line then close the trade
-if shorting and support line becomes higher than the previous support line then close the trade
-if zone color changes to the opposing color then close the trade
-be smart and close the trade yourself under your own discretion
Note
once this strategy starts becoming obviously profitable, we can start creating hedge trades with separate accounts to short and long S/R. THANKS!Note
CORRECTION:Overall downtrend since the beginning of 2016!
Related publications
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.
Related publications
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.