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NZDUSD SELL STILL OPEN!Not much movement here but still... the sell is still open and we continue to hold! What is our strategy? Our strategy is a trend following strategy - that is coded in pine script to use with the trading view platform - the entries are shown automatically! NOTHING is done manually, it can be used on any instrument and time frame. However, we have hard coded specific parameters for when trading the H1 time frame, so we can back up over 4200 previous trades to confirm our edge from previous data. This gives us confidence in execution and belief in our trading strategy for the long term. The strategy simply sits in your trading view, so you will see exactly what we see - the trade, entry price, SL and multiple TPs (although we hold until opposite trade as this is the most profitable longer term plan), lot size, etc. This could be on your phone trading view app, or laptop of course. The hard work is done, so we have zero chart work time, no analysis, no time front of the chart doing technical analysis - technical analysis is very subjective - you may see different things at different times - how do you have a rigid trading plan on a H&S shoulder pattern? Your daily routine, diet, sleep, exercise can affect what you 'see' and your decision making, this doesn't happen when a strategy is coded like this; what we do have is a mechanical trading strategy... What does this mean? It means, we are very clear on our entry and our exit and use strict risk management (this is built in - put in your account size, set your risk in % or fixed amount and it will tell you what lot size to trade!) so we have no ego with our position and we are comfortable with all outcomes - its simply just another trade. This free's our mindset from worry and anxiety as we take confidence from knowing our edge is there and also that we have used sensible risk management. The strategy itself can be used as a live trading journal too!
by congibb
EUR/USD 30 days long based on MW Open Price PointsWe choose EUR/USD only as an example for DWMQY Open Price Points script concept. There we tried to utilize Support/Resistance presented by three levels: Monthly, Weekly and Daily open price points. Then we use Trend line convergence methods as very simple for basic level traders. Colourful lines form the triangle, and from that point, we saw coming uptrend for a possible 2% gain in 7 days. According to price action, it is Bullish trend for the next seven days at least with a few non-significant daily drops. Should I make actual trade based on that? No.
Long
by Kopachelli
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