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Pipsfordays

Review of CADCHF last week two out of three hit target 🎯💲🏦Hello Traders Hope Sunday and the much needed rest is treating you all well. I spend parts of my Sunday looking back at the prior trading week. In doing so I've decided to share some ideas on completed trades and the methods I trade our script. Going forward during the week I'll look to post more live ideas as our script present them on the charts. At weekends I'll use time to review trades I've enter in order to shed more light on my methods. Here we are working the 30M time on CADCHF. I have the strategy in use set to a risk reward ratio of just over 1:2. Last week we had three trades of which two hit the take profit target set. As you will see from the chart I simply enter the trades that present on the chart and get on with rest of my day! I have a TradingView alert set to inform me of a new trade. These trades took me minutes to place, the two trades played out over a 32 hour period banking 57 pips! I simply wait for the next alert now which might be some time next week. Our strategy is a trend following strategy, can be used on any instrument and time frame. When all confluences are met the strategy presents the trade on the chart. I am alerted to this by a TradingView alert. I simply enter the trade and all of the trade data is printed next to the alert. Take profit and stop loss are set and I simply follow the trades outcome. The script runs on your TradingView charts and can be used on forex pairs,indices, stocks and crypto. The script can also be adapted to run on the charts to suit how you trade. The script removes all need for manual trading analysis freeing up so much more time. One of the most valuable tools the script possesses is the built in strategy tester. Once I have selected an instrument and time frame to work. I adjust the strategy settings and back test those settings until I find the best settings to then go and place trades on the market. For the pair in question here the back test data can be found at the foot of this idea. I started trading CADCHF in this manner back in July. The back tester data shown is from January 2020. This level of data allows our traders to build robust trading plans and strategies. No one can predict the future but this data does help with confidence and removes negative emotions we have all suffered while trading. Working to rigid planned trading strategies removes all uncertainty around entering trades. For this pair I know the pair has a ROI of 63% and a win rate of 44% based on 109 trades of data, risking 1% a trade on £1000 starting capital. When I enter trades I simply let them run knowing the back test data backs up this method of trading works. The old me would of regretted the last trade seeing an initial 15 pip gain disappear on the retrace into a negative. But having a roust proven strategy to stick too I know let trades run and in this case to a take profit hit. The old me would of dipped out and lost out on that profit. This mechanical way of trading doesn't even see me looking at the charts much other that to place trades and write ideas! Make 2021 the year you spend less time at the charts! To learn more on the methods discussed please drop me a message.
by RichScott
Who wants to trade like this now markets are back open ❓💲Hello fellow traders Quick idea as the markets open up for the week I just wanted to show you all how I traded GBPUSD last week. I am working the 30M time frame here using our 'EDGE' strategy. As you will see from the chart there was four trades last week on this time frame and three were winners! 138 pips banked. Our strategy is a follow trend strategy and can be used on any time frame but also with any instrument. The strategy sits in your tradingview and when all confluences are met a simple alert appears on the chart. At this point we enter the trade. When an alert presents all the trade information is presented too, take profit target, stop loss, entry points etc. The confidence in the way we trade comes from the built in strategy tester. This enables us too back test the way we intend to trade. No one can predict the future but this is a great marker on how trading a pair could perform going forward. The strategy tester data for this pair can be found at the foot of this idea. The data is based on £5000 starting capital and risking 2% a trade. Data shown is tested from Jan 2020 to present time. The strategy tester shows gains from trading this way along with, win rate, number of trades and draw down. Feel free to press the sub menus and in doing so you will see a performance overview and all 409 trades individually logged. All of the above allows our traders to trade with confidence and emotions firmly in check. For any more information on the strategy shown please feel free to drop me a message.
Education
by RichScott
EUR/GBP - Technical Moolah!!That's the Stuff that nobody teaches you!!! Have you ever thought about having multiple Support and Resistence lines? This is pure Technical Analysis using only levels and trend lines! Don't complicate your Chart with all the indicators under the sky when all you need is a couple of technicals to trade short or long term! In this particular Situation, EUR/GBP got a bit distracted from the main trend, kind of like starting a new uptrend but then we can observe that it was just a distraction and it's going to get back in it's trend as soon as it has the chance!
by bpemea
2
GBPUSD first trade of the year lands ↘️🎯🏦Fellow traders this isn't a brag post. For those that follow me know from previous ideas I have posted I trade this pair quiet a bit. Working the 30M time frame here I trade this pair by setting the script to work to a take profit target with a stop loss set. The risk to reward ratio is 1:2 and the back test figures at bottom of the screen show the performance of trading this way from February last year to now. Results are based on 2% from trading £1000 GBP starting capital. The pair endured a losing run last week which happens in trading but we get the year off to a good start. With our strategy you simply execute trades when the script presents them on the chart. No lines, no S&R - no analysis, all I have to do is follow it. The major plus point is I can see it works with all the data within the strategy tester. For any information on the script in question please drop me a message.
Short
by RichScott