3/4 losers on the bounce.
But that's OK, because we understand probability and can see the win rate and trade history.
We also know when we get a winner this will cover them - because we ride that trend.
Could this be the one?
Our algo thinks so, it's identified a sell position with all of the confluences now met.
This is easy right?
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.
This helps me and our traders have confidence and belief in our execution.
When do we close this?
We close on a reverse signal - but you can do as you wish.
I don't recommend jumping on random trades you see on TV - that's no plan and you won't have a consistent clear edge.
BUT, if you want to - knock yourself out.
We have data on this pair on 229 trades
Since 2018, 40% have won - which isn't too bad - along with average win and average loss we have in play.
Starting with £500 since 2018 trading this just one would have yielded returns of 100% - now I know the past doesn't predict the future - but its a start.
And the data is live! The open sell position is showing in open P/L.
Multiple targets are on the chart too and they're based on ATR.
The entry price, SL and multiple TPs are shown on the chart.
What is our strategy?
Our strategy is a trend following strategy, 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 - is very subjective - you may see different things at different times - how do you have a rigid trading plan on a 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 - how cool is that? The strategy will confirm and support every open and closed position - so its quite easy to follow.
We just have to do what Percy does.
I bet, have a look at the related ideas or drop me a DM for more info.
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