I backtested EURAUD a few days ago and wasn't sure why I didn't make a video on this pair specifically.
One of the first trades on my backtest in this video would have yielded you ~1200 pips!! That is an amazing gain!
(I misspoke on my video. I was actually calculating what the gain would have been when trading 1-2 lots for USDCAD but the calculations below would give you the gains for EURAUD).
For example, let's say you traded 1 lot base currency of USD @ 50x leverage. Required margin would be $2,285.25 -Pip value in base currency = $7.54 -1,200pips * 7.14/PIP = $8,568(less holding costs etc.)
Let's say you traded 2 lots base currency of USD @ 50x leverage. Required margin would be $4,570.68 -Pip value in base currency = $14.28 -1,200pips * 7.54/PIP = $17,136!!! (less holding costs etc.)
Update on USDCAD: -the goal was to have bad entries and still see if the strategy makes profit and holds true. -we got a retrace on yesterday's daily (expected). -4 hour looks like it wants to continue moving downard will keep you updated.
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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