Noted on GBPAUD daily chart are four daily candlestick reversal trade set ups to day trade (one day or two days maximum).
Rule: Only use around 100 or more ADR pairs (average daily range) pairs- GBP and EUR pairs are great. Also, use half of daily ADR for all stop losses, now GbpAud ADR is 140 pips, so 1/2 of that is 70 pips at around $8.00/per pip move. Yes, adjust your risk management and lot sizes, if you need too.
All you need on chart is the BB or Bollinger Bands (with default settings), as noted on chart are four GBPAUD trades, three sell trades and one buy trade.
The profit pips noted on chart are approximate per trade with a stop loss of 70 pips ($560)- on one standard size lot trade. Maybe, that might be too much risk, so use .50 lots or 1/2 macro lot or even .20 lots- whatever you plan, account and risk management can do.
Note: This four April trades of profit are around 500 pips x $8.00 = $4,000 dollars, on using one standard size lot setup, adjust risk according to your plan.
Rules:
1) Use daily candlestick charts for day trading this two candlestick daily reversal strategy
2) Look for either continuations of trends with weak pullbacks or reversals (at outer bands)
3) Enter any new trades at open (different color candle) of last daily trending candlestick for reversals or weak pullbacks in a trend continuation.
4) Any pairs could work, but high or around 100 ADR pairs work best (Gbp or Eur work best)
5) These trades most of time last one day or maximum two days.
Noted On chart mostly trades set ups of 70 pip stop vs. 100 pips, 120 pips, 200 pips and 50 pips, so adjust stop loss depending on four things: Pair traded, Price traded, Session traded and Time Traded. Most set ups were 1: 1.5 to 1:3 almost Risk Reward. Any questions please DM me here at TV/follow. ty
Rule: Only use around 100 or more ADR pairs (average daily range) pairs- GBP and EUR pairs are great. Also, use half of daily ADR for all stop losses, now GbpAud ADR is 140 pips, so 1/2 of that is 70 pips at around $8.00/per pip move. Yes, adjust your risk management and lot sizes, if you need too.
All you need on chart is the BB or Bollinger Bands (with default settings), as noted on chart are four GBPAUD trades, three sell trades and one buy trade.
The profit pips noted on chart are approximate per trade with a stop loss of 70 pips ($560)- on one standard size lot trade. Maybe, that might be too much risk, so use .50 lots or 1/2 macro lot or even .20 lots- whatever you plan, account and risk management can do.
Note: This four April trades of profit are around 500 pips x $8.00 = $4,000 dollars, on using one standard size lot setup, adjust risk according to your plan.
Rules:
1) Use daily candlestick charts for day trading this two candlestick daily reversal strategy
2) Look for either continuations of trends with weak pullbacks or reversals (at outer bands)
3) Enter any new trades at open (different color candle) of last daily trending candlestick for reversals or weak pullbacks in a trend continuation.
4) Any pairs could work, but high or around 100 ADR pairs work best (Gbp or Eur work best)
5) These trades most of time last one day or maximum two days.
Noted On chart mostly trades set ups of 70 pip stop vs. 100 pips, 120 pips, 200 pips and 50 pips, so adjust stop loss depending on four things: Pair traded, Price traded, Session traded and Time Traded. Most set ups were 1: 1.5 to 1:3 almost Risk Reward. Any questions please DM me here at TV/follow. ty