MTB + L/S Zones + S/R(1) - USDCAD 1/29/19 A Red Letter Day
Hey Trayders,
Just a quick update on the trade taken last Friday. We printed a new Support line from yesterday's price action and are being patient for a new, lower resistance line further down in price. I am personally following the strategy loosely in this test because I believe we will move down to trendstart (seen on the original leg down from last January) but I will show you where I would-have taken profit which is also outlined in the video.
Some possible TPs, if you were to be more conservative, are:
TP1: range between 1.288 to 1.278
TP2: range between 1.263 to 1.253
TP3: range between 1.236 to 1.225
TP4: range between 1.224 to 1.206
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
Just a quick update on the trade taken last Friday. We printed a new Support line from yesterday's price action and are being patient for a new, lower resistance line further down in price. I am personally following the strategy loosely in this test because I believe we will move down to trendstart (seen on the original leg down from last January) but I will show you where I would-have taken profit which is also outlined in the video.
Some possible TPs, if you were to be more conservative, are:
TP1: range between 1.288 to 1.278
TP2: range between 1.263 to 1.253
TP3: range between 1.236 to 1.225
TP4: range between 1.224 to 1.206
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
Comment:
once this strategy starts becoming obviously profitable, we can start creating hedge trades with separate accounts to short and long S/R. THANKS!
Comment:
CORRECTION:
Overall downtrend since the beginning of 2016!
Overall downtrend since the beginning of 2016!
