Hello Folks,
I hear by introduce you to a strategy i came up with and use every day for my daily intraday trades. *I named it Phillion by the way* :tiphat: .
Some of you pros may somehow trade like that already :D
It perfectly suits beginners due to its simplicity.
What you need is an M15 chart, and the commodity channel index indicator (*optional).
This strategy best suits (not recommending) the following instruments
-US 30, UK 100, EURO 50, CAC 40, DAX 30.
I tested it for a very long time on those instruments inorder to create a particular riskprofile. I don't recommend using it for forex pairs.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * *
So let's go on,
Open your chart and wait for an impluse to retrace 61,8%. (retracements can be measured using the fibonacci retracement tool.)
The retracement should either be very close to the 61,8% level or it may retrace to the 70,70%. A 76,4% retracement is not as effective as the previous onces.
**38,2 and 50% retracements are not allowed**
Once an M15 candlestick touches one of the adequate retracement levels, enter your position immediately after a subsequent candlestick breaks out the high of the previous candlestick.
(Optional) ** you may look for excess on the commodity channel index for more confirmation
Stop-Loss : set your stop loss, just a few ticks below the lowest candlestick after retracement.
exp: after a 61,8% retracement, set your stoploss on the 70,70% retracement.
This is because a breakout on the 70,70% level in most cases will mean a the trend will continue in that direction.
Price Target( Most Important) : Your price target should be set on the 61.8% level (or very close to it) of the retracement. This is because prices may reach this level and cross it, or retrace again, or get very very close to it with really touching it.
A very effective strategy with an incredibly high amount of winning trades. :rolleyes:
In the next post i will add in pictures and some hints inorder to add more confirmation to tha strategy.
Thanks for reading
#IamPhillion
I hear by introduce you to a strategy i came up with and use every day for my daily intraday trades. *I named it Phillion by the way* :tiphat: .
Some of you pros may somehow trade like that already :D
It perfectly suits beginners due to its simplicity.
What you need is an M15 chart, and the commodity channel index indicator (*optional).
This strategy best suits (not recommending) the following instruments
-US 30, UK 100, EURO 50, CAC 40, DAX 30.
I tested it for a very long time on those instruments inorder to create a particular riskprofile. I don't recommend using it for forex pairs.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * *
So let's go on,
Open your chart and wait for an impluse to retrace 61,8%. (retracements can be measured using the fibonacci retracement tool.)
The retracement should either be very close to the 61,8% level or it may retrace to the 70,70%. A 76,4% retracement is not as effective as the previous onces.
**38,2 and 50% retracements are not allowed**
Once an M15 candlestick touches one of the adequate retracement levels, enter your position immediately after a subsequent candlestick breaks out the high of the previous candlestick.
(Optional) ** you may look for excess on the commodity channel index for more confirmation
Stop-Loss : set your stop loss, just a few ticks below the lowest candlestick after retracement.
exp: after a 61,8% retracement, set your stoploss on the 70,70% retracement.
This is because a breakout on the 70,70% level in most cases will mean a the trend will continue in that direction.
Price Target( Most Important) : Your price target should be set on the 61.8% level (or very close to it) of the retracement. This is because prices may reach this level and cross it, or retrace again, or get very very close to it with really touching it.
A very effective strategy with an incredibly high amount of winning trades. :rolleyes:
In the next post i will add in pictures and some hints inorder to add more confirmation to tha strategy.
Thanks for reading
#IamPhillion
PHI Perfect Structures T1
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