This thread is to show how I trade 10.x, show my setups and talk about the style of money management I'm using to great effect with this system. Before we start I want to make a real quick shoutout to cmeade2 who should be given huge props for discovering the RSI2xTMA setup. Just brilliant. Okay, let's get into it
I use Easy Order Script to enter all my trades risking 1% per trade. It automatically calculates the lot size depending on where you place your SL and you can place a TP as well using it. I do all my trading on Global Prime the best broker in the world as voted by me. All pairs can be traded with this system however watch out for the ones close to the 960 MA as they can be tricky. The rules are very straightforward.
Indicators: 960 MA, H4 RSI2xTMA, H1 CSS slope, Weekly Pivots, Monthly pivots all on the H1 charts.
LONG PAIRS (price is above the 960MA)
1. Wait for a decent retracement. Best setup is when price has retraced to a pivot or support (WP, WS1, WS2, MS1, MS2)
2. Wait for H4 RSI2xTMA to be pinned to the bottom (<5).
3. Wait for H1 CSS to change colour from red to grey or green and enter long.
4. Risk 1% per trade and place stop "out of reach*" using Easy Order to calculate the position size.
5. Aim for TP of WR1 OR close any trade early if the H1 CSS colour changes back to red (or grey if extra cautious).
SHORT PAIRS (price is below the 960MA)
1. Wait for a decent retracement. Best setup is when price has retraced to a pivot or support (WP, WR1, WR2, MR1, MR2 etc)
2. Wait for H4 RSI2xTMA to be pinned to the top (>95).
3. Wait for H1 CSS to change colour from green to grey or red and enter short.
4. Risk 1% per trade and place stop "out of reach*" using Easy Order to calculate the position size.
5. Aim for TP of WS1 OR close any trade early if the H1 CSS colour changes back to green (or grey if extra cautious).
* Out of reach means to place your stop far away enough so that you'll have time to close the trade BEFORE it hits your SL if the H1 CSS colour changes counter-trend. There will be spikes which will take you out sometimes but the trick is to not let your full SL get hit.
Here's an example of a NZDJPY short trade from today:
Some tips:
A. Feel free to book profits at any time.
B. Close any trade that doesn't feel right before it becomes a big loser.
C. Sometime I will take a setup before the H1 CSS changes colour. This is risky but if it feels right then I'll go for it and just close quickly if it doesn't look like it's going my way.
D. Try and only take setups that are far away from the TP of WS1 or WR1 so you get a better R:R.
E. Have a set % DD that you shut all trades and call it a day if you get near. I'm going to aim between 2 - 5% max DD and I might even run a script that force closes all if it gets near my max DD.
F. Eliminate everything that will make you form an opinion about where price may be going. This means no fundamentals/news, no extra indicators and no long term opinions. Just stick to the rules and know that H1 CSS will get you out if your wrong. Or if you're really wrong you'll get a full SL of 1%
G. Stop trying to make 10%+ a night. Slow and steady wins the race, trade to trade another day.
H. Keep that SL far away! You don't want it to get hit.
I. If you go long AUDJPY, GBPJPY, CADJPY, EURJPY, GBPJPY, JEMJPY you are risking 7% if they all suddenly spike to your SL as they are all XXXJPY pairs. Be very wary of this. I actually don't mind trading correlated pairs at the same time but I'll close whichever ones don't perform.
J. is for Jemook and I'll add more points as they come to me.
I've attached my template and indicators used as well as Sangmane's Easy Order script which you can find instructons for at this Forex Factory thread.
Good luck, let's see if we can keep this up. Anyone that tries to add or change anything to my method on this thread will report to Steve for a spanking
(just kidding)Cheers,
Jeremy
