lbranjord
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Hello all,
I'm by no means a professional trader. I do trade stocks, mostly for dividends, but my Forex skills are largely untested outside of the gaming accounts.
Here is my current strategy that is doing well in Oanda's FXGame.
INDICATORS/CHARTS USED::whistling
Use Heiken Ashi candlesticks on default setting (not sure what Oanda's is)
Use MACD with Defaults or whatever you're comfortable with
Use 3hr, 1hr, 30min, 15min, 5min, 1min chart
Pairs - Use any pair, but look for the low spreads. Per usual, works best with EUR/USD
Profit & Stop Loss at 10pips (so it relies on a great deal of accuracy finding the trend, need to win 2 to 1)
THE STRATEGY::smart:
The time periods are a bit overkill, but that keeps me out of weak trends.
* 3 hour chart must show at least 2 completed bars in the direction of your trade
* 1 hour chart must show at least 3 completed bars in the direction of your trade
* 30 min chart must show at least 3 completed bars in the direction of your trade
* 15 min chart must show at least 3 completed bars in the direction of your trade
* 5 min chart must show at least 1 completed bar in the direction of your trade
* 1 min chart must show at least 1 completed bar in the direction of your trade & the current bar must be indicating bullish or bearish (matching your proposed trade)
*After defining the trend so thoroughly, I use MACD for Confirmation and to help watch for any reversals that can ruin the trade.
*Make sure MACD Histogram shows two vertical bars in the direction of your trade (this can include the current bar) & watch for EMA crosses (judgement call on your part)
PROFIT & STOP LOSS:?:
Set both to 10pips
EXCEPTIONS::!:
If you see a reversal on the horizon, or if you see that your trade is not triggering the take profit like it should, close it out. Snatch that money!
So far I have been profitable with this, but it's going on a whole 2 days lol, so I don't trust it just yet. Anyone have some pointers or things to optimize this plan? Maybe some reasons why it's good? Or Terrible? Thanks all!
I'm by no means a professional trader. I do trade stocks, mostly for dividends, but my Forex skills are largely untested outside of the gaming accounts.
Here is my current strategy that is doing well in Oanda's FXGame.
INDICATORS/CHARTS USED::whistling
Use Heiken Ashi candlesticks on default setting (not sure what Oanda's is)
Use MACD with Defaults or whatever you're comfortable with
Use 3hr, 1hr, 30min, 15min, 5min, 1min chart
Pairs - Use any pair, but look for the low spreads. Per usual, works best with EUR/USD
Profit & Stop Loss at 10pips (so it relies on a great deal of accuracy finding the trend, need to win 2 to 1)
THE STRATEGY::smart:
The time periods are a bit overkill, but that keeps me out of weak trends.
* 3 hour chart must show at least 2 completed bars in the direction of your trade
* 1 hour chart must show at least 3 completed bars in the direction of your trade
* 30 min chart must show at least 3 completed bars in the direction of your trade
* 15 min chart must show at least 3 completed bars in the direction of your trade
* 5 min chart must show at least 1 completed bar in the direction of your trade
* 1 min chart must show at least 1 completed bar in the direction of your trade & the current bar must be indicating bullish or bearish (matching your proposed trade)
*After defining the trend so thoroughly, I use MACD for Confirmation and to help watch for any reversals that can ruin the trade.
*Make sure MACD Histogram shows two vertical bars in the direction of your trade (this can include the current bar) & watch for EMA crosses (judgement call on your part)
PROFIT & STOP LOSS:?:
Set both to 10pips
EXCEPTIONS::!:
If you see a reversal on the horizon, or if you see that your trade is not triggering the take profit like it should, close it out. Snatch that money!
So far I have been profitable with this, but it's going on a whole 2 days lol, so I don't trust it just yet. Anyone have some pointers or things to optimize this plan? Maybe some reasons why it's good? Or Terrible? Thanks all!
