GBP/USD freebie trading strategy

Tullibody

Member
67 0
Well done that person! 'fraid hillbillies like me need to read even no brainers about 10 times to get the hang of 'em but so far it looks pretty nifty. Much appreciated N. Bomb.
 

Newtron Bomb

Experienced member
1,602 87
For the purpose of this example yes, It is really just to be able to put a set figure for an entry.
An entry for the more TA aware may be used before or after this set figure by means of support or resistance.

I tried to post this strategy as basic as possible with a defined entry exit and stops for simplicity. If you feel confident and comfortable entering before or after these suggested area's then fine.

In the actual trade Ive put a link too i did enter long below the ema off what i considered support, there are no hard and fast rules to anything. I meant this method as a bare bones idea for those who are looking to build onto something...

This is the way i started (I actually started trading this on the ibex on 1 and 5 min charts) and added bits and pieces that i felt comfortable with. As your experience builds then the +-20 may go out the window as it did for me but for the less advanced among us we need a definition of an entry and exit until we get to that point

Hope this helps, I think ive probably thrown a spanner in the works
 

neilcharlton

Junior member
43 1
Newton Bomb , nice little strategy you got there, the simple ones are sometimes the best ! I’ve been developing a forex strategy based on similar principles to yours only my buy and sell signals are generated on the chart and I have a few more parameters. The system assumes your in the market all the time. Its great for catching sustained moves on a 10 or 15 min chart. The little whip saws are a pain in the arse but I can filter those out with an Average True Range oscillator ATR(10) but I have to be careful not to filter out the main signals ..doh … . Technical analysis is really the way to go with forex.
 

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Newtron Bomb

Experienced member
1,602 87
If you trade cash market with cmc there will be, you may also loose a few ticks daily when they close and reopen your position sometimes it in your favour sometimes its not.

If your concerned about financing costs then look at a smaller time frame say 5 mins or even 1 mins and just day trade this. You get some good moves from about 730 sometimes...
Entry may be the same ie MA pullback or you can try looking for a BO of a tight overnight range in this case you can tighten your stops accordingly as you will know where the sup and res will be.

HTH
 
 
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