very simple strategy - are we making this overcomplicated?

[MajorDutch]

This is an incredibly simple strategy that seems to be working for me. I would appreciate your thoughts and feedback on this. In fact this system is so simple a monkey with a keyboard could follow it.

1. open up 1 min charts for all the pairs your broker offers
2. scan all pairs looking for the pair that is in the clearest & strongest uptrend or downtrend.
3. When price makes a new high in uptrend (exceeds by 2 pips) enter long or When price makes a new low in downtrend (lower by 2 pips) enter short.
4. Place your stop behind the previous price retracement
5. Set your take profit to 2 x SL. your R:R is 2:1 ignoring spread.
6. Once you are 10 pips in profit move your SL to break even

I told you it was simple. I have found that this system seems to be growing my account nicely risking 2% of my account per trade.

discuss/shoot me down in flames.

 

[Barramundi]

This is an incredibly simple strategy that seems to be working for me. I would appreciate your thoughts and feedback on this. In fact this system is so simple a monkey with a keyboard could follow it.

1. open up 1 min charts for all the pairs your broker offers
2. scan all pairs looking for the pair that is in the clearest & strongest uptrend or downtrend.
3. When price makes a new high in uptrend (exceeds by 2 pips) enter long or When price makes a new low in downtrend (lower by 2 pips) enter short.
4. Place your stop behind the previous price retracement
5. Set your take profit to 2 x SL. your R:R is 2:1 ignoring spread.
6. Once you are 10 pips in profit move your SL to break even

I told you it was simple. I have found that this system seems to be growing my account nicely risking 2% of my account per trade.

discuss/shoot me down in flames.

Seems to be somewhat discretionary. Precisely how does a monkey define 'the clearest & strongest uptrend or downtrend'?

If it works for you, that's all that matters in the end. Unless you want to start hiring monkeys?

If I could offer any improvement, you may wish to take care around trades approaching support/resistance. The market can turn around pretty suddenly in these areas.

 

[MajorDutch]

I should have added to make sure there is no sizeable support / resistance ahead of the trade on the H1 timeframe. good call.

 

[Barramundi]

Sounds like a working plan then. The H1/M1 is a great combo IMO.