So I'm back with a new strategy! Haha... 1-pip is really too slow so I've been trolling through historical candlesticks and think I've found something pretty reliable.
Trade only on IG, AUD/USD, on Mon, Tue and Wed only, at 0000hrs. This finally follows some of the principles I've read about, like identifying the best times and currencies to trade for you.
Enter only if the previous 2 candlesticks are going in the same direction, limit to 8 pips from the previous close, stop loss at 100 pips. Risk-reward still very low, but much better than any of my earlier strategies.
Why 8 pips? Cos historically, 2 same coloured candlesticks lead to at least a 10 pip high the next day. Taking a 2 pip spread into account (which I've seen before on IG), that makes it 8 pips.
So far I'm 2 trades out of 2. Doing a low capital this time of $250. If I'm still here in a year's time, we'll bump that up!
Yours
X
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