The latest strategy saw me go from $6,800 - $7,300. About 7% gains in a day. It also saw me lose till $6,100 before making 3 trades in a row to hit $7,300.
But I'm still not extremely comfortable with it. My entry points are not as standardised as I'd like them to be. So I tweaked it a little. I now go for 1:3 RR, but in the same direction as the previous day's open and close, with a stop at the previous day's open/close. I will then keep adjusting my stops to the previous day's open/close, until I finally get stopped out/hit my limit. I also try trading the more volatile pairs (JPY crosses mainly), and only enter when my stop is 20 to 40 pips away (for breathing space, and to keep to about 4% drawdown).
Yesterday, I took 4 trades. Checked in mid day to see a paper loss of 700. Check in again to see a paper loss of 200 instead. This is in line with my previous pivot point strategy. I think what that means is that when I enter, I'll put in an order instead, that's say 15-20 pips above/below the current price.
So far, 1 trade got stopped out (i'm at $6,900), but 3 trades were up for a paper profit of $1,000 at 0800 today i.e. about 10%. Let's see how they pan out (edit: up to 2k at 0930 and 3k at 1330). I'm still unsure of when I should take profit or let the full trade run out. Let's see how it goes.
Yours,
X
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