Journal to track my latest system.
System:
1 hour chart only- Price Action only
Currencies traded- USD, EUR, GBP, JPY, CAD, AUD, NZD
One trade per day- choose trading pair based on Price Action
Wait for London Open
Wait for 1 hour candle to close in pre-chosen buy or sell direction - immediately open trade on the next candle
Set SL above or below current days swing or a percentage of average daily range (e.g 20 - 40%)
TP can be set in different ways-
-Ratio of 1:2 or 1:3 etc (risk to reward)
-percentage of average daily range (50 - 80%)
-support/resistance level
-left open until near end of New York session
System:
1 hour chart only- Price Action only
Currencies traded- USD, EUR, GBP, JPY, CAD, AUD, NZD
One trade per day- choose trading pair based on Price Action
Wait for London Open
Wait for 1 hour candle to close in pre-chosen buy or sell direction - immediately open trade on the next candle
Set SL above or below current days swing or a percentage of average daily range (e.g 20 - 40%)
TP can be set in different ways-
-Ratio of 1:2 or 1:3 etc (risk to reward)
-percentage of average daily range (50 - 80%)
-support/resistance level
-left open until near end of New York session