Steady Pips by Weekly Hedging
The following Strategy was originally inspired by Dr. M. Giavon from "Unconventional Forex Trading" on YouTube but I have changed it up a lot:
https://www.youtube.com/@UnconventionalForexTrading
Attention:
I don't want rude people in this thread. Be kind to each other and we can all profit together.
Also this is not the Holy Grail and in order to make it work you need good understanding of the markets (probably even a lot more than I do).
In this thread I want to give you a weekly update to the strategy (mostly on the weekend) and explain my thought process behind my decisions.
You can find the basic concept and rules in the first attached Excel Screenshot!
Week 2 of trading the strategy (17/07/23-23/07/23) has come to an end and I want to present you the results:
So far we are 1,79% in profit which is good. The motto is "Steady Pips"!
According to the analysis I bought every AUD cross and sold all the GBP crosses this week.
Here is an example of how the trades look like:
Notice how I said AUD was strong in the spreadsheet? Well guess what: I was wrong . But in the end it doesnt matter because I was right on GBP being weak and the profit from there was way bigger than the small losses from AUD.
Btw. the best currency to buy would have been CHF.
Doubling the size on the Major Cross trade (where both currencies cross so GBPAUD in this case) can give you bonus gains.
What I use:
Curreny Strength Meter: https://www.forexmeter.de/
Sentiment: https://forexclientsentiment.com/client-sentiment
Elliot Wave: https://elliottwave-forecast.com/elliott-wave-theory/
(Well I guess you just have to put in the work and study ^here are the basics tho)
The MT4 EA: https://www.mql5.com/de
(I use the EA to close all orders as a basket when either SL or TP is hit. The time exit I do manually.)
Feel free to ask questions and I will answer whenever there is a free minute !
Ideas to improve on the current strategy are welcome!
I am by no means a trading master so be patient and expect to see some losses in the future
This is just a way to maybe give you some new trading ideas and myself a way to hold me accountable.