Here's a simple system I've been using for a while now and once again am having that "mooch" feeling rising (in regards to FF) and I've found sharing helps to battle that feeling.
It's a simple "set and forget" system that has produced 12 wins and 4 losses for me this year. I know that it's not a method that scalpers will fall in love with, but that's not whom I'm speaking to.
Here she is...
The pair EU (I've tried this with other pairs mainly GJ, UJ and GU and the results aren't pretty)
Note where PA is at the beginning of the week as it will determine short or long orders.
Calculate the Weekly PPs. Compare the PP, S1 and S2 to all .xx00 numbers. Any that land within 25 pips of each other are valid. For example last week PA opened in the 1.40 area and the PP for the week as 1.3823. That makes 1.3800 a valid entry for a long. The 1.4200 level was also valid but was not triggered as was 1.3600.
I use a 100 pip TP and a 67 pip SL. I prefer to keep my RR at 1:1.5
The system can be used to aim for longer term gains all depending on your goals. It is just a simple method of looking for potential turn around points.
That's pretty much it. Best of luck.
It's a simple "set and forget" system that has produced 12 wins and 4 losses for me this year. I know that it's not a method that scalpers will fall in love with, but that's not whom I'm speaking to.
Here she is...
The pair EU (I've tried this with other pairs mainly GJ, UJ and GU and the results aren't pretty)
Note where PA is at the beginning of the week as it will determine short or long orders.
Calculate the Weekly PPs. Compare the PP, S1 and S2 to all .xx00 numbers. Any that land within 25 pips of each other are valid. For example last week PA opened in the 1.40 area and the PP for the week as 1.3823. That makes 1.3800 a valid entry for a long. The 1.4200 level was also valid but was not triggered as was 1.3600.
I use a 100 pip TP and a 67 pip SL. I prefer to keep my RR at 1:1.5
The system can be used to aim for longer term gains all depending on your goals. It is just a simple method of looking for potential turn around points.
That's pretty much it. Best of luck.