I came across a trading strategy that pays.. But the take profit must range from 1.2-1.5 * of the stop-loss.
It is based on taking trades based on the weekly and daily open. To ascertain an uptrend, current price must be above the open of the weekly and daily candlesticks.
For entry, look for only bullish engulfing bars on the 4 hour time frame.
Remember, take profit to aim is 1: 1.5.
There will be losses but at the end, your profits will out-way your losses and you ll be profitable.
For me, I trade the daily timeframe and my main trend is the monthly timeframe. The weekly bar serves as a fine tune for the monthly timeframe and on the daily timeframe, I look for bullish engulfing bars.
For extra entry filters, maybe you can add 15 day SMA and take only bullish engulfing trades above the 15 day SMA.
See you next time guys
Congratulations @trinity033! You have received a personal award!
Click on the badge to view your Board of Honor.
Do not miss the last post from @steemitboard!
Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes
Congratulations @trinity033! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!