Admin, please move this to suitable section if necessary.
Friends this is an experiment to see how Prides dual TF momentum strategy works on other time frames. When I back tested manually, it was working fine on other time frames (hrly/4 hr, daily/Weekly) and instruments (BNF, Crude, Silver, JPYINR etc).
(Only one doubt: Is the EMA cross necessary only on the trading time frame (not on the higher TF)?
Today JPYINR seemed a good candidate for shorting on the daily TF.
Entry conditions:
1) Weekly: Stochastic bearish, pointing down.
2)Daily :: Stochastic bearish, pointing down,
3)Daily : Stochastic not yet reached oversold.
4)Daily: 5-13 EMA bearish cross happened.
Entry: 65.1425
SL: High of the last bar or the bar to the left of the last bar, whichever is higher=65.5+.0025=65.5025
Risk= 65.5025-65.1425=0.36 x 1000 = 360/-
TGT: 64.9025 ( This looks unrealistic now as there have been two rejection bars on the daily.)
Potential reward= 0.24 (240)
Pride says he does not enter at key levels. This trade is near a key level.
Exit:
1. When fast Stochastic reverses from it's downward move, curves upwards and crosses the slow line from below, square off half of the units.
2. If the next bar goes above the high of the previous bar, exit completely, otherwise keep a tight trailing stoploss and let the trade run as long as market is bearish.
Friends this is an experiment to see how Prides dual TF momentum strategy works on other time frames. When I back tested manually, it was working fine on other time frames (hrly/4 hr, daily/Weekly) and instruments (BNF, Crude, Silver, JPYINR etc).
(Only one doubt: Is the EMA cross necessary only on the trading time frame (not on the higher TF)?
Today JPYINR seemed a good candidate for shorting on the daily TF.
Entry conditions:
1) Weekly: Stochastic bearish, pointing down.
2)Daily :: Stochastic bearish, pointing down,
3)Daily : Stochastic not yet reached oversold.
4)Daily: 5-13 EMA bearish cross happened.
Entry: 65.1425
SL: High of the last bar or the bar to the left of the last bar, whichever is higher=65.5+.0025=65.5025
Risk= 65.5025-65.1425=0.36 x 1000 = 360/-
TGT: 64.9025 ( This looks unrealistic now as there have been two rejection bars on the daily.)
Potential reward= 0.24 (240)
Pride says he does not enter at key levels. This trade is near a key level.
Exit:
1. When fast Stochastic reverses from it's downward move, curves upwards and crosses the slow line from below, square off half of the units.
2. If the next bar goes above the high of the previous bar, exit completely, otherwise keep a tight trailing stoploss and let the trade run as long as market is bearish.
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