Yes... It's been a long time since I made an update on my blog, but I thought I'm going to try something new.
First of all, I'm going to use a "trading system" called XARD's Simple Trend Following System. Why? Because I have seen so many scams and fake gurus who were claiming that a certain system can make you rich in a few weeks or less... Yeah sure... But this one has generated over 10k posts on the forex station forum and seems like many users are contributing to the project so I thought if so many people are satisfied with it I should also dive in and give it a fair try.
I myself am trading with support and resistance levels compared with price action and candlestick patterns. And most importantly I use proper risk management by keeping a minimum RR (risk/reward) ratio at least 1:1 but if I can, I go for 1:2 or more.
The XARD system is mostly based on the Zig-Zag Indicator and uses moving averages. If we look at it closer it is a classic break-and-retest system in a different coating that can help you spot entry points in a more effective way.
Then indicator is repainting, so do not rely only on the signals because you're gonna get rekt. But you can use it as a confirmation indicator if you want to take a trade.
The creator (Xard) claims that the system is made for lower timeframes (1M & 5M) for mostly day trading, but you can also use it on higher timeframes for swing trading.
I'm going to use it for intraday positions, and I'll try to add as much time as I can to journal everything. Also, I'm going to use a few sets of rules as guidelines to reduce risk. For the easy follow-up, the risk is calculated as 1% per trade. (I use a trade/position size manager EA on my Metatrader)
The main rule is I take only a maximum of four or five trades during the day
If I make 2% profit in the first two trades I stop for the day
Entry points are taken on the 5-minute charts with the help of Xard indicators aiming for minimum RR1.
I'm considering using a trade manager EA, and might be closing 50% of position size halfway to TP and moving Stop Loss to Break Even.
More updates are coming soon...