Daily chart trading - simple entry and exit criteria (Daily chart trading - simple entry and e)
I like to keep it simple.
- Trade based on the daily chart only.
- Risk only 1% of capital on any trade and seek a return of 1.5%.
- When the return reaches 1%, move SL to BE.
- We need three candles to form the entry pattern.
- Buy - The third candle closes higher than the previous two candles (ideally the third candle should be bullish and the first two candles bearish)
- Sell - The closing price of the third candle is lower than the closing price of the previous two candles. (Ideally, the third should be bearish and the first two bullish)
- SL - 5 pips higher/lower than the three candlestick pattern.
- If an opposite pattern forms, the trade is closed (before stop loss is hit).
The target for 2022 is capital growth of 15%.
I will post my trades as I go along.
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