The White Eyebrow Trading System - MT4/MT5 Resources
For lack of a better name, I call this method "white brows."
This is certainly nothing new, I'm sure variations of it have been released many times before.
I haven't done live trading yet, but I will test it next week if time permits. I don't know how viable it is in the short or long term, but it looks pretty good with manual backtesting.
I only looked at EUR/USD, but maybe other pairs could be used.
The approach is derived from studies of price patterns and PSAR. Within a 15-minute time frame, try to keep things nice and simple at the same time.
The rules are as follows:
1. Open the EUR/USD 15 minute chart.
2. Draw a vertical line at 8.00-8.15 am GMT. (My chart is GMT+1 so I draw this line at 9am)
3. Place PSAR with step size 0.02 and maximum value 0.2
4. Identify potential trigger lines/look for trend changes. For new long-term trends and buying opportunities, the PSAR point must shift from above the price to below it.
5. If the trigger bar has closed bullishly and the previous bars - bar 1 and 2 have also been bullish, then enter the trade on the breakout of the trigger bar.
6. Stop loss = 20 pips, target = 20 pips.
7. Maximum of 2 transactions per day. If the first trade loses, no more trades are made. Only make the second trade if the first trade is profitable.
8. If the range of the trigger bar is very far, please use it with caution
chart to follow
This is certainly nothing new, I'm sure variations of it have been released many times before.
I haven't done live trading yet, but I will test it next week if time permits. I don't know how viable it is in the short or long term, but it looks pretty good with manual backtesting.
I only looked at EUR/USD, but maybe other pairs could be used.
The approach is derived from studies of price patterns and PSAR. Within a 15-minute time frame, try to keep things nice and simple at the same time.
The rules are as follows:
1. Open the EUR/USD 15 minute chart.
2. Draw a vertical line at 8.00-8.15 am GMT. (My chart is GMT+1 so I draw this line at 9am)
3. Place PSAR with step size 0.02 and maximum value 0.2
4. Identify potential trigger lines/look for trend changes. For new long-term trends and buying opportunities, the PSAR point must shift from above the price to below it.
5. If the trigger bar has closed bullishly and the previous bars - bar 1 and 2 have also been bullish, then enter the trade on the breakout of the trigger bar.
6. Stop loss = 20 pips, target = 20 pips.
7. Maximum of 2 transactions per day. If the first trade loses, no more trades are made. Only make the second trade if the first trade is profitable.
8. If the range of the trigger bar is very far, please use it with caution
chart to follow
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