Good morning people, I decided not to update the site with any analysis today.
Instead I have asked my good friend Soodi (who some of you may recall from previous posts as the Dentist who has made over 130k in less than a year of trading since I originally trained him) to share one of his strategies with you all. Below are the details of his strategy.
Thank you for sharing this Soodi.
Hi Javid
As discussed this is my strategy for day trading.
Firstly the reason i developed this was because when i was receiving arrow signals there were a number of false ones, so i thought about how i would take the true signals.
The points are:
1)using RMO strategy wait for a signal on 60m chart
2)using MACD strategy wait for a signal on 60m chart
both these signals have to be coincident and no longer than 1 hour apart
Before taking the trade i have to qualify the signals(this is for a SHORT,the opposite is true for a LONG) this is done by:
1)drawing the low of the signal candle on 5min and 15min chart
2)look for a close below the low
3)take a fib retracement from the previous high to the low of the candle that closed below the signal low
4)note the price at 23.6% and 38% this gives you entry price
Only take trade at this price once you have confirmed:
1)5/8 ema have crossed and moving in direction of trade on 15min
2)previous candles are walking the lower bollonger bands on 15min
3)stochastics is bearish on 15min and there is no divergence
4)macd is bearish with good angle and separation and there is no divergence
5)histogram is below waterline with no divergence
Once you are in a trade then manage it stay in trade moving stops to previous swing highs exit trade when either you have a coincident signal on 60min chart using RMO and MACD signal opposite to trade signal or when you have 5/8 ema cross opposite to entry direction
Use money management as normal
Soodi
