I was able to grow my account by 3% using this strategy and the actual strategy has failed (price never moved down as anticipated) so had this actually worked I would have grown my account by a whopping 15% making $1500 in a day by placing 4 0.12 lots. .
So the new strategy is simply spotting a pinbar on a Daily chart and basically applying your Fib tool to identify 50% of this candle. Prepare to Place 4 pendings in this location/ careful, as the price will typically go the opposite first and you will want to catch your entries on its way back (use 50 ema crossover on a 4H chart), now place you SL, TP of 100 and 161 and leave your charts to “cook”. It makes no sense to watch your chart for 24 hrs since it’s a long term setup - however, you will want to check in during high volume times - NY session, 3-5 o’clock, and if your awake during London (which Im not). Set a loss to equal 1% or 0,5% - nothing to crazy, I’m not advocating crazy risks.
UPDATE:
Modified strategy "MARATHON" for the daily setup is a very long-running setup with a very high risk-reward ratio, and wonderful stats (I had something close to 90% success with it, unlike previous 1-candle strategy).
So - let's set our conditions.
1. Spot a Pinbar on the Daily chart. A pinbar should "stick out" making a "mountain", and should not be making a row of similarly sized candles or triangle shapes - in other words, the chart which is ranging may not play out correctly.
Now, you can enter with small lot - expect this trade to play out for as long as several weeks - from several days to a week on average. So I like to enter small on the daily, and then I await the very first retracement - could be 1 or 2 candles in the opposite direction. This setup "always" retraces first so don't miss out the first entry. If you missed out, wait for the retracement to finish and enter at the first continuation candle. It's good if your retracement candle is an "inside candle" which will definitely speak in favor of a solid setup.
Your second entry will be at the break of that second retrace, you can expect a very strong market flow and hardly any drawdown. In other words its a very strong setup.
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