Please tell me who all are reading this blog and give your comments

All the readers of my blog, please tell me about yourself in the comments section, and tell me how you feel about it. It will give me a kick to write more stuff like this.

Monday, October 18, 2010

Double Top/ Bottom Entry Rules

when we look at 1 minute candle stick chart of euro-dollar fx futures, we have a list of lows and highs made by price swings, for this double top/ bottom stategy, we will consider only those highs/ lows which have not been breached yet. If market goes to one of the previuos highs or lows, and that price level holds again, (by holding I mean when market retraces exactly after trading at that price level, not even 1 tick above or below). I will wait for that 1 minute candle to complete and then enter my short position, if market has reversed after testing a high for the second time and vice-versa. I will enter only when the market has traded at 4 ticks below that high after trading exactly at that high-level. The stop los being 1 tick above the high. and target same or more than stop loss.

1 comment: