Hi everyone, I would like to introduce my personal strategy. I'm Michael, I'm writing from Italy and unfortunately I'm not a professional trader yet. However, I've did a lot of studies and with a simple methodology, I've created a very reliable strategy. Certainly I can't garantee "ever green" days, but with my strategy I can get an ITM range between 70% and 75% (on average). Rarely, but it happens, it touch 50% of ITM.
I want to know what do you think about it and how you could filter out the wrong signals.
I named the strategy "The Italian jOB".
What we need?
I trade with MetaTrader 4, but you can also use FreeStochCharts.
We set the classic Bollinger Bands on our classic candles chart.
Then we insert our BBRSI indicator. On this we will overlay the Stochastic indicator. In this way we will have two indicators in the same window.
For the BBRSI we have 2 levels that we keep: 30 (oversold) and 70 (overbought). We keep too the RSI at 14 and Bollinger Bands at 20-2.
Regarding the Stochastic, we modify the stock levels from 20 to 10 (oversold) and from 80 to 90 (overbought).
5 minutes trade on 1 minute TF.
_MT4 Stoch must be above the 90 level.
_RSI must be above the 70 level and over the Bollinger Bands.
_If at the closing the candle on our chart is beyond the Bollinger band, and all other conditions are met, make your entry immediately.
_Stoch Must be under the 10 level.
_RSI Must be under the 30 level and belove the Bollinger Bands.
_If at the closing the candle on our chars is belove the Bollinger band, and all other conditions are met, make your entry immediately.
You can download all the indicators and template from here.
Nice trade and let me know.