EurUsdcountertrend_v18 is a candle close strategy, which trades only
the EurUsd pair based on buying when the maket is bearish and selling
when the market is bullish - making use
of retracement. It trades on a 1 minute chart. For this I use the
indicators: fibonacci pivot points - set to 1 hour, and RSI_14, set
to
4hour. The market is deemed bullish when the price is above pivot
Resistance1 (below Resistance3 - because a break above pivot
resistance 3 may make the market overly bullish and retracement may
not happen - I backtested this)) in a 1 hour period and RSI_14 is
above 60 in a 4 hour period - it sells when a 1 minute candle closes
between
Fib pivot Resistance 1 and fib pivot Resistance 3 on an hourly chart
and RSI_14 is above 60 on a 4hr chart. Vice versa it will buy when a
1
minute candle closes between fib pivot Support1 and Support3 (below
pivot support 3 may be overly bearish and retracement may not happen
-
I backtested this) on an
hourly chart, and RSI_14 is below 40 on a 4hr chart. SL is 142 pips
because the area wherein the trade is activated has a variable range
based on where pivot and resistace/support levels are due to previous
price action. TP is only 5 pips because it trades against the market
direction and I want to catch small retracement only, also smaller
trades makes it possible for the strategy to shift from bearish to
bullish market on time without getting stuck in a single trade. Lot
size increases with every trade because I set max lot size at 25
milion and maximum equity is used on each trade to fully profit from
the small trades. The strategy opens about 30-40 positions a month
based on backtesting.