Elder Ray Trend D1 Strategy - Part 20 (Final) | Trading Highlights
Автор: Project Trade
Загружено: 2023-11-08
Просмотров: 211
STRATEGY
This strategy mostly comes from Alexander Elder and is a trend based strategy which attempts to get in on those trends early. It uses two indicators; the elder ray index (bulls and bears power histograms) from the man himself, as well as the exponential moving average.
Fairly simple entry signals, first we look to the 13 period exponential moving average on our charts and see whether it is sloping up or down, sloping up means buy trade potential and sloping down means sell trades only. After checking the EMA we look to our bulls and bears powers histograms. For a buy trade we need the bears power to be beneath 0, but have both the bulls and bears powers increasing in value. Reverse for a sell trade signal from the EMA, we’ll need the bulls power reading above 0, but have both the bulls and bears powers decreasing. We’re still not in after those signals though, we’ll set the trade as a stop order, slightly above the high for a buy trade and slightly below the low for a sell trade. So three elements to get us into the trade; EMA signal, elder ray signal, and a stop order entry.
Once we’re into a trade (which will be 2 sub-trades) the stop loss will be placed beneath the low in price of the last two candles for a buy trade, and above the high in price of the last two candles for a sell trade. The first sub-trade will have a take profit level mirroring the stop loss for a 1:1 risk reward ratio on it. Then for the second sub-trade it’s all on a trailing stop loss to see if we can maximise some gains in what will hopefully become some long trends. That’s all we need as the bare bones of the strategy so trade it now we can.
BULLS & BEARS POWER (ELDER RAY)
• Bulls & Bears Power (Elder Ray) Explained ...
https://www.investopedia.com/terms/e/...
EXPONENTIAL MOVING AVERAGE
• Exponential Moving Average (EMA) Explained...
https://www.investopedia.com/terms/e/...
POSITION SIZE CALCULATOR
https://www.babypips.com/tools/positi...
All for entertainment purposes only.
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