My trading strategy that works 75.73% of the time

So, in the world of Forex trading, I don’t limit myself to just one currency pair. It’s all about the charts for me, and the more the merrier. I take a glance at various pairs, picking the ones that seem to present the cleanest setups.

As a rule, I only risk 1% of my account on each trade and I limit my market exposure to 5%, even if I have multiple trades open at the same time. Of course, some of those trades may already have their Stops adjusted to breakeven or better.

Now, when I’m starting my day with the Daily chart, I look for a pair that’s trending, ranging, or hitting a key reversal area. I’m big on spotting Support & Resistance levels. If a chart catches my eye, I go ahead and draw S&R lines on it. I also bring into play three Exponential Moving Averages — the 50, 100, and 200. These EMAs often interact with price in a regular, predictable way, indicating clear cycles.

If I notice a cycle pattern I like, I add in some Fibonacci lines, looking for overlap between the EMAs, my S&R lines, and the Fib lines. If I find a region where at least two, ideally all three, agree, I bring the Relative Strength Index (RSI) into the mix to gauge potential price movement.

Once I’ve evaluated all these factors and everything still looks good, I’ll check the Weekly and Monthly charts (to avoid trading into some all-time level), as well as the 240 and Hourly charts. In the latter, I’m looking for two things: one, to make sure there isn’t a Reversal pattern that contradicts my potential setup, and two, to see where Price is in its Cycle, which could help with a better Entry or a tighter Stop.

If I’m still confident with the setup, I usually enter the trade via an order. I tend to do my scanning late at night (UK time), placing an order to enter ahead of the current bar, with a Stop placed just a few pips behind a close level of S&R. If the order doesn’t trigger overnight, I might cancel it, or if the setup still holds up, I’ll let it sit and check back the next evening.

During the day, if I have some free time, I might do some day trading, starting with the same scan process, but focusing on the Hourly chart for my entry point.

As for the currency pairs, I’m open to any pair for End of Day (EOD) trading. For Intraday trading, I prefer to stick to the less exotic pairs. And one last thing, I only consider a setup if it gives me at least four or five solid reasons to take it.

Lastly, it’s important to note that while I was fine-tuning this strategy, I used a company to help me pass the prop firm challenge. This way, by the time I got the live account, I knew exactly how to trade, manage risks, and handle losses. It was a crucial step in my Forex journey.