I came across a trading strategy that pays.. But the take profit must range from 1.2-1.5 * of the stop-loss.
It is based on taking trades based on the weekly and daily open. To ascertain an uptrend, current price must be above the open of the weekly and daily candlesticks.
For entry, look for only bullish engulfing bars on the 4 hour time frame.
Remember, take profit to aim is 1: 1.5.
There will be losses but at the end, your profits will out-way your losses and you ll be profitable.
For me, I trade the daily timeframe and my main trend is the monthly timeframe. The weekly bar serves as a fine tune for the monthly timeframe and on the daily timeframe, I look for bullish engulfing bars.
For extra entry filters, maybe you can add 15 day SMA and take only bullish engulfing trades above the 15 day SMA.
See you next time guys
