Poker Trading Strategy - Trading on W1
A permanent presence near the terminal for trading is often impossible. Then the forex trade system will have a Forex Poker strategy that is relevant to TF W1.
Working on large periods, it will not be necessary to look into the terminal very often, and the system can be used for smaller TFs, for example, D1 - on it also showed itself well. So you can choose for each trader the optimal option that will be comfortable for him. As for characteristics, Poker 's strategy forex trading is applicable to any currencies except cryptocurrencies.
Bases of the CU
The strategy is based on the idea of rollback after impulse movement. On the market it is impossible to imagine a situation that the schedule moves in one direction - in reality there is always a rollback. If you study the weekly plot, the average length of the candle shadow (the amount of rollback) will be within 150-300 points. So the task of the trader in the Poker trading system is to track moments when the price is in a state of overbought or resale, which means readiness to perform a rollback - it is worth opening a warrant now. To identify the entry point, an indicator is used that visualizes the moment of optimal entry into the market, forming a so-called cocherga. It is this cocherga or Poker in English that became the basis of the name of the strategy forex trading, which has nothing to do with the card game.
Indicators for forex trade system
The Forex Poker strategy requires William 's Percent Range. Since the WPR indicator is included in the list of free trading instruments in MT, there are no problems. It will be required to identify overbought/resale. This condition is detected by the location of the current closing price, and the range of price extremes for previous periods is used to calculate values. The indicator for the Poker strategy forex trading is in the list of standard MT4 tools in the oscillator section.
William 's Percent Range needs to be plotted W1 the pair twice - in the second option, the line color needs to be changed to get a similar picture.
The difference in the movement of lines is determined by different periods - for the first oscillator the period is 3, in the second one we set the period to 6. This Poker Forex strategy template can be conveniently saved and used on any other currency pairs.
Market Entry Rules
It is necessary to make a decision to enter the market after evaluating the W1 schedule of the currency pair together with the indicator readings. If the Forex Poker strategy indicator shows the presence of a cocherga, that is, the indicator graph is a straight line with a bend and at least one of the lines is located in the overbought/resale zone, then this pair is working. It is worth considering that the angle of bending of the indicator does not matter especially - it can be both sharp and blunt, the main thing is that it is. If there is no angle, it is not worth trading on this pair.
Next, pay attention to the type of Japanese candle that is last placed on the chart - the Poker trading strategy deal opens in the opposite direction from the direction of the candle. That is, if the candle is bullish, a short position opens, a long position opens at a bearish candle.
Example of a BUY Login
The indicator shows the presence of a knuckle on both lines of the WPR indicator.
Alternatively, both lines of the WPR indicator are located in the resale area.
Last candle bear.
SELL Login Example
The cocher is bent down or both lines of the indicator are located in the overbought zone.
The schedule ends with a bull candle.
Alternative entry points
It is worth noting that such ideal entry conditions for Forex Poker strategy are rare, so alternative transaction opening conditions can be used:
One of the lines of the WPR indicator shows a coherd.
There are no cochergs, but the indicator lines have reached the overbought/resale zone.
The last candle of the graphic is characterized by a very small body size, and its color is unimportant.
If there are no convenient conditions for entering SELL on Monday, you can try again on Tuesday - in some cases, market trends are already being determined by this time. Moreover, the trend on Monday does not always correspond to the overall price movement on the rest of the week.
The presence of GEO can also cause entry into the market. If there is no desire to risk and forex trade system GEO, it is better not to open a deal on the Poker strategy forex trading at all.
The release of important news can disrupt all plans, so it is worth closing current positions or not opening them at all until the market responds to the news.
Rules of closing of transactions
Stop loss warrant in this vehicle is not displayed, at the same time it is recommended to put a teak profit at a distance of half a hundred points. Alternatively, exit from the market can be made at the end of the week, when all open deals are completed. Another option for closing transactions is to achieve a certain% of the account by the proxy. To implement the exit, you can use a script or a special advisor who will meet the specified conditions.
If transactions operating during the week do not reach the TR, it is necessary to assess their result: if the settlement is less than 50 p.p., it is possible to leave a warrant for the next week. If the transaction loss is much more than 50 points, it is necessary to open an averaging warrant when the indicator signal is repeated.
The trader can choose any option to close deals that seems optimal to him, but in the classic version of Forex Poker strategies, the warrants close with the completion of the week-long bar regardless of the outcome.