This is the recent defined strategy I'm testing on live demo account (still new to comment on performance, I'm fine tuning it from time to time to make sure I don't blow my account, performance is secondary to me).
I only trade EURUSD based on price action, it works on any time frame.
Entry: Buys when price goes down, sell when price goes up, each entry increases 0.01 lot size as it stacks, 15-25pips gap.
Exit: Close a trade when market retrace, TP can be based on the previous entry price, especially useful while market is ranging.
I don't close when market is is trending, will just let it settles down & retraces to make larger profits (the most recent entries wil make larger profit to counter the losses initially because of the incremental lot size).
Money Management: Watch buy & sell positions, if it is increasing & passes floating drawdown of 2-3%, I'd hedge against it to slow down my losses to keep me longer in the game to see the retracement.
Idea behind this: Grid, martingale with strict money management to avoid blowing my account.
Alert: This is demo account, and I don't have a specific TP or SL as long as I feel comfortable with market position I'd close an account. If I were to set TP/SL: 15-25 pips. I don't follow strictly on trading rules because rules are dead and meant to be broken, this is the my strategy & I respect TP & SL very much as every trader does, but as long as I follow strict money management I know I'll be fine.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.