Dominate the Daily Charts with the "Governor" Strategy
Hello to all visitors of tradelikeapro.ru! Our portal has a large number of intraday forex strategies, but unfortunately not everyone has time to trade intraday: this is due to work, time zones, and being busy with other things. And this is where daily charts and the "Governor" strategy come to the rescue.
Characteristics of the "Governor" Forex Strategy
Platform: Metatrader 4
Currency pairs: Any
Timeframe: D1
Trading time: Once a day, after the daily candle closes
Recommended brokers: Alpari, RoboForex
What Is Worth Paying Attention To
1. The basis of the strategy is horizontal levels. Be sure to watch the video lesson Support / Resistance Levels, otherwise you simply will not understand how to find these levels on the chart.
2. Different brokers have slightly different daily candle closing times, and therefore the system's signals may vary. Which time is correct? Read about it here.
3. The "Governor" trading system is discretionary, i.e. we do not have any rigid rules with mechanical entries and exits. But there are a number of prerequisites, key points, that we rely on when making decisions about opening and closing trades with this strategy. You can read about them below. But it will be much better if you watch the video, because it is quite difficult to convey all the nuances through text without visual examples.
Key Points
1. We enter on bounces from horizontal levels.
At support we only buy, at resistance we only sell.
2. We open a trade only after the price crosses the 10 SMA
The candle must clearly close above / below the moving average 10 sma.
3. Profit potential
There must be enough distance to the nearest support / resistance level and 200 sma.
4. We take profit, but give profit room to grow.
Market Entry
- We enter only at support / resistance levels.
- We do not enter if the distance to the nearest level or 200 sma is too small.
- Entry is possible either after the candle closes, or on a pullback ( pending orders ) to the 10 sma or to half of the candle body.
- We wait for a clear candle close above / below the 10 sma.
Stop-Loss
We place the stop loss slightly below / above the horizontal level serving as the basis for entry.
Market Exit
1. We enter with two orders.
We close the first order when profit reaches about 100 points. After closing the first one, we move the stop loss of the second order to breakeven + 5 points.
2. We let the 2nd order earn a larger profit
We set the take profit for the 2nd order at the 200 sma or at the nearest support / resistance level. We close the second order if it fell just a little short of the take profit.
3. We watch the 10 sma
If the candle closed beyond the 10 sma, and we are already in significant profit, exit. Right after entry, we do not pay much attention to crossings of the 10 sma.
Download the files for the "Governor" forex strategy
(installation is performed according to the standard instructions)
Important! Nuances of installation in newer Metatrader 4 builds
If you do not have time to trade intraday, daily charts and the "Governor" strategy come to the rescue.