I was told of the 3 Little Pigs swing trading strategy by a friend and after looking into it a little more and checking it on a kind of back-test I decided to get a little more formal with myself. I have opened a small account and will trade this in real-time and report all my trades here. I'll do his in the hope it keeps me disciplined and also that others will join in and share trades and ideas with me.
The manual offers a number of options for Entry, Stop and Target so I documented the approach I will take to help keep me on the straight and narrow. These are the basics - Sell is vice versa. I have included an example as an attachment. This is not a real setup just a chart I decided to use to demonstrate how I calculate my Stop loss. Price has touched the 34 SMA and has closed above it.
To get my Stop loss I subtract this from the current 34 SMA value — 10 so my Entry here is the candle close , plus Spread and my Stop loss is I believe this system will take me less than a few minutes every day and reckon the main downside time commitment wise is missing the 4 Hour candles that close when I am asleep, I will monitor the impact of this. I am now going to officially start looking for opportunities from the start of July and report all trades here. As well as my trades and thoughts I welcome yours on what I hope will be a profitable journey as I do my best to make this work for me.
Thanks for the post - Look forward to your updates - You refer to a manual - Please can you tell me, where do I get it? It's on a website called Forex Useful. There's actually another free system on there called PAST which I will try and look at after I am comfortable with this one - I cannot post links for some reason so you will have to google "Forex Useful" or "3 Little Pigs Trading Strategy" to get the manual. Just a quick update, as promised.
I opened no new trades yesterday and continue to wait for now Checking back through the rules I've found that I missed a couple of trades yesterday afternoon.
These were the Yes, there are two new trades on the close of the 8: At the close of the Thanks for the updates. I have a question. Are you using the indicator or are you checking the higher time frames manually?
Hi Bigalmal, I use the indicator. He's a good guy, very helpful. Free Forex Trading Systems. All the best to you Phil! Just observing at the moment.More...