POW reversal strategy in use for this trade.
Trading EURCHF on the 30M chart.
I'm in a long trade as I write this.
Green printed labels show all the trade details.
Running well at moment we aiming for a TP of 0.98450
Green lines are TP and purple lines SL.
Chart also shows previous trades of this trading week.
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What is our POW reversal script
The script is a reversal strategy and can be used on any instrument and time frame.
Our strategy simply sits in your trading view, so you will see exactly what we see - the trade, entry price, SL and TP values.
This is a mechanical trading system which through third party services can be automated.
The script is based on a combination of indicators with the main ingredient being RSI .
As a user using the script you are able to see all available settings and what they are.
The values for each setting can be adjusted to fit and suit each individual instrument as well as the time frame said instrument is being used on.
We know upon changing settings if they will work on the trading instrument and the time frame being worked as we have coded in a built in strategy tester.
Often an overlooked feature of TradingView's pine code the strategy tester saves hours of time not having to manually back test a strategy.
Having the data in an instant enables us to enter trades with full confidence knowing we are working a proven system.
Having the built in strategy tester also doubles up as a live trading journal too as the strategy tester will confirm and support every open and closed position.
All of the above means we are working to a rules based approach to trading for our entry, exit and risk management.
Any subjectivity and emotions are removed we simply follow and execute the already tested strategy.
Thanks for looking at my idea 👍
Trading EURCHF on the 30M chart.
I'm in a long trade as I write this.
Green printed labels show all the trade details.
Running well at moment we aiming for a TP of 0.98450
Green lines are TP and purple lines SL.
Chart also shows previous trades of this trading week.
________________________________________________________________________________________
What is our POW reversal script
The script is a reversal strategy and can be used on any instrument and time frame.
Our strategy simply sits in your trading view, so you will see exactly what we see - the trade, entry price, SL and TP values.
This is a mechanical trading system which through third party services can be automated.
The script is based on a combination of indicators with the main ingredient being RSI .
As a user using the script you are able to see all available settings and what they are.
The values for each setting can be adjusted to fit and suit each individual instrument as well as the time frame said instrument is being used on.
We know upon changing settings if they will work on the trading instrument and the time frame being worked as we have coded in a built in strategy tester.
Often an overlooked feature of TradingView's pine code the strategy tester saves hours of time not having to manually back test a strategy.
Having the data in an instant enables us to enter trades with full confidence knowing we are working a proven system.
Having the built in strategy tester also doubles up as a live trading journal too as the strategy tester will confirm and support every open and closed position.
All of the above means we are working to a rules based approach to trading for our entry, exit and risk management.
Any subjectivity and emotions are removed we simply follow and execute the already tested strategy.
Thanks for looking at my idea 👍
