I've been trying out this new method using Daily Pivots, Daily Range, and CCI, and so far it's working out great. I've made three trades on Gold, EUR/USD, and USD/CHF, and all three worked perfectly. The range for all three markets were around yesterday's range and the 30 day average range, so i then assumed that a reversal was pending. In addition to the range, the price also reached a support/resistance pivotal line, which made a reversal all the more likely. Next I waited for CCI to cross the 100/-100 line in order to make my entry. On all three trades I picked my stoploss a few points below the latest fractal extreme, and my takeprofit according the closest Fibonacci Retracement Level (usually 23.6).
The unfortunate part was that I did not wait for the takeprofit to exit my trade, and instead exited early. So, I lost out on additional profit.
Here are my trades:
Gold (BUY) at 1690.41 | Stoploss: 1682.50 | TakeProfit: 1693.40 | Profit: +92
- the profit, if I waited for the takeprofit, would have been +299
EUR/USD (BUY) at 1.30676 | Stoploss: 1.30470 | TakeProfit: 1.30780 | Profit: +67
- the profit, if I waited for the takeprofit, would have been +104
USD/CHF (SELL) at 0.92233 | Stoploss: 0.92490 | TakeProfit: 0.92180 | Profit: +27
- this trade I didn't want to enter, given that I was already in two other experimental trades, so I made this a
paper trade instead
- I did not exit early on this, and waited until the takeprofit was reached
