You will be shocked to know that lazy traders outperform hard-working ones in trading. That’s not a joke but accurate statistics by reputable organizations. The measure of a trader’s success is not hard work but profit. So if you work hard but earn no profit, it is considered a waste. In today’s post, I will introduce to you the Sunday trading strategy. It will help you become a lazy but still profitable trader.
What is Sunday trading strategy?
This is a strategy in that you only place orders at the beginning of the week when they are eligible. For the rest of the days, you don’t need to look at the chart and spend time on other more important things. Because the number of orders placed during the week is extremely small, it is classified as a strategy for “lazy” traders. That’s why it’s called Sunday, a weekend getaway.
With this trading method, we expect that the opening day will have a Gap and the price will fill the Gap just created. Because every time there is a price gap, its fill rate is close to 85%. This is also considered a reversal trading strategy.
Trading ideas of the Sunday strategy
– First, we will use a 5-minute chart with a 30-minute expiration time. This will make the information less noisy so that we can easily make correct decisions.
– We will observe the opening time at the beginning of the week (5:00 am on Monday). Then let’s walk around the major and minor currency pairs such as EUR/USD, GBP/USD, AUD/USD, and NZD/CAD. If there is a Gap, the next condition will be considered.
– Next, the RSI indicator in this strategy will tell you how to open an order.
If the opening price appears a Gap down and the RSI is below the 30, we will open a bullish order.
If the opening price has a Gap up and the RSI is above the 70, let’s open a bearish order.
Note: If there is no Gap, ignore it and do not try to trade.
For everyone to better understand how to trade with the Sunday strategy, I will analyze the orders that I have entered before. You just need to do it step by step for the best effectiveness. Remember you need to practice on the Demo account to master before using this strategy.
Step 1: Open the candlestick chart on the first Monday of the week and see if there is a gap.
Step 2: View the RSI indicator to open a 30-minute trading order.
This was a bullish order with the NZD/CAD currency pair when it was eligible to trade with the Sunday strategy.
And here was the bearish order. The conditions will be opposite to the bullish one.
Another bearish order with the GBP/USD currency pair.
Remember if the RSI is not above the 70 (overbought) or below the 30 (oversold), absolutely do not enter the order. Because at that time, the possibility that the price will reverse back to fill the gap is very low.
Pros and cons of Sunday trading strategy
To choose a certain method as a companion on the trading path, we need to know its good and bad sides to use it most effectively. Here are the things that I feel good about using this strategy.
– Observe the chart less when there are only several opportunities to trade in a single currency pair each week. That gives you more time to spend on something else instead of staring at the screen.
– Easier to use than other methods
– Extremely profitable when reaching an 80% win rate
The only drawback is that there are very few opportunities to enter orders on the first days of the week with little volatility. It will make it impossible for the price to creating a Gap and there will be no signal to enter the order.
In short, the Sunday trading strategy is very suitable for beginners with little experience. It will make them limit placing orders as much as possible. As a result, they face fewer risks when they are just getting started with trading. This strategy will indeed make you lazier but it is a good practice in trading. To be able to make a profit, you need to follow the trading rules set forth.
How about you? Are you lazy? Or you are so busy that you don’t have time to look at the chart, this is the puzzle piece you need to create a balance between life and trading.
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