Hello people, i am starting this new thread for the following reasons:
1. To share my current system wich is working great for me, and give something back like all the good people in this forum did once for me.
2. Please someone code an EA for it, because i am very tired of being awake at night LOL, attached is a pdf with the rules, i hope you guys like it and squeeze some pips out of it, i’ll be waiting for opinions, any questions just post or PM me
P.D. I easily take between 40-100 pips per day with this.
Ok Guys as many have been having trouble opening the PDF, i am posting the rules:
Setup your candles the way you like, i mean, i u use candlesticks put the color you like the most, or use bars, whatever you like.
Put an Exponential moving average, period 70 applied to close, ok this EMA70 is your current trend, you can use whatever timeframe you like, it works in all of them but i like the 5M and the 15M, because i don’t like to manage large drawdowns, take long trades only if the price is above the EMA70, take short trades only if the price is below the EMA70, Ok, now add 2 more moving averages:
1. Exponential Moving Average, period 20, applied to High, color this one Purple (or whatever you like)
2. Exponential Moving Average, period 20, applied to low, color this one yellow (or whatever you like)
This 2 moving averages are what i call the Entry Range.
Enter long if this scenarios occur:
1. If the price is below the 70 EMA, and starts to go up, place a long trade at the first candle that closes above the EMA70 (of course this candle should be above both EMA20s), place your STOPLOSS at the 70 EMA level (if you want to risk small), or place the STOPLOSS at the yellow EMA20 (if you wish to tolerate a little bigger drawdown)
2. If the price is trading above all the EMAS, wait for it to retrace and get into the 20 EMAs range (In between both of them), once the first candle closes above the 20 EMAS range place a long trade, set your SL on the 70 EMA level, and trail it while the price moves in you favor, i usually take between 15 and 50 pips (sometimes more) depending on the market volatility, or when the price retraces to the Purple EMA 20., if this happens you wait for the price to break the purple again to the upside and go long again.
Same rules apply for short trades, i always have a pivot Point indicator, and draw Fib lines on the last swing of the 4H chart, and always look for support and resistance levels, I Use the 5M and 15M for entries, always trying to look at bigger timeframes to see what’s happening on the big picture, happy pips