Look out for all of the following pairs to move into a possible trade setup:
EUR/USD, USD/JPY, GBP/JPY, EUR/JPY
All are showing bullish tendencies and are close to an EMA cross.
I am still in my GBP/USD trade. It is moving around quite a bit, but so far I am up around +14 pips in profit. I'll re-adjust my S/L to break even when it hits 20.
Then, when it hits 30, I'll trail my stop by 15 or so.
Interesting system although I got stop lossed out of the first trade you mentioned. Common fault - didn't follow the rules and set my SL too small at 35...
I'm new to spread betting and can't understand your RSI. I know what the 10 is of of course but the rest eludes me. Could you explain the Apply to Median Price: HL/2) -- One level at 50 part?
Thanks for your interest in my system. Sorry you got stopped out with the first trade! Make sure all your settings are correct and that you follow the system to a tee. It may help to re-read the first post just to make sure you have it all setup correctly. I'll try to attach my template so that you don't have to second guess anything.
Yes, the S/L is very important. I recommend anywhere from 50 - 100. A bigger S/L is advised because you are using a higher time frame.
Regarding the RSI, the settings should be exactly as follows:
Apply to: Median Price (HL/2)
Dodger Blue Color (your preference of course)
Middle Thickness Line
Fixed Minimum: 0
Fixed Maximum: 100
Dotted Silver Line
Check "All Time Frames"
These settings are for an Alpari account.
The Median price option displays an average instead of using data from simply the open or close of candles.
I find it works for me so far, so no need to change it.
My accounts are with Capitalspreads and IGIndex and their charts are pretty basic and provide only a period tab for RSI. Low spreads though.
From some back checking the system seems to work anyway. Do you think it's OK with just the period? Or perhaps I should change to Alpari or an account with better charts? Though I'd rather not - it's a bit of a bother from Australia with faxing photo IDs and transferring money.