Hi baby pips gang, just thought I would post my new trading system I am working on.
I have named it Cross around the Clock. I would appreciate any constructive input anyone has. See below for rules:
Thanks for looking!
CROSS around the Clock system
Forex Chart used = 1hr
Entry: SMA 1/SMA2 have to cross
Confirmation: RSI crosses 50 (1 hr chart) before or after SMA1/SMA2 cross
Stop-loss (S/L) - Exits
*Trailing STOP is 2N from entry point (Where N=ATR value at the time of rules meeting criteria
Final Important Notes:
*Risk per trade is maximum 2% of the total value of the account.
*Not restricted to any currency pair, however best trending pairs are the majors such at EUR/USD, NZD/USE,AUD/USD etc.
Exit: No restricted exit. Exits will occur when trailing S/L is hit.
Hi guys, ATR (Average True Range) is a technical indicator found on most trading platforms. In this system I don't use a hard stop. From the initation of the trade its always a trailing stop. The trailing stop is calculated by taking the value of the ATR at the time of the trade and doubling it ( or in math terms SL=2N where N=ATR value). For example, if ATR at the time of the cross is 22 pips my trailing stop will then be 44 pips.
Lastly, like Raza said after you take the trade... let it ride
Hi, compliment for your strategy but I have just a couple of questions:
- exit strategy: you exit when the opposite sma cross occurs?
- entry strategy: entry long when rsi cross 50 from below and entry short when rsi cross 50 from above?