Hi There,
I am pretty new to this, but so far i have found just two systems that work for ME.
The first one i use is the EUR/USD 45 pips a day system that was posted by James. I haven't ever actually got 45 pips from this system, but 20-30 is common..i trade $4 pips currently, so it adds up to about $2K a month....I owe James a ty for that
The second was one that i stumbled across when i was "playing".
I don't like complicated systems, as i find it slows me down at the most crucial moment and i end up missing pips and getting a bit frustrated.
I liked the EMA systems i have seen, but all too often they cross half way down a major move, and you end up catching the "tail" of the trade, or at worst, end up entering right at the point of a retracement!!!
I would not say this is a Holy Grail and it is not perfect. I have worked out that i win about 4 out of 5 using this system. But the winning trades are always much larger than the losing ones.
Anyway, let me know what you think...
So after playing about and watching the results, the closest to the move i could find was this;
Ema5 (White)
Ema1 (Yellow)
I have RSI (14), Slow Stocs (14, 3) and CCI (20) up too, this is just my preference, i use it to try and predict when a cross-candle will appear.....for this system i don't really need them.
I use this mainly on GBP/JPY on 15m, 30m and daily. (Daily is generally the most lucrative and predictable but requires patience, it can sometimes seem a small reward for such a long wait)
This is what i do;
I will wait for the Ema's to cross and for the timeframe on that "cross-candle" to have almost come to an end.
Once i have seen the cross, i am looking to enter as soon as the timeframe makes the step to the next candle, i will enter in the direction of the Ema cross.
If i am at my desk i will not use a stop ( i use a mental stop in this instance), if i am going to be away from my desk i will put on a stop of 3/4 of the cross-candle.
So say the cross-candle was 100 pips from OPEN to CLOSE i would make my stop 75 pips........if the cross-candle was 80 pips OPEN to CLOSE, i would make my stop 60 pips etc....
Take profits;
I tend to use a trailing stop, and as i use Oanda i have to do this manually. (unless anyone knows any different)
This depends on the timeframe you are trading on;
On 15m chart i use a trail of 10-15 pips, looking for an overall 25-40pip trade.
On 30m chart i use a trail of 10-15 pips, looking for an overall 30-50pip trade.
On daily chart i use trails of 25, 50, 100 & 150 pips, looking for an overall
2-300pip trade.
I just looked on my history and for my last 15 trades i won all but 3 using this system. 4 of those trades were on the daily and netted me over 200 pips each.
Let me know what you think,
Maurizio77
Trade Closed
Linear Mode
