Hey pippers
I was thinking about selling this system…but there are many flaws with it that i can’t seem to work out. so, i’m posting this so people can improve it. the key to this system is time…and patience. if you get bored and start messing with your positions (closing out before it hits your stoploss, opening positions on one timeframe and then switching to another…etc) you’ll lose money…lots and lots of it.
Set up:
TF: 1H (not recommended for newbies) 4H, D1
2 ema, close*
64 ema, close
atr 100
*the 2 ema is actually useless, i just added it so that we can see the movement of the price in relation to the 64 more clearly.
entry:
it’s an ema system, you wait for a cross…BUT here’s the different part:
when the cross candle (or the candle that breaches the 64 ema) closes, you note the price and the atr at the time. project 50-75% atr from the closing price, and that’s your entry. now, on the daily, the may be 50, 60, even 100 pips away from the current price, but don’t worry, 50 pips will seem like babypips compared to the potential gain.
stop loss:
i’ll explain this as soon as i can figure out how to get some bloody pictures on this thing
again, the key to this thing is patience, once you enter you may hold on to the trade for days, weeks, months…or if you decide to trade weeklies…years.
Take profit:
what ever you want. 50 pips, 100 pips…everything up to 500 pips is do-able on the daily. i recommend closing 50% position at 50 or 100 pips. and just let the rest trail.
k, i’m gonna try and get some pictures on here…it may take a while