i found this system on another site, so i’m not taking credit for it’s creation. just put these indicators on your charts and you’ll see it looks pretty good.
Here it goes… It’s quite simple. On a 1 Hr chart, plot 5/12 EMA’s. Plot RSI set at 21. When the 5/12 crosses up and the 21 RSI crosses above 50 you go long. When the 5/12 crosses down and the 21 RSI goes below 50 you short.
This is very good system and I am making money from this system but u just need to change RSI to 11 instead 21. Apply RSI11 on your chart and you will amaze with its accuracy. Bullet point is RSI crosses just before moving average crosses. When RSI11 crosses its 50 line within next few moments moving averages will cross and give you clear trend.
this system was profitable when i back tested it. one thing i liked was trades do not go very far against you before they go in your direction. the problem is, you are trading off the 1h charts, there are not many trades in a day with this system.
Does this work on any currency pair, or are there certain ones you prefer? I have not even looked at it yet, I just thought I would ask.
I was also wondering what kind of S/L you have been successful with. I am assuming that you take profit when it crosses in the other direction but correct me if I am wrong.
i haven’t taken a live trade from this system, it doesnt produce trades often enough. i think you could run tight stops, but i prefer a quick scalp profit target anyway, so its up to you.
hi all
What about Stop loss, take profits and market sessions??
Stop Loss, what is that ? 