Hello fellow forex traders my name is Jeff Jones and I have been a forex trader for about 4 years now. If you are like me you probably have tried every forex system out there. And still at the end of the month I found myself losing money like always. So I have created my own trading system. This system is very easy to implement and it doesn�t require your to stay glued to your monitor all day to wait for a signal. But you can check every once in a while to see if conditions are met. So before implementing this system you need to know about Fibonacci�s retracement and pivot points. If you don�t already know just do a Google search. Some people use Fibonacci, others use pivot points, moving averages or trend lines. This system is about an efficient combining of all these technical analysis methods.
You will need to setup 2 charts:
- 1h chart
200 ema(close)
55 ema(close) - 15 min chart
200 ema(close)
55 ema(close)
Signals: 200 ema(1 h or 15 min), 55 ema(1h or 15 min), round numbers(like 1.3200), important pivot points(S1,R1,M1,M2,M3,M4), Fibonacci’s retracement(38%,50%,61.8%)
Any time you find a confluence of at least 3 of the above signals there’s you’re trade.
Stop loss: 20 pips
Target: 40 pips
Example: Let’s say that 200 ema on the 1h chart is at 1.3227, 1.3232 is 50% Fibonacci’s retracement of a previous up move and the M1 reversal pivot point is at 1.3230 and current eur/usd price is 1.3250.
Place a buy order near the confluence (buy 1.3235 sl:1.3215 target:1.3275)
This system is all about finding strong reversal points by implementing different technical analysis methods that traders use.
, so I can’t show you what it looks like in MT4.