Long Term Momentum System

OK, so I have decided to try this system and track it here, in case its any good.

Here are the rules.

Risk 3%/trade, 2:1 leverage, SL is 150 pips,

Entry: Watch 1 week charts, look for 3 consecutive candles in the same direction.

Check RSI, must be 55+ for long, 45- for short.
Check Slow Stochastic, is the currency overbought, or oversold, ie 20 or less or 80 or more?

Exit, 2 options

  1. 3 consecutive candles in opposite direction
  2. Manual trailing stop loss

Here is the schedule for the manual trailing stop loss

Check at least once/day

If profit then reset SL to

+50-74 +5% of profit
+75-99 +10% of profit
+100-124 +15% of profit
+125-149 +20% of profit
+150-174 +25% of profit
+175-199 +30% of profit
+200-224 +35% of profit
+225-249 +40% of profit
+250-274 +45% of profit
+275-299 +50% of profit
+300-324 +55% of profit
+325-349 +60% of profit
+350-374 +65% of profit
+375-399 +70% of profit
+400 or more +75% of profit

On friday there were 3 trades made under this system

EUR/AUD long so far +38 pips, sl is +3 pips
NZD/USD short so far + 14 pips
AUD/NZD long so far +25.5 pips

I would appecite hearing from those who have experience trading long term, does this system sound ok?

Is the Manual Trailng stop loss schedule ok?

Any advice? Thought?

I will update this thread once per day, to keep you all appraised of any new trades, what the current trades are and how they are doing.

For Sunday, August 19

Current Trades:

EUR/AUD long +112 pips (SL now +18 pips)
NZD/USD short + 113.5 pips (SL now +17 pips)
AUD/NZD long +105 pips (SL now +16 pips)

Well all 3 trades stopped out yesterday

EUR/AUD long +19
NZD/USD short +15
AUD/NZD long +17

Made a total of .95% ROI, pretty pathetic.

On the other hand, had I not used manual trailing stop loss I would be down 300 pips right now, 6%, so not bad.

Very exciting news today,

A new trade! And a fresh trend!

EUR/CAD, opening 3rd candle down, with RSI 36 and dropping, and stochastic at 44 and dropping.

So we have a confirmed downtrend with strong momentum and a lot of potential on the downside.

Double support 650 pips down from here, with the most recent support at 250 pips below today’s price.

We’ll see how long this trend, and this trade can last.

Good night and good luck.