Here is a promising system I discovered that allows you to check the markets but once/day and still make $.
Use a 1 day chart, with bollinger bands, and Fast Stochastic.
Whenever a currency is over stoch 80 and crosses %K crosses under %D, and the currency is near the top of its bollinger range, then short.
If fast stoch is under 30 and crosses upwards, and the currency is close to the bottom of its bollinger range, go long.
One more important thing to consider. ONLY get into a currency if that currency has crossed over/under fast stoch that day. If it happened 1-2 days ago the trend is already old and your upside is limited.
Set 100 pip stops from your entry. This allows you to keep each loss at 3% or less and still take advantage of moderate margin rate of approximately 3-3.2.
My goal for this system is an average 10 pip profit/trade. If this can be accomplished, and one makes 5 trades/week,(a ridiculously conservative number considering 6 currencies qualify today alone) one would make 200 pips/month, or 2400/year assuming you didn’t funnel all profits back into the system.
This amounts to 72% annual profits, assuming the system works over the long term.
I will keep you all updated at each trade I make with this system and hopefully this will prove a money machine for those of us who don’t have all day to state at 30 min or 1 hour charts.
Here are todays trades:
Currency Quantity Trade Entry Price Stop Loss
AUD/JPY 1875 Short 94.89 95.89
EUR/CHF 1875 Short 1.6194 1.6294
EUR/JPY 1730 Short 156.674 157.674
USD/CAD 1730 Long 1.1591 1.1691
CAD/JPY 1730 Short 101.64 102.64
CHF/JPY 1730 Short 96.76 97.76
Please let me know of what you think of the logic of the system. Good Luck to all traders.