been testing 2day on 5min eur/usd with 6/48ema (exactly 30/240mins) Am using other indicators as confirmations (RSI, MACD, pivot points, candle patterns etc) Price peaked at 1020am (GMT) then 6 crossed the 48 (down) at 1100am, flatlined for a bit on S3 then whiplash/flat at 12600 then down to 12560, now settling on 12585 (400pm)
Overall 4 short triggers using simple7 rules, took profit with 2 of them, missed the other 2 (bathroom, lunch etc!)
so going well, thanks again!
Sounds abit involved, but if it works, AWSOME! I have recently asked several of my friends to at least use the Simple 7 idea in thier decision making for trades.
jsd74, how are you doing? What period are you using on your RSI?
akatom2u, just the standard 14 setting on the RSI and i draw a horizontal line at 50 on the RSI graph. Short confirmation if RSI is below or crossing 50 and visa versa for longs.
Just been paper trading last 2 days while i tweak settings and its holding up very well. Kicking myself as big ECB announcement at 1245 GMT today and EUR/USD fell like a stone so could have opened at 1245-50pm short and made 100 pips! But i wasn’t at my PC. Good thing about trading on 5min is you can trade the big announcements quickly without losing out to the time lag of the bigger timeframes. US non-farm payroll 2mrw at 130pm there’ll be a big move either way.
jsd74, i like your idea on trading with the RSI as confirmation. i have a question though! 
i trade with a platform called Market Trader, and when im going to plot out the RSI, I can choose between using two RSI types: the ordinary one and the one “by Wilder”. which one should I use? thanks!
Thank you Tom for the tip, I havent try yet but something is better thqan nothing. Good luck!!! Lot of credit:cool:
I know you are fairly new to forex, but open your demo metatrader, apply my setup and use a 5m chart, get to trading the mechanics while you study… working the buttons is part of the learning also…
Man, I was all ready for friday’s eur/usd sell, price dropped like a rock! I forgot my phone at home when I went to work!!! As I always say, “the weakest link in the chain will be the one to break”.
Hi Akatom2u whats your overall results with them system?
do you ever do webinar?
My results have consistantly been from 50-150 pips a week, depending on how much time i can trade/watch my trades. If you read my thread you will see the trades of many of those weeks sequencially. As for my last trade posted, the market reversed on the 15m chart and I lost about 30 pips.
I am not interested in doing webinars, my tactics are simple and would only take about 10-30 seconds to tell about the setup. Maybe in the future if I find a good counter-party to my style I would consider doing something like that on youtube.
I will be testing the 1h chart this week, it may give less signals but If I set a goal for 50-100 pips, then close half position and let the rest break even or lock in pips as they come until a serious convergence or stop exit occurs. It might be less stressful and more productive.
Hi
akatom2u
I have being following your system for awhile and I think it would be helpful to establish a trend either way by having ADX as a decider to enter if the adx line rises up over 30. It would establish a trend commencing with strength.
I am new to trading and I am grateful for sharing this promising method with us. Btk
I wonder if you could use Currency Correlation with this trategy. From what I seen on the 1 hour chart it would be a good idea. You should try it out for yourself, you can see witch currency pairs correlate go to Oanda.
The pairs to be traded would be:
audusd eurusd gbpusd eurjpy nzdusd
and opposite
usdcad usdchf
Going a little deeper here. If you use the dailypivot lines “look at the site Urban Forex”, your TP would be the nearest pivot line (last three day’s), and your SL would be the same the nearest pivot line (last three day’s)
I used to use 25 adx as a filter, I now use RSI 45 and 50 with 20 periods as a filter.
I use currency correlation to avoid trading correlated pairs.
I use the daily pivot indicator to provide resistance and support lines for me to target for stop loss and take profit orders.