Currency Pair:
Any Major Currency Pair
Time Frame:
30 Minutes or above
Indicators:
2 Moving Average Signal (PeriodFastMA: 5, PeriodSlowMA: 7, ModeFastMA:1, ModeSlowMA:1, PriceFastMA: 0, PriceSlowMA: 1)
Stochastic rsi forex instruments (RSI Periods: 14, Percent K: 14, Percent D: 9, NumofBars: 0)
Strategy:
Long Position:
The rules for long entry are as follows.
-
Wait for 2 moving average signal indicator to produce buy signal (blue arrow below the price candle) -
Wait for stochastic rsi indicator to cross over (the brown line has to cross over the blue line)
Target:
35 pips (30 Minutes). If you are trading EUR/USD on 4 Hour time frame, you can take profit partially at 40 pips and then at 80 pips. Once you hit first profit target, move your stop-loss to entry point.
Stop Loss:
20 pips (30 Minutes), 40 pips (4 Hour).
Example:
In the picture above you can see that a blue arrow appears below the candlestick bar and stochastic rsi crosses over (the brown line crosses over the blue line). That is the long (buy) signal.
Short Position:
The rules for long entry are as follows.
-
Wait for 2 moving average signal indicator to produce sell signal (red arrow above the price candle) -
Wait for stochastic rsi indicator to cross over (the brown line has to cross below the blue line)
Target:
35 pips (30 Minutes). If you are trading EUR/USD on 4 Hour time frame, you can take profit partially at 40 pips and then at 80 pips. Once you hit first profit target, move your stop-loss to entry point.
Stop Loss:
20 pips (30M), 40 pips (4H).
Example:
In the picture above you can see that a red arrow appears above the candlestick bar and stochastic rsi crosses over (the brown line crosses below the blue line). That is the short (sell) signal.
Download Indicators and Templates (Metatrader)
Step-by-Step-Forex-Trading-Strategy-Indicators-and-Templates.zip (8.89 KB)