I am very new to FX trading, only been working with a practice account for a month or so. Trying to develop a decent system, yet trying to keep it simple. Here is my current strategy:
Only going long (have not come up with something that I see can work for shorting yet):
I am testing this on 15 minute charts.
Moving average convergent/divergent is positive
Relative strength index is at 30 or below and heading upwards
at least two consecutive candle sticks with an upward trend according to the parabolic stop and reversal indicator
stop set at a 100 pip loss
Exit when two of the following 3 happen:
moving average convergent/divergent is negative
RSI is below 70 and heading down
two consecutive candle sticks with downward trends according to the parabolic stop and reverse indicator
Nothing fancy, just keeping it simple. Would enjoy hearing some feedback about this system, what you see as its drawbacks, suggestions for improvement, etc.