So i’ve been forward testing this and it’s working really good only IF I wait. Tell me what you guys think,
I use 30M and 1HR charts; 21MA Simple; 20MA Weighted:
I go long if the first candle that is above the two MAs, that closes at a high as a bullish candle.
Same thing for the opposite.
What do you mean by works only when you wait? Seems like its a profitable way of trading though from what I saw on the current EURUSD 1H chart.
On the 30M TF how many pips are your targets/SL’s set at?
I meant it only works if you have the patience to wait for the candle to close, cuz everytime i get impatient and enter, I lose. SL is 50, TP is 100. For intraday, i like using the 30M chart. If I want to leave the trade open for a day or two I Use the 1 hour. I only work with GBP/JPY and so far, it’s been excellent!
The problem with this strategy is that you will give back all your profits, and then some, in a ranging market.
You have to learn to recognize the ranging market and stay out.
yeah just stay out of ranging market, i’ve been in USD/JPY 30M since this morning, nothing spectacular but better than nothing
well well … guess i’ll have to add you to my tiny little list of members on this forum who actually know what they’re talking about.
you my friend should offer more advice here 