I want to share a new system that I've been using.
It's very simple, Still room for improvements. Or eventually,
to semi-automate it. And send an email alert to my phone,
When conditions are right.
Well lets get to it.
1. You use the Day, 4h, 1h, Charts
2. Always trade with the trend
3. Always set SL, And TSL.
(EURUSD,EURJPY,GBPUSD,AND GBPJPY = 100/100)
(All others = 50/50)
You start with 2 MA's, An 18 smoothed open, With a 14 smoothed closed
These are to verify over all trend
Next, You will have 3 sets of RSI's on the bottom.
First set : 2 RSI's , An 88 period open, And a 56 period closed, No set min or max
Second set : 2 RSI's , An 88 period closed, And a 56 period open, No set min or max
Third set : 2 RSI's , An 2 period open, And a 2 period closed, set 0 min and 100
max With 20,80 lines, Or 10,90 lines, Your chose
In a downward trend,
You wait until price hits, or passes the first MA,
On the 1h chart,Before you ever look for a reversal.
Of coarse, The closer to the average you can get on
the day chart, the better.
First, Look at the MA's, And make sure they are
staying parallel, Or expanding
Next, You look for a cross, On all 3 RSI indicators at the bottom
Then I place my trade with SL, And TSL.
I don't use a TP, But a TSL instead.
I'm a big fan of set it, and forget it trading
You would just reverse this for an upward trend.
---- sbudij by Spike fx factory ------