Day trade setup | Foreign exchange EA download - MT4/MT5 resources
It's free for everyone.
Youtube
At the request of members, I am opening this group
I don't sell anything.
Take screenshots and share your trading ideas which will greatly improve your trading.
Here is a small software that takes screenshots
https://app.prntscr.com/en/
This is a system I developed in 2013 and shared on the internet.
Many websites have published this system and added their ideas.
System concept:
1. Trend Trading
2. Focus on the short term so that stop losses remain manageable.
3. Improve your winning rate with the help of MTF.
4. Don’t buy at an opening price that is too high.
5. Don’t set the opening price too low.
6. Don’t try to catch a dropped knife like other newbies do.
7. Moving averages do not work in sideways markets, so have a clear understanding of sideways markets.
The 2013 system is already a good system to trade with. With proper practice, you will see good results.
2023 Update
1. Very similar to the 2013 system.
2. Try to clarify the entry point more precisely.
3. Add histogram indicator.
4. Add new daily, weekly, and monthly open lines.
5. Added market structure PDF to better understand the market. (Share it here)
6. Start using the 6 and 21 GMMA filtered RSI. (I've shared this on my profile) so I can turn off the MA if needed.
7. Start trading only one GJ pair.
For the 2023 version of the system, I have shared some tools here.
I won't share it publicly as it is the same as the 2013 version.
Please don't get confused when I discuss Guppy's Multiple Moving Average (GMMA), I was inspired by Guppy, but there are some differences between GMMA and my system, you will understand if you test it. I use 6 to 21 EMA 1 MA group instead of 2 MA groups. Because I love swing trading.
How to become a better trader
Analyzing and reviewing your trades is crucial to improving your Forex trading performance. Here are ten trade review rules to help you evaluate your trades effectively:
Youtube
At the request of members, I am opening this group
I don't sell anything.
Take screenshots and share your trading ideas which will greatly improve your trading.
Here is a small software that takes screenshots
https://app.prntscr.com/en/
This is a system I developed in 2013 and shared on the internet.
Many websites have published this system and added their ideas.
System concept:
1. Trend Trading
2. Focus on the short term so that stop losses remain manageable.
3. Improve your winning rate with the help of MTF.
4. Don’t buy at an opening price that is too high.
5. Don’t set the opening price too low.
6. Don’t try to catch a dropped knife like other newbies do.
7. Moving averages do not work in sideways markets, so have a clear understanding of sideways markets.
The 2013 system is already a good system to trade with. With proper practice, you will see good results.
2023 Update
1. Very similar to the 2013 system.
2. Try to clarify the entry point more precisely.
3. Add histogram indicator.
4. Add new daily, weekly, and monthly open lines.
5. Added market structure PDF to better understand the market. (Share it here)
6. Start using the 6 and 21 GMMA filtered RSI. (I've shared this on my profile) so I can turn off the MA if needed.
7. Start trading only one GJ pair.
For the 2023 version of the system, I have shared some tools here.
I won't share it publicly as it is the same as the 2013 version.
Please don't get confused when I discuss Guppy's Multiple Moving Average (GMMA), I was inspired by Guppy, but there are some differences between GMMA and my system, you will understand if you test it. I use 6 to 21 EMA 1 MA group instead of 2 MA groups. Because I love swing trading.
How to become a better trader
Analyzing and reviewing your trades is crucial to improving your Forex trading performance. Here are ten trade review rules to help you evaluate your trades effectively:
- Check your trading setup: Evaluate the quality of your trading setup against the criteria of your trading strategy. Determine whether the trade complies with your entry rules and whether any other factors influence your decision.
- Analyze the market environment: Consider the overall market conditions at the time of trading. Review current trends, support and resistance levels, economic news releases, or any other relevant factors that may affect trading results.
- Evaluate Risk Management: Evaluate your risk management practices, including your position size, stop loss placement, and take profit levels. Determine whether your risk-to-reward ratio is appropriate and whether you are following risk management rules.
- Check trade execution: Analyze how well you execute trades. Evaluate whether you entered and exited trades as planned or whether there were any execution errors or delays that could have affected the results.
- Review deal duration: Consider the duration of the deal and whether it meets your initial expectations. Based on your analysis and strategy, determine whether you quit too early or held on too long.
- Monitor Emotions: Reflect on your emotional state during trading. Evaluate whether emotions such as fear, greed, or impatience are affecting your decision-making process. Identify patterns or areas that need improvement in managing your emotions.
- Analyze trading results: Evaluate trading results, whether profit or loss. Determine whether the results are what you expected and whether there were any unexpected price movements or market events that affected the trade.
- Keep a trading log: Keep a detailed trading log that records all relevant trading information, including entry and exit points, the reasoning behind the trade, and your emotional state. This journal will help you track patterns, identify strengths and weaknesses, and make data-driven improvements.
- Recognize Patterns and Trends: Look for recurring patterns, trends, or common mistakes in trading. This analysis can help you identify areas for improvement, such as consistently missing entry signals, exiting trades too early, or failing to follow your trading plan.
- Adjust your trading plan: Based on your trading review, make any necessary adjustments to your trading plan, risk management strategy, or trading rules. Continuously refine and adjust your approach based on your trading analysis to improve your future trading performance.
Trade review should be an ongoing process that allows traders to continually learn and grow. By implementing these trade review rules, you can gain valuable insights into your trading decisions and improve your overall trading efficiency.
10EMA Trade Setup Example - 2024
GBP/JPY
- 4-hour Chart: Price is above the 10 EMA (uptrending).
- 1 hour chart: Price has retraced to the 10 EMA and formed a bullish engulfing pattern.
- Entry: Enter a long position on the close of a bullish engulfing candle.
- Stop Loss: Place it below the recent swing low on the 1 hour chart.
- Take Profit: Set your take profit to 1.5 to 2 times your risk, or set your stop loss below the 10 EMA on the 1 hour chart.
Oil
- 4-hour Chart: Price is below the 10 EMA (downtrend).
- 1-hour chart: Price has retraced towards the 10 EMA and formed a bearish engulfing pattern.
- Entry: Enter a short position on the close of a bearish engulfing candle.
- Stop Loss: Place it above the recent swing high on the 1 hour chart.
- Take Profit: Set your take profit to 1.5 to 2 times your risk, or place your stop loss above the 10 EMA on the 1 hour chart.
By following this strategy, traders can adjust trades based on current market trends, optimize entries and exits, and effectively manage risk.
Updated Strategy 2025
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