Simple Daily System | Foreign exchange indicator download-MT4/MT5 resources
Hello everyone!
I want to share this simple but effective system with you. I'm not its author, but have used it quite successfully. Hopefully, for some of you, it will lead to substantial profits, especially those who are not full-time traders and have limited trading time. OK, here it is:
Buying rules
1) 20/50 EMA Daily Chart (Close)
2) If the price closes higher than the open price for 3 days in a row and the 20 EMA > 50 EMA and the slope of both EMAs is positive, initiate a buy order at the open price of the 4th candle.
3) Stop loss is 2 pips below the previous candle, or 90 pips (whichever is lower)
4) There are two steps to making profit...
a) Take half profit at 30 pips and move stop loss to break even
b) Get the remaining profit with 100 points
selling rules
1) 20/50 EMA Daily Chart (Close)
2) If the price closes below the open price for 3 days in a row and the 20 EMA < 50 EMA and the slope of both EMAs is negative, initiate a sell order at the open price of the 4th candle.
3) Stop loss is 2 pips above the previous candle, or 90 pips (whichever is lower)
4) There are two steps to making profit...
a) Take half profit at 30 pips and move stop loss to break even
b) Get the remaining profit with 100 points
This is a simple system because it eliminates many of the factors that cause novice traders to be unsuccessful (overtrading, not knowing how to use indicators effectively, etc.).
I recommend adjusting your stop loss to breakeven as soon as possible, 20-30 pips is enough.
Take profit levels may vary depending on the currency pair being traded. Assume that the best target prices for GBP/USD are 39 points and 80 points. You must optimize your target price for each pair you trade.
You can perform a paper analysis on any pairing you like and publish your results!
Thanks to IndyCash for creating the backtesting tool for SIMPLE. You can find it and try the best TP and SL levels.
You only trade once a day and it takes about 15 minutes to look at the charts and make a decision.
I wish you success and have fun!
careful!
http://www.forex-tsd.com/images/vbseo/digg.gifhttp://www.forex-tsd.com/images/vbseo/delicious.gifhttp://www.forex-tsd.com/images/vbseo/technorati.gifhttp://www.forex-tsd.com/images/vbseo/furl.gif
http://www.forex-tsd.com/images/buttons/quote.gif
I want to share this simple but effective system with you. I'm not its author, but have used it quite successfully. Hopefully, for some of you, it will lead to substantial profits, especially those who are not full-time traders and have limited trading time. OK, here it is:
Buying rules
1) 20/50 EMA Daily Chart (Close)
2) If the price closes higher than the open price for 3 days in a row and the 20 EMA > 50 EMA and the slope of both EMAs is positive, initiate a buy order at the open price of the 4th candle.
3) Stop loss is 2 pips below the previous candle, or 90 pips (whichever is lower)
4) There are two steps to making profit...
a) Take half profit at 30 pips and move stop loss to break even
b) Get the remaining profit with 100 points
selling rules
1) 20/50 EMA Daily Chart (Close)
2) If the price closes below the open price for 3 days in a row and the 20 EMA < 50 EMA and the slope of both EMAs is negative, initiate a sell order at the open price of the 4th candle.
3) Stop loss is 2 pips above the previous candle, or 90 pips (whichever is lower)
4) There are two steps to making profit...
a) Take half profit at 30 pips and move stop loss to break even
b) Get the remaining profit with 100 points
This is a simple system because it eliminates many of the factors that cause novice traders to be unsuccessful (overtrading, not knowing how to use indicators effectively, etc.).
I recommend adjusting your stop loss to breakeven as soon as possible, 20-30 pips is enough.
Take profit levels may vary depending on the currency pair being traded. Assume that the best target prices for GBP/USD are 39 points and 80 points. You must optimize your target price for each pair you trade.
You can perform a paper analysis on any pairing you like and publish your results!
Thanks to IndyCash for creating the backtesting tool for SIMPLE. You can find it and try the best TP and SL levels.
You only trade once a day and it takes about 15 minutes to look at the charts and make a decision.
I wish you success and have fun!
careful!
http://www.forex-tsd.com/images/vbseo/digg.gifhttp://www.forex-tsd.com/images/vbseo/delicious.gifhttp://www.forex-tsd.com/images/vbseo/technorati.gifhttp://www.forex-tsd.com/images/vbseo/furl.gif
http://www.forex-tsd.com/images/buttons/quote.gif
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