Easy system I trade each day (Easy system I trade each day) - MT4/MT5 resources
Fairly simple mechanical system with decent profit margins. It uses another system for FF that I found, but that thread seems to be dead now. However, I believe this system has potential if used correctly and you never deviate from the rules.
However, you can easily set your own rules based on your type of trading style.
First, I will only show recent charts and trading setups. I will want to show live trades or trades before active trades later if needed. There are only 2 indicators, which I will post later.
I will show you how to use these indicators, but you are free to use them however you wish. I only use them with 20 SMA filters.
The first character I will display is USD/CAD from last Friday. Not only is it a great day for the system, but it always makes it very easy to demonstrate methods.
If you use both indicators, you don't really need to know much. Just wait for the arrow to appear showing the direction to take the trade and then decide to place the trade or filter it out based on your preference.
You can not use any filter but select all singles or filters as per your requirement. As I said, I use 20SMA for filtering.
It works on any time frame and stop loss and take profit can be set to your liking. Personally I only receive signals with an SL of 40 or less.
For my target price, I use a manual trailing stop, which I move manually when the price breaks out to a new level on the chart. I would look at the level every 250 steps. I will also post this level indicator.
System rules:
The original system rules can be found at the link to post #4. However, my use of signals is slightly different. I will explain how I use it, but you are free to change it as long as you are happy with your trading style.
Basic rules:
If you apply the indicator to your chart, you will be notified every time by indicating a trading opportunity with an up or down arrow. Very simple. However, as with any system, transactions do require filtering. This is a trend trading system and it works best in a trend, although it can still work if the price moves and the range is large enough.
My rules:
Opening a trade:
- I trade the 15 minute chart and currently focus on GBPUSD, EURJPY, USDJPY, USDCAD, AUDJPY, CADJPY, AUDUSD, EURAUD.
- I trade during the Asian and London trading sessions.
- I only trade when the signal candle closes above or below the 20 SMA. That is, once I receive a long or short signal, I simply check the chart to see where the price is and then place a buy or sell below/above the price if the 20 SMA rule is met.
- I would also only trade with a stop loss of 40 pips or less. For stop loss placement, I only look at the previous high/low.
- If the NonLagDot indicator point changes to the opposite color before the pending order is triggered, I cancel the order.
Target Price and Closing Transactions:
- I use manual trailing SL.
- Placed SweetSpotsGOLD indicator on my chart with "Sublevel" set to 250.
- When price closes above or below one of these levels, I move the trailing stop up to the last level it crossed and continue to do so until price returns. If my trading day ends and the order is still open, then I just change to an automatic trailing stop of about 40 pips.
I will write these steps with pictures in another post to make it easier to understand because this post is getting long and boring now…
index:
Non-pull point alert:
With MA filter (made by LM)
A great new version created by Lm, thanks Lm
Non-pull points:
template:
Just put the Nonlagdot and Nonlag alert indis into your indicators folder. You can also get alerts via email or the MT4 app on your smartphone.
Additional indicators I use for trailing stops:
However, you can easily set your own rules based on your type of trading style.
First, I will only show recent charts and trading setups. I will want to show live trades or trades before active trades later if needed. There are only 2 indicators, which I will post later.
I will show you how to use these indicators, but you are free to use them however you wish. I only use them with 20 SMA filters.
The first character I will display is USD/CAD from last Friday. Not only is it a great day for the system, but it always makes it very easy to demonstrate methods.
If you use both indicators, you don't really need to know much. Just wait for the arrow to appear showing the direction to take the trade and then decide to place the trade or filter it out based on your preference.
You can not use any filter but select all singles or filters as per your requirement. As I said, I use 20SMA for filtering.
It works on any time frame and stop loss and take profit can be set to your liking. Personally I only receive signals with an SL of 40 or less.
For my target price, I use a manual trailing stop, which I move manually when the price breaks out to a new level on the chart. I would look at the level every 250 steps. I will also post this level indicator.
System rules:
The original system rules can be found at the link to post #4. However, my use of signals is slightly different. I will explain how I use it, but you are free to change it as long as you are happy with your trading style.
Basic rules:
If you apply the indicator to your chart, you will be notified every time by indicating a trading opportunity with an up or down arrow. Very simple. However, as with any system, transactions do require filtering. This is a trend trading system and it works best in a trend, although it can still work if the price moves and the range is large enough.
My rules:
Opening a trade:
- I trade the 15 minute chart and currently focus on GBPUSD, EURJPY, USDJPY, USDCAD, AUDJPY, CADJPY, AUDUSD, EURAUD.
- I trade during the Asian and London trading sessions.
- I only trade when the signal candle closes above or below the 20 SMA. That is, once I receive a long or short signal, I simply check the chart to see where the price is and then place a buy or sell below/above the price if the 20 SMA rule is met.
- I would also only trade with a stop loss of 40 pips or less. For stop loss placement, I only look at the previous high/low.
- If the NonLagDot indicator point changes to the opposite color before the pending order is triggered, I cancel the order.
Target Price and Closing Transactions:
- I use manual trailing SL.
- Placed SweetSpotsGOLD indicator on my chart with "Sublevel" set to 250.
- When price closes above or below one of these levels, I move the trailing stop up to the last level it crossed and continue to do so until price returns. If my trading day ends and the order is still open, then I just change to an automatic trailing stop of about 40 pips.
I will write these steps with pictures in another post to make it easier to understand because this post is getting long and boring now…
index:
Non-pull point alert:
With MA filter (made by LM)
A great new version created by Lm, thanks Lm
Non-pull points:
template:
Just put the Nonlagdot and Nonlag alert indis into your indicators folder. You can also get alerts via email or the MT4 app on your smartphone.
Additional indicators I use for trailing stops:
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