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My Set Up
Personal Set Up
The Setup:
1. Open up your trading platform and open a chart.
2. Set the instrument to the currency pair of your choice. (I知 trading the USD/JPY, GBP/JPY, EUR/JPY and GBP/USD)
3. Set the chart pattern to filled candle.
4. Set the timeframe to 15 minutes or 5 minutes (works on all timeframes, longer time frames better, but I have a hard time trading them)
5. Set up a moving average line in your indicators menu. -set period to 5, exponential, close
6. Set up a moving average line in your indicators menu. -set period to 11, exponential, close
7. Set up a moving average line in your indicators menu. -set period to 50, exponential, close
8. Set up a moving average line in your indicators menu. -set period to 200, exponential, close
9. Set up your favorite Pivots
10. I have a few extra things thrown in on my charts, candle timer, magnified price, a 5EMA/6EMA cross alert and on my fast MACD I have a 4 color OSMA stacked behind it (I like the visual look of it better). None of this is need, just how I set up my charts.
Now that you have your chart setup properly, go ahead and set up your normal indicators that you use for reassurance and entrance/exit, etc. I use a Slow MACD (40/80/10) and Fast MACD (8/24/9), a Stoch (8/3/3) and Step RSI 14/5/15, but everyone has their own theory on what works and why, and everyone has a reason why your indicators don稚 work when they seem to work just fine for you!
OK let痴 look at the Different Pieces and how I知 using each piece:
200 EMA= Longer term trend, support/resistance and price above I知 looking to go long, Price below I知 looking for shorts(Mainly)
50EMA= Balance Point Line, shorter term trend, adds to the strength of a trade when the 5 and 11EMA cross and then cross 50EMA, support/resistance. Price above looking long, price below looking short
5EMA and 11EMA= what痴 going on right now in the market. The Main EMA cross I知 trading and using with support from indicators on bottom of chart. Also watching how the 11EMA crosses the candle, when the candle closes and the 11EMA is running right thru the middle of the candles body, Strong Trade after checking indicators for support and looking for next candle to support the direction.
Fast MACD (8/24/9) Main indicator cross I知 using to support the 5/11EMA cross
Slow MACD (40/80/10) longer term trend, better to trade with and not against when it has angle and separation. Helps you to hold trade longer (once in and up pips on trade).
Stoch (8/3/3) (my levels on stoch, 90/80/50/20/10) Support for Fast MACD and different view of price, Shows overbought/oversold areas better.
StepRSI (14/5/15) or standard RSI (14) (fixed min. 20/fixed max 80) Support for Fast MACD, below 50 look short, above 50 look long.
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