Hey everybody!
Another one from me, I really like how it works on EURJPY M5. Make sure to check it out and any improvements will be welcome! I'd especially appreciate someone writing an alarm for it, so it would give a sound and draw an arrow maybe when the parameters are right.
This is not a scalping system. Good strong signals don't happen too often but they are usually rewarding.
Pair: EURJPY
Timeframe: M5
Indicators used:
Price Channel
Bar Trend
X-NonLagMA
CCI
Stochastic
Momentum
All indicators are fine tuned to give the right signal on EURJPY/M5 only, using it on other pairs/timeframes will require additional tuning.
Entry:
Like I said, good signals don't come very often, but they are rewarding.
To determine one, go from bottom up on the chart, use the image below as a reference.
1. You see Stochastic crossing beyond the 70/30 level. (below 30 for long, above 70 for short)
2. You check Momentum, it is beyond 70/30 too.
3. You move up to CCI, it must be crossing the zero level. (from down up for long, from up down for short)
Then you watch the price. Well, always watch it but pay close attention at this moment.
4. NonLagMA line should change its color to the appropriate.
5. Bars should change their color to the appropriate.
6. You want to see price bounce off the Price Channel level. (you want a bar closing without touching the price channel level while the previous bar did touch it)
If you get all this, this is most likely a very strong and rewarding signal.
Exit:
I'd suggest two techniques. Might depend on volatility and other factors which one should you use.
1. One is fixed S/L-T/P levels which should be determined according to current volatility. You enter a position and put predetermined S/L-T/P levels and watch them go off.
2. The second one is to use trailing stop when the market shows a lot of long uninterrupted movements, like on the chart shown.
That's it!
Any questions will be answered, any suggestions will be appreciated.
LOL
Linear Mode
