updates
charts 30 min charts , with 3 wma,6wma and 64 ems.Add pivot points indicator and moving average crosover signal indicator
Determine the 09.00 CET – 10.00 CET High Low GBP/USD
Set BuyStop at High + 5 pips and SellStop at Low - 5 pips
Set Target Price at entry 70 pips for GBP/USD
Set StopLoss at entry - 45 pips for GBP/USD. If the other side of the breakout is within 45 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 5 pips = SellStop; Shorttrade: SL = High range + 5 pips = BuyStop)
Minimum channel and stop loss.: If the buy/sell entry zone line (which includes the 5 pips entry distance on both sides) is less than 35 pips, then both zones need to be offset to make this range a 35 pip range. .The stop loss on the minimum channel is 35 pips.
Move the SL to breakeven after a gain of 40 pips for GBP/USD
If a certain position is taken and price turns agains you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stoploss first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position. No new trades can be added after 17.00 C E T.Use discretion and other t/a based exits.
If one exits a position then the next position has to be in the opposite direction...........there is no rentry allowed until after a position is taken in the opposite direction.
At close of 18:00 CET 1/2 hour candle all orders expiring and close all trades at market. On Friday we do the same at 18.00 CET.Always wait for the close of a bar to exit major moves and end of day exits.Effective close is 18.30
Exits:Profitable trades:If target price is met or earlier When 3 wma crosses 6 wma on 30 m charts against the direction of the trade..If order is in profit and MA crosses in the opposite direction of the trade, then close the order..........................AFTER 2* 30 M BARS OF MA CROSS.............PROVIDED IT REMAINS CROSSED.Also discretionary exit at 1 st resistance /support on pivots if price action warrants.
Non profitable trades:If order is NOT in profit and MA crosses in the opposite direction of the trade, then close the order..........................AFTER 2* 30 M BARS OF MA CROSS.............PROVIDED IT REMAINS CROSSED?
Morning range:If the range on the 8.00 tp 9 am bar is greater than 50
pips do not trade that day.
FILTER:No trades are to be taken against the slope of ema 64.If Ema is sloping down (30 degrees slope or more)....do not take the long trades.If Ema 64 is sloping up (30 degrees slope or more) do not take the short trades.Examples in post no 89 and note one should be looking at the previous day and not the current trading day when it comes to the 64 ema filter.
FILTER:No trades are to be taken against the slope of ema 64.If Ema is sloping down (30 degrees slope or more)....do not take the long trades.If Ema 64 is sloping up (30 degrees slope or more) do not take the short trades.Examples in post no 89
EMA cross:if the wma crossover happens outside a candle, take the next candle after the cross-over as the first reference candle.
Download pivot indicator from
http://f0rex.free.fr/metatrader/mt4-indicators/
This link displays the time in every major city in the world:
www.qlock.com.
Indicator below needs updating
Have good discussion and happy trading
The results for this system which are backtestes are as follows
August 2006 46 pips
september 2006 432 pips
october 2006 439 pips
november 2006 518 pips
December 2006 583 pips
January 2007 283 pips
February 2007 385 pips
TOTAL...............2,686 PIPS
MONTHLY AVERAGE 386 PIPS
MAXIMUM DRAWDOWN AUGUST 2006/september 2006 327 PIPS(STILL PROFITABLE MONTH)
August 2006 was a very bad month for trading but this system did not lose money.It made a profit.
Attached Files
Linear Mode
