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Since it is a slow afternoon I wanted to share a system I have been working on for quite a while now, as it has improved my trading immensely. This has been cobbled together from indicators on this forum, so many thanks to the indies authors and all the great members, I hope some of you find it helps you. This system provides fewer entries, but very high probability trade setups. It uses the gbpjpy, the gbpusd and the usdjpy. These pairs are then stacked so you are looking at the gbpjpy chart in it's entirety, and can see the volumes and indicators of the other 2 pairs beneath that chart. This can also be used to trade the eurjpy, using the eurjpy, eurusd and usdjpy pairs and stacking them up.
Entry Rules:
Use the 2 moving averages to determine trend direction and ONLY trade the trend direction.
For long trades:
Wait for the vertical RSI bars to be positive on ALL 3 pairs.
Wait for the BB bands indicator to turn blue on ALL 3 pairs.
Wait for the RSIOMA to be crossing upward on ALL 3 pairs.
Exit Rules:
Wait for a spike in volume to signal a change in price direction.
For shorts it is the opposite:
RSI bars negative on all 3 pairs
BB bands indicator red on all 3 pairs
RSIOMA crossing downwards on all 3 pairs
Same exit rules, watch for a volume spike.
A picture is worth a 1000 words so will try and attach one here. The pic is of my active workspace showing a few good trades from early this morning. I should also mention I use 24" monitors turned on their edges then I rotate the displays in display properties so I get a very tall portrait shaped screen which works very well for this system. but may make the pic large.
If you guys like this set-up I will post the template and indies for you. Cheers!
zipfrog
__________________ The beatings will continue until morale improves!
Last edited by zipfrog; 09-04-2009 at 09:48 PM.
Reason: Indies and Templates on post #9
Thanks for sharing the system. Please post the indicators and template. Do you take positions on all the 3 pairs at a time or the leading pair. If 3 pairs, do you exit at the same time too.
To answer your question I only trade the gbpjpy and eurjpy (on a seperate monitor stacked with the eurusd and usdjpy) with this system as the crosses tend to have larger swings so more pips for me. You can change the order around to trade whichever of the 3 pairs you like, will work the same.
Ok, will post the indies and templates and my settings later tonight, gotta get some sleep right now!
__________________ The beatings will continue until morale improves!
I usually trade from 1 am est till I get tired at least untill 10 am est, find the best trades start about 2-3 am est. I ALWAYS avoid the news! The only way I will leave a trade open thru any news announcement is if I have already had a big move and taken profit on half the position with a stop at break even on the rest. I am going to have to check a few of these indies before I post them to make sure they are not from the elite section as they are not mine and don't want to step on anyones toes.
__________________ The beatings will continue until morale improves!
Thanks zipfrog, I found this BBands_Stop_V1_BAR indicator on this site if that helps. Is this the same one you are using? Also I know you will give us the correct settings , is this one (10,2) ? Thanks,CJD
Here are the indies, templates and the profile too, let me know if you have any questions. I did not include in10tion newsreader as it is easy to find on here with it's own thread.
zipfrog
__________________ The beatings will continue until morale improves!
All I can say is WOW that is cool, thanks for sharing. Note - the profile didn't work for me (I probably didn't do it correctly). It is listed in the profiles however it goes to the "Wait for update" screen and stays there forever. Anyway no issue just open the templates and stacked 'em. Thanks for sharing.
The beatings will continue until morale improves!
Linear Mode
