Seanyboy123
Newbie
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Hello, my names Sean and i'm based down in Herts.
I've spent the last 7 months researching the Forex market and am currently trying the following trading system, seems to be looking good at the moment.
It would be much appreciated if you can spare a moment and let me know your thoughts, suggestions etc.
Setup
- 10 min TF
- MA (weighted by volume) 5
- MA (weighted by volume) 25
- Smoothed Replulse
- MACD
Right, so heres the theory behind the setup;
I will trade trend line and standard price pattern break outs, i.e. triangles, flags, channels etc.
Once my trend lines have been established and I can see the price trading within, I will wait for the price to break out and close on the break out. The idea behind the close is to ensure the break out is legit. I have however noticed that it can be susceptible to draw backs, therefore I use a range of TI's to confirm price break out (I used to rely heavily on TI's however use them as confirmation tools only now).
Once the price has closed on the break out I will look to see if the Smoothed Repulse confirms this; this indicator is fairly rare but is useful when looking at buying/ selling power.
I will also ensure that the MACD and two MA's have crossed over or at least converging. I will not enter a trade until either the MACD or MA signal's a crossover.
So there we go, failure straight forward and simple setup, the idea behind this was to keep it KISS, however it seems to become more difficult as I type it.
Finally, I will use this trading system on currency pairs, namely EUR/ CHF, GBP/ EUR and GBP/ CHF. It makes sense to use these pairs as they suit my time zone and offer good liquidity.
Anyway, thats where i'm at now, please let me know your thoughts.
Nb- any thoughts on SL and PT levels would be good.
Ta!
I've spent the last 7 months researching the Forex market and am currently trying the following trading system, seems to be looking good at the moment.
It would be much appreciated if you can spare a moment and let me know your thoughts, suggestions etc.
Setup
- 10 min TF
- MA (weighted by volume) 5
- MA (weighted by volume) 25
- Smoothed Replulse
- MACD
Right, so heres the theory behind the setup;
I will trade trend line and standard price pattern break outs, i.e. triangles, flags, channels etc.
Once my trend lines have been established and I can see the price trading within, I will wait for the price to break out and close on the break out. The idea behind the close is to ensure the break out is legit. I have however noticed that it can be susceptible to draw backs, therefore I use a range of TI's to confirm price break out (I used to rely heavily on TI's however use them as confirmation tools only now).
Once the price has closed on the break out I will look to see if the Smoothed Repulse confirms this; this indicator is fairly rare but is useful when looking at buying/ selling power.
I will also ensure that the MACD and two MA's have crossed over or at least converging. I will not enter a trade until either the MACD or MA signal's a crossover.
So there we go, failure straight forward and simple setup, the idea behind this was to keep it KISS, however it seems to become more difficult as I type it.
Finally, I will use this trading system on currency pairs, namely EUR/ CHF, GBP/ EUR and GBP/ CHF. It makes sense to use these pairs as they suit my time zone and offer good liquidity.
Anyway, thats where i'm at now, please let me know your thoughts.
Nb- any thoughts on SL and PT levels would be good.
Ta!
) but liking it - would love you to post your results on here as you progress. Thanks a lot. W.