New update!
I'm sharing with you guys a secret indicator. One of the best. I did not create this indicator. It is an actual non-repainting indicator. I will be using this new indicator to replace the arrows. The arrows have treated me well but there are some repainting issues that could cause trouble for some of you down the road.
I have new pictures for you. The only valid signals are the ones that are labeled. All the others ignore.
I will still be putting in 2 positions on each valid signal.
1. trailing stop of 40 pips on GBPUSD and 30 pips on EURUSD.
2. I will exit on the second position when I get an opposite signal on the 5 minute chart as shown in the pic.
I hope this helps with some of the repainting. Let me know if you guys find any good tweaks to this system. Thanks.
I hope you guys enjoy the indicator. It can be useful with hundreads of forex strategies. Scalping being one of them....
The system.
I've been working on this system for quit some time now. I've found a way to make it profitable and minimize losing trades. I'm sure I will keep modifying it to maximize it's profitability as long as this threads alive. I would like your opinion or thoughts on making this system shine even more. Let me know what you think.
Trading Rules.
Open a 1 hour chart and attach the indicator.
Mark the last scene arrow with a vertical line.
Now go down to the 5 minute chart and you'll see your vertical line marked. Let's say the the vertical line on the 1 hour was marking a green arrow.
Now since you're on the 5 minute chart, only trade the first green buy signal arrow. You will get an alert signal when it appears
When you get a signal on the 5 minute chart enter your trade in the direction of the trend which is indicated with the signal on the 1 hour chart.
Exit rules.
After your trade is entered on the 5 minute chart wait for an exit signal in the opposite direction for one of the 2 positions you took. see pic below.
For the second position put a trailing stop of 30 pips for EURUSD and a trailing stop of 40 pips for the GBPUSD. Exit if you see a trend change or alert on the 1 hour chart. Alert dot/signal on the 1 hour will be your stop loss...
No stop loss on both trades. Only close your positions if there is a trend change on the 1 hour chart. Trend change is your SL. You can experiment with a SL if you'd like but it's it's not recommended.
Thanks for reading this post and I hope to help those struggling with there forex trading by using this system.
Happy trading.
Ryan
I'm sharing with you guys a secret indicator. One of the best. I did not create this indicator. It is an actual non-repainting indicator. I will be using this new indicator to replace the arrows. The arrows have treated me well but there are some repainting issues that could cause trouble for some of you down the road.
I have new pictures for you. The only valid signals are the ones that are labeled. All the others ignore.
I will still be putting in 2 positions on each valid signal.
1. trailing stop of 40 pips on GBPUSD and 30 pips on EURUSD.
2. I will exit on the second position when I get an opposite signal on the 5 minute chart as shown in the pic.
I hope this helps with some of the repainting. Let me know if you guys find any good tweaks to this system. Thanks.
I hope you guys enjoy the indicator. It can be useful with hundreads of forex strategies. Scalping being one of them....
The system.
I've been working on this system for quit some time now. I've found a way to make it profitable and minimize losing trades. I'm sure I will keep modifying it to maximize it's profitability as long as this threads alive. I would like your opinion or thoughts on making this system shine even more. Let me know what you think.
Trading Rules.
Open a 1 hour chart and attach the indicator.
Mark the last scene arrow with a vertical line.
Now go down to the 5 minute chart and you'll see your vertical line marked. Let's say the the vertical line on the 1 hour was marking a green arrow.
Now since you're on the 5 minute chart, only trade the first green buy signal arrow. You will get an alert signal when it appears
When you get a signal on the 5 minute chart enter your trade in the direction of the trend which is indicated with the signal on the 1 hour chart.
Exit rules.
After your trade is entered on the 5 minute chart wait for an exit signal in the opposite direction for one of the 2 positions you took. see pic below.
For the second position put a trailing stop of 30 pips for EURUSD and a trailing stop of 40 pips for the GBPUSD. Exit if you see a trend change or alert on the 1 hour chart. Alert dot/signal on the 1 hour will be your stop loss...
No stop loss on both trades. Only close your positions if there is a trend change on the 1 hour chart. Trend change is your SL. You can experiment with a SL if you'd like but it's it's not recommended.
Thanks for reading this post and I hope to help those struggling with there forex trading by using this system.
Happy trading.
Ryan
Attached File(s)
12x12 ma cross with sound.ex4
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Uploaded Dec 21, 2010 11:28am