FOR 100 PIP support/resistance system -
http://www.forexfactory.com/showpost...41&postcount=5
So as the name says. This is about 250 pip SUPPORT/RESISTANCE levels. By these levels I mean 1.7000; 1.7250; 1.7500; 1.7750; 1.8000 etc. I use SweetSpots indicator. Main levels are set by every 250 pips and sublevels are set by 50 pips.
I use this strategy on GBP/USD.
This system is very simple but effective. If SUPPORT/RESISTANCE level (250 pip level) is broken I go long/short. But there are many false alarms so I have added MACD.
As take profit I use next 250 pip level. Stop loss is a bit harder to explain.
So STOP LOSS. I like R:R ratio to be very good so I use small stoploss.
A picture will explain stoploss much better. See stoploss pic.
So again what we need:
I use h4 time frame
MACD - 5.13.1
S/R lines. You can draw them but it's much easier to use SweetSpots indicator.
So we go long if there are at least 2 closed candles on MACD above 0 line. No matter if candle is red or green. It's important that it is above 0 level and candle starts above / below S/R line. For short - opposite.
One more thing you should know - you can make your results much much much better if you set SL to BE if price goes 150 pips in your direction. So lets say your profit is 200 pips. Price goes to +140 pips but than it falls down. You lose money but if you would set SL to BE or + some pips after 100 pips you would still win. I hope you understand. That's how I do it.
In file that I have atached below you will se results without BE. If you would use BE you would make many more pips.
If signal candle is very long and TP is very smal and SL very big think twice! Enter trade only on first candle! If macd doesnt let you in, don't take this trade few candles later.
TRADE AT YOUR OWN RISK
Regards
http://www.forexfactory.com/showpost...41&postcount=5
So as the name says. This is about 250 pip SUPPORT/RESISTANCE levels. By these levels I mean 1.7000; 1.7250; 1.7500; 1.7750; 1.8000 etc. I use SweetSpots indicator. Main levels are set by every 250 pips and sublevels are set by 50 pips.
I use this strategy on GBP/USD.
This system is very simple but effective. If SUPPORT/RESISTANCE level (250 pip level) is broken I go long/short. But there are many false alarms so I have added MACD.
As take profit I use next 250 pip level. Stop loss is a bit harder to explain.
So STOP LOSS. I like R:R ratio to be very good so I use small stoploss.
A picture will explain stoploss much better. See stoploss pic.
So again what we need:
I use h4 time frame
MACD - 5.13.1
S/R lines. You can draw them but it's much easier to use SweetSpots indicator.
So we go long if there are at least 2 closed candles on MACD above 0 line. No matter if candle is red or green. It's important that it is above 0 level and candle starts above / below S/R line. For short - opposite.
One more thing you should know - you can make your results much much much better if you set SL to BE if price goes 150 pips in your direction. So lets say your profit is 200 pips. Price goes to +140 pips but than it falls down. You lose money but if you would set SL to BE or + some pips after 100 pips you would still win. I hope you understand. That's how I do it.
In file that I have atached below you will se results without BE. If you would use BE you would make many more pips.
If signal candle is very long and TP is very smal and SL very big think twice! Enter trade only on first candle! If macd doesnt let you in, don't take this trade few candles later.
TRADE AT YOUR OWN RISK
Regards
Attached File(s)
PROFITS.xls
22 KB
|
324 downloads
SweetSpotsGOLD.mq4
4 KB
|
398 downloads
h4.tpl
35 KB
|
280 downloads
15MACD.mq4
6 KB
|
313 downloads