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Quoting tkimbleDislikedI am new to this ForexFactory but bring a lot of experience from an extensive trading background. Became addicted to the currencies because of the long sweet trends. Yes, I am a trend trader. OK. Enough of that.
Here is my trading strategy which is great for people who work full time but want to build a very lucrative part time trading addiction into full time profession from the comforts of their job:
1. 30 Min chart
2. 5 Period SMA
3. 45 RSI
4. 21 Average True Range (This is a volatility metrics to help determine lot size)
5. Use a 50 PIP stop.
Very simple. Long when the price exceeds the SMA by 5 PIPS for the first time and the RSI is greater than 50. Short when the price fall below the SMA by 5 pips for the first time and the RSI is less than 50. My target for this system is always 200 PIPs (which I am currently enjoying with the GBP/USD).
I have attached a Power Point to illustrate my current GBP/USD trade. Went long at 1.8176
The ATR is used to determine lot size. There is a formula which I will share with you later. Lot size or Money Management is by far the most important concept to trading.
I only trade the GBP/UDS pair becuase I love the trends and volatility. This system is 100% mechanical and must be followed blindly.
I hate fundamentals (which I refer to as funny-mentals) because it leaves too much to the imagination and emotions. I am a pure technical devotee and would not know how to change.
Enjoy,
TkimbleIgnored
Quoting tkimbleDislikedI am new to this ForexFactory but bring a lot of experience from an extensive trading background. Became addicted to the currencies because of the long sweet trends. Yes, I am a trend trader. OK. Enough of that.
Here is my trading strategy which is great for people who work full time but want to build a very lucrative part time trading addiction into full time profession from the comforts of their job:
1. 30 Min chart
2. 5 Period SMA
3. 45 RSI
4. 21 Average True Range (This is a volatility metrics to help determine lot size)
5. Use a 50 PIP stop.
Very simple. Long when the price exceeds the SMA by 5 PIPS for the first time and the RSI is greater than 50. Short when the price fall below the SMA by 5 pips for the first time and the RSI is less than 50. My target for this system is always 200 PIPs (which I am currently enjoying with the GBP/USD).
I have attached a Power Point to illustrate my current GBP/USD trade. Went long at 1.8176
The ATR is used to determine lot size. There is a formula which I will share with you later. Lot size or Money Management is by far the most important concept to trading.
I only trade the GBP/UDS pair becuase I love the trends and volatility. This system is 100% mechanical and must be followed blindly.
I hate fundamentals (which I refer to as funny-mentals) because it leaves too much to the imagination and emotions. I am a pure technical devotee and would not know how to change.
Enjoy,
TkimbleIgnored
Quoting nicolas_nrjkDislikedhi guys i made a backtest for this strategy from september till 15 december.
i use RSI 50 as a filter an 50 PIP stop and each 50 PIP of profit i move the stop of 50 PIPS
i used 2 lots for the trade. one with a 100 PIP target and the other with a 200 PIP target.
the total was 4300 PIPs
the average is 1230 per month (in 2 lots)
and the maximum drawdown was 300 PIP
if anyone has real time result (no backtesting) can you please post them.
thanks you.
PS i have attached a chart that shows the result of the strategy for 3 months and a halfIgnored
Quoting nicolas_nrjkDislikedhi guys i made a backtest for this strategy from september till 15 december.
i use RSI 50 as a filter an 50 PIP stop and each 50 PIP of profit i move the stop of 50 PIPS
i used 2 lots for the trade. one with a 100 PIP target and the other with a 200 PIP target.
the total was 4300 PIPs
the average is 1230 per month (in 2 lots)
and the maximum drawdown was 300 PIP
if anyone has real time result (no backtesting) can you please post them.
thanks you.
PS i have attached a chart that shows the result of the strategy for 3 months and a halfIgnored
Quoting FibzYDislikedDFoster,
Concerning the RSI that hovers around 50, I have put in 2 extra lines on my RSI, a 53 and 47 line. Only once the moving average breaks one of these lines do i enter a trade. Simple but effective filter for me.
Hope this helps.Ignored
Quoting FibzYDislikedDFoster,
Concerning the RSI that hovers around 50, I have put in 2 extra lines on my RSI, a 53 and 47 line. Only once the moving average breaks one of these lines do i enter a trade. Simple but effective filter for me.
Hope this helps.Ignored
Quoting FibzYDislikedThats correct coolshades, but only exit once RSI's moving average crosses the 50 line again.
FibzY.Ignored
Quoting forexdanofsaDislikedHopefully, what do you I want to get the thoughts of TK.Ignored