Hello everyone. I am new to forex and just started trading it a couple of week ago. I came across some really cool systems and tried to take something that I like from each one.
The first system I checked out was using PSAR indicator and the Awesome Osc.
Then I added a MACD to my chart with standart settings to give me a little bit of a better sense of a direction.
I also use two MA's, 34 EMA and 20 SMA.
The set ups are the following:
1. MACD has to cross and then it has to be followed by a candle with the PSAR appearing in the same direction the MACD has just crossed to to go.
2. The price has to be on one of the MA's of above (for a long) or below it (for a short).
3. I just go market when the PSAR indicator appears and it's in an agreement with AO indicator.
Here are couple examples.
Please let me know what you think about this system or if you would like to add or improve something. Also another thing that I am yet to figure out is my profit target. Normaly i just go with a 40 pips profit target but as you can see from the charts there is more to be made from these set ups.
The first system I checked out was using PSAR indicator and the Awesome Osc.
Then I added a MACD to my chart with standart settings to give me a little bit of a better sense of a direction.
I also use two MA's, 34 EMA and 20 SMA.
The set ups are the following:
1. MACD has to cross and then it has to be followed by a candle with the PSAR appearing in the same direction the MACD has just crossed to to go.
2. The price has to be on one of the MA's of above (for a long) or below it (for a short).
3. I just go market when the PSAR indicator appears and it's in an agreement with AO indicator.
Here are couple examples.
Please let me know what you think about this system or if you would like to add or improve something. Also another thing that I am yet to figure out is my profit target. Normaly i just go with a 40 pips profit target but as you can see from the charts there is more to be made from these set ups.