I've been using this system for awhile now, as it is the base of my trading. It's really nothing new, there are many others like it on this forum. I plan on posting charts with entries and thoughts. My intent is to keep it as SIMPLE as possible. I figure it's time to share and discuss. So, here it is:
Currency Pair: EU
Time Frame: 4H
Indicators: 7, 14 & 30 EMA's
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Entry and Stop Loss
1. Wait for crossover of 7/14 EMA's. Price must be above 30 EMA for long positions and below for short.
2. Enter at pullback to EMA's, may use PA on 5 or 15M, if not,
set limit order somewhere between 7 & 14 EMA, taking SR into account.
3. Place SL just below the last swing low below the 30 EMA.
4. Continue to add positions as price enters the 7/14 EMA zone.
5. Continue to move SL as price touches and reverses off of 30 EMA.
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Profit Target
Option 1. Set target profit for all positions to 300 pips beyond your first entry.
Option 2. Wait to get stopped out as SL is moved.
See sample below:
Currency Pair: EU
Time Frame: 4H
Indicators: 7, 14 & 30 EMA's
__________________________
Entry and Stop Loss
1. Wait for crossover of 7/14 EMA's. Price must be above 30 EMA for long positions and below for short.
2. Enter at pullback to EMA's, may use PA on 5 or 15M, if not,
set limit order somewhere between 7 & 14 EMA, taking SR into account.
3. Place SL just below the last swing low below the 30 EMA.
4. Continue to add positions as price enters the 7/14 EMA zone.
5. Continue to move SL as price touches and reverses off of 30 EMA.
__________________________
Profit Target
Option 1. Set target profit for all positions to 300 pips beyond your first entry.
Option 2. Wait to get stopped out as SL is moved.
See sample below: