Hey guys
I want your opinion, criticism, comment, or ridicule on this system!!
Setting: 1 hour chart EURUSD USDJPY
Entry: once a day at +12 GMT 2 hours before Tokyo open (the calmest time in the market).
Long -- if EMA50 is "up" -- when EMA50 at +12 GMT is higher than it was 24 hours ago.
Short -- if EMA50 is "down" -- when EMA50 at +12 GMT is lower than it was 24 hours ago.
No entry -- if EMA50 is flat -- say, if the difference between ema50 and ema50-a-day-before is less than 10 pips, no entry takes place.
SL -25
TP +50 (can use a trailing stop)
BE Once reaching +10, SL=entry point
If no SL, TP, or BE hits, it rolls over next day. But it closes at the end of week no matter what.
Idea -- Between NY and Tokyo, the market is inactive. When Tokyo opens up, the market starts moving up and down. Is the direction (up or down) totally random? Say, is it 50:50/up:down.
I think not. Then, how do you know about the bias? I just put EMA50 and follow the direction. I would be profitable if it gives more than 51%.
Look at the daily charts or even 4h and 1h and put EMA200 and 50. There is always an obvious bias waiting to be taken advantage of.
Thanks!
I want your opinion, criticism, comment, or ridicule on this system!!
Setting: 1 hour chart EURUSD USDJPY
Entry: once a day at +12 GMT 2 hours before Tokyo open (the calmest time in the market).
Long -- if EMA50 is "up" -- when EMA50 at +12 GMT is higher than it was 24 hours ago.
Short -- if EMA50 is "down" -- when EMA50 at +12 GMT is lower than it was 24 hours ago.
No entry -- if EMA50 is flat -- say, if the difference between ema50 and ema50-a-day-before is less than 10 pips, no entry takes place.
SL -25
TP +50 (can use a trailing stop)
BE Once reaching +10, SL=entry point
If no SL, TP, or BE hits, it rolls over next day. But it closes at the end of week no matter what.
Idea -- Between NY and Tokyo, the market is inactive. When Tokyo opens up, the market starts moving up and down. Is the direction (up or down) totally random? Say, is it 50:50/up:down.
I think not. Then, how do you know about the bias? I just put EMA50 and follow the direction. I would be profitable if it gives more than 51%.
Look at the daily charts or even 4h and 1h and put EMA200 and 50. There is always an obvious bias waiting to be taken advantage of.
Thanks!