Philip Nell, system on 1 H TF, using FULL STOCH,

Hi there to every one in Forex Factory, about a month a go I was reading Philip Nell thread about his 5 Min strategy, the only thing I disliked in the system, was having to look at my charts each 5 minutes, so for about 1 month, I’ve been back testing this system I’ve Tweaked, It gives very good results, but has some fails yet, so I would like to ask you guys to test the system, and give your opinion and ideas to fix some false signals.
I use an 10 and 21 Ema to find support / resistance, 50 SMA angle to give trend direction, and stoch (14,3,3) (known as FULL Stoch in OANDA), in my system stoch "is the boss" all the other indicators are secondary, the main one who gives the confirmation is the FULL Stoch, I’ve only tested on EUR/USD yet, on the next post I’m going to tell the rules of this system, templates, pictures and indicators will be posted here too.

Regards Marco

Here are the rules of the system

On a Bullish Setup, you must have 50 SMA Angle going up, price must find support on 10 or 21 EMA, after 3 candles showing support, we only wait that the Stoch (14,3,3) gives the oversold signal, we only place a setup, when stoch starts going up after oversold,

You may enter with only 2 candles when stoch is already between the lines going up (examples are showed on some pictures)



On a Bearish Setup, you must have 50 SMA Angle going down, price must find resistance on 10 or 21 EMA, after 3 candles showing resistance, we only wait that the Stoch (14,3,3) gives the overbought signal, we only place a setup, when stoch starts going down after overbought

You may enter with only 2 candles when stoch is already between the lines going down (examples are showed on some pictures)



The 2 lines in the stochastic is also for money management, if the stochastic is going in your direction and didn’t touched those 2 lines yet, take profit is at +35 and stop loss -20, when stoch steps between those 2 lines in your direction take profit is +25 stop loss -12

I never place more than 1 trade per day

Always remember never place a bullish trade when stoch is above those 2 lines, and vice versa for bearish,

I think that’s all the rules,

Any doubts just ask,

I apologise too if there are some verbal errors in my English, sorry not my first language

Bests regards Marco

Here are 3 Bearish setups

Correction on The first setup, its says there that stoch is oversold, my mistake, overbought is the correction.

Sorry

Here are the indicators and templates.

I will be waiting for your replies

I forgot to tell that in my template are entry setups that I’ve marked with a green arrow in my back testing, you can familiarize with the setups there, and see the flaws too.

The data back tested is from January to April 2007

Best Regards Marco