DislikedNo problem, there are no tedious questions.
Please take not of Xaron's advice:
This is so important and well said - I want to highlight it and put it in bold.
- I try to open the position directly on the ema21.
- I try to watch the momentum of the trade. So if it stays some time around ema21 I enter the trade, if it goes up very quickly I don't enter it.
- I don't enter a short trade if there isn't a new lower low before (and vice versa for a long trade)!
- If the price goes beyond the ema21 I don't enter a trade anymore, sometimes I do, but that's the case when the trend is very slow.
- If the trend goes slowly, the SMA50 is the pullback zone, for a medium speed trend (my favourite ones) the EMA21 and for fast trends (which I usually don't trade) the EMA10.
This one of the crucial aspect of this system along with the price patterns/market motions.
My SL @ Oanda is 7 Pips + Spread (yes I said 6 before, but it's 7) for the EUR/USD and around 10 Pips for GBP/USD, EUR/JPY and USD/JPY. My TP for the EUR/USD is always 10 Pips, for the other pairs 15-20 Pips.
Regards - XaronIgnored
Xaron - thanks for the information and sorry that I've changed your message into bullets but it is so important to me.