DislikedHI,
I like the simplicity of your long trade system. I also have a day time job and therefore have to limit myself to the dailies.
I was doing a quick backtest on your system and noticed that many times, if you wait until the slope line flattens, after you have entered a trade, you may end up giving many pips, or even losing some. Have you considered using trailing stops? in that way you may lock some pips as you follow the trend and get out either when the slope line flattens or when you get stopped out.
Which pairs do you usually trade? Which have proved to work best based in your experience?
I am waiting for your short term system too. Might be good to grab some pips during the small periods of time when I am in front of the computer.Ignored
As i was told to trade 4 major pairs i only trade EUR/USD,GBP/USD,USD/JPY,USD/CHF. All of them works good. I tried once GBP/JPY and stop lose of 100 was hit. I never tried again anyother pair.
I don't use trailing stop. I ajust my SL/TP everyday. Yes you will loose some profit. But again, if you know more about pair you are trading you can use trailing stop. Or even close your position after you have gain a nice profit rather then waitng for the slope to go flat. For example, if you are happy with 300 PIP profit close your position even if the slope is still showing down trend. You know what i mean.
Or enter more then one lot. Exit one by one when you desire TP hit. I mean you would need a good money mangement knowledge otherwise this system might not help.
Thanks
EMATRADER