Simple daily stochastic system

Hi all. I have a fulltime job and can only trade in the evening and this strategy I came up with and not sure if anyone else had a thread on this. If they do I apologize.
Ok here is the system.
Set your slow stochastics to 15,5,5. And use the daily time frame. You wont get trades every day on 1 pair but i have been back testing 20 pairs and it looks very profitable.
Entry Long is when the lines crossover and are below the 50 and on the way up
Entry Short is when the lines cross over and are above above the 50 and on the way down.
I always always always use a target profit of 20 pips and no stop loss. Very very rarely will not hit your target and if it misses, it always comes back in a few days.
Feel free to post and problems or any improvements with this system.
This is good on any pair.

Ed

LOL, and what if it doesn't?

There will come a time when it doesn't come back. Hope you are prepared.

You will get hammered, I used to have a system exactly like this in my first couple of weeks trading, easy to let those losers slide on demo.

ok
So what kind of profit target and stopless do you think would be acceptable

It is not about particular stop loss or take profit size, it's about keeping your risk under control, I would advise no more than 1% per trade, so some searching on the forum, there are loads of threads on this subject.

ok so 1 pip for each signal. It will never have a loss

No Stop loss? don't try do this on real account...

Try set SL for example at Hi or Low of the day when you get signal and set TP at open price+SL. So you get at least 1:1 profit/loss ratio.
Tetst system and you 'll see the reality.

i just today read this startigy it was helpfull for me. I test it at the demo account and from 15 only 2 lost... thx alot

any body here discussing this strg.

i test it many times more than 50 times with SL 105, it was good indicator and simple strategy. but it need to support it with other indicator to decide the entering point in 15 05 30 min at lest .. and I hope some body can recommend any ..
good job here,

waiting for replay

Hmm... I don't know can say this is very bad system. Maybe not bad but danger.

I am full time trader. And pls look out for that kind of strategy. 20 pips target and no stop loss ?

I heard about system when you put 500 pips stop and leave it for one week you will earn the money. But it is not for me ...

perhaps you want to take a look at this chart......

This uses macd and stochastics to good advantage