Hi Guys,
I'm new to trading..
I'm on full time work and looking for end of day and simple system to trade mainly cable or fibre.
Here is my system and love the feedback and improvements.
You need daily chart with MA 4 on close price and RSI (5)
Rules:
Look at the chart around 11-12GMT or BST
buy if market closes above MA4 (first time) and RSI is less than 70.
Close if closing price is below MA4
Sell if Market closed below MA4 and RSI is more than 30
Close if market closed above MA4 or RSI is 30 or below.
Use 80 pip stop loss.
I did the manual testing mainly on GBPUSD for last couple of months and got around 200pips per month.
I thought of couple of measures to stop out during sideways and improve the performance
They are..
During the day if market moved 50 pips towards your way.. bring the stop loss to entry point.
If market is closed below MA4 and stop loss is not hit and RSI is 30 or below than do not close the position and enter again in other direction.
Same holds good for sell as well (but RSI is 70)
I look forward for feedback and improving this simplex system.
Happy trading.
SanG
I'm new to trading..
I'm on full time work and looking for end of day and simple system to trade mainly cable or fibre.
Here is my system and love the feedback and improvements.
You need daily chart with MA 4 on close price and RSI (5)
Rules:
Look at the chart around 11-12GMT or BST
buy if market closes above MA4 (first time) and RSI is less than 70.
Close if closing price is below MA4
Sell if Market closed below MA4 and RSI is more than 30
Close if market closed above MA4 or RSI is 30 or below.
Use 80 pip stop loss.
I did the manual testing mainly on GBPUSD for last couple of months and got around 200pips per month.
I thought of couple of measures to stop out during sideways and improve the performance
They are..
During the day if market moved 50 pips towards your way.. bring the stop loss to entry point.
If market is closed below MA4 and stop loss is not hit and RSI is 30 or below than do not close the position and enter again in other direction.
Same holds good for sell as well (but RSI is 70)
I look forward for feedback and improving this simplex system.
Happy trading.
SanG
