The original system is below.
As I am not a fan of trading with big stops the potential draw downs on the previous system meant some changes were needed.
I am currently watching gbpusd, gbpjpy, eurjpy, eurusd, usdchf, audusd, usdcad and gbpchf on 1 hr chart with Williams % R 14 setting. Nothing else on those charts.
Once the -50 line is crossed (on a closed candle) I then use a 1 min chart with Keltner channels 20 period, multiplier 2.2 (you could of course use Bol Bands with a standard setting) and a 5 ema set on close with a 3 shift. I like to see price at the upper channel and cross down through the 5 ema for a sell and of course at the bottom channel and cross up through the ema for a buy. The emas should be close to the band (top for a sell and bottom for a buy) but when market is fast moving this doesn't always happen.
The set up then is from the crossing of -50 line on 1 hr chart and the 1 min crossing of ema in the direction of the trade is to time the entry. This tends to get rid of most whips and because of this stops are small, up to 20 pips for the higher spreads and 15 for eur and gbp.
Money management is up to your risk levels. Once 20 pips up I like to move stops to BE and will continue getting in and out as crosses on 1 min chart occur. Once -50 line is crossed in opposite direction then its time to go the other way.
Please test out for yourself first before trading live.
(For EUR/JPY and GBP/JPY 2 hr chart.
Use Williams % R 14 setting, add an additional horizontal line at -50 level. Trade in the direction of trend so if trend up any dips below -50 no matter how small buy the following cross above -50. In downtrend obviously the reverse any rises above -50 line sell the subsequent fall below.
After the cross of -50 line trade the opening of the next candle.
You can trade this also on a 4 hr chart, below 2 hrs you can get more false signals.
You'll be surprised at how small a stop is needed even for GBP/USD.
This should be really easy for those EA writers out there.
I determine trend by loading 50, 100 and 200 ema's which must then be stacked in their correct orders i.e. 50 at the top in uptrend and at the bottom in downtrend.)
As I am not a fan of trading with big stops the potential draw downs on the previous system meant some changes were needed.
I am currently watching gbpusd, gbpjpy, eurjpy, eurusd, usdchf, audusd, usdcad and gbpchf on 1 hr chart with Williams % R 14 setting. Nothing else on those charts.
Once the -50 line is crossed (on a closed candle) I then use a 1 min chart with Keltner channels 20 period, multiplier 2.2 (you could of course use Bol Bands with a standard setting) and a 5 ema set on close with a 3 shift. I like to see price at the upper channel and cross down through the 5 ema for a sell and of course at the bottom channel and cross up through the ema for a buy. The emas should be close to the band (top for a sell and bottom for a buy) but when market is fast moving this doesn't always happen.
The set up then is from the crossing of -50 line on 1 hr chart and the 1 min crossing of ema in the direction of the trade is to time the entry. This tends to get rid of most whips and because of this stops are small, up to 20 pips for the higher spreads and 15 for eur and gbp.
Money management is up to your risk levels. Once 20 pips up I like to move stops to BE and will continue getting in and out as crosses on 1 min chart occur. Once -50 line is crossed in opposite direction then its time to go the other way.
Please test out for yourself first before trading live.
(For EUR/JPY and GBP/JPY 2 hr chart.
Use Williams % R 14 setting, add an additional horizontal line at -50 level. Trade in the direction of trend so if trend up any dips below -50 no matter how small buy the following cross above -50. In downtrend obviously the reverse any rises above -50 line sell the subsequent fall below.
After the cross of -50 line trade the opening of the next candle.
You can trade this also on a 4 hr chart, below 2 hrs you can get more false signals.
You'll be surprised at how small a stop is needed even for GBP/USD.
This should be really easy for those EA writers out there.
I determine trend by loading 50, 100 and 200 ema's which must then be stacked in their correct orders i.e. 50 at the top in uptrend and at the bottom in downtrend.)
