Here is my short term system which can be turned into a big time system when a trend is in the making. Two things that I always wanted to cope with were :
1 - a valid reason to exit a trade
2 - a chance to re-enter if got ousted on impulse
In short, here is what you will need:
EUR/USD chart 15M time frame
A 3 Days Smoothed Moving Average
On chart Stochastic
On Chart RSI
Daily Pivot Points Shift
ATR Levels
APSI
#zigzag Pointer
I have gathered all these indicators free from forums like this one. But the combination and method is purely mine. However I will attach all these indicators plus my template here ... try this system, back test it, forward test it - go live only when you are satisfied yourself.
As for me, I have tested 2.5 years of data ... demo traded it successfully for some months now and feel so excited and easy with it already that can't wait to try it on my live account. My reason to share this system is purely educational because I have learned everything from this forum and the wisdom that lies here will always keep inspiring me.
Legend: I use 3SMMA crossover with RSI 100 evaluated in 50 SMMA. For exit I use Stochastic 80,10,1 evaluated in EMA 80. I Only use RSI line and not its channel ... same goes for On Chart Stochastic whose I use only Slow Line and nothing else.
AGGRESSIVE METHOD:
When SMMA 3 crosses over above RSI Line with Stochastic slow line following I enter the trade long ... and vice versa for short trades. Later when SMMA 3 crosses under Stochastic slow line I know that up surge is done and now either volatility will dwindle down or price will retrace down to RSI Line. I use ATR Levels for my targets initially but if daily shift pivot has stepped up I would seek the price to break free of these levels to new heights. And in such a trending market I would like to exit my trade by moving my sl following the price instead of hitting a tp.
Cautious Method:
When playing cautious I would prefer Stochastic slow line to cross RSI line first not minding 3SMMA cross if it happens earlier. If Stochastic Line crosses first with 3SMMA following ... eventually 3SMMA would cross above Stochastic line and thats where I will enter. As Long as 3 SMMA is between RSI and Stochastic line ... price will range, volatility will increase yet would remain in the channel. See charts for explanation.
Please use my template or you will get a cluster of channels on your chart making it indecipherable.
1 - a valid reason to exit a trade
2 - a chance to re-enter if got ousted on impulse
In short, here is what you will need:
EUR/USD chart 15M time frame
A 3 Days Smoothed Moving Average
On chart Stochastic
On Chart RSI
Daily Pivot Points Shift
ATR Levels
APSI
#zigzag Pointer
I have gathered all these indicators free from forums like this one. But the combination and method is purely mine. However I will attach all these indicators plus my template here ... try this system, back test it, forward test it - go live only when you are satisfied yourself.
As for me, I have tested 2.5 years of data ... demo traded it successfully for some months now and feel so excited and easy with it already that can't wait to try it on my live account. My reason to share this system is purely educational because I have learned everything from this forum and the wisdom that lies here will always keep inspiring me.
Legend: I use 3SMMA crossover with RSI 100 evaluated in 50 SMMA. For exit I use Stochastic 80,10,1 evaluated in EMA 80. I Only use RSI line and not its channel ... same goes for On Chart Stochastic whose I use only Slow Line and nothing else.
AGGRESSIVE METHOD:
When SMMA 3 crosses over above RSI Line with Stochastic slow line following I enter the trade long ... and vice versa for short trades. Later when SMMA 3 crosses under Stochastic slow line I know that up surge is done and now either volatility will dwindle down or price will retrace down to RSI Line. I use ATR Levels for my targets initially but if daily shift pivot has stepped up I would seek the price to break free of these levels to new heights. And in such a trending market I would like to exit my trade by moving my sl following the price instead of hitting a tp.
Cautious Method:
When playing cautious I would prefer Stochastic slow line to cross RSI line first not minding 3SMMA cross if it happens earlier. If Stochastic Line crosses first with 3SMMA following ... eventually 3SMMA would cross above Stochastic line and thats where I will enter. As Long as 3 SMMA is between RSI and Stochastic line ... price will range, volatility will increase yet would remain in the channel. See charts for explanation.
Please use my template or you will get a cluster of channels on your chart making it indecipherable.
Attached Image(s) (click to enlarge)
Attached File(s)
