Hi, I will like to a system which I thought out. But before posting, i must say about my background. I want to claim that I am no professional trader. I will admit I am a noob to begin with. I blew my 1st live acct in 1 mth (after doubling my demo acct in less than a mth). For my 2nd account, I gain close to 20% in 1 month, before losing my profit in just 1 trade! in 2 days, followed by losing another 20% trying to gamble.
Why am I saying all these? just wanted to say that I am too vulnerable to greed and fear. And I dun really have a system. I will say for me, only mechanical system will work for me. And I am here to want to share one such system to you.
I must apologise it is not totally complete. Hence might need your help to perfect the system.
Here it is: you only need 1 line. 250EMA.
TF: M5
pair: any, but low range pairs might not be that suitable
How it works,
basically when the m5 candle closes on the opposite side of the 250EMA, if above, LONG, if below, SHORT.
How to prevent whipsaw? You may ask.
You need at least 15 m5 candles to be on the opposite side to enter.
Example, candle closes below 250EMA, you need to check that there are 15 (can be refined) m5 candles above the line before you can SHORT. and vice versa.
SL: for less volatile pair, eg EU and GU, 50pips
volatile pair eg EJ and GJ with larger daily range, 80pips.(hope someone can improve these numbers).
TP: no TP,
for EU, when 50 pips is hit, move SL to BE. Keep moving. (Maybe using a trailing stop will be an alternative to lock in profits)
for GJ, use 80 pips
Re-entry.
Sometimes the move might retract all the way to the 250EMA after 50 pips, so probably you will be stopped out. It will normally find support there. Hence it is definitely a good place to re-enter.
Position sizing
Based on your % of risk, just set number of units to trade, based on number of pips risked
Sorry I dun have trades to show, but u can just set according to what I say and you can see it for yourself.
Good luck. Comments and suggestions are welcome
Why am I saying all these? just wanted to say that I am too vulnerable to greed and fear. And I dun really have a system. I will say for me, only mechanical system will work for me. And I am here to want to share one such system to you.
I must apologise it is not totally complete. Hence might need your help to perfect the system.
Here it is: you only need 1 line. 250EMA.
TF: M5
pair: any, but low range pairs might not be that suitable
How it works,
basically when the m5 candle closes on the opposite side of the 250EMA, if above, LONG, if below, SHORT.
How to prevent whipsaw? You may ask.
You need at least 15 m5 candles to be on the opposite side to enter.
Example, candle closes below 250EMA, you need to check that there are 15 (can be refined) m5 candles above the line before you can SHORT. and vice versa.
SL: for less volatile pair, eg EU and GU, 50pips
volatile pair eg EJ and GJ with larger daily range, 80pips.(hope someone can improve these numbers).
TP: no TP,
for EU, when 50 pips is hit, move SL to BE. Keep moving. (Maybe using a trailing stop will be an alternative to lock in profits)
for GJ, use 80 pips
Re-entry.
Sometimes the move might retract all the way to the 250EMA after 50 pips, so probably you will be stopped out. It will normally find support there. Hence it is definitely a good place to re-enter.
Position sizing
Based on your % of risk, just set number of units to trade, based on number of pips risked
Sorry I dun have trades to show, but u can just set according to what I say and you can see it for yourself.
Good luck. Comments and suggestions are welcome