Hi guys,
Thought I'd try and get some discussion and input into this very, very simple system. I've seen it on various forums across the net, but did a little search here and couldn't find anything, so apologies if this has been covered already.
Sometimes simplicity really is best and to me this really brings that home.
H4 chart, any pair, 50EMA High, 50EMA Low. Use this channel as your overall trend.
Entries: Look for 3 consecutive candles in the same direction as trend, enter 2 pips above/below of close of 3rd candle.
Exit: Still unsure, i'm looking at ATR x1.5 for SL, ATR x2 for TP. Obviously the management is the most important part so any input would be great.
I haven't done any significant backtesting as of yet, merely eyeballed a few charts. If it hasn't been covered already I can start testing it a little more seriously.
Thought I'd try and get some discussion and input into this very, very simple system. I've seen it on various forums across the net, but did a little search here and couldn't find anything, so apologies if this has been covered already.
Sometimes simplicity really is best and to me this really brings that home.
H4 chart, any pair, 50EMA High, 50EMA Low. Use this channel as your overall trend.
Entries: Look for 3 consecutive candles in the same direction as trend, enter 2 pips above/below of close of 3rd candle.
Exit: Still unsure, i'm looking at ATR x1.5 for SL, ATR x2 for TP. Obviously the management is the most important part so any input would be great.
I haven't done any significant backtesting as of yet, merely eyeballed a few charts. If it hasn't been covered already I can start testing it a little more seriously.