Forex trading strategy #38 (1D simple strategy)
Submitted by User on July 18, 2010 - 16:36.
Time frame: daily
Currency pairs: any
Indicators: RSI(8), EMA(8)on RSI window, ATR(20)on RSI window, 28EMA on main window, Monthly Pivot
Use the 28EMA to determine the trend direction on the daily chart
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My RSI8 makes a alot of wipsaws over my EMA8... Resulting in a lot of very small profits or even negative trades.. Even when EMA28 is showing a trend... :S
Edward, I don't think the EMA8 is applied to the "Previous Indicator's Data". Think it's just an EMA. It looks nothing like the image the author provided.
I can't agree.
On the image we can see that 8 EMA provides a certain smoothed out interpretation of RSI indicator, and definitely not the price on the chart; otherwise 8 EMA on the chart would have a very different curve.
.. or am I missing your point?
Kind regards,
Edward
pardon me for my question. i'm new in forex and i dont get it how to set stoploss using ATR. can u tell me how i'm gonna put the stoploss using 75% of ATR(20). i really appreciate it if you can help me. thanks in advance
izack
Hi Izack,
you'll find a good description about stop setting with ATR here: ATR indicator.
Kind regards,
Edward
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