Forex trading strategy #5 (5x5 Simple system)

Besides monitoring charts all the time, it would also require changing trading positions constantly. I think smaller time frames won't provide good profit opportunities and smooth trading with current setup.

Happy trading!
Edward.

Hey there Edward. Can you use this system for day trading 15/5 minute charts? Cause its been working very nicely on 1D charts.

Thanks!

Only the value here is a signaling factor.

Does it matter if the RSI is POINTING up or down? Or is the value the only relevant thing to consider?

I haven't traded this one for some time now. I'm glad it worked for you well, it should.

Hm, it is quite a task to suggest something about it. I will keep this in mind. I have no decent solution to offer yet, may be my team has; and, of course, it would be great to hear any suggestions from our web users!

Regards,
Edward.

have you traded this system lately? It has done very well for me so far. Do you have any other segestion on how to make it any better?
thanks,
PW

Probably yes. Although I do not have an absolute solution, you may probably try adding 150 SMA on the chart to get a sense of a trend and then trade only in the direction of it, e.g. only Buy orders during an uptrend, only Sell orders - downtrend.
This will definitely become safer trading.

The other method I would try is simply drawing parallel/ channel lines each time you see the price coiling - trading in a tight range. Then I would not attempt to enter a trade until this channel is broken.
Edward.

is there any way this system can be tweaked to filter better trades?

I would recommend setting a stop loss for a Long position: 5 pips below the candle which closed above 5 SMA for the first time. Same when Shorting - 5 pips above the candle that has closed below 5 SMA for the first time.

where would u set ur stop loss for this system?