Forex trading strategy #5 (5x5 Simple system)
Submitted by Edward Revy on February 28, 2007 - 15:46.
Just look what this trading strategy has to say. It's a simple yet quite promising Forex trading method. Trading strategies like this can only be discovered through a long and determined observation of the price behavior.
To start:
Currency: ANY
Time frame: 1 day
Indicators: 5 SMA, RSI 5
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yes, but even we start a trade how can we manage the exits??
See exit strategies:
http://forex-strategies-revealed.com/money-management-systems
where do we take profit?
you can also trade at 15 min tf for a few pips along the day
greets
That could be an option.
Cheerrs
Hi guys was wondering how everyone is getting along with this strategy?
Ive been trading it on my demo account for a month(eur/usd & dax 30) so far i have a 48% win ratio & my accounts up 10%
Has anyone tried entering on the open of the candle (after the signal candle) instead of waiting 6 pips after the candle high/low?
Ive also found that its better to place buy limit & sell limit orders if your targeted entry is close to a pp, r1, s1 etc on a 1hr chart (e.g if ur going short & ur planned entry price is close to s1, wait for price to go beyond s1 then place a sell limit order 2 pips below s1)
Using this method ive been able to pyramid positions & scale out capturing profits!
Marcus!!
Hello.
Looks a simple system.
Today I tried the system in demo mode on 4Hr chart and ended up losing 5 trades on 5 different pairs. Candle obeyed 5 SMA, RSI lined up in the right direction but price did not obey anything!! Anyone can give some insights on this?
Dr. Rajgopal. V
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