Forex trading strategy #1 (Simple balanced system)
Submitted by Edward Revy on February 28, 2007 - 14:49.
Current Forex trading system represents a well thought and very simple combination of indicators. Knowing what signal to look for with each indicator, provides a strong tip for good entries and exits.
Time frame: Any.
Currency: Any.
Indicators: 5 EMA, 10 EMA, Stochastic (14, 3, 3), RSI (14, 70, 30)
Entry rules: Buy when 5 EMA crosses above 10 EMA and Stochastic lines are heading north (up) and Stochastic is not in overbought position (above 80.00 level) and RSI is above 50.
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Hi Mike,
try adding Bollinger bands and exiting when price hits the outer band, or use the same principle with COG indicator
(http://forex-strategies-revealed.com/scalping/center-of-gravity)
You'll exit quicker, however, again, some pips will be left on the table.
Andy
Hi Mike,
Adding to previous comments, we are looking to get the middle portion of the move - the safest and easiest portion. It would be very difficult to catch a whole move from the every top to the very bottom for any strategy, although looking back at charts and seeing some pips left or given back on exit makes us feel that we should do something...
Regards,
Edward
Using this strategy on a 5min chart, could you scalp with it?
Maduke Okoro
Enugu, Nigeria
im thinking of 30min tf for intra-day trader based on this your system. what do you think with a 100sma monitor
Bondfx.biz
Do you make an instant entry or pending order?
Judge
I like this strategy a lot i just cant work out how to determine the fast buy/sell entries.
any suggestions?
Kenneth
Hi all,
When all conditions are met (EMA cross, RSI and Stoch are in position), we enter with a marker order (instant order) right after the close of a candle that caused/created a valid setup/signal.
This is not the best system to use for scalping.
Its range is 5 minutes charts and above. But, on 5 min charts you can do some quick trading by taking small gains of 5-10 pips at the time.
With 100 SMA you'll be able to see major trends + when price trades close to 100 SMA (25-30 pips away from SMA line), you'll know that there might be some choppy sideways price shifts ahead; this is the time you may want to keep away from trading for a while.
Regards,
Edward
Hi Edward or anyone,
what can be a good money management for this strategy?
thanks.
'Niyi
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